Adaptive Biotechnologies boosts IPO to ~$280M

Adaptive Biotechnologies (ADPT) has increased the size of its planned IPO to 15M common shares (from 12.5M) at $18 – 19 per share (from $15 – 17).

Gross proceeds from the midpoint should be ~$278M with a maximum of ~$328M if priced at $19 and underwriters fully exercise their over-allotments.

https://seekingalpha.com/news/3473921-adaptive-biotechnologies-boosts-ipo-280m

Lyft gets Medicaid approval in Arizona

Arizona has approved Lyft (NASDAQ:LYFT) to become enrolled as a Medicaid provider, which means the rides will be covered for eligible patients traveling to and from medical appointments.

The state recently passed new regulations for non-emergency medical transportation.

The company is actively enrolling and pursuing opportunities in other states. Lyft says Florida and Texas have signed bills into law allowing ride-hailing companies to participate in the Medicaid system.

https://seekingalpha.com/news/3473927-lyft-gets-medicaid-approval-arizona

Investors unmoved with Boston Scientific’s growth plans, shares down 2%

At its Investor Day event in New York today, Boston Scientific (BSX -1.9%) presented its plans for long-term growth. Key points:

Plans to launch ~75 new products by 2022. Also by then, moderate/high-growth markets should represent ~80% of sales.

6 – 9% targeted compound annual revenue growth rate for 2020 – 2022. Double-digit non-GAAP EPS growth with 50-100 basis point improvement per year in operating margin for the years 2019 – 2022.

Strong non-GAAP free cash flow to be maintained.

https://seekingalpha.com/news/3473942-investors-unmoved-boston-scientifics-growth-plans-shares-2-percent

Healthcare stocks under pressure ahead of Dem debate

Medical stocks are largely in the red in early trade, extending their near-term selloff ahead to tonight’s first debate between Democratic presidential hopefuls in Miami. All have proposed various schemes for extending healthcare coverage and corralling drug price increases.

Selected tickers: Health Care Select Sector SPDR ETF (XLV -1.2%), Vanguard Health Care ETF (VHT -1.3%), Abbott (ABT -1.3%), AstraZeneca (AZN -1.3%), Bristol-Myers Squibb (BMY -0.8%), GlaxoSmithKline (GSK-1%), Johnson & Johnson (JNJ -2%), Eli Lilly (LLY -2.9%), Novo Nordisk (NVO -0.5%), Novartis (NVS -1.2%), Pfizer (PFE -1.5%), Amgen (AMGN-0.5%), Biogen (BIIB -1.5%), Gilead Sciences (GILD -2%), Vertex Pharmaceuticals (VRTX -0.9%), Nektar Therapeutics (NKTR -3.3%), Regeneron Pharmaceuticals (REGN -1.9%), Incyte (INCY -1.5%), Sage Therapeutics (SAGE -1.2%), UnitedHealth Group (UNH -1.1%), Cardinal Health (CAH -0.2%), McKesson (MCK -1.2%), AmerisourceBergen (ABC-0.6%), Tenet Healthcare (THC -1.8%), HCA (HCA -1.5%), Humana (HUM-0.2%)

https://seekingalpha.com/news/3473947-healthcare-stocks-pressure-ahead-dem-debate

OncoCyte not quite there with DetermaVu validation study; shares down 41%

Thinly traded micro cap OncoCyte (OCX -40.6%) slumps on more than a 6x surge in volume in response to its announcement that it will need additional time to complete its CLIA validation study for its lung cancer liquid biopsy test DetermaVu.

The company needs to complete the study before offering the testing service to commercial customers. It originally planned to launch the it “mid-year.”

https://seekingalpha.com/news/3473971-oncocyte-quite-determavu-validation-study-shares-41-percent

Ascendis down 7% after R&D update

Ascendis Pharma A/S (ASND -6.8%) is down on almost triple normal volume as its R&D Day event in New York winds down with a Q&A session.

Developing…

Update: Shares are down 10% approaching the close as investors appear to be reacting to additional data from the fliGHT and heiGHT studies comparing TransCon hGH to Genotropin.

Slide presentation

https://seekingalpha.com/news/3474010-ascendis-7-percent-r-and-d-update

FDA OKs new use for Regeneron and Sanofi’s Dupixent

Regeneron Pharmaceuticals (REGN -2.3%) and commercialization partner Sanofi (SNY -0.6%) announce the FDA nod for Dupixent (dupilumab) for the treatment of adults with uncontrolled chronic rhinosinusitis with nasal polyposis. The agency assessed the application under Priority Review status.

The FDA first approved the IL-4 receptor alpha antagonist in May 2017 for eczema, followed by approvals for asthma in October 2018 and atopic dermatitis in March of this year.

https://seekingalpha.com/news/3474024-fda-oks-new-use-regeneron-sanofis-dupixent