Joint Corp. price target raised to $12 from $7.75 at Roth Capital. Roth Capital analyst David Bain raised his price target for Joint Corp. to $12 from $7.75, saying he is incrementally bullish after meeting with management given continued strong same store sale momentum, unit reduction time to breakeven and management’s strategic approach to corporate store ownership. The analyst reiterates a Buy rating on the shares.
Thursday, June 7, 2018
Ophthotech in gene therapy pact with U.s of Florida, Pennsylvania
Ophthotech Corporation (OPHT) announced today that it has entered into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania (Penn) to develop and commercialize a novel adeno-associated virus (AAV) gene therapy product for the treatment of rhodopsin-mediated autosomal dominant retinitis pigmentosa (RHO-adRP), an orphan monogenic disease that is characterized by progressive and severe loss of vision leading to blindness. Preclinical anatomical and functional proof-of-concept studies have demonstrated promising results in a canine disease model. In addition to the exclusive license agreement, Ophthotech and Penn have also entered into a master sponsored research agreement, facilitated by the Penn Center for Innovation (PCI), pursuant to which Ophthotech and Penn plan to conduct preclinical and natural history studies. In parallel with the sponsored research, Ophthotech plans to commence IND-enabling activities. Based on current timelines, Ophthotech expects to initiate a Phase 1/2 clinical trial in early 2020.
“The scientific elegance of this novel gene therapy product is its design to knock down the expression of the mutant rhodopsin while delivering the replacement functional rhodopsin with a single AAV vector, restoring normal protein expression in preclinical studies” stated Kourous A. Rezaei, M.D., Chief Medical Officer of Ophthotech. “Collaborating with the eminent scientists at the University of Florida and the University of Pennsylvania reinforces Ophthotech’s commitment to build a gene therapy pipeline for treatment of retinal diseases based on cutting edge technology.”
As part of this collaboration, Ophthotech will work in partnership with internationally renowned scientists in gene therapy for orphan retinal diseases.
- Investigators at the University of Florida include Professor Alfred S. Lewin, PhD, Program Director, Molecular Genetics and Microbiology and Professor William W. Hauswirth, PhD, Maida and Morris Rybaczki Eminent Scholar Chair in Ophthalmic Sciences.
- Investigators at the University of Pennsylvania include Professor William A. Beltran, DVM, PhD, Director of the Division of Experimental Retinal Therapies, Department of Clinical Sciences and Advanced Medicine, School of Veterinary Medicine, and Professor Gustavo D. Aguirre, School of Veterinary Medicine, and from Penn’s Perelman School of Medicine and Scheie Eye Institute, Professor Samuel G. Jacobson, MD, PhD, Director of the Center for Hereditary Retinal Degenerations, and Professor Artur V. Cideciyan, PhD.
“The results of our gene therapy experiments in the canine model of RHO-adRP whose disease closely mimics that in humans have been encouraging,” stated Professor Beltran.
“Orphan retinal degenerative diseases are potentially devastating to patients, who do not have any treatment options available to them,” stated Professor Lewin. “Gene therapy presents a compelling scientific approach for treating and potentially curing a wide range of retinal diseases.”
“This agreement highlights another step in our deep commitment to build a promising gene therapy portfolio through collaborations with leading academic institutions and innovative biotech companies to create value for our shareholders,” stated Glenn P. Sblendorio, Chief Executive Officer and President of Ophthotech. “We continue to focus our efforts on developing treatment options for patients with retinal diseases.”
It is estimated that there are approximately 11,000 RHO-adRP individuals in the United States and the five major European markets. There is currently no U.S. FDA or European Medicines Agency approved therapy to treat this orphan inherited retinal disease.
Argenx target upped by Piper
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.
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.
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