Horizon Pharma may be weak on Ravicti settlement, says Mizuho. Mizuho analyst Irina Koffler expects “slight weakness” in shares of Horizon Pharma after the company announced a 2026 Ravicti generic settlement. However, after speaking with physicians and Horizon management about Krystexxa and its growth strategies, and the analyst reiterates a Buy rating on the shares with an $18 price target.
Thursday, July 5, 2018
WellCare target hiked by Cantor
WellCare price target raised to $275 from $235 at Cantor Fitzgerald. Cantor Fitzgerald analyst Steven Halper raised his price target for WellCare to $275 after including the pending Meridian acquisition into his 2019 estimates. The Meridian acquisition makes sense strategically and financially and should close at the end of 2018, Halper tells investors in a research note. He’s positive on the deal and reiterates an Overweight rating on WellCare.
UnitedHealth shares ‘remain very attractive’: Cantor
UnitedHealth shares ‘remain very attractive,’ says Cantor Fitzgerald. Cantor Fitzgerald analyst Steven Halper reiterates an Overweight rating on UnitedHealth with a $300 price target ahead of the company’s Q2 results. The company kicks off the Q2 reporting season on July 17 and should report “strong” results, continuing the trend from Q1, Halper tells investors in a pre-earnings research note
Mirati target upped by Citi
Mirati Therapeutics price target raised to $64 from $37 at Citi. Citi analyst Yigal Nochomovitz raised his price target for Mirati Therapeutics to $64 from $37 to reflect increased conviction on sitravatinib plus nivolumab in IO refractory non-small-cell lung cancer patients. The analyst updated his model to reflect the positive interim Phase 2 data reported in April and increased his peak share estimates for sitravatinib in IO refractory NSCLC patients to 24% from 12%. Further, Nochomovitz’s sensitivity analysis for preclinical KRAS G12C inhibitor, MRTX849, points to “significant upside.” While still preclinical, MRTX849 has garnered “substantial interested” from pharma and investors given the significant untapped market opportunity and the apparent superior preclinical profile versus competitor drugs, the analyst told investors in a research note dated Tuesday. He keeps a Buy rating on Mirati Therapeutics
Valeritas started at buy by Oppco
Valeritas initiated with an Outperform at Oppenheimer. Oppenheimer analyst Steven Lichtman started Valeritas with an Outperform rating and $3.50 price target, citing its unique insulin delivery system, large market opportunity and drivers ahead.
Canopy Growth announces supply agreement with Alberta commission
Canopy Growth announces the completion of a supply agreement with the Alberta Gaming, Liquor & Cannabis Commission, or “AGLC,” to supply the province with premium cannabis products in a variety of forms including whole-flower, oil, and Softgel capsules. “Under the terms of the agreement, the largest of its kind in Canada, Canopy Growth will supply Alberta with over 15,000 kilograms of cannabis products to support the first six months of the province’s adult use recreational cannabis market set to open on October 17, 2018. Inventory will be replenished by the company as requested and the AGLC reserves the right to extend the agreement for up to two additional years in 12-month increments. Should the need arise, Canopy Growth is prepared to go beyond the minimum supply commitment to ensure the AGLC has sufficient product to meet market demand,” the company stated
Pharmaceuticals attempt to fight new U.S. insurer tactic
Major pharmaceutical companies are attempting to limit the economic damage from a new U.S. insurer tactic that helps patients avoid expensive drugs, according to Reuters. The maneuver by insurers is forcing drug makers to assist patients with their copays causing a decline in U.S. drug prices. Pharmaceutical companies are trying to battle the insurers by including new payment options to evade detection from copay accumulators and taking tougher stances in pricing negotiations. Publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY), AbbVie (ABBV), Amgen (AMGN) and Sanofi (SNY).
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