Goldman Sachs analyst Salveen Richter double upgraded Intercept Pharmaceuticals (ICPT) to Buy from Sell and raised his price target for the shares to $157 from $46. The stock closed Friday down 3.5%, or $3.57, to $97.26. The analyst says Ocaliva in fatty liver disease nonalcoholic steatohepatitis is the crux of Intercept’s value proposition and that he’s positive into the Phase 3 Regenerate interim readout in the first half of 2019. Richter this morning also downgraded Madrigal Pharmaceuticals (MDGL) to Neutral from Buy. He believes, however, that Madrigal’s MGL-3196 is a “best-in-industry, next-generation” drug for nonalcoholic steatohepatitis. The analyst expects Intercept’s Ocaliva will achieve one or both of the Phase 3 co-primary endpoints of NASH resolution and fibrosis improvement. He sees share upside of 60%-plus as the first half of 2019 catalyst approaches. Intercept should benefit from Ocaliva’s global first-mover advantage in NASH, Richter tells investors in a research note. Goldman estimates peak global sales of NASH drugs to be $3.7B.
Monday, August 6, 2018
Bausch Health subsidiary and US WorldMeds launch nonopioid in the U.S.
US WorldMeds and Salix Pharmaceuticals, a wholly owned subsidiary of Bausch Health Companies, announced the U.S. launch and availability of Lucemyra, or lofexidine, 0.18 mg tablets, the first and only non-opioid medication indicated for mitigation of opioid withdrawal symptoms to facilitate abrupt opioid discontinuation in adults.
Miragen, Leukemia Society agree to support development of cobomarsen
miRagen Therapeutics and The Leukemia & Lymphoma Society announced that they entered into an agreement providing for collaboration and funding intended to support the development of miRagen’s cobomarsen, a microRNA-155 inhibitor, for the treatment of patients with the mycosis fungoides form of cutaneous T-cell lymphoma. There are approximately 16,000-20,000 people in the U.S. with mycosis fungoides. LLS will provide up to $5M through the purchase of miRagen common stock to help support the SOLAR trial. This includes a $1M investment upon signing of the agreement and potential additional stock purchases upon the achievement of certain milestones during the SOLAR trial. Funding from LLS is being provided under its Therapy Acceleration Program, a strategic initiative through which LLS partners directly with biotechnology companies and academic institutions to help accelerate the development of promising therapies. Additionally, LLS will continue to provide comprehensive patient support and education to MF patients to help them better understand their treatment options. Through LLS’s Clinical Trial Support Center, specially trained nurses will help MF patients find and enroll in clinical trials based on highly detailed, individualized assessments.
Tesaro earnings pullback a buying opportunity, says Citi
Citi analyst Robyn Karnauskas views the post-earnings pullback in shares of Tesaro as a buying opportunity. While Zejula guidance was lowered for fiscal 2018, the SITC data remains a key catalyst, Karnauskas tells investors in a research note. She believes Lynparza approval likely in first line gBRCA maintenance and reiterates a Buy rating on Tesaro with a $100 price target.
Allergan depression drugs have billion dollar potential, says Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen believes Two of Allergan’s depression drugs in development, rapastinel and AGN-241751, have billions of dollars in peak sales potential. These two opportunities are still underappreciated by the Street, Chen tells investors in a research note. She expects positive data for these treatments but keeps a Neutral rating on Allergan shares with a $180 price target.
Amarin risk/reward favorable ahead of Q3 data, says Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen views the risk/reward for Amarin shares as favorable ahead of what she expects will be positive results for its Reduce-It outcomes study. Positive results from the study, which are expected by the end of Q3, should drive upward earnings revisions to levels not reflected in consensus numbers and the stock higher, Chen tells investors in a research note. The Street thinks Reduce-It will fail, the analyst adds. She affirms an Overweight rating on Amarin with a $10 price target.
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