Barclays analyst Geoffrey Meacham upgraded Bristol-Myers Squibb (BMY) to Overweight from Equal Weight and raised his price target for the shares to $55 from $53. The analyst says increased confidence in the Celgene (CELG) acquisition successfully closing makes him more bullish on Bristol-Myers shares. Increased optionality from the Celgene pipeline along with a “differentiated” growth profile and earnings power over the next few years make the combined company attractive at current share levels, Meacham tells investors in a research note.
Friday, May 3, 2019
Incyte downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Geoffrey Meacham downgraded Incyte to Equal Weight from Overweight and lowered his price target for the shares to $82 from $90. With the stock up 27% year-to-date, the analyst does not see enough upside optionality from the company’s graft-versus-host disease opportunity or its early-stage pipeline.
Acceleron downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Geoffrey Meacham downgraded Acceleron Pharma to Equal Weight from Overweight and lowered his price target for the shares to $45 from $54. Market expectations for luspatercept are now priced into the shares, leaving limited room for upside, Meacham tells investors in a research note.
ObsEva reports long-term results from Phase 2b EDELWEISS trial of linzagolix
ObsEva reported follow-up results from the Phase 2b EDELWEISS clinical trial of its oral gonadotropin releasing hormone receptor antagonist, linzagolix, for the treatment of endometriosis-associated pelvic pain. These new data include 28-week extension study treatment (52 weeks of continuous treatment), as well as the 24-week post treatment follow-up results for patients who did not enter the extension study after completing the initial 24-week treatment period. “We are pleased to report long-term data from the EDELWEISS trial of linzagolix, which show that in patients treated with linzagolix for 52 weeks, pelvic pain response rates are maintained with the 75mg or the 200mg dose. Bone mineral density remains within safe limits. Patients that were followed for 6 months after treatment completion continue to experience pain control, and showed BMD increase,” said Ernest Loumaye, Co-Founder and CEO of ObsEva. “These data further support the long term therapeutic potential of linzagolix and support the currently starting Phase 3 program for the endometriosis indication, as we anticipate initial Phase 3 clinical results later this year from the trial in uterine fibroids.”
Planet Fitness earnings selloff a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Peter Keith recommends buying shares of Planet Fitness on today’s post-earnings selloff. Comp growth remained 10% and margins saw nice expansion, Keith tells investors in a research note. The analyst views the maintained annual guidance as conservative and reiterates an Overweight rating on the shares with an $84 price target. He continues to see ~30% earnings growth for Planet Fitness thought at least 2020.
Abiomed price target lowered to $340 from $450 at SunTrust
SunTrust analyst Bruce Nudell lowered his price target on Abiomed to $340 after its Q4 revenue miss and below-consensus initial top-line forecasts for FY20. The analyst maintains his Buy rating however and calls the stock a “unique investment opportunity” with a bullish view about the prospects for its “temporary mechanical circulatory support” system.
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