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Saturday, December 22, 2018

Raymond James: Gilead In NASH For The Long Haul


Gilead Sciences, Inc. (NASDAQ: GILD) announced a strategic collaboration Wednesday with Scholar Rock Holding Corp (NASDAQ: SRRK). Although not strictly a nonalcoholic steatohepatitis, or NASH, deal, the initiative could be a sign that “Gilead is in NASH for the long haul,” according to Raymond James.
The Analyst
Analyst Steve Seedhouse maintains a Strong Buy rating on Gilead with an unchanged $94 price target.
The Thesis
Given the limited scope of Gilead’s in-house NASH assets, the company will need to enter into more NASH deals over the next 12-18 months, Seedhouse said in a note.
A significant possibility exists of Gilead’s ongoing Phase 3 STELLAR3 and STELLAR4 trials failing, which would lead the company to consider more deals to grow within the NASH market, the analyst said.
Gilead could purchase a commercial-ready NASH asset, Seedhouse said, which points to two options: Intercept Pharmaceuticals Inc (NASDAQ: ICPT) and Genfit SA.
There’s a higher probability of Gilead buying Intercept, given the better prospects of Ocaliva versus elafibranor, as well as the likelihood of success of the Phase 3 REGENERATE trial,he said.
Data from the trial is expected in the first half of 2019, and there’s a 90-percent probability of at least one approvable endpoint being met, Seedhouse said.
Another strategic option that Gilead may take is to acquire or develop a good cardiometabolic asset, according to Raymond James.

Joey Jacobs is out: What that could mean for Acadia


Debbie Osteen, who stepped down as president of the behavioral health division of Universal Health Services Inc. earlier this month, was named CEO of Acadia Healthcare Inc. Co. Monday, following the ouster of Joey Jacobs.
The leadership shakeup likely signals a shift in the company’s strategy, according to one analyst who covers the company.
“When things work people are happy, when things don’t work they aren’t. Things weren’t working,” said Frank Morgan, an analyst with RBC Capital Markets. “[Osteen] is more of an operational CEO which is kind of different than Joey who is more of a builder and acquirer.”
Acadia has expanded under Jacobs’ watch, but did not reach its third quarter earnings projections and the company was considering closing or selling some of its lower-performing United Kingdom facilities.
The board of director’s decision to fire Jacobs marks the first time the Franklin-based company will have a new leader since it was a seven-facility system in 2011. Today, Acadia (Nasdaq: ACHC) operates close to 600 facilities in 40 states and the United Kingdom, and is Middle Tennessee’s fifth-largest publicly traded health care company, with $2.84 billion of revenue in 2017, according to Nashville Business Journal research.
“She’s more of a hands-on operational type of leader. …Given where Acadia is today that’s probably a good thing,” Morgan said.
Osteen’s base salary will be $900,000, according to a filing with the Securities and Exchange Commission, and she will be eligible for a 2019 incentive award of $3.2 million. To offset compensation forfeited by breaking her separation agreement with UHS, she will also get a one-time bonus of $350,000, a one-time equity grant not to exceed $6.5 million and an additional $2.5 million on the first anniversary of her hiring, according to the filing.
In addition to being named CEO, Osteen was also named to the company’s board of directors.

Regulus Insiders Have Been Buying Shares


We’ve lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On the other hand, we’d be remiss not to mention that insider sales have been known to precede tough periods for a business. So we’ll take a look at whether insiders have been buying or selling shares in Regulus Therapeutics Inc. (NASDAQ:RGLS).

Do Insider Transactions Matter?

Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock on the market. However, such insiders must disclose their trading activities, and not trade on inside information.
We would never suggest that investors should base their decisions solely on what the directors of a company have been doing. But equally, we would consider it foolish to ignore insider transactions altogether. For example, a Harvard University study found that ‘insider purchases earn abnormal returns of more than 6% per year.’

The Last 12 Months Of Insider Transactions At Regulus Therapeutics

Over the last year, we can see that the biggest insider purchase was by Chairman of the Board of Directors Stelios Papadopoulos for US$681k worth of shares, at about US$1.38 per share. That means that even when the share price was higher, an insider wanted to purchase shares. Their view may have changed since then, but at least it shows they felt optimistic at the time. We generally consider it a positive if insiders have been buying on market, even above the current price.
Over the last year, we can see that insiders have bought 507.10k shares worth US$691k. In the last twelve months there was more buying than selling by Regulus Therapeutics insiders. Their average price was about US$1.36. I’d consider this a positive as it suggests insiders see value at around the current price, which is US$0.95. You can see a visual depiction of insider transactions over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction!
NasdaqGM:RGLS Insider Trading December 20th 18
NasdaqGM:RGLS Insider Trading December 20th 18
More
Regulus Therapeutics is not the only stock insiders are buying. So take a peek at this freelist of growing companies with insider buying.

Insiders at Regulus Therapeutics Have Bought Stock Recently

It’s good to see that Regulus Therapeutics insiders have made notable investments in the company’s shares. In total, insiders bought US$691k worth of shares in that time, and we didn’t record any sales whatsoever. This makes one think the business has some good points.

Insider Ownership

For a common shareholder, it is worth checking how many shares are held by company insiders. We usually like to see fairly high levels of insider ownership. Regulus Therapeutics insiders own 9.0% of the company, currently worth about US$823k based on the recent share price. I like to see this level of insider ownership, because it increases the chances that management are thinking about the best interests of shareholders.

How meditation impacts the way we learn


Many anecdotes and some studies suggest that meditation can be a powerful tool for mental and physical health. New research shows that it may have yet another benefit: to help us learn faster from past experiences.
In a new study, researchers from the University of Surrey in the United Kingdom focused on one particular type of meditation — “focused attention meditation” — and whether it affects how a person learns.
This meditation practice requires a person to focus their attention on a particular object — a burning candle or one’s own breath, for instance — and maintain that focus for a period of time.
People often use focused attention meditation as a gateway into other types of meditation, as it is easier to learn and to practice.
“Meditation is a powerful tool for the body and the mind; it can reduce stress and improve immune function,” says study co-author Prof. Bertram Opitz.
But can it also help us train our minds to learn faster from feedback or information acquired through past experiences?
Prof. Opitz and Paul Knytl, who is a doctoral student at the University of Surrey, suggest that the answer to that question is “yes.”
The two explain their research findings in a paper now featured in the Journal of Cognitive, Affective, & Behavioral Neuroscience.
The researchers worked with people who were meditators and people who did not meditate. There were 35 participants in total, of which nine identified as Buddhist meditators, 12 practiced meditation in a secular context, two practiced Qi Gong, and the rest non-meditators.
For the purpose of this study, the investigators trained the participants to do well in an activity in which they had to select images that were most likely to bring them a particular reward.
In this exercise, the participants saw pairs of images, each with different probabilities of bringing a reward if selected.
The researchers noticed that those who practiced meditation had a higher success rate in choosing reward-associated images compared with their non-meditating peers.
This, Prof. Opitz and Knytl explain, suggests that meditators tend to learn from positive outcomes, while non-meditators most likely learn from negative outcomes.
“Humans have been meditating for over 2,000 years, but the neural mechanisms of this practice are still relatively unknown,” says Knytl, who is specializing in the neurological mechanisms associated with focused attention meditation.
“[Our current] findings demonstrate that, on a deep level, meditators respond to feedback in a more even-handed way than non-meditators, which may help to explain some of the psychological benefits they experience from the practice,” he adds.

In the new study, the team also measured the participants’ brain activity during their tasks by using electroencephalograms (EEGs), a method that records the electrical activity in a person’s brain.
The EEGs showed that while all the participants responded in the same way to positive feedback during the exercise, those who did not meditate had a more intense response to negative feedback than meditators.
Among participants who meditated, those with the weakest response to negative feedback were the most experienced practitioners.
Knytl and Prof. Opitz believe that regular meditation may impact levels of dopamine, which is a neurotransmitter that plays an important role in mood regulation and physical agility, among other things. This, in turn, may render meditators less responsive to negative feedback.
The scientists also note that previous research has found that people with Parkinson’s disease — who have much lower levels of dopamine than normal — tended not to perform well on learning tasks that required them to respond to positive feedback.
What we have found is that [meditation] can […] impact on how we receive feedback, i.e. if we quickly learn from our mistakes or if we need to keep making them before we find the right answer.”
Prof. Bertram Opitz
“If it is the latter [then] this can impact how individuals perform in the workplace or classroom. Such individuals may benefit from meditation to increase their productivity or prevent them from falling behind in their studies,” Prof. Opitz suggests.

How to prevent festive weight gain without exercising

During the holiday season, it is difficult to avoid putting on a couple of extra pounds. A recent study investigated a simple, low-impact way to reduce the seasonal swell.
During the festive season, people's waistlines tend to expand as their self-control contracts.
While food and drink flow freely, restraint is in short supply, and sedentary activities abound. And, as we relax, we tend to throw caution to the wind and go back for a second helping.
Festive weight gain is so commonplace that it has become a running joke; however, it has a serious side.
Obesity is a growing problem in the United States, and reversing it through permanent lifestyle changes does not appear to work for the majority of people.
On average, people gain 0.4–1 kilogram (0.9–2.2 pounds) each year, and up to 50 percent of this occurs over holiday periods, such as Christmas.
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A new approach to obesity?

Research has shown that when we gain weight during the holidays, we rarely manage to lose it once the tinsel has gone from the tree. As the years go by, this type of seasonal weight gain adds up.
The authors of a recent study believe that targeting this time of year might offer an innovative way to reduce the impact of obesity. By focusing attention on times when weight gain is most significant, it might be possible to slow annual weight gain, overall.
The results from the so-called Winter Weight Watch Study were published earlier this month in the BMJ.
Scientists from the University of Birmingham's Institute of Applied Health Research and the School of Sport, Exercise, and Health Sciences at Loughborough University in the United Kingdom carried out the trial.
Specifically, they wanted to understand whether a relatively brief and straightforward intervention could reduce weight gain over Christmas. To find out, they recruited participants just before Christmas 2016 and 2017. In total, they involved 272 people; 78 percent were female, and 78 percent were white.
Researchers took the first weight measurements in November and then followed up in January.

The intervention

The researchers divided the participants between an intervention group and a control group. Members of the intervention group were asked to record their weight at least twice a week, although preferably more often.
The authors explain why regular weigh-ins are essential:
"Regular weighing and recording of weight to check progress against a target (self-monitoring) has been shown to be an effective behavioral intervention within weight management programs."
The researchers encouraged the participants in the intervention group to think about their weight and how it was changing over time. As the authors explain, the intervention "aimed to promote restraint of energy consumption."
 
Also, the participants were given tips about managing weight and provided with a list of festive foods along with information on how much physical activity they would need to do to burn off the calories of each food they had consumed. For example, it would take 21 minutes of running to burn off the calories found in one mince pie.
The control group, on the other hand, only received a leaflet about healthy living.

Did it work?

After adjusting the data for confounding variables, the researchers found that the individuals in the intervention group had gained less weight than those in the control group — an average of 0.49 kilograms (1.1 pounds) less.
Those in the intervention group also showed more restraint, managing to limit their calorie intake more than those in the control group.
Although the difference in weight gain was smaller than the researchers had hoped, they are still excited by the results.
Because the holiday season is a yearly event, even if people only prevent a small amount of weight gain each year, it could add up to a considerable amount over a lifetime.
The authors note some shortfalls to their study. For instance, it involved a relatively small group of people, and the follow-up duration was quite brief. However, the results merit follow-up. Lifestyle change is challenging, but shorter bursts of focus on weight management may be more achievable for some people.
The authors believe that their findings "should be considered by health policymakers to prevent weight gain in the population during high-risk periods such as holidays."
https://www.medicalnewstoday.com/articles/323931.php

Alzheimer’s: Study zeroes in on brain’s weakest link


Alzheimer’s disease is a form of neurocognitive decline that affects millions across the world. The exact cause is unclear, but new research is uncovering the mechanisms that allow Alzheimer’s to become established in the brain.
In Alzheimer’s disease, as in other forms of dementia, a defining feature is the accumulation of certain toxic proteins in the brain.
These proteins aggregate into plaques that disrupt the communication between brain cells, thus enhancing cognitive problems and other issues.
More often than not, researchers identify the protein beta-amyloid as the main culprit in this disruptive process.
However, another protein, called tau, is just as important.
In a new study, researchers from a series of academic institutions, including the Ohio State University in Columbus, Columbia University Medical Center in New York, NY, and Cambridge University in the United Kingdom, have found that tau accumulates preferentially around a specific type of brain cell.
The investigators also revealed that certain genetic profiles may predispose a person to tau aggregations around those cells.
Co-lead author of the study Hongjun (Harry) Fu — now an assistant professor in the Department of Neuroscience at Ohio State University — and colleagues report their findings in a paper recently published in Nature Neuroscience.

The most vulnerable brain cells

The brain contains different types of cells. The two most important are neurons, which communicate information and play a key role in cognitive function, and glial cells, which have several roles, including supporting and protecting neurons and the connections between them.
Neurons fall into two types: excitatory, which trigger electrical impulses, and inhibitory, which balance out the activity of excitatory neurons.
Studying the phenomenon of tau protein accumulation in a mouse model, as well as in the brains of people who have received Alzheimer’s diagnoses, Fu and colleagues found that excitatory neurons were those most exposed to the disruptive effect of this protein.
“The accumulation of misfolded tau aggregates is a defining feature of Alzheimer’s disease and frontotemporal lobar degeneration linked to tau,” the researchers write, adding, “Several types of neurons have been reported to be particularly vulnerable in [Alzheimer’s disease], Down’s syndrome, and [frontotemporal lobar degeneration].”
The distribution of neurons vulnerable to tauopathy follows a sequential pattern that suggests that cell populations in different regions of the brain are selectively at risk. More specifically, the morphology and location of cells within the entorhinal cortex and hippocampus that accumulate tau […] suggest that excitatory neurons are preferentially impacted.”
Following this finding, the researchers compiled genetic analyses based on the data of people who did not have either Alzheimer’s disease or any other neurological issues.
The investigators noticed some important genetic differences between the excitatory and inhibitory neurons, which, they believe, could explain why the former are more exposed to tau aggregation.

Could genes explain the phenomenon?

Specifically, the researchers found that one gene, BAG3, which regulates the clearance of tau protein in the brain, may provide the key to excitatory neurons’ susceptibility to toxic plaque formation.
BAG3 expression, the team explains, was much higher in neuronal cells than in non-neuronal cells. Among neurons, the expression was highest in the inhibitory type, suggesting that this could explain their reduced vulnerability to tau aggregates.
“We think there’s a really early, intrinsic difference in the brain cells that are prone to the accumulation of tau protein, which may explain why only certain neurons and brain regions are vulnerable to this problem in early Alzheimer’s,” says Fu.
“If we can figure out the molecular determinants underlying vulnerability to this disease, it will help us better understand the development of Alzheimer’s disease and potentially could lead to techniques for early detection and targeted treatment,” he adds.
In the future, the researchers aim to focus on how interactions between certain genes could influence Alzheimer’s-specific mechanisms and enhance brain cells’ vulnerability to toxic plaques.
The investigators note that brain cells other than neurons also likely play an important role in the progression of neurodegenerative conditions, including Alzheimer’s.
“Other brain cells, including microglia, astrocytes, and oligodendrocytes, have also been found to play important roles in the development of Alzheimer’s disease,” Fu notes, adding, “We are very interested to understand how those cells communicate with each other and affect the vulnerability of certain neurons.”
The researcher explains, “Environmental factors, brain injury, diabetessleep deprivationdepression, and other outside factors also have been linked to increased vulnerability to Alzheimer’s,” continuing, “We want to understand how intrinsic differences interact with these outside influences.”

Stress Keeps 1 in 3 Americans Up at Night


Millions of Americans are losing sleep as economic and political stress keeps them tossing and turning at night, a new study finds.
In 2013, about 30 percent of Americans said they slept six hours or less at night, but that number rose to 33 percent by 2017, researchers found.
Lead study author Jennifer Ailshire, an assistant professor of gerontology and sociology at the University of Southern California in Los Angeles, said that many factors could account for this trend.
“If you talk to people, the things you hear most often are economic insecurity and economic anxiety,” she said. “People are staying up worrying about things.”
Even people who are working feel they are working longer and harder for less or that their jobs aren’t secure, Ailshire said.
“There is also a growing stress level connected to our increasingly connected world,” she added.
People are glued to their cellphones, reading news and Twitter and Facebook, and seeing things fall apart around the world delivered right to devices in their hands, Ailshire noted.
Sleep experts recommend that most adults get 7 to 8 hours of good quality sleep each night.
Hispanic and black Americans showed the largest increases in inadequate sleep, the researchers found. The number of black study participants who said they slept less than six hours rose from 35 percent in 2004 to 42 percent in 2016, then went down slightly. Among Hispanics, it went from 26 percent to 33 percent during that time period.
Among white people, those reporting short sleep increased from 29 percent to 31 percent over the same time. By 2017, a 10 percent difference existed between blacks and whites, the findings showed.
The increases in poor sleep among blacks and Hispanics may mean their lives are getting worse, Ailshire said.
“Those communities have been experiencing violent events, like deportations among Hispanics and violence among blacks,” she said.
In addition, people are staying up binge watching TV or movies on their tablets or phones, Ailshire said.
“We may never be able to pinpoint the exact causes of why Americans are losing sleep, but the trends are clear,” she explained.
Not getting enough sleep is tied to increased risk for obesity, decreased mental functioning, dementia, heart disease and diabetes. In addition, getting too little sleep can increase the risk for car crashes, accidents at work and troubled social relationships, Ailshire noted.
For the study, the researchers collected data on nearly 400,000 adults, aged 18 to 84, who took part in the U.S. National Health Interview Survey. Participants were asked how many hours they slept each night.
The findings were published online recently in the journal Sleep.
Dr. James Rowley is division chief of pulmonary, critical care and sleep medicine at Harper University Hospital in Detroit. He said, “It’s alarming that the trends for short sleep duration were worse for blacks and Hispanics.”
These groups are already at increased risk of adverse health outcomes, he noted. Shorter sleep durations in these populations will only compound their problems.
More Americans are not sleeping the recommended seven hours, and this will lead to decreased productivity at school and work, impaired relationships and adverse health effects, Rowley warned.
“Physicians and other health professionals need to be aware of these findings and ask their patients how much sleep they are getting, and then counsel them how to get more sleep,” he suggested.
The National Sleep Foundation offers the following tips for getting a good night’s sleep:
  • Make your bedroom comfortable.
  • Set a regular sleep time.
  • Keep the bedroom dark and cool.
  • Keep smartphones, tablets, TVs out of the bedroom.
  • Exercise daily.
More information
For more on getting enough sleep, visit the National Sleep Foundation.
SOURCES: Jennifer Ailshire, Ph.D., assistant professor, gerontology and sociology, University of Southern California, Los Angeles; James Rowley, M.D., professor, medicine, division chief, pulmonary, critical care and sleep medicine, Harper University Hospital, Detroit; Nov. 17, 2018, Sleep, online