Xenon Pharmaceuticals reported the expansion of its ion channel product pipeline with XEN496, active ingredient ezogabine, a Kv7 potassium channel modulator for the potential treatment of epilepsy. Based on feedback from the FDA, Xenon anticipates initiating a single, pivotal Phase 3 clinical trial in approximately mid-2019 examining XEN496’s efficacy as a precision medicine treatment of KCNQ2 epileptic encephalopathy or EIEE7, a rare, severe, pediatric epilepsy. Ezogabine was originally approved by the FDA in June 2011 as an adjunctive treatment for adults with focal seizures with or without secondary generalization.
Thursday, September 6, 2018
Novocure price target raised to $58 from $44 at Mizuho
Mizuho analyst Difei Yang raised his price target for Novocure to $58 after the company reported final results from the Phase 2 trial of Optune plus standard chemotherapy in mesothelioma patients. Data were “impressive” with an overall survival benefit of 6.1 months compared to historical controls, Yang tells investors in a research note. She believes the data reinforce the potential of Optune in additional cancers outside of the brain including non-small cell lung cancer. The analyst reiterates a Buy rating on Novocure.
Eli Lilly’s Elanco announces IPO roadshow launch
Elanco Animal Health, a subsidiary of Eli Lilly, announced it has launched a roadshow for the initial public offering of its common stock. Elanco is offering 62.9 million shares of its common stock in the IPO. The underwriters will also have a 30-day option to purchase up to 9.4 million additional shares of common stock at the IPO price, less underwriting discounts and commissions. The IPO price is currently expected to be between $20.00 and $23.00 per share. Elanco expects to list its common stock on the New York Stock Exchange under the ticker symbol “ELAN.” Following the IPO, Lilly is expected to hold approximately 82.3% of Elanco, or 80.2% if the underwriters’ overallotment option is exercised in full. The net proceeds from the IPO, net of certain amounts to be retained by Elanco, are expected to be paid to Lilly as partial consideration for the animal health businesses that Lilly is transferring to Elanco in connection with the IPO. Goldman Sachs, J.P. Morgan and Morgan Stanley are joint lead book-running managers for the offering.
Rite Aid initiated at Goldman Sachs
Rite Aid reinstated with a Sell at Goldman Sachs. Goldman Sachs analyst Robert Jones reinstated Rite Aid (RAD) with a Sell and $1 price target following the merger termination with Albertsons. Jones said the now standalone company lacks necessary scale to effectively compete and negotiate with healthcare supply chain players.
Spectrum price target raised to $40 from $34 at H.C. Wainwright
H.C. Wainwright analyst Edward White raised his price target for Spectrum Pharmaceuticals to $40 after the company presented at his firm’s conference. The analyst remains optimistic about both the stock and the company’s pipeline, which he notes includes poziotinib in non-small cell lung cancer and HER2-positive breast cancer and Rolontis in chemotherapy-induced neutropenia. Progress is being made across developmental programs along with upcoming catalysts, White tells investors in a research note. He keeps a Buy rating on Spectrum.
Checkpoint to present ‘positive’ preliminary data at lung cancer confab
Checkpoint Therapeutics announced “positive” preliminary safety and efficacy data from an ongoing Phase 1/2 clinical trial of CK-101, a third-generation epidermal growth factor receptor, or EGFR, tyrosine kinase inhibitor being evaluated in advanced non-small cell lung cancer. The data will be presented at the International Association for the Study of Lung Cancer, or IASLC.
Bristol-Myers’ TYK2 inhibitor may be underappreciated asset: Morgan Stanley
Morgan Stanley analyst David Risinger said that Phase 2 data on Bristol-Myers’ oral TYK2 inhibitor BMS-986165 will be presented at the EADV meeting on Wednesday September 12, adding that it could be an underappreciated asset if it offers better efficacy than other oral drugs and is safer. To his knowledge, no JAK inhibitors are currently being developed for psoriasis, Risinger noted. The analyst, who said 986165 “theoretically has blockbuster potential,” maintains an Equal Weight rating on Bristol shares as further Opdivo lung newsflow is awaited.
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