Cantor sees positive results from Eli Lilly’s cardiovascular outcomes study. Cantor Fitzgerald analyst Louise Chen reaffirms her Overweight rating on Eli Lilly with a $100 price target after speaking with four physicians to discuss the company’s cardiovascular outcomes study for Trulicity known as Rewind. Most of the physicians expect a positive outcome for Rewind, Chen tells investors in a research note. A favorable outcome could increase Trulicity prescriptions by 20%-30% or by “multiples of current sales,” the analyst contends. As such, she believes that “significant upside remains in the drug, if the doctors are right.” Chen expects top-line data by year-end 2018.
Tuesday, July 10, 2018
Celgene hits primary endpoints in Phase 3 breast cancer trial
Celgene announced that the Phase III IMpassion130 study met its co-primary endpoint of progression-free survival, or PFS. This is the first phase III study to demonstrate a statistically significant PFS improvement in first-line metastatic or unresectable locally advanced triple negative breast cancer, or TNBC, a type of breast cancer with high unmet need. Results demonstrated that the investigational combination of Tecentriq plus Abraxane compared to Abraxane monotherapy, as an initial treatment, significantly reduced the risk of disease worsening or death in patients with metastatic or unresectable locally advanced TNBC in the intention-to-treat and PD-L1 positive populations. Overall survival is encouraging in the PD-L1 positive population at this interim analysis, and follow up will continue until the next planned analysis. Safety in the Tecentriq plus Abraxane arm appeared consistent with the known safety profiles of the individual medicines, and no new safety signals were identified with the combination.
Jazz target upped by Citi
Jazz Pharmaceuticals price target raised to $205 from $162 at Citi. Citi analyst Liav Abraham raised her price target for Jazz Pharmaceuticals to $205 and keeps a Buy rating on the shares. The analyst remains a constructive stance on Jazz given the potential for upside to consensus estimates. Further, balance sheet optionality can support business development and drive revenue diversification, Abraham tells investors in a research note. The analyst also has increased confidence in the commercial opportunity for solriamfetol.
Biogen cut to neutral from buy by Baird
Biogen downgraded to Neutral from Outperform at Baird. Baird analyst Brian Skorney downgraded Biogen to Neutral and told investors in a research note that following a quick ~35% move since his April upgrade, he is taking his gains off the table on the back of the BAN2401 results. Skorney says he does not believe such a “seismic” move is justified on the back of “pretty ambiguous” Alzheimer’s data. The analyst says he is stepping to the sidelines, but keeping his $323 price target.
BioXcel Therapeutics forms neuroscience advisor board for lead product
BioXcel Therapeutics announced the formation of a Clinical Advisory Board, or CAB, to provide strategic counsel to the company as it advances the development of BXCL501, a first-in-class sublingual thin film formulation of Dexmedetomedine, for the treatment of agitation. Additionally, the CAB will support the advancement of further candidates in BTI’s emerging neuroscience pipeline identified through its artificial intelligence innovation lab partnership with BioXcel Corporation. The initial members of the CAB include: Prof. Sheldon H. Preskorn, M.D.; Prof. Stephen Marder, M.D.; Dr. George Grossberg, M.D. and Prof. Alan Breier, M.D. The Company expects to add other neuroscience leaders going forward.
Krystal called ‘underappreciated’, started at buy by Blair
William Blair starts ‘underappreciated’ Krystal Biotech at Outperform. William Blair analyst Raju Prasad initiated coverage of Krystal Biotech with an Outperform rating and $29 fair-value estimate. The company is developing novel gene therapies for skin diseases, and its lead candidate KB103 is in a Phase I/II trial for the treatment of dystrophic epidermolysis bullosa, Prasad tells investors in a research note titled. The analyst believes the shares offer a positive risk/reward profile ahead of clinical data expected by year-end given KB103’s mechanism of action and preclinical data. If approved, KB103, could generate $500M in worldwide revenue by 2028, Prasad predicts. He views Krystal Biotech as an “underappreciated gene therapy company.”
Cerner cut to sell by Evercore
Cerner downgraded to Underperform at Evercore ISI on business mix shift. As reported earlier, Evercore ISI analyst Ross Muken downgraded Cerner to Underperform from In Line and lowered his price target to $55 from $57. The analyst notes that much of the investment debate has centered around the “population health opportunity, and the potential contribution from the optically sizable DoD and VA contracts”, but his deeper look into the company unveiled the threat coming from a business model shift to SaaS/cloud, depressing revenue growth and margins for many legacy software vendors. Muken also ctites a “potential incremental competitive threat from ‘Big Tech’ and emerging venture backed vendors in population health and other analytical adjacencies” amid a push toward interoperability which opens data monopolies that Cerner currently enjoys
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