Citi analyst Ralph Giacobbe opened a “Positive Catalyst Watch” on Acadia Healthcare following headlines suggesting the company is seeking a sale of its U.K. business, and specifically the Priory assets for $1.3B. The analyst sees “some optionality,” whether it is an outright sale of Priory or select asset sales in the region. He keeps a Buy rating on the shares.
Tuesday, April 23, 2019
Medidata downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Jamie Stockton downgraded Medidata (MDSO) to Market Perform from Outperform, with a $90 price target. The analyst notes Bloomberg reported over the weekend that Dassault Systemes (DASTY) was in preliminary discussions to acquire the company, which likely drove Monday’s strong move in Medidata’s shares. Given a moderately slowing organic growth rate and a lack of significant insider selling in 2018-2019 by the CEO and President, Medidata pursuing a takeout makes sense, Stockton contends. However, the analyst believes that a deal with Dassault sounds like it could be months away if ever. Further, while an acquirer might be willing to pay a premium for the rich set of clinical trial data Medidata has spent years gathering and curating, he believes this is “a good place to move to the sideline.”
UnitedHealth preferred lab launch a long-term plus for Invitae: Benchmark
Benchmark analyst Bruce Jackson noted that UnitedHealthcare (UNH) plans to launch a Preferred Laboratory Network to include Invitae (NVTA), which he views as a long-term positive for the latter and “another building block for Invitae’s strategy to make genetic testing more widely available and more easily reimbursed.” Other labs named to the preferred network include LabCorp (LH), Quest Diagnostics (DGX), and BioReference and GeneDx, which are both part of Opko (OPK), the analyst noted. UnitedHealthcare’s current network includes NeoGenomics (NEO) and he doesn’t anticipate any impact to NeoGenomics from the preferred network launch, added Jackson.
Trovagene announces preclinical data evaluating onvansertib with venetoclax
Trovagene (TROV) announced preclinical data that evaluated the effect of combining onvansertib with venetoclax in an AML cell model known to be resistant to venetoclax, or Venclexta of AbbVie (ABBV). This combination demonstrated synergy with a significant decrease in tumor cell viability. This data further supports Trovagene’s ongoing onvansertib clinical development program in patients with relapsed/refractory AML, for which there are limited treatment options and the prognosis is poor. The Company is currently conducting a Phase 1b/2 open-label clinical trial of onvansertib in combination with standard-of-care chemotherapy in patients with relapsed or refractory AML at nine sites across the U.S. and recently presented encouraging safety and preliminary efficacy data at the American Association for Clinical Research conference.
AtriCure enrolls first patient in DEEP IDE trial restart
AtriCure announced the restart of the Dual Epicardial and Endocardial Procedure, or DEEP, clinical trial. Following approval by the FDA to restart the trial and enroll an additional 40 subjects, which was granted in December 2018, the first patient was treated by a team led by Professor Mark La Meir and Professor Carlo de Asmundis at Universitair Ziekenhuis Brussels, Belgium. “The DEEP trial is a prospective, multicenter, single arm, investigational device exempt, or IDE, study to evaluate the safety and efficacy of the DEEP procedure in treating persistent and long-standing persistent atrial fibrillation. The DEEP procedure utilizes the specialized skills of both the cardiac surgeon and electrophysiologist, or EP, for more severe cases of Afib, which have historically been the most difficult patients to treat. Up to 220 patients will be enrolled at up to 30 hospitals. Currently, 48 patients have been treated in the trial.”
Akari Therapeutics announces Phase 2 data from BP patients
Akari Therapeutics announced initial Phase 2 clinical data from the first three of bullous pemphigoid, or BP, patients in an ongoing clinical trial. Bullous pemphigoid is an orphan inflammatory skin disease currently treated primarily with steroids and immunosuppressants which bring with them well known side effects. Treatment response and steroid potency varies significantly based on the severity of the disease, although flares and relapses frequently occur. In patients with bullous pemphigoid there is evidence that both terminal complement activation, or C5, and the lipid mediator leukotriene B4, or LTB4, have a central role in driving the disease. Ex vivo data, from a recent study at Lubeck University, in BP patients showed a pronounced accumulation of LTB4 and C5 and its activation products in the inflamed skin of bullous pemphigoid disease patients. The Phase 2 trial for up to nine mild-to-moderate bullous pemphigoid patients is a six-week open-label single-arm study evaluating safety and with the main efficacy measure the Bullous Pemphigoid Disease Area Index, or BPDAI, a frequently used evaluation of the extent and severity of the disease. Initial results from the first three patients showed that Nomacopan, dosed daily subcutaneously, was well tolerated in three elderly patients and that there were no drug-related adverse events. Prior to treatment with Nomacopan, two out of the three patients were already on topical corticosteroids while a third was naive to steroid treatment. Steroids were reduced at weekly intervals so that by day 21 both patients were only treated with Nomacopan. In the 7-11-day period prior to initiation on Nomacopan, the two patients on steroids showed either no or minor improvement in their BPDAI global score and no improvement in blisters. By Day 7, 21 and 42 of treatment with Nomacopan, the BPDAI global score fell by a mean of 31%, 45% and 52%, respectively. By Day 7, 21 and day 42 of treatment with Nomacopan, blisters/erosions dropped by a mean of 45%, 75% and 87%, respectively.
BlackRock won’t support Bayer’s management at AGM
BlackRock (BLK) won’t support Bayer’s (BAYRY) management at its annual general meeting on Friday in a key vote, Reuters’ Simon Jessop and Ludwig Burger report, citing two sources. BlackRock, whose latest filings show owns 7.2% of Bayer’s voting rights, plans to either abstain from or vote against ratifying the management board’s actions during the year under review, the sources say.
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