© 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