H.C. Wainwright Raises Price Target for Uniqure NV Following Exclusive Agreement with Bristol-Myers Squibb

H.C. Wainwright analyst Ching-Yi Lin came out with a research note on Uniqure NV (NASDAQ:QURE), reiterating a Buy rating and raising the price target to $39 (from $30), which represents a potential upside of 16% from where the stock is currently trading. The increased price target was in response to the company’s recent collaborative agreement with BristolMyers Squibb (NYSE:BMY) to provide exclusive access to uniQure’s gene therapy platform for cardiovascular diseases (CVD).

Yi Lin, “Given that there are other regenerative CHF programs ahead of uniQure, a partnership with Bristol-Myers Squibb, one of the leaders in CVD, should optimally position commercialization of S100A1 as well as other indications. Importantly, the deal strengthens the uniQure’s balance sheet with approximately $100M in near-term payments on top of $254M for R&D and regulatory milestones and up to $217M for each gene therapy product—totaling over $2.2 billion in potential payments.”

Furthermore, “A stronger balance sheet should help uniQure advance its pipeline in hemophilia, liver diseases, and CNS including lysosomal storage diseases. The deal is expected to close in 2Q15, and the initial equity investment is slated for 2Q15 as well. We see 2015 as an exciting year with important catalysts and are raising our PT to $39 from $30.”


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