Would love to hear the board's commentary on his $BIIB CONFIRM trial, GHDX and $REGN thesis
"Biogen Investment Thesis
We are initiating coverage of Biogen Idec (BIIB) with an UNDERPERFORM rating and a $74 price target. We believe commercial expectations for Biogen Idec’s multiple sclerosis (MS) franchise, in particular for BG-12, have been overestimated and that risk to upcoming CONFIRM data has been underestimated. With focus on CONFIRM, we expect comparator Copaxone to perform better than expected, based on prior experience in BEYOND and REGARD, and we believe oral competitor Gilenya has established a high bar of consistency in comparable TRANSFORMS and FREEDOM studies."
"GHDX Investment Thesis
We are initiating coverage of Genomic Health (GHDX) with an UNDERPERFORM rating and $15 price target. As Genomic is a molecular diagnostics company focused on cancer, we believe barriers to entry are much lower than that for therapeutics companies and believe that the share price is not sustainable at the current high end of its range. While execution around Oncotype DX launch in breast cancer has been impressive, we believe that with >60,000 tests billed that market saturation will begin to occur in 2012 even with the introduction of DCIS recurrence scores. We believe that efforts to expand into colon and prostate cancer will be more challenging. In particular, for recently launch Oncotype DX colon, we believe that lack of chemo-benefit data will limit reimbursement and that validation data from the QUASAR study has limited implications for guiding current therapeutic options. Prostate cancer development is more complex and carries substantial technical risk, in our view."
"REGN Investment Thesis
We are initiating coverage of Regeneron Pharmaceuticals (REGN) with an OUTPERFORM rating and $78 price target. We believe Regeneron is most likely to fill the Genentech void and to create a broad franchise of high-value long-lived biologic product assets. We believe Regeneron's antibody platform is best in breed with a potential infinite ROI on a 40 antibody drug collaboration with Sanofi and ~50:50 profit split with no investment by Regeneron. Initial product candidates from the collaboration including PCSK9 antibody REGN727 for LDL and IL-6 antibody REGN88 for rheumatoid arthritis (RA) are in advanced development and could represent $1B+ opportunities each. The most significant value driver, however, is anti- VEGF drug Eylea following positive FDA panel recommendation for approval and a potential $3.5B opportunity in eye disease. Expert feedback suggests that superior efficacy and less frequent dosing should position Eylea favorably to $4B brand Lucentis, and we expect HARBOR and CATT two- year data to confirm a differentiated profile."
News 
Market Data 
Discover 
