SVB Leerink's Porges warns biotech stocks could fall, downgrades GSK

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A top Wall Street analyst just downgraded 6 pharma stocks and warned there could be 'significantly more downside' for biotech

SVB Leerink analyst Geoffrey Porges downgraded six drug companies, including GlaxoSmithKline.

He also downgraded six companies to market perform from outperform: GlaxoSmithKline, Alexion Pharmaceuticals, Morphosys, Translate Bio, Assembly Biosciences and Acceleron Pharma. Five of those companies saw their stock prices dip on Tuesday, while Translate Bio gained 4%. It has yet to be announced who will lead the FDA. Agency veteran Janet Woodcock was named acting commissioner in January.

There are also signs that the lack of a permanent FDA commissioner is affecting one of the most highly watched drugs of the year: Biogen's Alzheimer's disease treatment aducanumab. , with an eye toward taking a more aggressive stance against drug-company deals that may harm competition.

 

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