Apr. 21 at 12:05 PM
Oppenheimer⬆️the PT on
$CLYM to
$18 and reiterated Outperform
$TVTX $VERA LLY BIIB
VRDN AMGN RHHBY
Oppenheimer said: We take the opportunity to raise our PT to
$18 (from
$10) ahead of upcoming clinical reveals, which will show us how subcutaneous budoprutug as well as CLYM116 (also given subQ) perform in healthy volunteers.
Our model had not previously included any value for '116, in development for IgA nephropathy (IgAN), yet we view it as exciting as budo—perhaps more so. Please see our IgAN primer.
We believe '116 offers best-in-class potential among anti-APRILs, and several de-risking precedents provide visibility on its path to potential commercialization.
We expect share outperformance to continue (+124% YTD vs. XBI +13%) as the company approaches key updates on both of its clinical assets.
