Amgen and Biogen 'look attractive' - HSBC

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Amgen and Biogen 'look attractive' - HSBC
Credit: © Reuters.

HSBC initiated coverage of 11 U.S. biopharmaceutical and healthcare stocks in a note to clients on Wednesday.

Analysts assigned Actinium Pharmaceuticals Inc (NYSE: ATNM ), Amgen (NASDAQ: AMGN ), Biogen (NASDAQ: BIIB ), Bluebird Bio (NASDAQ: BLUE ), IQVIA Holdings (NYSE: IQV ), and Zoetis (NYSE: ZTS ) with Buy ratings, while Johnson & Johnson (NYSE: JNJ ), LivaNova plc (NASDAQ: LIVN ), UnitedHealth Group (NYSE: UNH ), and Laboratory Corporation of America Holdings (NYSE: LH ) were started at Hold. The analysts also assigned Gilead Sciences (NASDAQ: GILD ) a Reduce rating.

The analysts told investors in his note that the stocks assigned a Buy rating are differentiated with drivers they believe will create long-term value.

"The risk-reward look attractive for those with revenue opportunities and low exposure," the analysts wrote. "We believe Amgen (Buy) and Biogen (Buy) look attractive as they transform their businesses."

"In contrast, we think Gilead's (Reduce) HIV division is too dominant to allow its oncology division to make a meaningful long-term impact despite strong growth."

The analysts also say they expect Bluebird Bio and Actinium Pharma to perform well as "both companies are about to launch new products that should allow them to turn profitable," while IQVIA and Zoetis are "set to benefit from strong structural demand."

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