So-Young (SY) priced 13M shares at $13.80, at the high-end of the $11.80-$13.80 range. Deutsche Bank and Buy, Hold, Sell acted as joint book running managers for the offering.
Thursday, May 2, 2019
Abiomed should be bought after ‘surprising’ miss, says Piper Jaffray
Piper Jaffray analyst Matt O’Brien lowered his price target for Abiomed to $320 from $480 following the company’s “surprising” Q4 miss and reduced outlook. The analyst, still believes in the company and is a buyer of the stock with an unchanged Overweight rating. Abiomed in early trading is down 7%, or $20.47, to $256.60. The primary cause of the shortfall was weakness in the company’s protected PCI business, which was negatively impacted by the FDA’s cautionary letter to clinicians on Impella RP, O’Brien tells investors in a research note. The analyst, however, believes the totality of “compelling” clinical data will improve utilization of this patient population going forward. He encourages investors to buy the stock on today’s weakness.
Amedisys falls 5% to $112.04 after Citron puts $50 target on shares
Andrew Left’s Citron Research put a $50 price target on shares of Amedisys (AMED) in a new report posted on its website. The stock in midday trading is down 6%, or $6.49, to $113.40. Wall Street has ignored the structural change that is occurring in the company’s business model, Citron writes. Between patient-driven groupings model, Medicare Advantage and lower hospice reimbursements, “EVERYTHING has changed,” says the firm best known for short selling the names it covers. The firm believes that “hospice fraud has been widespread for years” at the company. Citron calls Amedisys the “most vulnerable name in healthcare.”
Health Insurance Innovations stock looks ‘broken,’ says Raymond James
Raymond James analyst C. Gregory Peters keeps an Outperform rating on Health Insurance Innovations shares, but said he fears the stock “appears to be broken” and could see additional weakness as broker-dealers have to short more shares to keep their books neutral if the stock continues to slide. While he does not believe that legislation introduced in the House of Representatives to prevent the enforcement of a recent regulation aimed at increasing the number of people with short-term limited duration insurance will see action in the Senate, Peters acknowledges the overhang that the bill has been on Health Insurance Innovations shares.
Agios Pharmaceuticals announces FDA approval of sNDA for TIBSOVO
Agios Pharmaceuticals announced the U.S. Food and Drug Administration approved a supplemental New Drug Application to update the U.S. Prescribing Information for TIBSOVO, an isocitrate dehydrogenase-1 inhibitor, to include adult patients with newly diagnosed acute myeloid leukemia with a susceptible IDH1 mutation as detected by an FDA-approved test who are greater than or equal to 75 years old or who have comorbidities that preclude use of intensive induction chemotherapy. The sNDA was granted Priority Review and accepted under the FDA’s Real-Time Oncology Review pilot program, which aims to make the review of oncology drugs more efficient by allowing the FDA access to clinical trial data before the information is formally submitted to the agency. TIBS7OVO received initial FDA approval in July 2018 for adult patients with relapsed or refractory AML and an IDH1 mutation.
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