EP is a community where members connect through shared life experiences-- like MS--and so much more. You are not defined by any one thing, so be your true self and find others just like you at
Experience Project.
Posted: Fri Jun 03, 2005 3:25 pm Post subject: Update on FTY720
Keep in mind this is from an equity analyst, and they don't cite a source, but I like the sounds of the results of the FTY720 trials...
Biogen Idec's Avonex May Face 'Serious Pressure'
06.03.05 -- Morgan Stanley downgraded Biogen Idec to "equal-weight" from "overweight" and said the biotech firm's Avonex multiple sclerosis drug faces greater long-term risk than previously thought.
Recently released clinical data for FTY720, an experimental MS drug from Novartis (nyse: NVS - news - people ), showed a 50% reduction in relapse rates.
"We have viewed Avonex as a stable source of cash flows (without much growth), but if Novartis eventually launches FTY720, this drug will face serious pressure, negatively impacting our long-term growth assumptions and terminal growth rate," said Morgan Stanley. "After a nice bounce off the bottom, the risk/reward in the stock has changed, and the threat to Avonex appears greater than we previously modeled. While we see significant strategic value in this company from its stable cash flows, strong balance sheet, and extensive manufacturing capacity; the long-term overhang from FTY720 is likely to leave the stock range-bound for the near future." Morgan Stanley lowered its price target on Biogen to $40 from $44 and said Biogen Idec's other major value drivers, Tysabri and Rituxan, face "continued uncertainty." Rituxan is marketed by Genentech (nyse: DNA - news - people ). Morgan Stanley said Biogen shares could see short-term upside if Tysabri returns to the market but said it has little confidence it would be provide meaningful long-term returns. Shares of Biogen and Tysabri partner Elan (nyse: ELN - news - people ) have seen recent selling pressure after news reports suggested a fourth patient taking the halted MS drug may have contracted the potentially fatal brain disease PML.
Joined: Nov 06, 2004 Posts: 366 Location: Ottawa, Ont. Canada
Posted: Sat Jun 04, 2005 1:52 pm Post subject:
Boy, this gets me excited! I am waiting for this study to start because I am on the list for the trial. This sounds promising and encouraging. I will call my neurologinst to see when he thinks the study will start. Thanks for the info Dignan. Carole
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
We encourage you to also visit our Multiple Sclerosis story and support community on Experience Project.
Experience Project is a vast and powerful community where people connect anonymously through life experiences. It's made by the same people who built This is MS,
on the premise that no one life experience-- like having MS-- defines a person. It now covers over 2 million life stories. Find and share yours!
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
