Raymond James launched its protection of Ionis Prescribed drugs (NASDAQ:IONS), AbbVie (NYSE:ABBV), and Alnylam Prescribed drugs (NASDAQ:ALNY) with buy-equivalent scores late Thursday.
Issuing a Sturdy Purchase and a $63 per share goal on Ionis (IONS), analyst Gary Nachman highlighted the biotech’s RNA medication eplontersen, which is at present underneath FDA evaluation for polyneuropathy brought on by hereditary TTR amyloidosis (ATTR-PN).
Forward of a goal motion date of December 22, the analyst sees a excessive probability for the FDA to approve the AstraZeneca (AZN)-partnered drug.
Nachman additionally touts the potential of eplontersen in ATTR cardiomyopathy (ATTR-CM). A Section 3 trial for the candidate is at present underway for ATTR-CM, with information anticipated in H1 2025.
On AbbVie (ABBV), Raymond James argues that the corporate has managed the Humira patent cliff within the U.S., exceeding preliminary expectations whereas increasing its newer immunology merchandise, Skyrizi and Rinvoq, throughout a number of indications.
Beginning AbbVie (ABBV) with an Outperform score and a $177 per share goal, Nachman opines that Skyrizi and Rinvoq can probably surpass peak Humira gross sales and thwart future biosimilar competitors.
In the meantime, Alnylam (ALNY) attracts an Outperform score and a $208 per share goal from Nachman, who cites favorable views from an professional concerning the corporate’s RNAi therapeutic patisiran, which is at present underneath FDA evaluation for ATTR-CM.
“Latest AdComm for Onpattro in ATTR-CM was combined and expectations have been lowered for that approval on the ten/8/23 PDUFA,” Nachman wrote.
Nonetheless, he factors to a positive risk-reward setup forward of a knowledge readout for one more RNAi therapeutic referred to as vutrisiran focused at ATTR-CM in ALNY’s HELIOS-B Section 3 trial. That trial is predicted to generate information in H1 2024.
Concurrently, Raymond James issued a Market Carry out score on Jazz Prescribed drugs (NASDAQ:JAZZ), arguing that competitors has clouded the outlook for the corporate’s oxybate franchise, led by key sleep therapies Xywav and Xyrem.
“Nonetheless, oxybate competitors has been heating up, which nonetheless creates a degree of uncertainty with the longer-term sturdiness of that key franchise,” Nachman wrote.
In Might, the FDA granted full approval for Avadel Prescribed drugs’ (AVDL) oxybate product Lumryz as a therapy for adults with the sleeping dysfunction narcolepsy.