Array BioPharma And Others Shine At The ESMO 2017 Congress
The 2017 ESMO Congress wraps up on Tuesday in Madrid, Spain. On Monday, Jefferies issued a handful of flash notes related to companies presenting at the conference.
Here’s a breakdown of the highlights.
Five Prime Therapeutics
Five Prime Therapeutics Inc (NASDAQ: FPRX) reported positive data on its Phase I trials of FP-1039 in treatment of mesothelioma.
“Currently we do not include FP-1039 in our valuation; thus, if successfully developed, it would provide upside,” analyst Eun Yang wrote.
Bristol-Myers Squibb
Analyst Jeffrey Holford said new data on Bristol-Myers Squibb Co (NYSE: BMY)’s CM-214 suggests the market is prematurely writing off Yervoy.
“We see the CM-214 data driving a new indication and growth for Yervoy, helping to support our above consensus 2021E revenue estimate of $3.1bn vs. consensus of $1.8bn,” Holford wrote.
Eli Lilly
Holford said early indications suggest Eli Lilly and Co (NYSE: LLY) breast cancer treatment drug Abema could be the best in its class in terms of efficacy, but more data will be needed to support the initial findings.
“We see room for upside against our own and consensus estimates for Abema and have previously estimated that this could increase mid-term EPS and valuation for LLY by c3%-5%,” he wrote.
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Array Biopharma
Array Biopharma Inc (NASDAQ: ARRY) reported some positive safety data from its ongoing Phase III BEACON trial. Yang said the new data suggests major potential for Array’s melanoma combination treatment.
“Aside from potential bini/enco approval by ~mid-2018 in somewhat crowded melanoma market, its combo potential in unmet CRC indication with limited competition & ~$1B market size represents likely upside, if successful,” Yang wrote.
Price Targets And Ratings
Jefferies maintains the following ratings and price targets on the four stocks mentioned above:
Five Prime—Buy rating, $52 price target
Bristol Myers—Buy rating, $66 price target
Eli Lilly—Buy rating, $89 price target
Array Biopharma—Buy rating, $9 price target
Latest Ratings for LLY
Sep 2017 | BMO Capital | Maintains | Underperform | |
Jul 2017 | Leerink Swann | Downgrades | Outperform | Market Perform |
Jul 2017 | Deutsche Bank | Maintains | Buy |
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