Wolfe Research has initiated coverage on the biotechnology sector, selecting 13 companies with a thematic focus on immunology and genetic medicines.
Six of those stocks have been rated Peer Perform by analysts at Wolfe, including Alpine Immune Sciences (NASDAQ:ALPN), which is also their Top Pick.
“ALPN will have a catalyst-rich 2024, where we expect favorable readouts on IgA nephropathy (IgAN) in H1 and H2 and positive readthrough from Vera’s Wk96 data in Q4,” the analysts wrote in the note.
“Our conviction comes from the de-risked BAFF/APRIL mechanism, with Vera’s Wk72 data validating its efficacy across multiple endpoints. Compared to competitors, povetacicpet has a superior clinical profile with dosing convenience, and we are bullish heading into the clinical readouts in 2024.”
Furthermore, the anticipated HELIOS-B clinical results, are expected around March/April 2024.
HELIOS-B is a study assessing investigational vutrisiran for treating cardiomyopathy in ATTR amyloidosis patients. The developments of this trial will be closely monitored by investors.
“We are optimistic about HELIOS-B’s success, but a failure could be catastrophic for ALNY. A trial success does not spell disproportionate upside for ALNY either, because much of the revenue may already be priced in, and we foresee a competitive cardiomyopathy market,” the analysts said.
In addition to Alpine, six more stocks were initiated at Outperform at Wolfe, including Immunovant, Inc. (NASDAQ:IMVT), Insmed Incorporated (NASDAQ:INSM), Molecular Templates, Inc. (MLTX), I, Roivant Sciences Ltd. (NASDAQ:ROIV), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), and RAPT Therapeutics, Inc. (NASDAQ:RAPT).
On the other hand, Alnylam Pharmaceuticals (ALNY), argenx SE (ARGX), CRISPR Therapeutics AG (CRSP), Ionis Pharmaceuticals, Inc. (NASDAQ:IONS), Kymera Therapeutics, Inc. (KYMR), and Intellia Therapeutics, Inc. (NASDAQ:NTLA) were rated Peer Perform.