Guggenheim analyst Ken Wong started Veeva Systems with a Buy rating and $100 price target.
Tuesday, August 7, 2018
Henry Schein price target raised to $96 from $83 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich raised his price target for Henry Schein to $96 from $83 as Q2 EPS beat Street estimates while revenues were slightly better driven by 4.7% dental consumable growth in North America, the best since Q4 2015. The analyst reiterates a Buy rating on the shares.
Surmodics price target raised to $74 from $55 at Needham
Needham analyst Mike Matson raised his price target on Surmodics (SRDX) to $74 and kept his Buy rating after its Q3 earnings beat and raised FY18 outlook. The analyst anticipates accelerating revenue growth with more upside to consensus estimates coming from the company’s new products such as the .014” and .018″ balloon dilation catheters and Telemark microcatheter, along with its deferred revenue associated with the Abbott (ABT) agreement milestones.
Citi upgrades Spark Therapeutics to Buy with shares down nearly 30%
Citi analyst Mohit Bansal upgraded Spark Therapeutics to Buy from Neutral amid today’s post-earnings selloff. The analyst maintains an $85 price target for the shares. The company’s update this morning on its hemophilia A gene therapy was “incrementally positive and better than our expectations,” Bansal tells investors in a research note. The analyst feels investors should not be too concerned about the immune flare in two patients as he thinks these patients could be managed with prophylactic use of steroids. Other gene therapy players are using prophylactic steroids and it was a bit surprising that Spark did not use prophylactic steroid in the first place, the analyst writes. He views today’s selloff as a buying opportunity saying the data in five of seven patients are better than his expectations. Bansal notes that Spark will employ a prophy strategy going forward. The analyst also views the company as a potential takeover candidate. He pegs Spark’s buyout valuation at $130 per share. The stock in midday trading is down 29%, or $22.49, to $55.12.
Vertex announces FDA approval of ORKAMBI to treat cystic fibrosis
Vertex announced the U.S. FDA has approved ORKAMBI to include use in children ages 2 through 5 years with cystic fibrosis who have two copies of the F508del-CFTR mutation, making it the first medicine approved to treat the underlying cause of CF in this population. ORKAMBI oral granules are available in two dosage strengths for weight-based dosing. ORKAMBI oral granules should be available for fulfillment within 2 to 4 weeks. ORKAMBI was already approved in the U.S. for the treatment of CF in patients ages 6 and older who have two copies of the F508del-CFTR mutation. A Marketing Authorization Application line extension for ORKAMBI in children ages 2 through 5 years has been submitted to the European Medicines Agency with a decision anticipated in the first half of 2019
Rite Aid, Albertsons Announce Deadline for Election of Form of Consideration
Rite Aid Corporation (NYSE: RAD) (“Rite Aid”) and Albertsons Companies, Inc. (“Albertsons”) today announced that, in connection with the pending merger between Albertsons and Rite Aid, the election deadline for holders of shares of Rite Aid common stock, former service providers that are holders of Rite Aid restricted stock units and holders of Rite Aid restricted share awards, as applicable, to elect the form of consideration they wish to receive in connection with the merger, pursuant to the terms and subject to the conditions of the Merger Agreement, is 5:00 p.m. Eastern Time on August 13, 2018.
Accordingly, an election will be valid only if a properly completed and signed election form, together with all required documents and materials set forth in the election form, is received by Broadridge Financial Solutions, Inc., the exchange agent for the transaction, by 5:00 p.m. Eastern Time on August 13, 2018. Rite Aid stockholders who hold their shares through a bank, broker or other nominee may be subject to an earlier deadline and should carefully read the instructions from their bank, broker or nominee regarding making elections for their shares.
The election deadline does not impact the deadline for Rite Aid stockholders to vote on the Merger Agreement and related proposals described in the proxy statement, which will be considered at the special meeting of Rite Aid stockholders scheduled for August 9, 2018. Rite Aid stockholders are encouraged to vote their shares if they have not already done so.
Icahn: Cigna ‘dramatically’ overpaying for ‘highly challenged’ Express Scripts
https://bit.ly/2M1vnen
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