Friday, November 9, 2018
Chembio confirms FDA authorized emergency use of Ebola diagnostic test
https://thefly.com/landingPageNews.php?id=2821661
Pro-Dex up 24% premarket after FQ1 report
Thinly traded nano cap PRO-DEX (NASDAQ:PDEX) is up 24% premarket, albeit on only 400 shares, following its fiscal Q1 results release after the close yesterday.
Sales were up 34% to $6.9M while earnings more than doubled to $1.3M. The bullish results were due to increased sales to its largest customer.
Kura Oncology initiated at Piper Jaffray
Kura Oncology initiated with an Overweight at Piper Jaffray. Piper Jaffray analyst Tyler Van Buren started Kura Oncology with an Overweight rating and $25 price target. While the shares have pulled back after the response rate in the Phase II trial of tipifarnib experienced a moderate decline, the drug still demonstrated a 50% response rate in head and neck squamous cell carcinoma patients with HRAS mutations, Van Buren tells investors in a research note. He believes these results are clinically meaningful and that tipifarnib “appears to be a promising treatment option for these patients.” Kura’s current valuation is “very reasonable” for a de-risked potential $500M-plus cancer drug, says the analyst.
Jazz submits application in Europe for sleep med
Jazz Pharmaceuticals announced the submission of a Marketing Authorization Application to the European Medicines Agency for solriamfetol, a selective dopamine and norepinephrine reuptake inhibitor, as a treatment to improve wakefulness and reduce excessive daytime sleepiness in adult patients with narcolepsy or obstructive sleep apnea.
Stryker target raised to $190 after analyst meeting at Piper Jaffray
After attending Stryker’s (SYK) analyst meeting, Piper Jaffray analyst Matt O’Brien raised his price target for the shares to $190 from $187 and reiterates an Overweight rating on the name. Management focused on growth drivers in neurovascular, trauma and extremities, and endoscopy, says the analyst. He believes Stryker is positioned to deliver “top quartile large cap growth” and continues to recommend investors own the name. Stryker management was clear that they want to get bigger in total shoulder arthroplasty, which could be a competitive headwind to Wright Medical (WMGI), but the former is unlikely to have the product portfolio to really hurt the latter in 2019 or 2020, O’Brien tells investors in a research note. Further, he says the analyst day “emboldens” his Neutral rating on Zimmer Biomet (ZBH). Stryker has not seen much of an organization change at Zimmer recently and believes it is still ripe for share loss, notes O’Brien.
Insulin pump renewals to be important tailwind for Tandem, says Oppenheimer
Oppenheimer analyst Steve Lichtman reiterated an Outperform rating and $57 price target on Tandem Diabetes Care (TNDM), telling investors in a research note that he believes insulin pump renewals will become an increasingly important tailwind to the Tandem business over the next couple of years. Year-to-date, he estimates Tandem captured greater than55% of potential renewals with durable pumps having four year warranties, at which point insurance typically covers a new pump. Lichtman says pipeline ramp and OUS remain potential upside drivers as does the potential for coverage reinstatement by UnitedHealth (UNH).
CareDx price target raised to $40 from $35 at Craig-Hallum
Craig-Hallum analyst Per Ostlund reiterated a Buy rating on CareDX and raised his price target for shares to $40 from $35, telling investors in a research note that the company’s results were “almost comically in excess” of his forecast. With nearly 100 transplant centers already using the test, K-OAR registry enrollment on track and continued early momentum, guidance was raised again, this time by $5.5M at the midpoint despite just one quarter left in the year, he says. Combining the AlloSure strength with continued mid-single digit volume growth in AlloMap, gains in the product business and the achievement of adjusted EBITDA profitability one quarter early, he says it is “difficult not to come away excited.”
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