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UPDATE: Raymond James Upgrades Mimecast Limited (MIME) to Strong Buy

August 7, 2020 4:44 AM EDT
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Price: $79.92 --0%

Rating Summary:
    11 Buy, 14 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 3 | New: 27
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(Updated - August 7, 2020 5:22 AM EDT)

(updating comment)

Raymond James analyst Steven Seedhouse upgraded Mimecast Limited (NASDAQ: MIME) from Outperform to Strong Buy with a price target of $48.00 (from $28.00).

The analyst comments "We are upgrading MIRM to Strong Buy from Outperform and increasing our price target to $48 from $28 following 2Q20 earnings. Our conviction is driven by Mirum's new plan to submit an MAA application to the European Medicines Agency (EMA) for maralixibat (MRX) in PFIC2 in 4Q20 prior to the completion of the ongoing MARCH Phase 3 study but subsequent to discussions Mirum has evidently already had with EMA, which started in January. EMA is "aligned with [Mirum's] strategy to file for full approval”, based on statistical analyses performed by NAPPED comparing MIRM's Phase 2 data (including long-term transplant-free survival data) vs. natural history data (see data here for context). Thus, we have increased confidence (85%, up from 60%) MRX will be approved in PFIC2, which we estimate could occur by 1Q22 (up from our estimate of 2H22). This accelerated timeline also puts MRX on roughly the same submission timeframe as competitor drug odevixibat (Albireo, not covered), which is expecting Phase 3 data imminently. Setup for MIRM into ALBO data is great because if it fails, there is good reason to believe it was underdosed (see details in our MIRM IOC) whereas if it works, it further validates the mechanism (both drugs work the same way)."

For an analyst ratings summary and ratings history on Mimecast Limited click here. For more ratings news on Mimecast Limited click here.

Shares of Mimecast Limited closed at $45.84 yesterday.


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