Backs FY18 revenue guidance between $2.87B-$2.92B, consensus $2.91B.
Wednesday, October 31, 2018
Ironwood 18% selloff yesterday overdone, says Mizuho
Ironwood Pharmaceuticals (IRWD) sold off 18% yesterday on Allergan’s ((AGN) “unexpectedly muted outlook” for Linzess’ growth, Mizuho analyst Irina Koffler tells investors in a research note. The analyst views Ironwood as oversold and reiterates a Buy rating on the shares. She did, however, lower her price target for the stock to $23 from $27 on a reduced Linzess forecast and a zero value for the R&D company spin off.
Clovis price target lowered to $40 from $58 at Barclays
Barclays analyst Gena Wang lowered her price target for Clovis Oncology to $40 citing “disappointing” Rubraca revenue in Q3. Even considering the drawdown of inventory and increase in free drug giveaways in Q3, the adoption of Rubraca in second-line ovarian maintenance setting still appears slow, Wang tells investors in a research note. The analyst, however, remains constructive in the prospect of expanding Rubraca use into additional settings/indications such as prostate/bladder cancers. She maintains an Overweight rating on Clovis.
Medpace upgraded to Buy at SunTrust on valuation
As reported earlier, SunTrust analyst Sandy Draper upgraded Medpace to Buy from Hold and kept his $63 price target, citing its more attractive valuation of 11% discount relative to clinical research organization group vs. 6% premium in his last review. The analyst notes that he remains positive on the company’s “high exposure to small and medium biotech sponsors” and believes that its multiple is justified even after a “beat and raise” Q3 result.
NextGen Healthcare price target lowered to $23 from $26 at Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper lowered his price target for NextGen Healthcare to $23 from $26 following the company’s “mixed” Q2 results. Revenue was slightly below the analyst’s estimate but adjusted earnings came in above. While the lowered fiscal 2019 outlook is disappointing, the shares offer an attractive risk/return profile, Halper tells investors in a post-earnings research note. He believes NextGen’s turnaround continues.
Community Health price target lowered to $4 from $6 at Cantor Fitzgerald
Cantor Fitzgerald analyst Joseph France lowered his price target for Community Health Systems to $4 citing reduced long-term growth expectations and a higher discount rate to account for a slower pace of debt reduction. The reported slightly higher than expected revenue and earnings , but the upside reflects delays in completing divestitures, because volumes are soft, France tells investors in a post-earnings research note. He keeps a Neutral rating on Community Health.
Intellia Therapeutics announces results from ATTR studies
Intellia Therapeutics (NTLA) announced results from its transthyretin amyloidosis, or ATTR, non-human primate, or NHP, studies, conducted in collaboration with Regeneron (REGN), related to its enhancements of the cargo components of its lipid nanoparticle, or LNP-based delivery system. These novel component enhancements, which are part of the ongoing development of its proprietary and modular in vivo delivery platform, have produced unprecedented results, achieving up to 78% liver editing in our most recent NHP study. The corresponding transthyretin, or TTR, protein reduction at 21 days showed a decrease from baseline of up to 96% after a single dose. This substantially improved level of liver editing, achieved with a lower dose and well-tolerated safety profile, compares with mean editing levels of 34 percent in Intellia’s previously reported NHP studies. Based on these new data, the company is pursuing confirmatory studies with the goal of integrating enhanced cargo components in its investigational new drug, or IND-enabling studies and submission of an IND for ATTR. In addition, the company intends to apply these technology improvements to the rest of its in vivo product pipeline.
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