Cantor Fitzgerald analyst Louise Chen sees no fundamental reason for the 12% pullback yesterday in shares of Evolus (EOLS). The stock weakness was partly attributed to the “upbeat and well-attended” investor day held by competitor Allergan (AGN) last Friday, Chen tells investors in a research note. The analyst points out that shares of Revance (RVNC), which also competes with Allergan in the botulinum toxin space, dropped yesterday as well. Chen believes Allergan’s investor day renewed concerns that the company is and will remain the leading botulinum toxin/aesthetics player in the space. However, this is nothing new and is already priced into Evolus’ valuation, Chen contends. The analyst continues to expect the company’s launch of DWP-450 in spring 2019 to exceed “modest expectations.” She keeps an Overweight rating on the shares with a $35 price target.
Tuesday, September 18, 2018
Argenx price target raised to $121 from $114 at Wedbush
Wedbush analyst David Nierengarten raised his price target for Argenx to $121 from $114 as he lowered his discount rate on the program following positive topline efgartigimod data in immune thrombocytopenia that demonstrated clinically meaningful improvements in platelet counts that were both deep and durable compared to placebo. In a research note to investors, the analyst says Argenx plans on moving efgartigimod into a Phase 3 ITP trial it schedules an end of Phase 2 meeting with the FDA and looks forward to full ITP data at the ASH meeting in December. Nierengarten maintains an Outperform rating.
https://thefly.com/landingPageNews.php?id=2791873
Zimmer Biomet has opportunity to show turnaround progress, says Cowen
Cowen analyst Joshua Jennings noted supply constraints have weighed on the financials of Zimmer Biomet, but it looks to be nearing a resolution point. The analyst said management expressed cautious optimism toward Q3, citing supply recovery efforts and new product launches as positive tailwinds. Jennings maintained his Market Perform rating and $130 price target on Zimmer Biomet shares.
https://thefly.com/landingPageNews.php?id=2791885
Durect’s Methydur Sustained Release Capsules receive authorization in Taiwan
DURECT announced that Orient Pharma, its licensee for certain Asian and South Pacific countries, has informed DURECT that it has obtained marketing authorization from the Ministry of Health and Welfare in Taiwan for Methydur Sustained Release Capsules. Methydur Sustained Release Capsules are indicated for the treatment of attention deficit hyperactivity disorder, or ADHD, and will be available in three strengths in Taiwan. Orient Pharma also has stated that it expects to have Methydur Sustained Release Capsules commercially available in Taiwan in 2019, while seeking a partner in China and pursuing regulatory approvals in selected other countries where it has commercialization rights and a commercialization presence.
https://thefly.com/landingPageNews.php?id=2791925
G1 Therapeutics price target raised to $76 from $60 at Needham
Needham analyst Chad Messer raised his price target on G1 Therapeutics to $76 and kept his Buy rating, citing the company’s announcement yesterday of amended phase 2 trial protocol for trilaciclib testing in combination with chemotherapy and Tecentrq. The analyst believes that the myelopreservation data from this trial “may help bolster the available dataset” that the company is planning to bring to the FDA in the first half of 2019 for discussion regarding a viable path to approval. Messer adds that he looks forward to the “updated data from the randomized frontline SCLC trial of trilaciclib at ESMO in October”.
https://thefly.com/landingPageNews.php?id=2791931
Iterum Therapeutics initiates two Phase 3 clinical trials for sulopenem
Iterum Therapeutics announced its initiation of the second and third of three planned Phase 3 clinical trials for sulopenem, Iterum’s lead compound and novel antibiotic for the treatment of gram-negative, multi-drug resistant infections. In the second trial, known as sulopenem for resistant enterobacteriaceae, or SURE 2, IV sulopenem followed by oral sulopenem etzadroxil combined with probenecid in a bilayer tablet will be compared to IV ertapenem followed by oral ciprofloxacin in adults with complicated urinary tract infections. In the third trial, known as SURE 3, IV sulopenem followed by oral sulopenem is compared to IV ertapenem followed by a combination of oral ciprofloxacin and oral metronidazole in adults with complicated intra-abdominal infections. Read more at: https://thefly.com/landingPageNews.php?id=2791967
https://thefly.com/landingPageNews.php?id=2791967
Cancer Genetics to merge with NovellusDx
Cancer Genetic and NovellusDx announced the signing of a definitive agreement under which NovellusDx will merge with a newly formed Israeli subsidiary of Cancer Genetics and shareholders of NovellusDx will receive stock equal to approximately 49% of the equity of Cancer Genetics on a fully diluted basis. Cancer Genetics will be the surviving entity and expects to remain listed on the Nasdaq Stock Market. This transaction will combine Cancer Genetics’ scale, test portfolio and broad data set related to tumor biology, cultivated over more than a decade, with NovellusDx’s proprietary technology and machine learning capabilities to form a leading, oncology-focused precision medicine company. The aim of the combined company is to accelerate and enhance therapeutic development, effectively matching patients to targeted therapies to improve treatment success rates for biopharma companies. The boards of both companies have approved the proposed merger, which is expected to close in Q1, subject to the approval of Cancer Genetics’ and NovellusDx’s shareholders, tax regulatory approvals, financing, and other customary closing conditions.
https://thefly.com/landingPageNews.php?id=2792001
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