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Tuesday started with Nvidia getting more praise from one analyst, and a battery stock downgrade. She has a price target of $40 on shares, which suggests 20.3% upside potential from where shares closed on Monday. The firm initiated the stock with a buy rating and $125 price target, which suggests 7% upside from Monday's close. "3Q brings a narrative change in FREY's outlook with new risks to tech, strategy and funding that's been appropriately discounted by the stock market. He also slashed his price target to $2 from $13, which suggests 14.3% upside from Monday's close.
Persons: Tuesday, Morgan Stanley, Freyr, Paul Matteis, Matteis, Vistagen, — Hakyung Kim, BeautyHealth, Allen Gong, Gong, Benjamin Soff, Soff, Bernstein, Kraft Heinz, Alexia Howard, Howard, Miguel Patricio, Roth, Suji Desilva, Desilva, Morgan Stanley downgrades Freyr Battery Morgan Stanley isn't, that's, FREY, Adam Jonas, Jonas, Vivek Arya, — Fred Imbert Organizations: CNBC, Nvidia, Bank of America, Therapeutics Biotechnology, Vistagen Therapeutics, JPMorgan, Deutsche Bank, Rockstar, Kraft, Kraft Heinz, AMD, Investment, Freyr's, Nvidia Bank of America Locations: U.S, Monday's, Freyr's Norwegian
Sales of the Alzheimer's drug Leqembi may be slow initially due to logistical requirements but could pick up in 2024, analysts said after the groundbreaking treatment won approval in the U.S.Wall Street is chewing over the Food and Drug Administration's Thursday approval of Leqembi – a milestone in the treatment of the disease, even though the drug isn't a cure. Leqembi, from drugmakers Eisai and Biogen , is the first medicine proven to slow the progression of Alzheimer's in people at the early stages of the memory-robbing disease. Yee added that the firm's channel checks suggest doctors see the registry requirement "as a potential real-world challenge – at least in the initial phase." That includes navigating Medicare's registry requirement and coordinating PET scans and MRIs to screen for dangerous side effects of the drug. But Goodman, like other analysts, also noted that "we continue to expect a slow ramp in 2023 and acceleration moving into 2024."
Persons: Jay Reinstein, drugmakers, Yatin Suneja, Jefferies, Michael Yee, Yee, Paul Matteis, Marc Goodman, Goodman Organizations: Georgetown University Hospital, Wall, Food, Leqembi, FDA, National Institute, Aging, ARIA, SVB Securities Locations: Washington , DC, U.S
Biogen hires former Sanofi head Viehbacher as CEO
  + stars: | 2022-11-10 | by ( Manas Mishra | ) www.reuters.com   time to read: +2 min
The appointment of Viehbacher, who founded private equity firm Gurnet Point Capital after being ousted from French drugmaker Sanofi (SASY.PA) in 2014, concludes a months-long search for a successor to Michel Vounatsos. "The selection of a new CEO has been front-of-mind for Biogen investors since Mr. Vounatsos' announced departure," said Wedbush analyst Laura Chico. Investors and analysts are now pinning their hopes on the second Alzheimer's drug Biogen is developing with Japan's Eisai Co Ltd (4523.T) after it slowed the progress of the memory-robbing disease by 27% in a trial. Viehbacher served as chief executive of Sanofi for six years and was instrumental in the company's $20 billion deal for Genzyme in 2011. Viehbacher will step into his role on Nov. 14, Biogen said.
Biogen 's new Alzheimer's treatment could lead to even stronger gains for the biotech company going forward, according to Stifel. Analyst Paul Matteis upgraded shares of the biotech company to buy from hold, saying that upcoming data for Alzheimer treatments from competitors Roche and Eli Lilly could show that clinical results for Biogen's product, lecanemab, could be more competitive than feared. "Gantenerumab and donanemab readouts are overhangs for Biogen, but there's reason to think that in most scenarios, lecanemab will have a competitive clinical profile," he added. Shares of Biogen outperformed this year, up 5.7%, as investors pivoted into health care companies for their defensive attributes. Still, the analyst is concerned about challenges for the biotech company, including uncertainty around the company's future CEO.
A mosaic of human cells inside Vertex Pharmaceuticals' cell and gene-therapy laboratory. The four-story, 267,000-square-foot space is home to Vertex's cell and gene-therapy unit, with about 375 people now residing in the modern-industrial building. That has led to going after unrelated diseases like sickle cell, diabetes, muscular dystrophy, kidney disease, and pain. For instance, Vertex's approach to sickle cell is led by its CRISPR gene-editing program. Vertex PharmaceuticalsThe next test of Vertex's strategy will be an experimental treatment called exa-cel, its CRISPR gene-editing program for sickle cell.
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