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    Jeffrey Hung

    Research Analyst at Morgan Stanley

    Jeffrey Hung is an Equity Research Analyst specializing in biotechnology at Morgan Stanley, based in New York City. He covers prominent biotech firms such as Karuna Therapeutics and other drug manufacturers, and is noted for his detailed equity ratings and price targets, with a performance record that includes a 38.66% success rate and an average return of 0.33% across more than 200 ratings. Having started his career in financial services over 28 years ago, Hung has held equity research roles at multiple firms in both software and biotechnology sectors before joining Morgan Stanley in January 2018. He holds a BS from MIT, an MPH from Yale, and an MHS from Johns Hopkins University, equipping him with robust credentials in both finance and the life sciences.

    Jeffrey Hung's questions to Jazz Pharmaceuticals (JAZZ) leadership

    Jeffrey Hung's questions to Jazz Pharmaceuticals (JAZZ) leadership • Q3 2024

    Question

    Michael Riad, on behalf of Jeffrey Hung at Morgan Stanley, asked for more color on the planned Phase Ib study for the orexin agonist JZP441, including the dose level and potential for expansion into other indications.

    Answer

    EVP, Global Head of R&D, Rob Iannone, explained that while specific doses are not yet disclosed, the study will evaluate multiple doses. The primary goal is to identify a dose that provides a robust effect in narcolepsy type 1 while maintaining a sufficient safety margin. The results will determine the viability of a path forward in NT1 and other indications like IH, which may require higher doses.

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    Jeffrey Hung's questions to Jazz Pharmaceuticals (JAZZ) leadership • Q3 2024

    Question

    An analyst on behalf of Jeffrey Hung asked for more details on the Orexin program, specifically the dose reduction planned for the JZP441 Phase Ib study and whether there would be enough therapeutic leeway to expand into other narcolepsy types or IH.

    Answer

    EVP, Global Head of R&D Robert Iannone explained that while specific doses are not disclosed, the study will evaluate multiple doses. The goal is to characterize the dose needed in NT1 patients and determine if a sufficient safety margin exists, which will ultimately dictate the potential for a path forward in NT1 or other indications that may require higher doses.

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    Jeffrey Hung's questions to AMICUS THERAPEUTICS (FOLD) leadership

    Jeffrey Hung's questions to AMICUS THERAPEUTICS (FOLD) leadership • Q3 2024

    Question

    Speaking on behalf of Jeffrey Hung, Michael Reed asked how far into 2025 the previously expensed Pombiliti and Opfolda inventory is expected to last and when the next-generation manufacturing process might begin to impact gross margins.

    Answer

    Chief Financial Officer Simon Harford explained that the expensed inventory will be depleted in the 'earlier part' of 2025, resulting in a 'hybrid year' for COGS and a projected gross margin in the mid-80s. President and CEO Bradley Campbell added that the next-generation manufacturing improvements, which could lower COGS by 20-30%, are not expected to impact the P&L until the 'back half of the decade.'

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    Jeffrey Hung's questions to AMICUS THERAPEUTICS (FOLD) leadership • Q2 2024

    Question

    An analyst on behalf of Jeffrey Hung asked about the remaining market opportunity for Galafold given the growth in diagnosed Fabry patients and the reasons for stronger uptake in naive versus switch patients.

    Answer

    CEO Bradley Campbell and CDO Dr. Jeff Castelli explained the diagnosed Fabry market has grown significantly to over 18,000 patients, with many more still undiagnosed. They cited improved diagnostics and screening as key tailwinds. Newly found patients are often late-onset with amenable mutations, making Galafold a first-line standard of care. CBO Sebastien Martel added that Galafold's 19% growth outpaced the overall Fabry market's growth of over 12% in Q2.

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    Jeffrey Hung's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership

    Jeffrey Hung's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership • Q3 2024

    Question

    An analyst on behalf of Jeffrey Hung from Morgan Stanley asked if the NMDA NR2B program (NBI-770) is being developed as an adjunct therapy and how its competitive potential would be evaluated.

    Answer

    CMO Eiry Roberts confirmed the ongoing Phase II trial is studying patients with an inadequate response to current antidepressants, which could support use as either an adjunctive treatment or monotherapy. She highlighted its oral, selective mechanism as a key potential differentiator that could translate to a favorable benefit-risk profile compared to other treatments.

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    Jeffrey Hung's questions to Alector (ALEC) leadership

    Jeffrey Hung's questions to Alector (ALEC) leadership • Q2 2024

    Question

    Inquired about the baseline INVOKE-2 data, specifically if the mean amyloid PET levels differed between MCI and mild dementia patients, and asked about expectations for amyloid reduction.

    Answer

    The company does not have the amyloid PET data broken down by MCI versus mild dementia subgroups. Regarding amyloid reduction, they would not be surprised to see it given the ARIA-like signal, but emphasized that AL002's mechanism is broader than just amyloid clearance, so reaching a specific centiloid threshold is not considered a necessary condition for success.

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    Jeffrey Hung's questions to Alector (ALEC) leadership • Q2 2024

    Question

    Michael Riad, on behalf of Jeffrey Hung at Morgan Stanley, questioned the baseline INVOKE-2 data, asking if the mean amyloid PET centiloid levels differed between MCI and mild dementia patients and what the expectation is for centiloid reduction.

    Answer

    Dr. Gary Romano, Chief Medical Officer, responded that he did not have the centiloid data broken down by disease severity. He explained that while some amyloid reduction might be expected given the ARIA-like signal, AL002's broad microglial restoration mechanism means that reaching a specific centiloid threshold, like the 24-centiloid level relevant for anti-amyloid antibodies, is not considered a necessary condition for success.

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    Jeffrey Hung's questions to Immunocore Holdings (IMCR) leadership

    Jeffrey Hung's questions to Immunocore Holdings (IMCR) leadership • Q4 2023

    Question

    Asked about the predictive power of ctDNA on overall survival in cutaneous melanoma versus uveal melanoma, how much treatment time is needed to gain confidence in this marker, and if its predictive power increases in earlier lines of therapy.

    Answer

    David Berman stated that the ctDNA-survival link is well-validated in uveal melanoma. For cutaneous melanoma, confidence is still emerging. In the current trial, they will look at ctDNA directionally alongside survival data, hoping to establish a similar association. They will need to see both endpoints to make decisions.

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    Jeffrey Hung's questions to Immuneering (IMRX) leadership

    Jeffrey Hung's questions to Immuneering (IMRX) leadership • Q4 2022

    Question

    Jeffrey Hung from Morgan Stanley asked if the AACR data suggested certain RAS mutations would be harder to treat and whether the broad activity seen in 3D tumor assays would translate to even broader activity in in vivo models and humans.

    Answer

    President and CEO Benjamin Zeskind asserted that activity is independent of the specific RAS mutation, with resistance being linked to mutations in parallel pathways. Chief Scientific Officer Brett Hall confirmed this, adding that their 3D assay results correlate well with in vivo animal model outcomes, where deeper 3D responses predict better tumor inhibition. Zeskind highlighted the proprietary nature of their 3D assay and informatics platform as a key differentiator.

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