Sep. 8 at 3:06 PM
Jefferies⬆️Top Pick
$ROIV's PT to
$52 from
$42/said -- Big Picture: ROIV has been our top pick this year on clinical derisking across multiple programs, driving upside to peak sales estimates with each (+) catalyst.
$INSM $LQDA QNCX
IMVT ABUS
Jefferies added—PH-ILD was mostly a call option given focus on brepo i.e. Rinvoq indication stacking playbook, the brepo DM launch, and also IMVT D2TRA update in H2, but today's PH-ILD data should finally drive more value in the stock to more appropriately incorporate a
$3B+ peak sales pot'l in the stock.
Bottom line,
(1) both PVR and 6MWD were strong and hit stat sig at 16 weeks,
(2) data continued to look better through 24 weeks and it doesn't seem like there may be anomalies w/ the placebo curve,
(3) Phase III looks derisked in PH-ILD, and
(4) ROIV sounds bullish expanding mosli into more indications like IPF/PPF and are awaiting FVC data from the Phase II in this subgroup, which can ultimately drive peak sales north of
$5B. PT to
$52, reiterate Buy.
