BridgeBio (BBIO) has filed a preliminary prospectus for an IPO of 20M common shares at $14 – 16, valued at $300M at the midpoint.
In May, it filed for a $225M IPO.
Wednesday, June 26, 2019
Leerink upgrades AbbVie
Baxter International (NYSE:BAX) initiated with Sector Weight rating at KeyBanc.
Kadmon Holdings (NYSE:KDMN) initiated with Outperform rating and $6 (264% upside) price target at Oppenheimer.
Matinas BioPharma Holdings (NYSEMKT:MTNB) initiated with Buy rating and $4 (398% upside) pride target at H.C. Wainwright.
Acasti Pharma (NASDAQ:ACST) initiated with Buy rating and $6 (471% upside) price target at H.C. Wainwright. Shares up 7% premarket.
Rubius Therapeutics (NASDAQ:RUBY) initiated with Buy rating and $40 (174% upside) price target at H.C. Wainwright.
Denali Therapeutics (NASDAQ:DNLI) initiated with Buy rating and $28 (39% upside) price target at H.C. Wainwright.
Eiger BioPharmaceuticals (NASDAQ:EIGR) initiated with Buy rating and $22 (105% upside) price target at Citigroup.
Titan Pharmaceuticals (NASDAQ:TTNP) initiated with Buy rating and $4 (178% upside) price target at Maxim Group.
AbbVie (NYSE:ABBV) upgraded to Outperform with an $88 (40% upside) price target at SVB Leerink. Shares up 1% premarket.
AbbVie to secure $38B bridge loan for Allergan transaction
Bloomberg reports that AbbVie (NYSE:ABBV) intends to syndicate a $38B 364-day bridge loan for its acquisition of Allergan (NYSE:AGN).
Both stocks are up 1% premarket on light volume.
Update: AbbVie’s bond offering to finance the transaction could reach $30B according to CreditSights, the fourth largest U.S. dollar-denominated debt deal of all time.
Anthem on board with Teleflex UroLift device
Anthem, one of the leading health insurance providers is now coveringTeleflex’s (NYSE:TFX) UroLift System, a minimally invasive treatment for men with benign prostatic hyperplasia (BPH).
With the announcement of this new coverage, all independent licensees of the Blue Cross Blue Shield Association now allow members access to the UroLift System treatment for enlarged prostate.
UroLift is a device that is placed in the urethra to hold the prostate lobes apart to improve urine flow.
Craig-Hallum hits Care.com sidelines
Craig-Hallum downgrades Care.com (NYSE:CRCM) from Buy to Hold and cuts the target from $18 to $15, a 7% upside.
CRCM shares are flat pre-market at $14.09.
Recent news: Yesterday, Care.com reported that CFO Michael Echenberg will resign, effective August 30.
Care.com has an Outperform average Sell Side rating.
Inovio completes enrollment in late-stage of VGX-3100 in HPV
Inovio Pharmaceuticals (NASDAQ:INO) has completed target enrollment of 198 participants for its Phase 3 registration trial (“REVEAL 1”) of VGX-3100, a DNA-based immunotherapy being tested to treat cervical dysplasia caused by human papillomavirus (HPV).
A confirmatory Phase 3 trial (REVEAL 2) is currently enrolling with FDA submission expected in 2021.
The primary endpoint of the Phase 3 study is regression of cervical HSIL and virologic clearance of HPV 16 and/or HPV 18 in the cervix.
The studies will evaluate cervical tissue changes at approx. 9 months after beginning a three dose regimen administered at months 0, 1, and 3.
Shares are up 5% premarket.
Titan Pharma up 16% premarket on European nod for buprenorphine implant
Thinly traded nano cap Titan Pharmaceuticals (NASDAQ:TTNP) is up 16% premarket in reaction to European Commission approval of Sixmo-buprenorphine implant for the substitution treatment of opioid dependence in clinically stable adult patients who require no more than 8 mg/day of sublingual buprenorphine as part of overall medical, social and psychological treatment.
Italian firm Molteni & C. dei F.lli Alitti Società di Esercizio S.p.A. owns commercialization rights in Europe, certain Commonwealth of Independent States, the Middle East and North Africa.
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