Goldman boosts its price target on AveXis (NASDAQ:AVXS) to $91 from $71 in a note to clients yesterday. Implied upside 62.5%.
"Given recent positive data from AVXS’ gene therapy AVXS-101 (Ph1) and IONS/BIIB’s antisense drug Spinraza (NDA filed), we conducted KOL due diligence to further elucidate the clinical presentation of the disease, physician awareness and outlook for market penetration. Our physician feedback reflects enthusiasm for both drugs; however, they appear to favor AVXS-101 given the recent motor milestone/survival data and the one-time potentially curative approach.
"We maintain our assumption of a 2020 U.S. launch but await clarity on the accelerated approval pathway on the current Ph1 data in 1H17."
Note: AVXS is -17% since a Nov. 17 negative article. Today it's down 5%.