Tuesday, September 18, 2018

© Reuters.  Allergan Restasis patent-stoked selloff overdone - JPMorgan© Reuters. Allergan Restasis patent-stoked selloff overdone – JPMorgan

  • JPMorgan (NYSE:JPM)’s Chris Schott says today’s selloff in Allergan (AGN -3.5%) after a Texas district court invalidated its RESTASIS patents is overdone considering the company’s “very attractive fundamental story,” upcoming catalysts and numerous pipeline readouts next year (OVERWEIGHT/$300).
  • Wells Fargo (NYSE:WFC)’s David Maris agrees saying a generic alternative won’t be launched in the U.S. before the company’s appeal runs its course, 2019 at the earliest (OUTPERFORM/$276).
  • Cowen’s Ken Cacciatore adds that RESTASIS is now completely removed from the company’s valuation (OUTPERFORM/$400).
  • Deutsche Bank (DE:DBKGn) has cut its price target to $251 from $262 after accounting for 90% sales erosion in 2019 and 5% per year thereafter.
  • Source: Bloomberg
  • Previously: U.S. court invalidates Allergan’s Restasis patents; shares down 5% (Oct. 16)
  • Now read: Allergan Q3 2017: Earnings Preview

Original article

sponsoredArticle = ‘div-gpt-ad-1466339494851-0’;

Banner Content