Edwards Lifesciences CorpEW
▲ PositiveDemandRegulationrelevance
Targets over $2B in TMTT revenue by 2030 anchored by PASCAL, EVOQUE, and Sapien M3 technologies.
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Edwards Lifesciences CorpTheme Impact 1
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Amgen Fair Value Target Rises to US$388.03 as Analysts Split on Pipeline Risks
Amgen's updated analyst model lifted its fair value price target to US$388.03 from a prior US$371.93, with the revenue growth assumption rising to 3.50% from 2.93%, the net profit margin assumption moving to 25.15% from 24.84%, the future P/E multiple changing to 25.1x from 24.6x, and the discount rate shifting to 7.96% from 7.70%. The revision reflects a split analyst view, with UBS, Argus, TD Cowen, Scotiabank and Oppenheimer raising their Amgen price targets into a US$420 to US$460 range on the strength of a strong product portfolio, Q2 beats and higher guidance. Wells Fargo and Piper Sandler lifted their targets to US$435, citing external survey work and prescription data they believe support higher long term sales potential for cholesterol and cardiovascular products such as Repatha and Lipfendra. On the bearish side, HSBC downgraded Amgen to Hold and cut its target to US$425 from US$445, saying the stock price now more closely matches its assessment of fair value with limited near term upside, while BMO Capital shifted to a neutral Market Perform stance even with a higher US$450 target, citing ongoing loss of exclusivity headwinds and a need for more clarity on the competitive profile and sales potential of MariTide.
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Novartis Shares Plunge 10% as Del-desiran Fails Late-Stage Trial
Novartis shares fell about 10% after the company said its experimental drug del-desiran failed to meet its primary goal in a late-stage trial for myotonic dystrophy type 1, marking its third clinical setback in a week. The earlier failures involved the cardiovascular drug pelacarsen and a pause of eight trials of the cell therapy rap-cel following three patient deaths. The decline erased roughly 24 billion Swiss francs, or about $29.6 billion, in market value and put Novartis on pace for one of its worst trading days in company history. Barclays had estimated peak annual sales of about $3.1 billion for del-desiran and assigned the drug a 60% probability of success after positive mid-stage results, and the failure raises questions about the $12 billion Avidity acquisition that brought the drug into Novartis' pipeline. Management reaffirmed its full-year financial guidance and maintained its target for 5% to 6% compound annual sales growth from 2025 through 2030, while the company reported successful late-stage results for remibrutinib in multiple sclerosis and expects more data later this year.
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Novartis pelacarsen failure raises stakes for Amgen and Eli Lilly Lp(a) drugs
Novartis' failed pelacarsen trial has raised the stakes for rival experimental cholesterol drugs from Amgen and Eli Lilly, both racing to prove that lowering lipoprotein(a), or Lp(a), can meaningfully reduce heart attacks and strokes. Analysts said Amgen's olpasiran faces the clearest negative read-through given its similar trial design, while Lilly's lepodisiran is being tested in a broader patient population that could limit how directly Novartis' failure applies and is described as less material to Lilly's overall valuation than pelacarsen was for Novartis. The failure raises the scientific and regulatory burden for the entire Lp(a) drug class, and both companies still face binary clinical risk before either olpasiran or lepodisiran delivers definitive late-stage cardiovascular-outcome evidence. On hedge fund positioning, Amgen's position value nearly doubled to $3.14 billion in the second quarter from $1.63 billion in the first, with holder count roughly steady at 66 versus 65, while Lilly's holders rose to 152 from 132 and position value jumped to $17.24 billion from $12.58 billion.