What the AMGN/ONXX means for biotech
Cantor Fitzgerald’s Mara Goldstein and Adeyemi Ogunkoya consider what the deal says about the current state of the biotech market–and the recent biotech rally (the SPDR S&P Biotech ETF (XBI) has gained 38% this year):
Because of the ebb and flow of pipelines in the drug development industry, valuations for biotech companies may also rise and fall depending on a given cycle. The last few years has been one of large cap industry pipeline ebb, and that suggests to us that the current state of biotech pipelines could allow for continued M&A activity at valuations that place a premium on late-stage product candidates. For that reason, we believe that the current strength in share price for development-stage companies may persist in 2013. In our universe, we continue to think that many companies will still experience positive momentum based on pipeline assets
and milestones.
Their favorite stocks include Celldex Therapeutics (CLDX), Newlink Genetics (NLNK) and Cellgene (CELG).
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