Sep. 21 at 10:54 AM
JPMorgan⬆️
$SRRK's PT to
$70; keeps OW
$NVS $BIIB - IONS RHHBY - PTCT
JPMorgan said -- Ultimately, we are confident that we will see robust adoption (across various geographies) given
i) our feedback that indicates willingness to prescribe/try the drug broadly across eligible patients given favorable benefit/risk and the broad label,
ii) the large number of SMA patients who are already identified and treated (~6.6k patients in the U.S. on a SMN2-targeted treatment),
iii) the high unmet need for a muscle-targeted therapy that has the potential to improve function as observed in the clinical data to date, and
iv) the leadership team's expertise/success in launching global products
We are raising our Dec 2027 PT to
$70 from
$63 as we reflect a higher Isembyld net cost than we previously modeled
In SMA, we model 2037 sales of ~
$1.3B in the U.S. (~
$2.9B in worldwide sales). We remain OW and expect the stock to recover given we see this as a launch story that investors will want to own over time.
