LabCorp price target lowered to $193 from $201 at Craig-Hallum. Craig-Hallum analyst Kevin lowered his price target for LabCorp to $193 from $201 after updating his estimates for the potential impact from Hurricane Florence and other items likely to affect the second half of 2018, such as the impact from the IT breach, PAMA, ASC 606 and the divestiture of the Covance Food Solutions business. While LabCorp has some cost levers it will likely pull and its free cash flow remains strong, he contends. The analyst reiterates a Buy rating on the shares.
Wednesday, October 3, 2018
VistaGen Therapeutics gets FDA fast track for non-opioid pain med
VistaGen Therapeutics announced that the FDA has granted fast track designation for development of AV-101 as a non-opioid, non-sedating treatment for neuropathic pain. This is the second fast track designation granted to VistaGen since December 2017. VistaGen’s receipt of the designation for the development of AV-101 for neuropathic pain comes on the heels of the recent official statement made by FDA Commissioner Scott Gottlieb, stating that the FDA plans to issue guidance documents to assist sponsors with the development of new non-opioid pain medications, such as AV-101, as therapeutic alternatives to the use of opioids. More specifically, over the next 6 to 12 months, the FDA has stated it anticipates issuing several documents intended to stimulate the development of medications for specific types of pain, resulting in smaller clinical trials, faster approvals and quicker launches of novel therapies.
Amneal keeps scoring approvals, but so do competitors, says Morgan Stanley
Morgan Stanley analyst David Risinger lowered his estimates for Amneal’s Q4, FY19 and FY20 as management comments at a conference on Monday drove him to be more conservative. While CEO Rob Stewart did not provide any new financial guidance, he is quoted as having said that in the company’s prior competition assumptions “specifically [for] yuvafem we didn’t expect competition and now that’s come a little bit earlier than expected. Same thing with dipyridamole/aspirin that we saw competition now on that that we didn’t expect and we’re working through what all that means.” In the note, entitled in part “FDA approvals a double-edged sword,” Risinger said that Amneal continues to score pipeline approvals, but so do competitors to existing Amneal products. He lowered his price target on the stock to $24 from $26 and keeps an Overweight rating on Amneal shares.
Exact Sciences rises after Jana discloses stake
Shares of Exact Sciences are up 1.7% to $79.08 in early trading after Bloomberg reported that Jana Partners has disclosed that the stock is now among its top five holdings.
Humana and Vancouver Clinic team up to add practices to network
Additional access to patient-focused primary care is coming to Clark County, Washington, thanks to Vancouver Clinic and Humana teaming up to add two primary care practices to Humana’s Medicare Advantage Plan network. Part of a new value-based relationship between Vancouver Clinic and Humana, the two new neighborhood clinics, operated by Vancouver Clinic, will accept all Humana Medicare Advantage HMO and PPO plans offered in Washington, as well as a new Dual Eligible Special Needs Plan (for patients qualifying for both Medicare and Medicaid) that will be available Jan. 1, 2019. The first clinic is scheduled to open January 2019, located at 7809 NE Vancouver Plaza Drive in Vancouver. A second neighborhood clinic location will be added in the second half of 2019. “Our community continues to grow and it’s really important that we provide care close to where patients live,” said Mark Mantei, Vancouver Clinic CEO. “The neighborhood clinics we are opening will bring healthcare resources closer to patients and will offer integrated care teams that include doctors, nurses, health coaches, nutritionists, medication management, and social services resources who will help guide patients through the complex health system and ensure their care addresses the whole person.”
Eidos Therapeutics granted orphan status for amyloidosis treatment
The FDA granted Eidos Therapeutics orphan status for its treatment of transthyretin amyloidosis.
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