Johnson & Johnson CEO Alex Gorsky said in a video message posted on the company’s website that “Since tests for asbestos in talc were first developed, J&J’s Baby Powder has never contained asbestos.” He added that regulators “have always found our talc to be asbestos-free.” He said J&J has fully cooperated with U.S. FDA, global authorities over decades. He added that “We stand behind our products.”
Tuesday, December 18, 2018
Epizyme earns $8M milestone payment from GlaxoSmithKline
Epizyme (EPZM) announced it has earned an $8M milestone payment from GlaxoSmithKline (GSK). The milestone payment follows GSK’s initiation of patient dosing in a Phase 1 clinical trial of GSK3368715, a first-in-class protein arginine methyltransferase inhibitor discovered by Epizyme and licensed to GSK. PRMT1 has been implicated in a number of human cancers. Under the terms of its collaboration and license agreement with GSK, Epizyme granted GSK exclusive worldwide license rights to methyltransferase inhibitors directed to three targets. Using its proprietary drug discovery platform, Epizyme discovered and optimized compounds targeting three methyltransferases. During the research term of the collaboration, which has been completed, Epizyme was primarily responsible for preclinical research on such compounds. GSK is responsible for subsequent research, development and commercialization of each program. Epizyme has earned an aggregate of $89M in up-front, research and milestone payments to date, and may receive up to an additional $375M from GSK if all remaining milestones are met. Epizyme is eligible to receive up to double-digit royalties on worldwide net sales of collaboration products.
GlycoMimetics initiated at H.C. Wainwright
GlycoMimetics initiated with a Buy at H.C. Wainwright. H.C. Wainwright analyst Edward White started GlycoMimetics with a Buy rating and $24 price target. The analyst has a positive outlook for the company’s pipeline that includes its lead candidate, rivipansel, a pan-selectin inhibitor, in Phase 3 development for the treatment of sickle cell disease vaso-occlusive crisis. GlycoMimetics, with two late stage products, one of which is licensed to Pfizer, is currently undervalued, and the stock should be bought ahead of the potential catalysts in 2019, White tells investors in a research note.
Advaxis downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright analyst Swayampakula Ramakanth downgraded Advaxis (ADXS) to Neutral without a price target. Amgen’s (AMGN) termination of a development and collaboration agreement puts ADXS-NEO in limbo, Ramakanth tells investors in a research note. The analyst believes Amgen’s withdrawal has “considerably increased” the development risk on ADXS-NEO and potentially ADXS-HOT as well. He steps to the sidelines “until the viability of the programs can be assured.”
CVS Health initiated at Barclays
CVS Health initiated with an Overweight at Barclays. Barclays analyst Steve Valiquette started CVS Health with an Overweight rating and $91 price target. The analyst views the acquisition of Aetna as well-timed and believes it will offset the company’s slower growth in retail and pharmacy benefits.
https://thefly.com/landingPageNews.php?id=2838477
Novavax initiated at Ladenburg
Novavax initiated at Ladenburg Ladenburg sees ‘transformational’ data from Novavax in Q1, starts at Buy. Ladenburg Thalmann analyst Michael Higgins initiated coverage of Novavax with a Buy rating and $3 price target. The firm previously had a Buy rating on the shares with the same price target under analyst Kevin DeGeeter. Higgins looks for “” data in Q1 of 2019. The company is developing ResVax, which could become the first vaccine against respiratory syncytial virus, a significant health concern for both infants and older adults, the analyst tells investors in a research note. He points out that Novavax is also developing a “potent” non-egg-based flu vaccine called NanoFlu that he believes could become the new standard of care. The company is approaching a “major turning point” with both pivotal RSV vaccine data and Phase 2 NanoFlu data expected in Q1, says Higgins.
Barclays sees ‘significant’ upside potential in Regenxbio, ups target to $88
Barclays analyst Gena Wang raised her price target for Regenxbio to $88 from $83 after speaking to a legal expert and reiterates an Overweight rating on the shares. The analyst sees “significant” upside potential from current share levels. She now expects additional AVXS-101 royalties from the European Union as well as a higher price for the drug. Further, Wang sees a high probability of positive RGX-314 data from the 4th dose cohort in wet age-related macular degeneration in Q2 of 2019.
https://thefly.com/landingPageNews.php?id=2838531
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