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JP Morgan stated it was bullish on Insmed (NASDAQ:INSM), Denali (NASDAQ:DNLI), Immunocore (NASDAQ:IMCR), Crinetics (NASDAQ:CRNX), Mirum (NASDAQ:MIRM) and BioCryst (NASDAQ:BCRX), ranking all six as chubby in a latest word that reinstated rankings for fifteen giant cap biotech shares.
The funding financial institution was much less eager on Cervel Therapeutics (CERE), Alkermes (ALKS), Novocure (NVCR), Deciphera (DCPH), Stoke (STOK) and Esperion (ESPR), giving these six a impartial ranking, and bearish on Amarin (AMRN), Emergent BioSolutions (EBS) and Nektar Therapeutics (NKTR), which had been all rated as underweight.
For Insmed, JP Morgan stated it expects the inventory to “work increased” on the again of latest examine updates and forward of “extremely anticipated” knowledge from its ASPEN examine of brensocatib within the remedy of non-cystic fibrosis bronchiectasis, which the financial institution sees as a possible blockbuster alternative. The ASPEN knowledge is predicted in Q2 2024. JP Morgan set its value goal for the inventory at $36.
Denali shares, in the meantime, might see appreciation forward of a number of readouts slated for 2025, along with a Section 2 knowledge for its ALS drug candidate DNL788 anticipated within the first half of 2024. JP Morgan additionally sees “a number of avenues for worth creation” from the biotech’s pipeline, including that “we’re nonetheless within the early innings of the potential worth” introduced by the corporate’s BBB-crossing TV platform. The inventory’s value goal was set at $28.
The funding financial institution additionally continues to see upside for Immunocore shares within the wake of a “robust” launch for the oncology drug Kimmtrak. The financial institution highlighted the doubtless “excessive worth pipeline alternative” with PRAME and a “de-risked” know-how platform, setting its value goal at $60.
JP Morgan stated it sees Crinetics doubtlessly benefitting from a number of catalysts over the following 12 months, including it was bullish on the corporate within the wake of “sturdy” topline Section 3 knowledge for its lead candidate paltusotine. Crinetics’ value goal was set at $35.
For Mirum, the financial institution stated it sees an “enticing alternative” for the drug Livmarli “supporting a valuation backstop for the inventory” with additional potential upside pushed by the scientific de-risking of its drug candidate volixibat.
JP Morgan can be bullish on BioCryst, calling the corporate’s drug Orladeyo a “key worth driver for the inventory,” with its broad pipeline representing a possible for upside.
