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JP Morgan mentioned 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 obese in a current notice that reinstated rankings for fifteen massive 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 mentioned it expects the inventory to “work greater” on the again of current examine updates and forward of “extremely anticipated” information from its ASPEN examine of brensocatib within the therapy of non-cystic fibrosis bronchiectasis, which the financial institution sees as a possible blockbuster alternative. The ASPEN information is anticipated 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 Part 2 information 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” offered 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 possibly “excessive worth pipeline alternative” with PRAME and a “de-risked” expertise platform, setting its value goal at $60.
JP Morgan mentioned it sees Crinetics probably benefitting from a number of catalysts over the subsequent 12 months, including it was bullish on the corporate within the wake of “strong” topline Part 3 information for its lead candidate paltusotine. Crinetics’ value goal was set at $35.
For Mirum, the financial institution mentioned it sees an “enticing alternative” for the drug Livmarli “supporting a valuation backstop for the inventory” with additional potential upside pushed by the medical de-risking of its drug candidate volixibat.
JP Morgan can also 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.