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A synopsis of today's Industry Outlook is presented below. The full article can be read at http://at.zacks.com/?id=2678.
Our best picks at this point include Myriad Genetics (Nasdaq: MYGN), Onyx Pharmaceuticals Inc. (Nasdaq: ONXX | Quote | Chart | News | PowerRating) and AMAG Pharmaceuticals Inc. (Nasdaq: AMAG), Dendreon (Nasdaq: DNDN | Quote | Chart | News | PowerRating) and 3SBio Inc. (Nasdaq: SSRX). We have different reasons for a BUY rating for each of the four companies, but all of these companies have one thing in common -- strong balance sheets, which eliminates immediate financing needs.
Both MYGN and ONXX are already profitable. MYGN is a molecular diagnostic company. The company's molecular diagnostics business has been very strong and continued to grow impressively in fiscal third quarter of 2009 (ended March 31), and the outlook is bright even at the current economic environment. Our price target is $50.
For AMAG and DNDN, both are late-stage development companies. AMAG filed an NDA for its lead drug Feraheme (Ferumoxytol) in December 2007. Feraheme is indicated for the treatment of iron deficiency anemia, and we expect the FDA approval to come by the middle of 2009. AMAG is not profitable yet, but with Feraheme approval at its fingertips, the company should enjoy strong growth in the coming years. The balance sheet is strong. As of March 31, 2009, the company had $195 million in cash, cash equivalents and investments and no long-term debt. Our price target is $62.
DNDN's lead product candidate Provenge is indicated for the treatment of prostate cancer. The company reported positive results from its IMPACT phase III trial in April 2009 and will file a sBLA to the US FDA in fourth quarter of 2009. We estimate that the FDA will approve Provenge in 1H10. Our price target is $25.00.
SSRX is an integrated, China-based biotech company focused on developing and marketing therapeutics for nephrology, oncology and cancer supportive care. The company's flagship product EPIAO is the number 1 brand in the Chinese EPO market. Its second lead product TPIAO has gained rapid physician acceptance for thrombocytopenia, and is making a meaningful contribution to the company's top-line growth. A recent deal with US-based AMAG Pharmaceuticals Inc. will boost its expansion into IV Iron market. Our price target is $10.
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About Zacks
The performance of the Zacks Rank portfolios shown above for annual and year-to-date periods are the linked monthly total returns (price changes + dividends) of equal weighted hypothetical portfolios, consisting of those stocks with the indicated Zacks Rank, assuming monthly rebalancing and zero transaction costs. These are not the returns of actual portfolios. The hypothetical portfolios were created at the beginning of each month from Jan 1988 forward based on the values of the Zacks Rank available to Zacks' clients before the beginning of each month.
The portfolios created monthly from 1988 through September 2006 exclude ADRS and are comprised of stocks that have the indicated Zacks Rank and were covered by at least two analysts at the time of the stocks inclusion in the portfolio. Starting in October 2006 and going forward, the portfolios are comprised of all stocks with the indicated Zacks Rank and do not exclude ADRs, which is more reflective of the list of stocks that customers will find on the Zacks web sites. 2007 returns are for the period of Jan 1 - Jun 30, 2007. These performance numbers have been audited from 1995 through 2003 by Autschuler Melovan, a division of American Express Financial.
SOURCE: Zacks.com
Zacks.com Mark Vickery 312-265-9380 Visit: www.zacks.com
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