Medtronic initiated with an Outperform at Raymond James. Raymond James initiated Medtronic with an Outperform and $96 price target.
Thursday, May 31, 2018
MacroGenics started at buy by Evercore
MacroGenics initiated with an Outperform at Evercore ISI. Evercore ISI initiated MacroGenics with an Outperform and $33 price target.
Curis gets FDA fast track for lymphoma med
Curis announced that the U.S. FDA has granted fast track designation for the development of fimepinostat in patients with relapsed or refractory, or R/R, diffuse large B-cell lymphoma, or DLBCL, after two or more lines of systemic therapy. Previously reported results from Phase 1 and Phase 2 clinical studies demonstrated that treatment with fimepinostat resulted in a complete or partial response in one out of every four patients with R/R DLBCL with MYC alterations. The median duration of response for all responding patients in these studies was over one year.
Biogen upped to buy by Canaccord
Biogen upgraded to Buy with $335 price target at Canaccord. As reported previously, Canaccord analyst Sumant Kulkarni upgraded Biogen to Buy from Hold. The analyst said although there are risks that remain, the company’s financial flexibility makes him more positive on the shares. He sees ample business opportunity while the MS and Spinraza dynamics are key variables. Kulkarni likes the current valuation but lowered his price target to $335 from $350 on Biogen to account for a more conservative outlook on revenues
Edwards Lifesciences started at buy by Raymond James
Edwards Lifesciences initiated with an Outperform, target $152 at Raymond James. Raymond James analyst Jayson Bedford initiated Edwards Lifesciences with an Outperform and $152 price target saying it is the dominant player in attractive end markets with favorable competitive dynamics. The analyst expects Edwards’ R&D investment, which is well above peers, to maintain market leadership, for the TAVR market to grow in double-digits, and new product introductions and indication expansion to be near-term drivers of growth. Bedford’s analyst are slightly above consensus and expects modest multiple expansion and mitral progress to drive stock outperformance
Myriad Genetics treatment shows improvement in depression
Myriad Genetics’ wholly-owned subsidiary Assurex Health announced results from the Individualized Medicine: Pharmacogenetics Assessment and Clinical Treatment study highlighted at the 2018 ASCP annual meeting in Miami Beach. The key finding is that patients with depression whose medication selection was guided by the GeneSight Psychotropic genetic test saw improvements in remission, response and symptoms when treated by both primary care physicians and psychiatrists. Additionally, patients treated by primary care physicians exhibited 33% more symptom improvement, 34% increased response and 57% greater remission than those treated by psychiatrists. This study evaluated the clinical utility of the GeneSight test in selecting medications for 2,025 patients with moderate-to-severe major depressive disorder who were enrolled in the IMPACT study. Patients saw a 28% mean reduction in symptoms. Additionally, 26% of patients responded to treatment and 17% achieved remission, which is consistent with previously reported studies
Corcept cut to hold by Stifel after research results
Corcept Therapeutics downgraded to Hold ahead of competitive read outs at Stifel. As previously reported, Stifel analyst Adam Walsh downgraded Corcept Therapeutics (CORT) to Hold from Buy, noting that results are due near-term for both Strongbridge Biopharma’s (SBBP) Recorlev and Novartis’ (NVS) osilodrostat. While he does not have a clear read on the potential for positive outcomes for these candidates, Walsh thinks the impending read outs could create an overhang for Corcept shares, he tells investors. The analyst, who also notes a lack of FDA clarity on the Phase 3 trial design for Corcept’s second-gen Cushing’s candidate relacorilant, keeps a $20 price target on Corcept shares.
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