Thursday, January 24, 2019
ChemoCentryx estimates unchanged after CMA withdrawal at H.C. Wainwright
ChemoCentryx and the Vifor Pharma Group this morning announced their decision to withdrawal the Conditional Marketing Authorization application for avacopan for the treatment of ANCA-associated vasculitis. H.C. Wainwright analyst Edward White viewed the possible CMA approval as a potential upside for shares of ChemoCentryx but did not incorporate it into his models. He continues to anticipate a New Drug Applicaton filing with the FDA in the first half of 2020 and projects revenues of $72M for avacopan in AAV in 2021, growing to $1.4B in 2028. As such, White is making no changes to his estimates or $20 price target following the news and keeps a Buy rating on ChemoCentryx. The stock in morning trading is down 28c to $11.48.
https://thefly.com/landingPageNews.php?id=2853253
Ironwood upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Eric Joseph upgraded Ironwood Pharmaceuticals to Neutral and raised his price target for the shares to $13 from $11.
Incyte upgraded to Outperform from Market Perform at William Blair
William Blair analyst Y. Katherine Xu upgraded Incyte to Outperform saying the company’s pipeline is “finally” moving beyond Epacadostat.
UnitedHealth’s Optum suing former IT executive David Smith
UnitedHealth’s (UNH) Optum unit is suing former information technology executive David Smith for stealing trade secrets and taking them to a firm they consider a direct competitor — Amazon’s (AMZN) new health venture with Berkshire Hathaway (BRK.A) and J.P. Morgan (JPM), CNBC reports. The lawsuit, which was filed last week, maintains that Smith’s new position with the new venture “poses a direct threat to Optum’s trade secrets and other confidential information.”
Vertex shares attractive on today’s weakness, says Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young says shares of Vertex Pharmaceuticals are attractive on today’s selloff following news that COO/interim CFO Ian Smith has been terminated effective immediately due to personal behavior. One person does not affect the “robust clinical evidence that has been generated nor the company’s dominance” in cystic fibrosis, Young tells investors in a research note. Further, she thinks Vertex has a deep bench. Young remains bullish on Vertex’s growth potential and keeps an Overweight rating on the shares with a $217 price target.
Anixa Biosciences subsidiary awarded patent for CAR-T cancer treatment
Anixa Biosciences subsidiary awarded patent for CAR-T cancer treatment Anixa announced that the USPTO has issued a Notice of Allowance for the first patent covering Anixa subsidiary Certainty Therapeutics’ CAR-T cancer treatment technology. The patent is assigned to The Wistar Institute and Anixa Biosciences’ majority-owned subsidiary, Certainty Therapeutics, is the exclusive, world-wide licensee.
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