Cytokinetics (NASDAQ:CYTK)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday, The Fly reports. They currently have a $20.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $14.00.
Friday, September 6, 2019
Boston’s Seaport District poised to break out as second-largest lab cluster in Mass.
As Greater Boston further cements itself as the global epicenter of life sciences research, developers are trying to keep up with demand. Not surprisingly, the region has once again topped the list of premier life sciences clusters in the U.S according to JLL’s eighth annual Life Sciences Outlook. Finding lab space, however, remains a key challenge with developers unable to build new space quickly enough and vacancy rates getting lower and lower.
“Finding space for growth in these top life sciences clusters is getting more and more difficult,” said JLL director of life sciences research Lisa Strope. “Even with over 3.3 million s/f of new construction under way in Boston, there is no end in sight. Additionally, we’re continuing to see the blurring of boundaries of the traditional cluster.”
The Greater Boston life sciences cluster has long been dominated by Cambridge, but with rising real estate costs and low availability, other Boston neighborhoods are continuing to dominate lab leasing and development activity. New class A asking rents in Kendall Sq. have topped $100 NNN per s/f for the first time ever, while asking rents in West Cambridge are also reaching all-times high at above $70 NNN. Coupled with less than a 1% vacancy in the market, lab companies are increasingly looking to the suburbs and Seaport District as in-demand locations.
“The Seaport is arguably one of the hottest new urban lab clusters,” said JLL managing director and life sciences brokerage lead Don Domoretsky. “We’re seeing developers heavily invest in both future lab and mixed-use sites around the neighborhood. Although the current market is only about 1.7 million s/f, the proposed development pipeline of about 3 million s/f could make the Seaport the second-biggest lab cluster behind Kendall Square within a few years.”
Quickly becoming one of Boston’s most innovative and growing neighborhoods, the Seaport is already home to quite a few notable life science developments, including Innovation Square’s (iSQ) 385,000 s/f campus. With Phase I of iSQ completed earlier this summer, Phase II has already broke ground and will include 260,000 s/f of LLED certified state-of-the-art lab, amenity, retail and green space.
Other proposed projects include Related Beal’s 6.5-acre future mixed-use site that could accommodate more than 1 million s/f of office, multifamily and lab. Additionally, Tishman Speyer announced plans for a 245,000 s/f speculative lab building on the A St. corridor that will replace an existing flex warehouse building.
Although Greater Boston has maintained its ranking as the #1 life sciences cluster for eight consecutive years, San Francisco remains eagerly right behind. With fast growing clusters like Denver and Raleigh-Durham uniquely positioned for growth with some of the highest vacancy rates, Boston needs to continue finding emerging clusters within its neighborhoods and suburbs to maintain its top spot in the nation.
JLL’s annual Life Sciences Outlook tracks geographic shifts in life sciences innovation, operations and facilities investments, including an analysis of markets actively investing in their life sciences sectors. It includes a ranking of the top U.S. life sciences clusters, as well as an analysis of global trends.
Key events next week – healthcare
Noteworthy events during the week of September 8 – 14 for healthcare investors.
SUNDAY (9/8): International Congress on Porphyrins and Porphyria, Milan (4 days). Alnylam Pharmaceuticals (NASDAQ:ALNY): Data on givosiran from Phase 3 ENVISION study and Phase 1/2 extension studies in AHP.
MONDAY (9/9): Morgan Stanley Global Healthcare Conference, NYC (3 days).
Janney Montgomery Scott Healthcare Conference, NYC (2 days).
H.C. Wainwright Healthcare Conference, NYC (2 days).
TUESDAY (9/10): ECTRIMS, Stockholm (5 days). Johnson & Johnson (NYSE:JNJ): Data from Phase 3 OPTIMUM study of ponesimod in relapsing MS. Merck KGaA (OTCPK:MKGAY) unit EMD Serono: 39 abstracts. Alexion Pharmaceuticals (NASDAQ:ALXN): Phase 3 data on Soliris in NMOSD. Roche (OTCQX:RHHBY): Satralizumab in neuromyelitis optica spectrum disorder, six-year Ocrevus data in MS.
CAR-TCR Summit, Boston (4 days).
FDA action date for Xeris Pharmaceuticals‘ (NASDAQ:XERS) glucagon rescue pen.
DaVita (NYSE:DVA): Capital Markets Day, NYC.
International Cannabinoid-Derived Pharmaceuticals Summit, Boston (3 days). InMed Pharmaceuticals (OTCQX:IMLFF): Participation in two panels.
WEDNESDAY (9/11): Society of Hematologic Oncology Annual Meeting, Houston, TX (4 days). Verastem (NASDAQ:VSTM): Copiktra data.
THURSDAY (9/12): Moderna (NASDAQ:MRNA): R&D Day, NYC.
FDA action date for Ardelyx‘s (NASDAQ:ARDX) tenapanor for IBS-C.
International Myeloma Workshop, Boston (4 days). Cellectar Biosciences (NASDAQ:CLRB): Phase 1 data on CLR 131 in MM.
FRIDAY (9/13): FDA advisory committee meeting on Aimmune Therapeutics’ (NASDAQ:AIMT) AR101 for peanut allergy.
Novo Nordisk to cut insulin prices for some U.S. diabetics
Novo Nordisk said on Friday it would offer cheaper insulin to some U.S. diabetics in response to intense criticism over the high price of the medication and following similar moves by rivals Sanofi and Eli Lilly.
The new offerings include a new generic version of the Danish drugmaker’s most prescribed insulin drug Novolog, which will be priced at a 50% discount compared to the current list price, the company said in a statement.
Hearing aids can cut older people’s risk of dementia, depression and falls
One small device can make a big difference in the lives of older people, but few of them get the helpful gadget, a new study suggests.
People age 66 and older who got a hearing aid shortly after being diagnosed with hearing loss were less likely to receive a first-time diagnosis of dementia or depression, or be injured by a fall, in the following three years, a study published Thursday by the Journal of the American Geriatrics Society found.
Researchers from the University of Michigan examined insurance data from nearly 115,000 Michigan residents whose insurance covered part of the cost of hearing aids. People who got hearing aids had an 18% lower risk of being diagnosed with dementia, including Alzheimer’s disease, within three years of their hearing loss diagnosis, the study found. The risk of a depression diagnosis was 11% lower and the risk of being injured in a fall was 13% lower.
“Though hearing aids can’t be said to prevent these conditions, a delay in the onset of dementia, depression and anxiety, and the risk of serious falls, could be significant both for the patient and for the costs to the Medicare system,” said Elham Mahmoudi, a University of Michigan health economist who led the study.
People with hearing loss may have higher rates of dementia, depression and fall injuries for a variety of reasons, the researchers said, including diminished social interaction, loss of balance and less brain stimulation.
Though their insurance covered part of the cost, only 12% of the people in the Michigan study got hearing aids after they were diagnosed with hearing loss. People wait an average of 10 years to address their hearing loss, sometimes because they don’t like the way hearing aids look or don’t want to feel “old,” according to Johns Hopkins Medicine.
Cost is another barrier, but could become less of an obstacle next year when over-the-counter hearing aids will become available under a law passed in 2017. The OTC hearing aids are expected to be cheaper, but they’re only designed to help mild or moderate hearing loss, according to the AARP.
Medicare, the government insurance program for people 65 and older, doesn’t pay for hearing aids, which run between $1,000 and $4,000 for one, according to the Hearing Industry Association, the trade group for hearing aid manufacturers.
The Michigan study found disparities in who was more likely to get a hearing aid: 13.3% of men with hearing loss received them, compared to 11.3% of women. Only 6.5% of people of Latino heritage got a hearing aid, versus 9.8% of African-Americans and 13.6% of whites.
The study builds on previous research that has identified a link, though not necessarily a causal one, between hearing loss and dementia.
Hearing loss affects people’s relationships, their overall physical health, and even their earning power: People with “unaided” hearing loss earned on average $20,000 less annually than those who used hearing aids or cochlear implants, according to the Hearing Loss Association of America.
Alnylam readies webcast series on pipeline programs
Alnylam Pharmaceuticals (NASDAQ:ALNY) will host its 6th annual series of “RNAi Roundtable” webcasts in the next few weeks. Company scientists, program leaders and clinical collaborators will present recent developments in certain of their late-stage pipeline programs.
September 16 at 1:00 pm ET: Patisiran & Vutrisiran in Transthyretin-Mediated Amyloidosis.
October 7 at 9:30 am ET: Givosiran in Acute Hepatic Porphyria.
October 10 at 11:30 am ET: Lumasiran in Primary Hyperoxaluria Type 1.
Interested persons can visit the Capella section of the company’s website for the latest info.
Premarket analyst action, Sept. 6
Durect (NASDAQ:DRRX) initiated with Overweight rating and $5 (201% upside) price target at Cantor Fitzgerald.
Ekso Bionics Holdings (NASDAQ:EKSO) initiated with Overweight rating and $1 (79% upside) price target at Cantor. Shares up 6% premarket.
Kadmon Holdings (NYSE:KDMN) initiated with Overweight rating and $8 (223% upside) price target at Cantor.
Regulus Therapeutics (NASDAQ:RGLS) initiated with Buy rating and $2 (233% upside) price target at H.C. Wainwright.
Corcept Therapeutics (NASDAQ:CORT) initiated with Buy rating and $18 (43% upside) price target at H.C. Wainwright.
Encompass Health (NYSE:EHC) upgraded to Buy with a $73 (20% upside) price target at BofA Merrill Lynch.
Aclaris Therapeutics (NASDAQ:ACRS) downgraded to Market Perform at JMP Securities.
MEDNAX (NYSE:MD) downgraded to Underperform with a $9 (59% downside risk) price target at BofA Merrill Lynch.
Zafgen (NASDAQ:ZFGN) downgraded to Neutral with a $0.78 (11% upside) price target at Wedbush.
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