Concert Pharmaceuticals is expected to report top-line data from CTP-543 in patients with moderate-to-severe alopecia areata in Q4, Mizuho analyst Difei Yang tells investors in a research note. The analyst expects the readout will be an important catalyst for Concert shares and remains confident in the potential of CTP-543. The company is well positioned relative to most alopecia areata competitors from a timeline perspective, Yang contends. She keeps a Buy rating on Concert Pharmaceuticals with a $27 price target.
Tuesday, July 10, 2018
Rocket Pharma started at buy by Blair
Rocket Pharmaceuticals initiated with an Outperform at William Blair. William Blair analyst Raju Prasad started Rocket Pharmaceuticals with an Outperform rating. Rocket is a “multi-platform gene therapy company ready for launch” with up to four clinical programs in 2019, the analyst contends
MyoKardia started at buy by B of A
MyoKardia initiated with a Buy at BofA/Merrill. BofA/Merrill analyst Tazeen Ahmad initiated MyoKardia with a Buy and $71 price target saying the company focuses on treating cardiovascular diseases and has two clinical assets, mavacamten and MYK-491, that could become the first FDA therapies approved in hypertrophic and dilated cardiomyopathy. Ahmad believes MyoKardia’s investment by Sanofi in mavacamten as a de-risking event.
Lilly CV outcome study should be positive, data by year end: Cantor
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.
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.
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