< The 2015 All-America Research Team
Geoffrey Porges
Sanford C. Bernstein & Co.
First-Place Appearances: 0
Total appearances: 12
Analyst debut: 2004
Second place on this new lineup goes to Geoffrey Porges. Last year the Sanford C. Bernstein & Co. researcher notched his seventh straight No. 3 showing in the broader Biotechnology category, which is replaced this year by new Large-Cap and Mid- & Small-Cap sectors. “Geoff is a very thoughtful analyst,” observes one money manager. “He is willing to use unconventional analytical viewpoints to illustrate his positions and help clients see investments in a different light.” Porges contends that a distinguishing feature of the recent U.S. biotech industry run-up has been the flood of funds in play. “The biotech boom continued through most of this year,” he says, and “the flow of new issues has been unprecedented — we’ve seen more than $40 billion invested in new and secondary issues in the stock market through this four-year cycle. In short, it has been unprecedented.” The 54-year-old researcher counsels investors to be selective, noting that continuing M&A activity will offer upside for some stocks in this space. His favorite name continues to be Cheshire, Connecticut–based Alexion Pharmaceuticals, largely owing to his optimism regarding the manufacturer’s upcoming launches of its Kanuma and Strensiq treatments for certain genetic, progressive and ultrarare metabolic diseases. Both drugs should receive Food and Drug Administration approval in early fall, he projects, and should secure strong labeling, resulting in high-price rollouts and a positive reception from physicians. “Longer term we see the company as the leading independent rare disease treatment company and expect it will continue to increase the number of such products in its portfolio,” Porges says. At $267, his price target for Alexion represents a 60.3 percent premium to its trading value in mid-September.