Wells Fargo analyst Larry Biegelsen raised his price target for Novocure to $58 ahead of the company’s September 25 data presentation from the Phase 2 Stellar study of Optune for mesothelioma. Positive top-line data already disclosed by Novocure shows that Optune added to current standard of care improves survival in mesothelioma patients, Biegelsen tells investors in a research note. The analyst expects FDA approval in 2019 and keeps an Outperform rating on shares of Novocure.
Wednesday, September 19, 2018
Pacira price target raised to $55 from $50 at RBC Capital
RBC Capital analyst Randall Stanicky raised his price target on Pacira to $55 and kept his Buy rating after meeting with its management, saying the discussion gave him more confidence about the company’s continued profitability momentum and more tailwinds coming in 2019. The analyst cites Pacira’s efforts to achieve a broader label for EXPAREL, expansion of its r Ambulatory Surgery Center presence, and the confidence that it will “receive a J-code for EXPAREL” on January 1st.
ChemoCentryx weakness a buying opportunity, says Canaccord
Canaccord analyst Michelle Gilson noted ChemoCentrx’s partner Vifor announced they increased their ownership stake in the company and she views it as a vote of confidence in its rare renal franchise. The analyst said the weakness overlooks the avacopan strong clinical data for AAV and she expects a broad uptake of the drug if Phase 3 is successful. Gilson reiterated her Buy rating and $18 price target on ChemoCentryx shares.
Tocagen completes enrollment in Toca 5 pivotal Phase 3 trial
Tocagen announced that it has completed the planned enrollment of 380 patients in the global Toca 5 pivotal Phase 3 trial approximately three months ahead of schedule. Toca 5 is a randomized, multi-center study evaluating the safety and efficacy of Toca 511 & Toca FC compared to standard of care in patients undergoing resection for recurrent high grade glioma. The principal investigator is Timothy Cloughesy, M.D., director of the University of California, Los Angeles Neuro-Oncology Program.
Cardiovascular Systems shares poised to move ‘meaningfully higher,’ says Leerink
Leerink analyst Danielle Antalffy reiterates an Outperform rating and $45 price target on Cardiovascular Systems after hosting meetings with management. The meetings reinforced the analyst’s view that the company represents a sustainable double-digit growth story for the next few years. She continues to believe Cardiovascular Systems has a “significant” competitive advantage in both calcified and below-the-knee lesions within Peripheral that should drive above-market growth. The shares are poised to move “meaningfully higher” as management drives back toward a sustainable mid-teens sales growth range, Antalffy tells investors in a research note.
Leerink sees risk of Athenahealth returning to $125 share level
Leerink analyst David Larsen is more cautious on Athenahealth following news reports that Elliott Management may be backing away from its original $160 per share offer and other potential acquirers have “gone quiet.” The analyst believes Elliott’s initial offer was meant mainly to initiate a sales process, consistent with its prior activist campaigns. Without other serious bidders emerging, Larsen says he has reduced conviction that Athenahealth will sell for above $160 per share. He sees greater risk that the shares return to the $125 level and keeps a Market Perform rating on the name.
Launch of GW Epidiolex ‘likely imminent’: Morgan Stanley
Morgan Stanley analyst David Lebowitz noted that the FDA approved GW Pharmaceuticals’ cannabis-based Epidiolex for the treatment of two ultra rare forms of epilepsy on June 25 and the Drug Enforcement Agency rescheduling of the therapy to allow medicinal use was expected to take place within 90 days, or by about September 23. He sees the U.S. launch being “imminent,” pending the rescheduling, and said it will be a catalyst for GW Pharmaceuticals given that Epidiolex is the first FDA approved cannabinoid-based therapy. The analyst, who sees the drug being a blockbuster with off label use driving $1.3B in sales by 2025, reiterates his Overweight rating and $197 price target on GW Pharmaceuticals shares.
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