JMP Securities analyst David Turkaly noted a few negative takeaways from Nuvectra’s Q1 earnings call, foremost among them being news that the FDA has requested additional information as part of the pending PMA application for approval of its Virtis sacral nerve stimulation product and will collect supplementary data on the biocompatibility of the device’s leads. While he believes Nuvectra shares are already trading at a depressed valuation and keeps an Outperform rating on the stock, Turkaly lowered his price target on shares to $18 to reflect the extended timeline on Virtis and his lowered 2020 sales estimate.
Thursday, May 2, 2019
Alcon initiated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic started coverage of Alcon (ALC) with an Outperform rating and a $66 price target. Recently spun off from parent Novartis (NVS), Alcon is now positioned to deliver improving growth and margins, the analyst contends. Miksic believes the key to the Alcon investment case is the opportunity to increase revenue growth and margins through expanded market share and its leadership positions in cataract, retinal surgery, contact lenses and consumer eye care.
Humana price target lowered to $315 from $352 at Credit Suisse
Credit Suisse analyst A.J. Rice lowered his price target for Humana to $315 from $352 following quarterly results given macro noise. The analyst reiterates an Outperform rating on the shares.
Valrox could become BioMarin’s largest product, says Jefferies
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.
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.
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