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Friday, November 8, 2019

Premarket analyst action, Nov. 8

CdbMD (NYSEMKT:YCBD) initiated with Neutral rating and $3.40 (15% downside risk) price target at Cantor Fitzgerald.
CV Sciences (OTCQB:CVSI) initiated with Overweight rating and $4.20 (177% upside) price target at Cantor.
Portola Pharmaceuticals (NASDAQ:PTLA) resumed with Neutral rating and $35 (23% upside) price target at Goldman Sachs.
U.S. Physical Therapy (NYSE:USPH) upgraded to Outperform with a $130 (9% upside) price target at Barrington Research.
Atara Biotherapeutics (NASDAQ:ATRA) downgraded to Neutral with a $22 (63% upside) price target at JPMorgan.
Medifast (NYSE:MED) downgraded to Neutral with a $74 (27% downside risk) price target at DA Davidson. Shares down 28% premarket after Q3 miss and guidance cut.
ObsEva (NASDAQ:OBSV) downgraded to Neutral with a $4 (42% upside) price target at Credit Suisse. Shares up 17% premarket.
Ra Pharmaceuticals (NASDAQ:RARX) downgraded to Hold with a $48 (3% upside) price target at Stifel. Downgraded to Neutral with a $48 target at Guggenheim.
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Guardant Health up 11% premarket on Q3 beat, guidance boost

Guardant Health (NASDAQ:GH) is up 11% premarket on light volume following its Q3 results released after the close yesterday. Highlights:
Revenue: $60.8M (+180%).
Net loss: ($12.8M) (+48%); loss/share: ($0.14) (+93%).
13,259 (+89%) tests reported to clinical customers, 5,280 (+111%) to biopharma customers.
2019 guidance: Revenue: $202M – 207M from $180M – 190M.
Previously: Guardant Health EPS beats by $0.23, beats on revenue (Nov. 7)
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BioSpecifics Tech EPS beats by $0.10, beats on revenue

BioSpecifics Tech (NASDAQ:BSTC): Q3 GAAP EPS of $0.85 beats by $0.10.
Revenue of $9.44M (+15.5% Y/Y) beats by $0.58M.
Press Release
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Pfizer and Merck KGaA’s Bavencio flunks late-stage gastric cancer study

A Phase 3 clinical trial, JAVELIN Gastric 100, evaluating Pfizer (NYSE:PFE) and alliance partner Merck KGaA’s (OTCPK:MKGAY) Bavencio (avelumab) as first-line maintenance therapy following induction chemotherapy in patients with unresectable, locally advanced or metastatic HER2-negative gastric or gastroesophageal junction (GEJ) cancer versus standard of care failed to achieve the primary endpoint of overall survival (OS).
Avelumab, a PD-L1 inhibitor, did not sufficiently separate from chemo or best supportive care in the overall intent-to-treat population or the PD-L1-positive population as measured by OS over at least three years.
On the plus side, no new safety signals were observed.
Data analysis is ongoing. Final results will be shared with the scientific community.
Bavencio is currently approved in the U.S. for Merkel cell carcinoma, urothelial carcinoma and renal cell carcinoma (with Inlyta).
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AnaptysBio lead drug flunks dermatitis study; shares down 74% premarket

Thinly traded AnaptysBio (NASDAQ:ANAB) craters 74% premarket on robust volume in response to its announcement that lead candidate etokimab failed to achieve the primary endpoint in a Phase 2b clinical trial, ATLAS, in patients with moderate-to-severe atopic dermatitis.
Specifically, etokimab, an IL-33 inhibitor, failed to sufficiently separate from placebo as measured by the percent change in a scale called EASI at week 16. Additional data will be released next quarter.
In light of the disappointing outcome, the company has decided to postpone the launch of its Phase 2b study evaluating etokimab in eosinophilic asthma.
The ongoing Phase 2 ECLIPSE trial in patients with chronic rhinosinusitis with nasal polyps will continue. Topline results should also be available next quarter.
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AbbVie files U.S. application for Imbruvica combo for first-line CLL/SLL

AbbVie (NYSE:ABBV) has submitted a supplemental marketing application to the FDA seeking approval of Imbruvica (ibrutinib), combined with Roche’s Rituxan (rituximab), for the first-line treatment of patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL).
Related ticker: Johnson & Johnson (NYSE:JNJ)
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AbbVie to raise up to $28B in debt offering to fund Allergan buy

According to Bloomberg, AbbVie (NYSE:ABBV) is looking to raise as much as $28B in a bond offering to fund its Allergan takeover. If so, it would be the fourth largest corporate bond deal ever in the U.S. and the largest since CVS Health’s $40B deal in March 2018 to fund the Aetna acquisition.
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