Spark Therapeutics (ONCE) PT Lowered to $61 at SunTrust Robinson Humphrey
SunTrust Robinson Humphrey lowered its price target on Spark Therapeutics (NASDAQ: ONCE) to $61.00 (from $102.00) while maintaining a Buy rating.
Analsyt Edward Nash commented, "Updated data from hemophilia A program dims outlook as shares tumble 28% intraday (vs S&P50 up 0.3%). While the mean FVIII activity reached 30%, a threshold set by our physician consultants, it is still below the level achieved by BioMarin's BMN 270. We believe switching to a prophylactic steroid may solve the immune response issue given BioMarin's precedent, but the immune risk cannot be completely eliminated. The next focus will be durability of FVIII expression and detailed data, which will be presented at ASH 2018. We conservatively lower our PT to $61 but maintain our Buy rating."