Oppenheimer analyst Mark Breidenbach raised his price target for Global Blood Therapeutics to $82 from $74 after the company reported Q3 earnings. Before year end, the analyst expects the company to announce the outcome of its discussions with the FDA regarding an accelerated approval path for voxelotor. If an agreement has been reached, GBT could file for Subpart H approval in mid-2019 based on hematological data collected from about 270 patients in the Phase 3 HOPE trial, he notes. At ASH, Breidenbach expects it to strengthen its case for accelerated approval. The analyst reiterates an Outperform rating on the shares.
Wednesday, November 7, 2018
Mirati Therapeutics price target lowered to $57 from $62 at Oppenheimer
Oppenheimer analyst Leah Rush Cann lowered his price target for Mirati Therapeutics to $57 from $62 to account for higher shares outstanding. The analyst reiterates an Outperform rating on the stock.
DexCom price target raised to $170 from $160 at Stephens
Stephens analyst Chris Cooley raised his price target on DexCom shares to $170 from $160 following the company’s Q3 report and revenue guidance increase. He sees DexCom being well positioned to continued posting organic growth “in the top echelon of med tech” while realizing operating leverage. Cooley maintains an Overweight rating on DexCom shares.
Diplomat Pharmacy downgraded to Underperform from Neutral at Baird
Baird analyst Eric Coldwell downgraded Diplomat Pharmacy to Underperform from Neutral, stating that he believes consensus estimates are too high and with risks mounting the shares should trade at much lower levels. He also sees little premium in takeout multiples despite the company making reasonable moves given its current portfolio and market trends.In the PBM segment, management seems to be backing off prior pipeline/bookings commentary and recognizes that new wins will be lower margin and old contracts will reset to lower rates upon renewals, Coldwell added. The analyst lowered his price target to $10 from $22 on Diplomat Pharmacy shares.
Humana says expecting ‘strong’ Medicare Advantage growth
Says retail segment continues to outperform. Says Kindred at Home performing in-line with expectations. Says has “significant tailwinds” heading into 2019. Says sees 2019 Medicare Advantage growth of 250,000-300,000 members. Says sees “meaningful” EPS growth in 2019. Comments from Q3 earnings conference call.
Piper Jaffray sees ‘huge valuation disconnect’ between Proteostasis, Vertex
Piper Jaffray analyst Edward Tenthoff notes that Proteostasis (PTI) ended Q3 with cash of $46M million subsequently completed an equity financing and sold 1.4M shares through an ATM, bringing pro forma cash to about $138M, which he estimates will fund the company into 2020. The primary driver remains initial Phase I data on Proteostasis’ proprietary TripleRx regimen in homozygous F508del Cystic Fibrosis this quarter, he contends, adding that he remains encouraged based on recently reported positive Phase I data on proprietary CFTR potentiator PTI-808 and corrector PTI-801 in homozygous F508del CF patients. The analyst sees a “huge valuation disconnect” between Proteostasis and CF market leader Vertex (VRTX), and reiterates an Overweight rating and $14 price target on the former’s shares.
Foamix sale now more likely after Phase 3 trial successes, says Cowen
Cowen analyst Ken Cacciatore said that after Foamix Pharmaceuticals announced a successful Phase 3 program evaluating FMX103 in the treatment of moderate-to-severe papulopustular rosacea on the heels of the Phase 3 success in acne, he believes strategic interest will now likely accelerate. He notes that management indicated that they don’t think they need additional capital to execute on their filing strategy or initial launch, which is “the type of commentary” he interprets as potentially signaling a willingness to entertain a potential business development deal or outright sale. Given the value of recent deals in the space, Cacciatore added that he believes Foamix shares are “meaningfully undervalued.” The analyst keeps an Outperform rating and $30 price target on Foamix.
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