Apellis Pharmaceuticals (NASDAQ:APLS): Q3 GAAP EPS of -$1.10 misses by $0.09.
Cash and cash equivalents of $434M.
Tuesday, November 5, 2019
Allergan Q3 revenues up 3%, non-GAAP EPS flat
Allergan (NYSE:AGN) Q3 results:
Revenues: $4,050.7M (+3.4%).
Key product sales: Botox: $928.7M (+5.6%); Restasis: $296.0M (-5.0%); Juvederm: $279.5M (+5.2%); Vraylar: $234.6M (+70.0%); Linzess/Constella: $221.4M (+5.2%).
Net loss: ($786.8M) (-999%); non-GAAP net income: $1,405.0M (-3.3%); loss/share: ($2.40) (-999%); non-GAAP EPS: $4.25 (flat); non-GAAP EBITDA: $1,864.9M (-7.1%).
Cash flow ops: $2,924.1M (+102.6%).
2019 guidance: Revenues: $15.625B – 15.825B from $15.425B – 15.625B; EPS: >($14.98) from >($12.03); non-GAAP EPS: >$16.55 (unch); cash flow ops: $6.0B – 6.5B from $5.0B – 5.5B.
Merger with AbbVie expected to close in Q1 2020.
Shares up 1% premarket on light volume.
Inovio up 20% on positive INO-5401 data
Inovio Pharmaceuticals (INO +19.7%) is up out the gate in response to positive preliminary results from a Phase 2 clinical trial evaluating T-cell-activating immunotherapy INO-5401, combined with Regeneron and Sanofi’s Libtayo (cemiplimab-rwlc), in newly diagnosed patients with glioblastoma multiforme (GBM). The data will be presented later this week at the SITC Annual Meeting in National Harbor, MD.
At month 6, 80% (n=16/20) of MGMT gene promoter methylated patients and 75% (n=24/32) of unmethylated patients were progression-free, substantially exceeding historial standard-of-care data.
Month 12 and 18 results will be reported next year.
Vericel EPS beats by $0.09, beats on revenue
Vericel (NASDAQ:VCEL): Q3 GAAP EPS of $0.07 beats by $0.09.
Revenue of $30.5M (+35.7% Y/Y) beats by $3.66M.
Myriad Genetics down 35% premarket after ugly FQ1
Myriad Genetics (NASDAQ:MYGN) fiscal Q1 results:
Revenue: $186.3M (-7.9%); molecular diagnostic testing: $172.0M (-9.0%); hereditary cancer testing: $104.5M (-11.1%).
Results negatively impacted by deletion of historical hereditary cancer CPT codes.
Net loss: ($20.6M) (-999%); non-GAAP net income: $5.8M (-82.3%); loss/share:($0.28) (-999%); non-GAAP EPS: $0.08 (-81.4%).
Cash flow ops: $15.8M (+102.6%).
Fiscal Q2 guidance: Revenue: $210M – 212M; EPS: ($0.02) – 0.00; non-GAAP EPS: $0.30 – 0.32.
Fiscal 2020 guidance: Revenue: $800M – 810M; EPS: ($0.25 – 0.15); non-GAAP EPS: $1.00 – 1.10.
Shares down 35% premarket on modestly higher volume.
Previously: Myriad Genetics EPS misses by $0.23, misses on revenue (Nov. 4)
Antares Pharma up 6% premarket on Q3 beat
Antares Pharma (NASDAQ:ATRS) Q3 results:
Revenue: $24.7M (+113%) driven by Xyosted (sales of $7.0M) demand.
Net income: $1.0M (+182%); EPS: $0.01 (+200%).
2019 guidance: Revenue: $115M – 120M from $100M – 110M.
Previously: Antares Pharma EPS beats by $0.03, beats on revenue (Nov. 5)
Premarket analyst action, Nov. 5
Apellis Pharma (NASDAQ:APLS) initiated with Neutral rating and $33 (8% upside) price target at Credit Suisse.
Aphria (NYSE:APHA) initiated with Overweight rating and $C10.40 (55% upside) price target at Cantor Fitzgerald. Shares up 1% premarket.
Argenx (NASDAQ:ARGX) initiated with Neutral rating and $137 (7% upside) price target at Credit Suisse. Shares down 1% premarket.
Aurora Cannabis (NYSE:ACB) initiated with Neutral rating and C$5.10 (8% upside) price target at Cantor.
BioNTech (NASDAQ:BNTX) initiated with Buy rating and $25 (32% upside) price target at Berenberg. Shares up 4% premarket.
Burcon NutraScience (OTCPK:BUROF) initiated with Buy rating and C$1.50 (55% upside) price target at Eight Capital. Shares up 4% premarket.
Canopy Growth (NYSE:CGC) initiated with Neutral rating and C$27 (2% upside) price target at Cantor. Shares up 1% premarket.
Hexo Corp. (NYSE:HEXO) initiated with Underweight rating and C$2.40 (12% downside risk) price target at Cantor. Shares down 1% premarket.
OrganiGram Holdings (NASDAQ:OGI) initiated with Overweight rating and C$17.10 (295% upside) price target at Cantor. Shares up 3% premarket.
Vir Biotechnology (NASDAQ:VIR) initiated with Buy rating and $37 (135% upside) price target at Goldman Sachs, Outperform at Cowen and Company, Overweight with $25 target at Barclays, Overweight with $25 target at Morgan JPMorgan. Shares up 6% premarket.
UniQure (NASDAQ:QURE) initiated with Outperform rating and $76 (53% upside) price target at Credit Suisse.
Amgen (NASDAQ:AMGN) upgraded to Overweight with a $255 (19% upside) price target at Cantor.
Fulgent Genetics (NASDAQ:FLGT) upgraded to Overweight at Piper Jaffray. Shares up 18% premarket on Q3 beat.
Halozyme (NASDAQ:HALO) upgraded to Equal Weight with a $16 (4% upside) price target at Barclays. Shares up 2% premarket.
Sientra (NASDAQ:SIEN) upgraded to Outperform at William Blair. Shares up 5% premarket.
Stryker (NYSE:SYK) downgraded to Equal Weight with a $207 (1% upside) price target at Barclays.
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