Evercore says biotech ‘winter is finally thawing’

seekingalpha05-14

Evercore ISI launched its coverage with a bullish view on a number of biotech stocks on Tuesday, citing a more constructive view on the sector, which is seeing signs of recovery after years of ...

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Their views follow a recent upsurge in biotech stocks. Industry benchmark SPDR S&P Biotech ETF (XBI) has added ~39% since reaching a recent slump in Q4 2023, well ahead of the ~24% gain in the S&P 500 (SP500), the analysts led by Cory Kasimov point out. However, XBI has lost ~48% while the S&P 500 added 32% since early 2021, when the sector peaked as interest rates bottomed out. “After 3 years of painful underperformance, winter is finally thawing and spring just might be in the air,” Kasimov and the team wrote, adding they initiated coverage on the sector with “an increasingly constructive view that is more likely than not to improve over time.” Evercore prefers companies with “clear clinical narratives and/or commercial upside,” and its biotech coverage extends from oncology and neuroscience to even stocks with activist involvement.  The firm issues an Outperform rating and a $1,150 per share target on Regeneron (NASDAQ:REGN), citing its eye disease therapy Eylea and asthma therapy Dupixent, marketed with Bayer (OTCPK:BAYZF) and Sanofi (SNY), respectively.  “Dupi’s growth and Eylea’s resiliency enable substantial earnings and cash flow accretion,” analysts wrote about the duo, which raked in more than $5B in combined sales across the globe in Q1 2024. Other biotechs to draw Outperform ratings from Evercore include BioMarin Pharmaceutical (NASDAQ:BMRN), Neurocrine Biosciences (NBIX), Arcellx (ACLX), and BridgeBio Pharma (BBIO), with their price targets at $113, $175, $85, and $50 per share, respectively. However, COVID-19 vaccine makers Moderna (NASDAQ:MRNA) and BioNTech (NASDAQ:BNTX) received only In-line ratings, with price targets at $120 and $100 per share, respectively. Despite near-term headwinds driven by a sharp decline in COVID-related revenue, the analysts cite a promising long-term outlook for both companies as their pipelines advance and new products launch.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435929510"}