Tuesday, August 28, 2018
AtriCure having success in executing its plan, says Piper Jaffray
After AtriCure this morning announced completion of enrollment for Converge, Piper Jaffray analyst Matt O’Brien says the trial should “meaningfully drive awareness for stand-alone a-fib procedures.” The analyst adds the timing for completing enrollment is in line with expectations and that he’s encouraged by the success AtriCure is having in executing its plan. The analyst says that despite the stock’s rally year-to-date, shares of AtriCure trade at a “reasonable” valuation. He sees the company’s growth story accelerating in 2020 and beyond. O’Brien has an Overweight rating on the name with a $36 price target.
https://bit.ly/2C3ZSMq
Mizuho sees $48 per share as Acadia’s maximum LBO takeout price
Mizuho analyst Ann Hynes revisited her thesis on the potential for a leveraged buyout of Acadia Healthcare and updated her sensitivity analysis to $48 per share from $36 previously, which assumes more aggressive pro-forma leverage assumptions. The analyst still thinks an LBO of Acadia is a possibility but sees a maximum takeout price at $48 per share given the company’s current debt level. Acadia closed yesterday up 49c to $40.43. Hynes keeps a Neutral rating on the shares with a $37 price target.
Myriad Genetics price target raised to $49 from $35 at Leerink
Leerink analyst Puneet Souda raised his price target for Myriad Genetics to $49 from $35 to reflect its 10-K filing detailing the quarterly changes to 2017 and 2018 revenue numbers, and the company’s updated full year FY19 and Q1 guidance. The analyst reiterates a Market Perform rating on the shares.
Anavex enrolls first patient in Anavex2-73 study for early Alzheimer’s disease
Anavex announced that it has enrolled the first patient in its Phase 2b/3 double-blind, randomized, placebo-controlled, 48-week safety and efficacy trial of Anavex2-73 for the treatment of early Alzheimer’s disease. The Phase 2b/3 study will enroll approximately 450 patients, randomized 1:1:1 to two different Anavex2-73 doses or placebo. As part of the planned international study, North American sites will be added. The Anavex2-73 Phase 2b/3 study design incorporates genomic precision medicine biomarkers identified in the Anavex2-73 Phase 2a study. Primary and secondary endpoints will assess safety and both cognitive and functional efficacy, measured through ADAS-Cog, ADCS-ADL and CDR-SB. Anavex2-73 Phase 2a Alzheimer’s disease study previously demonstrated dose dependent improvement in exploratory endpoints of cognition, or MMSE and function, or ADCS-ADL.
Coherus Biosciences initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Jason Kolbert started Coherus Biosciences (CHRS) with a Buy rating and $28 price target. The analyst expects approval of the company’s Udencya in both the U.S. and Europe this year. His confidence level is driven by a positive recommendation from the European Committee for Medicinal Products for Human Use in July for marketing authorization of Udencya, a biosimilar compound targeting febrile neutropenia. Coherus announced that the committee reviewed all the new immunogenicity data that were required for the U.S. re-submission too, so the EU recommendation for approval adds a measure of confidence in support of U.S. approval, Kolbert tells investors in a research note. A year-end approval should position Udencya as the second biosimilar in the $4B U.S. marketplace behind Mylan (MYL), which should be launching its product following approval in June, the analyst adds.
Catalent sees FY19 revenue $2.5B-$2.59B, consensus $2.62B
For FY19, the company expects revenue in the range of $2.5B to $2.59B. Catalent expects Adjusted EBITDA in the range of $597M to $622M and Adjusted Net Income in the range of $260M to $285M. The company expects self-funded capital expenditures in the range of $175M to $185M and fully diluted share count in the range of 146M to 147M shares on a weighted-average basis, taking into account the recent issuance of additional shares in connection with the recent equity offering.
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