Leerink PartnersRaises Price Target on Allergan (AGN) Following a MEDACorp Survey
Leerink Partners reiterated an Outperform rating on Allergen (NYSE: AGN), and raised the price target to $342.00 (from $311.00), following a 60 person MEDACorp survey of US plastic surgeons and dermatologists. Specialists in the survey were bullish on Kybella and expect the drug to increase their submental fat patient population by +12% & half are already planning to advertise Kybella as part of their treatment offering.
Analyst Jason Gerberry commented, "We recently commissioned a MEDACorp survey of US plastic surgeons and dermatologists (n=60) to better understand future trends in the US cosmetic market, including AGN's Botox. Our survey suggests (1) AGN's base cosmetic business looks quite healthy; (2) Kybella for chin fat - while early in the launch, awareness was high, specialist forecast the drug expanding the market and getting significant share of experienced & naive pts. While AGN's business faces some competitor headwinds, we see AGN as the clear partner of choice in cosmetic therapeutics. AGN will hold an R&D Day on 11/4, which should improve visibility on their underappreciated pipeline & possible data updates on oral CGRP. We're increasing our PT to $342 (from $311)reflecting a bullish outlook for AGN's cosmetic franchise + pipeline."
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Shares of Allergen closed at $285.77 yesterday.