瑞信-美股-生物科技行业-美国中小型生物科技：牛熊之争-2020.4.17.pdf

《瑞信-美股-生物科技行业-美国中小型生物科技：牛熊之争-2020.4.17.pdf》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Smid-CapU.S.BiotechnologyBull/BearDebate17April2020EquityResearchAmericasResearchAnalystsMartinAuster,MDTiagoFauthMarkConnollyThomasDeal+1212-325-6573+1212-325-7569+1212-325-7576+1212-325-3719martin.auster@credit-suisse.comtiago.fauth@credit-suisse.commark.connolly@credit-suiss

2、e.comthomasavery.deal@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

3、investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Smid-CapU.S.BiotechnologyBullvsBearDebatesThefollowingpagesreflectaneditedcollectionofinvesto

4、rfeedbackoverthepastseveralweeks(augmentedwithourviews)onthecaseforbullandbearpositioningacrossourcoverageuniverse.TheimpactofCOVID-19onthemarketssincetheendofFebruaryhasledtoamagnificationofinvestorstendencytogravitatetowardsde-risked,novelassets,andproductstorieswithunmarredg

5、rowthprospects.Namesthatfallunderthisthemewithstrongbalancesheetshavegenerallyheldup.Withinourcoverageuniversenamestherearemultiplenamesthathaveexperiencedrecoverieswithin~5%ofstartofMarchpricesorhavepositivereturnsontheyearincludingOutperform-ratedALXN,ARNA,ASND,BMRN,QURE,SRPT

6、,UTHR,andXLRNandNeutral-ratedARGX,RARE.Bearishargumentshavetakenmultipleformsbutprevailingthemesthathavecontributedtosuppressedvaluationsinclude:(1)productlaunchstories,(2)drugswithahighdependencyonnewpatientstarts,(3)perceivedbalancesheetchallenges,and(4)awarinessofexposuretob

7、inaryeventsWeareregularlyaskedwhatwefavoramongthemorebeatenupnames(25%+belowearlyMarchlevels)thatarepricinginnear-termissuesbuthavelong-termpotential.WewouldflagINSMasourfavoriteamongthisgrouping.Forthosewillingtotakebinaryriskinachoppytape,wesuggestMYOK,whichis~15%offitsearlyM

8、archprice,asourconvictionforsuccessintheupcomin