H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Acorda Therapeutics to $33 saying FDA approval for the company’s lead clinical candidate Inbrija bodes well for 2019. The label does not appear to contain any overly onerous restrictions, Selvaraju tells investors in a research note. He reiterates a Buy rating on Acorda.
Friday, January 4, 2019
Chembio Diagnostics initiated at Canaccord
Chembio Diagnostics initiated with a Buy at Canaccord. Canaccord analyst Mark Massaro initiated Chembio Diagnostics with a Buy rating as he believes it is an underappreciated player in the very attractive point-of-care diagnostics space. The analyst said Chembio has best-in-class test accuracy and he likes its third party partnerships model. He also believes it can increase U.S. market share and make an even greater impact outside of the United States. Massaro has a $9 price target on Chembio Diagnostics shares.
Herbalife Nutrition initiated at Argus
Herbalife Nutrition resumed with a Buy at Argus. Argus analyst John Staszak resumed Herbalife Nutrition with a Buy rating and a price target of $72, saying the company stands to benefit from “increased consumer interest in overall health and fitness, rather than just weight-loss products.” The analyst is positive on the company’s efforts to expand its product portfolio in capitalizing on that trend and relying more on coaching and educational programs to boost sales. Staszak further states that Herbalife’s 2016 settlement with the FTC has likely resolved most of its legal and regulatory hurdles.
Illumina, Exact Science among top Diagnostics picks for 2019 at Canaccord
Canaccord analyst Mark Massaro introduced his top picks for 2019 in the Diagnostics and Tools space as he expects new tests will generate clinical and economic utility to patients and payors, which will pace positive returns in 2019. His top picks include Illumina (ILMN) with a $375 price target, Exact Sciences (EXAS) with an $87 price target, Heska (HSKA) with a $123 target, Natera (NTRA) with a $25 target, OraSure (OSUR) with an $18 target and Quidel (QDEL) with a $70 price target.
Blueprint Medicines announces ‘2020 Blueprint’ global business strategy
Blueprint Medicines announced “2020 Blueprint,” a two-year strategy to launch Blueprint Medicines’ global commercial business. Under this strategy, by the end of 2020, the company expects to have two marketed products and at least four additional marketing applications pending in the United States and Europe. In addition, Blueprint Medicines today announced recent milestones and key goals through 2020 across its differentiated portfolio of investigational precision therapies. The “2020 Blueprint” strategy establishes a path to transform Blueprint Medicines into a global commercial enterprise focused on delivering a portfolio of precision therapies to patients with cancer and rare diseases. Under this strategy, Blueprint Medicines anticipates achieving the following by the end of 2020: 2 marketed products in the United States and 1 marketed product in Europe; 4 additional marketing applications pending in the United States and Europe; 6 therapeutic candidates in global clinical development; 8 research programs that leverage strategic areas of focus.
Rhythm Pharmaceuticals updates clinical data from setmelanotide trial
Rhythm Pharmaceuticals announced updated clinical data from two adolescent patients in its Phase 2 basket studies evaluating setmelanotide for the treatment of BBS who previously had only short-term results. Data is now available for 47 and 41 weeks of treatment. These two patients have lost 11.2% and 15.5% of their body weight and experienced hunger score reductions of 66% and 21%, respectively. Treatment with setmelanotide continues to be well tolerated and safety data were consistent with previous clinical studies. In total, six out of nine BBS patients enrolled in the Phase 2 basket studies have now achieved a clinically meaningful weight loss of 10% change from baseline, which is the primary endpoint for the company’s pivotal Phase 3 clinical trial, and, as previously reported, one additional patient with Type-1 diabetes responded with marked improvements in hunger score and blood sugar levels. In December 2018, Rhythm began treating patients in a combined pivotal Phase 3 clinical trial evaluating setmelanotide in BBS and Alstrom Syndrome and expects to complete pivotal enrollment of at least 20 patients with BBS and at least six patients with Alstrom Syndrome in the second half of 2019.
Arcus Biosciences’ chief financial and operating officer Jarrett steps down
Arcus Biosciences announced that Jennifer Jarrett will step down as the company’s Chief Financial and Operating Officer, effective January 11, 2019, to pursue an opportunity at a privately-held transportation and technology company. Jarrett will remain actively engaged with the company and has been appointed to Arcus’s Board of Directors commencing January 12, 2019. Jarrett and the company have also entered into a consulting agreement that will ensure a seamless transition.
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