Friday, December 21, 2018
Neogen price target cut to $60 from $67 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich maintained a Hold rating on Neogen after the company reported “mixed” Q2 results. In a research note to investors, Ellich says that while Neogen’s international operations continues to drive solid growth and the company has a highly diversified product mix, he maintains his rating and lowers his price target to $60 due to valuation and potential near-term headwinds from trade issues with China and pockets of continued weakness in the U.S. livestock market.
https://thefly.com/landingPageNews.php?id=2840595
Therapix Biosciences terminates FSD acquisition LOI
Therapix Bioscience announces that the Company has delivered notice of termination to FSD Pharma under the previously announced binding letter of intent dated October 22, 2018 for the acquisition of the Company by FSD. FSD proposed to modify material terms of the Transaction established by the LOI. The board of directors of the Company does not believe it will come to agreement on revised terms. Therefore, the Board has determined that it is in the best interests of the Company to terminate the LOI. Pursuant to the notice provisions of the LOI and the Company’s notice of termination, the LOI will terminate December 26, 2018.
https://thefly.com/landingPageNews.php?id=2840607
Cigna is the ‘cheapest stock in the group,’ says Jefferies
Jefferies analyst David Windley lowered his price target for Cigna to $244 from $273 following the close of the Express Scripts acquisition and keeps a Buy rating on the name. Cigna trades at the cheapest managed care price-to-earnings multiple at 11 times estimated 2019 earnings per share of $16.49 for the combined company, Windley tells investors in a research note. Further, he sees multiple expansion and upside to Cigna’s 2021 earnings per share target of $20-$21 driving long-term stock performance. Windley calls Cigna the “cheapest stock in the group” and expects consensus estimates to rise following yesterday’s merger close.
https://thefly.com/landingPageNews.php?id=2840609
Mallinckrodt, NPXe Enroll For Phase 3 Trial Of Inhaled Xenon Gas Therapy
for improved functional outcomes and survival rates for patients resuscitated after a cardiac arrest —
Mallinckrodt plc (NYSE: MNK), a leading global specialty pharmaceutical company, and NPXe Limited (NPXe) today confirmed enrollment of the first patient in the pivotal Phase 3 trial of Xenon Gas for Post Cardiac Arrest Syndrome (PCAS). Xenon gas for inhalation is an investigational drug, the safety and effectiveness of which have not yet been established. Mallinckrodt will pay NPXe $5 million as recognition of this milestone achievement per the terms of the License and Commercialization Agreement between the parties.
The clinical study is targeting approximately 1,400 patients suffering an out-of-hospital cardiac arrest who have been successfully resuscitated, and will compare 24 hours of xenon gas treatment, in combination with targeted temperature management (TTM), with the current standard of care, which is TTM alone. The study is expected to include about 70 study centers across the U.S. and Europe, and will look for an improvement in functional outcomes and reduced mortality rates. The companies expect an interim analysis of the study to occur in the fourth quarter of 2019 and for the study to complete in 2020.
PCAS is a range of complications, principally to the brain and the heart which follow the sudden loss of blood flow (ischemia) after a cardiac arrest and the subsequent reflow of blood (reperfusion) following successful resuscitation. There is no approved pharmacotherapy for neuroprotection for PCAS. There are approximately 140,000 potential cardiac arrest patients in the U.S. and 145,000 in Europe each year who may be eligible for xenon gas treatment, if approved.
The U.S. Food and Drug Administration (FDA) approved a Special Protocol Assessment[1] for the trial and the drug has been granted its Fast Track designation[2]. The companies expect the regulatory submission to be a drug and delivery device combination.
Allena initiated at B. Riley FBR
Allena Pharmaceuticals assumed with a Buy at B. Riley FBR. B. Riley FBR analyst Mayank Mamtani assumed coverage of Allena Pharmaceuticals with a Buy rating and $22 price target. The analyst says that while the company’s Phase III Urirox-2 trial is slightly delayed, it remains on track to be a “de-risking” event.
Forty Seven initiated at BTIG
Forty Seven initiated with a Buy at BTIG. BTIG analyst Robert Hazlett started Forty Seven with a Buy rating and $36 price target. The company develops therapeutics based on the “transformational discovery” of CD47 as a novel immune pathway that controls signals that cells send to macrophages, Hazlett tells investors in a research note. The analyst believes blocking CD47 signaling has the potential to enable and enhance anti-cancer macrophage activity, as well as incremental adaptive immune responses, leading to potential broad anti-cancer activity for anti-CD47 approaches.
Loxo Oncology initiates Phase 1/2 clinical trial of LOXO-305
Loxo Oncology announced that it has initiated a Phase 1/2 clinical trial of LOXO-305. LOXO-305 is an investigational, highly selective, non-covalent Bruton’s tyrosine kinase inhibitor specifically designed to address acquired resistance and intolerance in patients previously treated with FDA-approved BTK inhibitors.
https://thefly.com/landingPageNews.php?id=2840475
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