Piper Sandler analyst Christopher Raymond says he continues to believe shares of Aimmune Therapeutics (AIMT) can trade into the $60 range following Friday's FDA approval of peanut allergy treatment Palforzia. The stock in premarket trading is up 22%, or $6.95, to $38.00.

The approval comes with a little surprise in the way of labeling, pricing, and approach to launch, Raymond tells investors in a research note. He believes there is "massive demand" and that Aimmune has done an "excellent job of preparing the market for this pioneering therapy." The analyst is a buyer of the shares on today's open and says Aimmune remains a favorite name for 2020.

Raymond keeps an Overweight rating on the shares with a $60 price target.