BioMarin is set to report topline three-year Phase 2 data for hemophilia A gene therapy valrox by June 7, including clotting factor VIII levels, annualized bleeding rate, and factor VIII usage, Jefferies analyst Eun Yang tells investors in a research note. The analyst estimates potential valrox market size at $12B in the U.S. and $10B in Europe. As such, valrox, if efficacy is durable, has the potential to be the largest product for BioMarin, says the analyst. After surveying 26 U.S. hematologists, Yang believes doctors are focused more on the clinically relevant bleeding rate for valrox utilization, in line with BioMarin’s position, versus the Street’s focus on factor VIII levels. If valrox is approved and 10%-30% of patients receive valrox thru 2023, the analyst sees 11%-30% upside to her current price target of $125 for BioMarin shares. She keeps a Buy rating on the name.
Thursday, May 2, 2019
Ligand completes enrollment of Phase 1 clinical trial of CE Iohexol program
Ligand Pharmaceuticals announces completion of enrollment of the Company’s Phase 1 clinical trial of its internal Captisol-enabled, or CE, Iohexol program. The CE-Iohexol program is designed to develop a Captisol-enabled, next-generation contrast agent for diagnostic imaging with a reduced risk of renal toxicity. Ligand also provides below a summary of the findings of a survey of clinicians on radiocontrast agent selection and use.
CVS Health report ‘less exciting’ upon review, says Baird
Baird analyst Eric Coldwell said he believes upon further review that CVS Health’s upside came primarily from a prior period reserve benefit at Aetna and he thinks evidence of long-term challenges continues to mount. In a note entitled “Beat and Raise Less Exciting Upon Further Review,” Coldwell said he thinks the near-term bias for the stock is up, but this report “was not a clearing event.” He keeps a Neutral rating on CVS shares and lowered his price target on the stock to $63 from $68.
So-Young indicated to open at $16.50, IPO priced at $13.80
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.
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.
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