Vertex Pharmaceuticals initiated with an Overweight at Wells Fargo » 16:2512/0812/08/21
Wells Fargo analyst Mohit…
Wells Fargo analyst Mohit Bansal initiated coverage of Vertex Pharmaceuticals (VRTX) with an Overweight rating and $270 price target. He sees AbbVie's (ABBV) data in Cystic Fibrosis in Q1 of 2022 as a "mere overhang and not a meaningful threat," Bansal said. He sees the stock moving up $40-$60 per share if the competitor's combo data fails to impress and down to $20-$25 per share if the sweat chloride reduction is about 50 mmol/L or greater. The company's pipeline underappreciated, added Bansal.
AbbVie initiated with an Overweight at Wells Fargo » 16:2212/0812/08/21
Wells Fargo analyst Mohit…
Wells Fargo analyst Mohit Bansal initiated coverage of AbbVie (ABBV) with an Overweight rating and $165 price target. Given how much Humira "overshadows the rest of the business," he argues that the "ex-Humira" business is underappreciated, Bansal tells investors. The business outside of Humira is growing at 10% revenue and 20% EPS CAGR, and is already 30% bigger than Eli Lilly (LLY), but is trading at a greater than 50% discount to Lilly, the analyst added.
New York AG announces $200M opioid settlement with Allergan » 11:3512/0812/08/21
New York Attorney General…
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AbbVie's label update for Rinvoq offered 'no surprises,' says JPMorgan » 15:0712/0612/06/21
After AbbVie announced on…
After AbbVie announced on Friday that updated U.S. prescribing information for Rinvoq for the treatment of adults with moderate to severe rheumatoid arthritis, or RA, will now include additional information about risks as part of a class-wide update made by the FDA and that Rinvoq is now indicated for the treatment of adults with moderately to severely active rheumatoid arthritis who have had an inadequate response or intolerance to one or more TNF blockers, JPMorgan analyst Chris Schott said the updated label featured "no surprises" and noted that the new label is very much in-line with his expectations and FDA commentary from August. He believes the overall impact from the update will be "fairly manageable" and points to Rinvoq's pending indication expansion, most notably in atopic dermatitis, as an "important near-term catalyst" for AbbVie, on which he keeps an Overweight rating and $140 price target.
Unusually active option classes on open December 6th » 09:4012/0612/06/21
WE, KRE, ARDX, DOCU, PDD, RKLB, NCLH, CHWY, ABBV
Unusual total active…
Unusual total active option classes on open include: WeWork (WE), SPDR S&P Regional Banking (KRE), Ardelyx (ARDX), DocuSign (DOCU), Pinduoduo (PDD), Rocket Lab USA (RKLB), Global X Uranium (URA), Norwegian Cruise Line (NCLH), Chewy (CHWY), and AbbVie (ABBV).
AbbVie: Upadacitinib achieved primary, key secondary endpoints in Phase 3 trial » 08:3212/0612/06/21
AbbVie announced positive…
AbbVie announced positive top-line results from U-EXCEED, a Phase 3 induction study, showing upadacitinib achieved both primary endpoints of clinical remission and endoscopic response at week 12. The U-EXCEED study enrolled patients with moderate to severe Crohn's disease who had an inadequate response or were intolerant to biologic therapy, with over 60% having previously failed two or more biologics. U-EXCEED is the first of two Phase 3 induction studies to evaluate the safety and efficacy of upadacitinib in adults with moderate to severe Crohn's disease. "The data from this first Phase 3 induction study in Crohn's disease suggest upadacitinib may help address the needs of patients suffering from this disease, as demonstrated in stringent endpoints such as endoscopic response," said Michael Severino, M.D., vice chairman and president, AbbVie. "We continue to leverage our expertise in IBD by driving research and development that help shape the IBD landscape and elevate standards of care for patients."
AbbVie management to meet virtually with Mizuho » 04:5512/0612/06/21
Virtual Meeting to be…
Virtual Meeting to be held on December 6 hosted by Mizuho.
AbbVie provides update to Rinvoq medication guide » 16:1812/0312/03/21
AbbVie announced an…
AbbVie announced an update to the U.S. Prescribing Information and Medication Guide for Rinvoq for the treatment of adults with moderate to severe rheumatoid arthritis, or RA. This update follows a Drug Safety Communication, or DSC, issued on September 1 by the FDA following its final review of the post-marketing study, ORAL Surveillance, evaluating Xeljanz in patients with RA. The results of this study showed a higher rate of major adverse cardiac events, or MACE, malignancy, mortality and thrombosis in Xeljanz versus TNF blockers.1 The DSC and this label update apply to the class of systemically administered FDA-approved JAKs indicated for the treatment of RA and other inflammatory diseases. Based on this class-wide update, the U.S. label for Rinvoq will now include additional information about the risks of malignancy and thrombosis, and the addition of mortality and MACE risks within the Boxed Warnings and Warnings and Precautions sections. The indication has also been updated to the following: Rinvoq is indicated for the treatment of adults with moderately to severely active rheumatoid arthritis who have had an inadequate response or intolerance to one or more TNF blockers.
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Vertex Pharmaceuticals price target raised to $265 from $250 at RBC Capital » 08:1212/0212/02/21
RBC Capital analyst Brian…
RBC Capital analyst Brian Abrahams raised the firm's price target on Vertex Pharmaceuticals to $265 from $250 and keeps an Outperform rating on the shares. The analyst is updating his model to reflect more de-risked prospects for the company's VX-147 kidney program following its data release yesterday. Abrahams adds that while Vertex shares saw some upside on the news, the stock still "does not nearly reflect" the fundamental fair value of the company's CF franchise and pipeline.
Vertex Pharmaceuticals APOL1 clinical data looks strong, says Stifel » 13:5812/0112/01/21
Stifel analyst Paul…
Stifel analyst Paul Matteis believes Vertex Pharmaceuticals' APOL1 clinical data on Wednesday looks strong, with a 48% reduction in proteinuria. The company plans to advance the program and this is validating for Vertex Pharmaceuticals' ability to innovate outside of cystic fibrosis, the analyst contends. That said, Matteis notes that the baseline proteinuria level in this study was much lower than he expected and he still thinks there's an "open question here regarding the size of the market opportunity," and whether it is needle moving to the valuation as the cystic fibrosis franchise approaches $9B-$10B. He has a Hold rating on the shares.