After hosting a call with a foot and ankle orthopedic surgeon who was the first in the Midwest to perform the Cartiva procedure, Piper Jaffray analyst Matt O’Brien recommends investors start or build positions in Wright Medical at current share levels. The analyst believes the Cartiva acquisition will represent a “solid double or triple” for the company. Cartiva is a “highly differentiated product that will provide a beachhead in competitive accounts,” and growth prospects will likely benefit from the scale of the Wright Medical lower extremity sales force driving upside to revenue expectations, O’Brien tells investors in a research note. He reiterates an Overweight rating on the shares with a $32 price target.
Monday, September 10, 2018
Aridis Pharmaceuticals initiated at Cantor Fitzgerald
Aridis Pharmaceuticals initiated with an Overweight at Cantor Fitzgerald. Cantor Fitzgerald analyst Louise Chen started Aridis Pharmaceuticals with an Overweight rating and $25 price target. The analyst sees successful advancement of the company’s pipeline, which focuses on targeted immunotherapy using fully human monoclonal antibodies to treat life-threatening infections, driving the stock higher.
Merck: EC approves KEYTRUDA in combination with pemetrexed
Merck announced that the European Commission has approved KEYTRUDA, the company’s anti-PD-1 therapy, in combination with pemetrexed and platinum chemotherapy for the first-line treatment of metastatic nonsquamous non-small cell lung cancer in adults whose tumors have no EGFR or ALK positive mutations. This approval, the first in Europe for an anti-PD-1 therapy in combination with chemotherapy, is based on data from the pivotal Phase 3 KEYNOTE-189 trial in patients with metastatic nonsquamous NSCLC regardless of PD-L1 tumor expression status, which demonstrated a significant survival benefit for the combination of KEYTRUDA with chemotherapy as compared with standard-of-care chemotherapy alone – reducing the risk of death in these patients by half.
https://thefly.com/landingPageNews.php?id=2787709
G1 Therapeutics initiated at BTIG
G1 Therapeutics assumed with a Buy at BTIG. BTIG analyst Thomas Shrader assumed G1 Therapeutics with a Buy rating and a price target of $80, citing the company’s “unique” position of potentially developing two “best in class” CDK4/6 inhibitors – trilaciclib and lerociclib. The analyst notes that trilaciclib’s positive outcomes support its efficacy and looks ahead to the 2nd line SCLC data later this year. Shrader adds that while the stock is no longer cheap, having risen nearly 400% since its IPO, “significant upside” in the stock price remains thanks to the “large market opportunity” of both programs that he estimates to be around $2B by 2025
https://thefly.com/landingPageNews.php?id=2787719
Alkermes expands ongoing phase 1 study for immuno-oncology med
Alkermes announced that it has expanded its ongoing phase 1 study for ALKS 4230, the company’s immuno-oncology drug candidate, to evaluate its safety and anti-tumor activity when administered in combination with the FDA-approved PD-1 inhibitor KEYTRUDA in patients with advanced solid tumors. ALKS 4230 is an engineered fusion protein designed to preferentially bind and signal through the intermediate affinity interleukin-2 receptor complex, thereby selectively activating and increasing the number of immunostimulatory tumor-killing immune cells while avoiding the expansion of immunosuppressive cells that interfere with anti-tumor response. Pembrolizumab is an anti-PD-1 therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells.
https://thefly.com/landingPageNews.php?id=2787723
Glaukos price target raised to $70 from $57 at Stephens
Stephens analyst Chris Cooley raised his price target on Glaukos (GKOS) shares to $70 from $57 following talks with key opinion leaders and a review of the FDA MAUDE database. The KOL discussions and database review lead Cooley to conclude that the adverse event profile that lead Novartis (NVS) to withdraw the CyPass Micro-Stent is device specific and not indicative of a class issue and that Glaukos’ long-term growth prospects and strategic value are both notably enhanced by the event. He maintains an Overweight rating on Glaukos shares.
https://thefly.com/landingPageNews.php?id=2787801
Morgan Stanley starts Alder at Sell given crowded migraine market
As previously reported, Morgan Stanley analyst Jeffrey Hung started Alder Biopharmaceuticals with an Underweight rating, noting that the company’s migraine drug will be the fourth to market of the same class. Alder’s drug has a fast onset, but he views efficacy across these drugs as largely similar, Hung tells investors. The consensus estimate of $750M for Alder’s drug by 2025 needs to come down, according to the analyst, who set a $19 price target on the stock.
https://thefly.com/landingPageNews.php?id=2787813
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