Denver, COLO., June 13, 2022 (24/7 MARKET NEWS) Of AbbVie’s (NYSE: ABBV) 26 May analyst ratings, AbbVie received 5 Strong Buy, 14 Buy, 7 Hold, and no Underperform or Sell ratings, for a 3.9, out of 5 stars, rating (based on the average ratings scoring 5 stars for a Strong Buy rating, 4 stars for a Buy rating, 3 stars for a Hold rating, 2 stars for an Underperform rating, and 1 star for a Sell rating).
AbbVie closed Friday at $143.20 and has an average analyst price target of $163.01, with a High price target of $200.00 and a $135.00 Low.
AbbVie’s catalysts are numerous enough that Evaluate Pharma’s extended consensus forecasts project it will hit $65.7 billion in prescription sales and become the largest pharma company, by 2028.
“While Abbvie will no longer enjoy $20bn-plus sales a year from Humira after 2023, a fairly long tail of demand is expected for the anti-TNF rheumatoid arthritis drug. Those sales, plus growing contributions from the Jak inhibitor Rinvoq, psoriasis product Skyrizi and cancer drug Venclexta, are enough to create a very narrow lead over second-place rival Roche.
“These numbers are of course based on estimates made by sellside analysts and collated by Evaluate Pharma. In Abbvie’s case, maintaining this forecast advantage will depend on the company’s success in rolling out Rinvoq and Skyrizi in new indications.” https://www.evaluate.com/vantage/articles/insights/other-data/abbvie-become-biggest-pharmas-2028
Angion Biomedica Corp. (NASDAQ: ANGN) closed on Friday at $1.74. Its two Strong Buy ratings and two Buy ratings score an average of 4.5 out of 5; the highest of the five companies mentioned here.
Angion Biomedica closed on Friday at $1.74 and, based on the current price versus the highest price target method, the $28.00 high price target represents the biggest potential upside percentage of all companies mentioned here. Its average price target is $13.67, with $5.00 being the lowest. The most recent coverage is HC Wainwright & Co., which maintains is Buy rating.
Dr. Jay Venkatesan, Angion Biomedica’s CEO and President, recently purchased $101 thousand worth of his Company’s stock, adding nearly 6% to his position and bringing his total to more than 1.7 million shares. Angion is focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases and highlights of its recent Q1 2022 report include that it had $73 million in cash and cash equivalents, as of March 31, 2022, which it expects to be sufficient to fund planned operations well into 2023. Based on Friday’s close, Angion’s market cap is $52.128 million.
“In the first quarter of 2022, we made good progress on our strategic objectives for the year,” stated Dr. Venkatesan. Angion’s stated strategic objectives for 2022 are to develop ANG-3070 for treatment of patients with primary proteinuric kidney diseases (PPKDs), including focal segmental glomerular sclerosis (FSGS) and IgA nephropathy (IgAN), which are the subject of Angion’s JUNIPER Phase 2 trial; to develop ANG-3070 for treatment of patients with idiopathic pulmonary fibrosis (IPF), with a planned IND filing in IPF by the end of 2022; and to nominate a lead compound and initiate IND-enabling studies for one or more of the preclinical rho kinase 2 (ROCK2) or CYP11B2 (aldosterone synthase) inhibitor programs.
All three analysts who are covering CorMedix Inc. (NASDAQ: CRMD) agree that it’s a Buy. Of the companies mentioned here, CorMedix has the highest upside, using the percentage difference between the current $2.94 price and $22.00 average analyst price target method. The low price target is $19.00 and the high is $27.00.
Its three buy ratings score 4 out of 5.
CorMedix reported FDA resubmission acceptance of a new drug application for DefenCath on March 28, 2022, so, assuming that the FDA meets the six month review, late September could be very telling, especially considering the $115.023 million market cap.
Moderna, Inc. (NASDAQ: MRNA) has twenty analysts covering with 3 Strong Buys, 7 Buy, 9 Holds, and 1 Underperform. The average rating is 3.6 out of 5. The most recent analyst call was SVB Leerink maintaining its Underperform rating on June 7, 2022.
Moderna’s analysts range from a high price target of $506.00, which represents the biggest potential dollar upside of all companies mentioned here, when compared to its $127.12 closing price. However, its $70.00 low price target represents the only significant loss of all of the companies mentioned here.
An FDA committee of scientists will meet this week to vote on whether to recommend vaccine authorization for use in children aged 6 months to 17 years old. Moderna reported $34.02 earnings per share for the most recent quarter and has a 3.74 PE Ratio.
Pfizer’s (NYSE: PFE) analysts reported 4 Strong Buys, 9 Buys, and 13 Holds, for an average of 3.65 out of 5 stars.
Based on Friday’s $49.97 close, it’s less than $1 above its lowest target, while its $75.00 high target represents a 50% gains from this level.
Like their Moderna data they published on Friday, the FDA’s Administration staff reviewers stated yesterday that Pfizer-BioNTech’s COVID-19 vaccines did not reveal any new safety concerns related to the use of the vaccine in young children. Pfizer reported $4.36 earnings per share for the most recent quarter and has a 11.45 PE Ratio.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.
Materials in this release are informational and should never be considered research. You must do your own due diligence by reading all available public information. This release is a corporate public statement, and believed to be reliable. The editor and an affiliate own ANGN shares purchased in the open market. The editor will not be trading in the market and, if that changes within the next 30 days, will update its intention to do so. 24/7 makes no representations and warranties to the completeness of materials provided and are subject to change without notice. 24/7 is not responsible for any gains or losses which result from our opinions or coverage expressed in our emails or our site and readers are cautioned that investing has risks and you may lose all or a portion of your money.