- Raymond James has upgraded NGM Biopharmaceuticals Inc (NASDAQ:NGM) to Strong Buy from Outperform with a price target of $39, up from $27, almost 44% upside.
- Analyst Steven Seedhouse notes the validation of NGM’s C3 antibody mechanism and the large potential opportunity for NGM621 in geographic atrophy (GA).
- Seedhouse writes that Phase 3 data for Apellis Pharmaceuticals Inc’s (NASDAQ:APLS) pegcetacoplan in GA provide strong evidence that complement inhibition is an active mechanism in GA.
- Related Content: Apellis Unveils Mixed Results For Eye Disorder Drug, But Still Hopes To Pass FDA Finish Line.
- The update makes the large GA market accessible to the few mid-stage clinical complement players with plenty of room for differentiation/optimization, he contends.
- Near term, the first-look readout for cancer cachexia agent NGM120 at ESMO next week is a free call option, Seedhouse adds.
- Price Action: NGM stock is up 13% at $26.39 during the market session on the last check Monday.
Disney’s Q2 Earnings Price Action Sends These Signals About The Stock
It is hard to predict where an issue will go the day after an earnings report. Technical analysis can give you some guidelines, but how investors will react to either good or bad reports is random. Yet the technical levels from that session can provide some guidelines to follow to help predict the future course of price action.
