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The outlook is starting to look bright for biotech stocks, according to some. With markets now expecting the first rate cut to be in September rather than June or July, as previously thought, biotech stocks could start to do well. Biotech encompasses many different areas, but Citi has identified one with a $2.9 billion market — which it says is set for even more growth. It gave CSL a price target of $305, or nearly 11% potential upside. It gave Intellia a price target of $31, or 49% potential upside.
Persons: Morgan Stanley, Garadacimab, Ionis, Citi Organizations: Biotech, Citi, Ionis Pharmaceuticals, Intellia Therapeutics, CSL, Intellia
Analyst Maxwell Skor upgraded the biotech stock to overweight from equal weight and raised his price target by $24 to $34. "We see a viable market opportunity with ondemand and short-term prophylactic treatment." The market is split between on-demand treatment and a growing prophylactic segment, according to the note. Skor thinks deucrictibant has a superior safety profile across early clinical trials to the currently dominant therapeutic for the disorder, Orladeyo. He noted, however, that the FDA's clinical hold on prophylactic treatment remains a "key overhang" and that management is expected to submit nonclinical data by 2023.
Persons: Morgan Stanley, Maxwell Skor, angioedema, Skor, Deucrictibant, deucrictibant, HAE, , Michael Bloom Organizations: FDA, deucrictibant
This little-known pharma stock can rally 50%, Citi says
  + stars: | 2023-07-31 | by ( Brian Evans | ) www.cnbc.com   time to read: +1 min
It's time to buy shares of Ionis Pharmaceuticals , according to Citi. The firm upgraded the stock on Monday to buy from neutral and raised its price target to $60 from $36. "Though HAE is a competitive market, Phase II data hints that it could have an attractive product profile and be a meaningful player," Lebowitz said. Given current valuation, we view the risk-reward on Ionis shares as being skewed positive." Lebowitz also highlighted donidalorsen's phase 2 test performance, which underpinned the stock upgrade.
Persons: David Lebowitz, eplontersen, HAE, Lebowitz, donidalorsen, Ionis, Michael Bloom Organizations: Ionis Pharmaceuticals, Citi, AstraZeneca, donidalorsen, Ionis
CRISPR companies are faring better by producing faster and more dramatic clinical results. A layoff tracker from Fierce Biotech counts at least 90 drug companies that have laid off staff in 2022. Gene-editing biotechs have avoided the brunt of the downturn because of fast clinical successIntellia Therapeutics is developing CRISPR-based gene-editing medicines that could cure diseases. Just in the past month, CRISPR Therapeutics moved into a swanky new headquarters in Boston that can house up to 1,000 people. BeamTo be sure, 2022 hasn't been smooth sailing for the CRISPR companies.
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