Stephens analyst Chris Cooley noted that Cutera’s Q3 negative pre-announcement marked the third consecutive quarterly shortfall for the company and he lowered his price target on the stock to $40 in reaction to the news. While he believes the shares are likely to continue to underperform through the end of the calendar year, Cooley said he is inclined to take a longer-term focus and hold rather than sell while waiting for growth to accelerate in 2019. He maintains an Overweight rating on Cutera shares, which are down 16% to $24.94 in pre-market trading.
Friday, October 5, 2018
Assembly Biosciences recent selloff a buying opportunity, says Jefferies
Assembly Biosciences shares have been trading down over the past two days on “uncertainty and some nervousness” around Hec Pharma’s data with GLS4 that will be presented at the American Association for the Study of Liver Diseases annual meeting, Jefferies analyst Michael Yee tells investors in a research note. However, the analyst believes the data have no good read through to Assembly’s program. There are a number of differences that would explain clearly why the Hec Pharma data is modest and why Assembly should have much better data with its Phase II in the first half of 2019, Yee contends. He views the stock selloff as an overreaction and sees a buying opportunity at current levels. Yee keeps a Buy rating on Assembly Biosciences with a $75 price target.
Veeva price target raised to $120 from $105 at DA Davidson
DA Davidson analyst Rishi Jaluria raised his price target on Veeva to $120 and kept his Buy rating after its Analyst Day, saying the management’s tone was more positive as momentum of newer products increased. The analyst also cited increasing adoption of Vault and the company’s update of 2020 target operating models with 100bp improvement expected in operating margins. Jaluria is also pointing to its $1B revenue run rate being expected to be reached a year earlier than originally planned.
Audentes Therapeutics presents new ‘positive’ interim data from ASPIRO
Audentes Therapeutics announced new positive interim data from ASPIRO, the Phase 1/2 clinical trial of AT132 for the treatment of X-linked Myotubular Myopathy. The data will be presented at the 23rd International Annual Congress of the World Muscle Society by Nancy Kuntz, MD, Principal Investigator at Ann & Robert H. Lurie Children’s Hospital of Chicago, Medical Director of Mazza Foundation Neuromuscular Program and Professor of Pediatrics and Neurology at Northwestern University Feinberg School of Medicine. The oral presentation by Dr. Kuntz will be held during a session on new therapeutic modalities scheduled to begin at 9:30 a.m. ET on October 5, 2018. The newly reported data include follow-up assessments ranging from 4 to 48 weeks for the eight patients enrolled in ASPIRO to date, including the seven patients enrolled in Cohort 1 (1×1014 vg/kg; six treated and one untreated control) and one patient enrolled to date in Cohort 2 (3×1014 vg/kg). Key assessments include neuromuscular function as measured by CHOP INTEND; respiratory function as measured by maximal inspiratory pressure and ventilator dependence; and vector transduction, transgene expression and histological improvement as assessed via muscle biopsy. All treated patients continue to show meaningful improvements in neuromuscular and respiratory function, with no new treatment-related SAEs reported since the last scientific update in May 2018.
https://thefly.com/landingPageNews.php?id=2800285
XBiotech completes enrollment of phase 2 bermekimab study
XBiotech announced that it has completed enrollment in its Phase 2, open label clinical study evaluating subcutaneous administration of bermekimab in patients with moderate to severe Atopic Dermatitis, or AD. XBiotech has now completed and exceeded enrollment in the final cohort of patients who are receiving 400mg weekly doses of bermekimab over an 8 week treatment period. Enrollment for the study is now closed. XBiotech recently announced it completed the first cohort of patients in the study who received a low dose of bermekimab over a four week treatment regimen. The company reported that patients in the first cohort had significant improvement in multiple efficacy endpoints and that the treatment was well-tolerated.
Acorda target cut to $19 to account for Ampyra generics, Inbrija delay at Stifel
Stifel analyst Paul Matteis lowered his price target on Acorda Therapeutics shares to account for the arrival of Ampyra generics and the FDA’s extension of Inbrija’s PDUFA to early next year, which leads him to move his Inbrija launch expectation back by a quarter to the first quarter of 2019. The analyst, who cut his target to $19 from $25, keeps a Hold rating on Acorda shares.
https://thefly.com/landingPageNews.php?id=2800293
Abbott price target raised to $86 from $72 at Cowen
Cowen analyst Joshua Jennings raised his price target on Abbott to $86 from $72 and said it remains a top pick. The analyst cited increased visibility from Libre and MitraClip reinforcing confidence in top tier revenue and earnings growth, which he sees supporting a peer average multiple. Jennings reiterated his Outperform rating on Abbott shares.
https://thefly.com/landingPageNews.php?id=2800317
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