FDA panel slated to vote next week on Aegerion's Lomitapide

theflyonthewall.com

An FDA panel is due to release briefing documents for Aegerion's (AEGR) Lomitapide on October 15, and vote on whether to recommend approval of the drug on October 17. A treatment for a rare genetic cholesterol disorder called HoFH, Lomitapide has been shown in trials to reduce cholesterol substantially in patients with this disorder. In a note to investors released on October 3, Deutsche Bank predicted that the FDA would likely approve Aegerion's (AEGR) Lomitapide. The firm thinks that Lomitapide is highly effective. However, Deutsche warned that FDA briefing documents could cause weakness in the stock, as it predicts that the documents are likely to detail two negative side effects of the drug. However, Deutsche Bank predicted that the stock could reach $19-$20 if an FDA panel, which is due to release its report on Wednesday, recommends the FDA approve the drug. Conversely the stock could sink to $3-$7 if the panel doesn't recommend approval, according to Deutsche, which added that the stock could rise beyond $20 if the drug is approved by the FDA.

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