Friday, September 14, 2018
Apple Watch more likely a positive for BioTelemetry, says Lake Street
After spending time with Joe Capper and Heather Getz, CEO and CFO of BioTelemetry (BEAT), Lake Street analyst Brooks O’Neil senses that Apple’s (AAPL) Watch Series 4, which includes a built-in electrocardiogram, is more likely a positive for BioTelemetry “than a buzzer sounding a flat-line for the company’s future.” BioTelemetry remains the leading cardiac monitoring company and this is likely to continue for the foreseeable future, O’Neil tells investors in a research note. He points out the company has a partnership with Apple in cardiac monitoring and with Sanofi (SNY) and Alphabet (GOOG) in diabetes. The analyst’s guesses that its partnership is one element giving BioTelemetry management comfort in evaluating the role Apple might play in the company’s future. O’Neil reaffirms a Buy rating on the shares with a $90 price target.
https://thefly.com/landingPageNews.php?id=2790691
Johnson & Johnson price target raised to $160 from $150 at Wells Fargo
Johnson & Johnson price target raised to $160 from $150 at Wells Fargo. Wells Fargo analyst Larry raised his price target for Johnson & Johnson to $160 after the company hosted an investor call to provide an update on its Pharmaceuticals business. The analyst heard no strategic change to the business saying J&J maintains focus on its six key therapeutic areas and remains agnostic to the source of innovation. While the company did not provide 2019 guidance, management’s tone came across as confident in the business outlook, Biegelsen tells investors in a research note. He keeps an Outperform rating on Johnson & Johnson.
https://thefly.com/landingPageNews.php?id=2790707
Bovie Medical initiated at Dougherty
Bovie Medical initiated with a Buy at Dougherty. Dougherty initiated Bovie Medical with a Buy $11 price target.
https://thefly.com/landingPageNews.php?id=2790729
FDA eyes US Smokeless Tobacco Modified Risk Tobacco Product application
U.S. Smokeless Tobacco, a wholly-owned subsidiary of Altria Group, announced that the FDA accepted and filed for substantive scientific review a Modified Risk Tobacco Product application for its moist smokeless tobacco product Copenhagen Snuff Fine Cut. The application requests FDA authorization to make one claim: “IF YOU SMOKE CONSIDER THIS: Switching completely to this product from cigarettes reduces risk of lung cancer.” The Agency will begin a substantive scientific review process, which includes opportunities for public comment.
https://thefly.com/landingPageNews.php?id=2790763
Principia Biopharma indicated to open at $26
Principia Biopharma priced 6.25M shares at $17.00. BofA/Merrill, Leerink and Wells Fargo acted as joint book running managers for the offering.
https://thefly.com/landingPageNews.php?id=2790771
InVitae (NVTA) Announces Chitra Nayak to Board
Invitae Corporation (NYSE: NVTA) announced the appointment of Chitra Nayak to its Board of Directors, effective September 10, 2018.
“We are pleased to welcome Chitra Nayak to our board of directors and look forward to working with her, taking full advantage of her considerable track record of helping companies achieve transformational growth to scale and innovate globally,” said Sean George, co-founder and chief executive officer of Invitae. “Chitra has deep operational and commercial leadership expertise in growing market share and strengthening industry leadership positions for rapidly growing companies, including organizations like ours that are transforming highly competitive industries. Her strong customer orientation and perspective will be a valuable addition to our board as we scale our business to bring genetic information into mainstream medical care.”
Nayak’s depth of knowledge in sales leadership, operations and product management was built during a variety of leadership roles with fast-growing organizations such as Salesforce.com, which grew from $300 million in revenue and 1,000 employees to $5 billion in revenue and 18,000 employees in the time she was with the company.
“Invitae’s focus on making medical genetics affordable and accessible has the potential to transform healthcare. The company is driving the emergence of a new industry, moving from the test-by-test approach of the past to the creation of a network that will allow patients to receive a faster diagnosis and better treatment because they have access to information about their genes,” said Nayak. “I’m happy to join the board at this exciting time and look forward to helping the team deliver on its mission to help improve healthcare for billions of people.”
Nayak has more than 25 years of professional experience in product management, sales leadership, general management and operations roles at various companies, having successfully built operational engines to enable these businesses to scale. Most recently she was COO running GTM at Comfy, Inc., a disruptive real-estate tech startup revolutionizing the way people interact with their workplaces. Prior to joining Comfy in 2017, Nayak served as chief operating officer of Funding Circle LTD from 2015 to 2016. From 2007 to 2015, Nayak served in several positions at Salesforce.com, Inc., including vice president of marketing strategy and operations from 2007 to 2008, senior vice president of global sales development from 2008 to 2013, and chief operating officer of platform from 2013 to 2015.
Nayak holds an M.B.A in Business Administration from Harvard Business School, an M.S. in Environmental Engineering from Cornell University, and a B.S. in engineering from Indian Institute of Technology.
Revance hit on Allergan takeout of Bonti
Revance Therapeutics (RVNC -5.6%) is down on light volume in early trade on the heels of Allergan’s announced acquisition of Bonti, a developer of fast-acting neurotoxin treatments, including a Phase 2 candidate for frown lines.
Revance plans to file a U.S. application for frown line treatment daxibotulinumtoxinA in H1 2019.
Evolus (EOLS -0.9%) has recently sold off as well.
Previously: Allergan to acquire Bonti for $195M (Sept. 14)
Previously: Evolus continues slide, down 3% (Sept. 13)
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