Argenx price target raised to $130 from $100 at Piper Jaffray. Piper Jaffray analyst Edward Tenthoff raised his price target for Argenx to $130 after the company reached an agreement with FDA to initiate a single Phase III trial of efgartigimod in generalized myasthenia gravis this year. Full Phase II data presented at the American Academy of Neurology conference showed “rapid and durable clinical benefit,” Tenthoff tells investors in a research note. The analyst reiterates an Overweight rating on Argenx shares.
Thursday, June 7, 2018
Proteostasis data ‘confusing’ but Wainwright keeps buy
Proteostasis data bring more questions than answers, says H.C. Wainwrigh. H.C. Wainwright analyst Andrew Fein sees more questions than answers after Proteostasis Therapeutics (PTI) reported the initial outcome of its 801-01 clinical trial comprising 14 day dosing of PTI-801, a second generator corrector on top of Vertex’s (VRTX) Orkambi. In the analyst’s opinion, the trial met its primary objective of demonstrating safety and tolerability for three different doses of PTI-801. However, Proteostasis reported on a series of outcome measurements that “generated some positive data, some negative data and some somewhat confusing data,” the analyst adds. In the end, he feels the data set is “somewhat incompletely baked and provides more questions than answers.” Fein has a Buy rating on Proteostasis with a $15 price target.
Mesoblast started at buy by Wainwright
Mesoblast initiated with a Buy at H.C. Wainwright. H.C. Wainwright analyst Jason Kolbert started Mesoblast with a Buy rating and $17 price target. The analyst sees Mesoblast as having the strongest pipeline in the regenerative medicine space.
WellCare started at buy by Argus
WellCare initiated with a Buy at Argus. Argus analyst John Staszak initiated WellCare with a Buy rating and $265 price target, telling investors in a research note that WellCare is well positioned to benefit from continued strong growth in the Medicaid, Medicare Advantage and Medicare Part D markets, as well as from geographic expansion and acquisitions. In a research note to investors, Staszak contended that WellCare may also be an attractive acquisition target for a larger insurer.
Bio-Techne acquiring Quad Technologies
Bio-Techne has reached agreement to acquire all of the stock of QT Holdings Corporation d/b/a Quad Technologies. The transaction is expected to close in early July and to be financed through available cash on hand. Quad Technologies’ QuickGel technology consists of a biocompatible dissolvable polymer which, when functionalized with the proper antibodies, can be used to enrich specific cell populations as well as to activate such cells with traditional cell surface cross-linking ligands. Quad Technologies was founded in 2013 with technology from Northeastern University. It is located in Woburn, Massachusetts and has approximately 15 employees.
Alder Biopharmaceuticals names Robert Azelby as CEO
Alder BioPharmaceuticals (ALDR) named biotech industry veteran Robert Azelby president and CEO of Alder, effective June 13. He also will serve on the company’s board. Azelby joins Alder from Juno Therapeutics (JUNO), where he served as executive vice president and chief commercial officer.
Rockwell Medical updates on plans for anemia med
Rockwell Medical provided an update on the company’s commercial strategy for its innovative anemia management drug, Triferic. This update follows the completion of a thorough review of the business by the newly augmented Board of Directors. As part of this review, the Board evaluated the strategy for bringing Triferic to dialysis patients and the clinics that serve them in the U.S. and other markets around the world. After considering multiple factors and all available information, including feedback from the Center for Medicare and Medicaid Innovation, the Board concluded that the Company should move forward without assuming that it will receive a Transitional Drug Add-On Payment Adjustment for Triferic in the near term. Accordingly, the Board has concluded that it is in the best interests of patients, the clinics that serve them and Rockwell Medical’s shareholders to immediately move ahead with the commercial planning and launch of Triferic. As part of these efforts, the Board will work to ensure the Company has the appropriate resources, including recruiting additional talent, to execute on the commercialization process. In parallel with the commercial launch of Triferic, the Company intends to continue to work closely with industry leaders and policy makers to pursue a Transitional Drug Add-On Payment Adjustment for Triferic in the long term, as the Company believes this has the potential to expedite the process of getting Triferic to an even broader group of dialysis patients and clinicians.
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