Bausch Health Companies (NYSE:BHC) issues a conditional notice to redeem $1.24B of its outstanding 5.875% Senior Notes due 2023, contingent on the closing its $2.50B offering of 5.000% Senior Notes due 2028 and $1.25B of 5.250% Senior Notes due 2030, expected on December 30.
Wednesday, December 18, 2019
Rite Aid Q3 2020 Earnings Preview
Rite Aid (NYSE:RAD) is scheduled to announce Q3 earnings results on Thursday, December 19th, before market open.
The consensus EPS Estimate is -$0.79 and the consensus Revenue Estimate is $5.42B (-0.6% Y/Y).
Over the last 2 years, RAD has beaten EPS estimates 63% of the time and has beaten revenue estimates 38% of the time.
Senseonics tweaks Roche distribution deal
Senseonics (SENS +1.6%) discloses that it has amended its Eversense distribution agreement with Roche (OTCQX:RHHBY +0.3%), cutting the obligated minimum of Eversense components that the latter must purchase in 2020 and raising the unit price on said purchases.
Roche is the exclusive distributor in Europe, the Middle East and Africa, not including Scandinavia, Finland and Israel.
Mirum Completes Successful Pre-NDA Meeting with FDA for Maralixibat
FDA Requested Change from Type-C Meeting to pre-NDA Meeting
Company Plans to Initiate Rolling NDA Submission in Third Quarter 2020
Rare Pediatric Disease Designation Granted for Maralixibat for Alagille Syndrome
Allakos down 16% on bearish Seligman Research report
Therapeutic antibody developer Allakos (ALLK -15.7%) is down on almost double normal volume in apparent response to a stream of bearish tweets from Seligman Research related to its just-published report.
The fundamental research shop cites 22 red flags including the lack of KOL validation, minimum sell-side coverage for a company this size, the failure of AK001 (precursor to AK002) and questionable clinical data.
Analyst action, Dec. 18
Allogene Therapeutics (NASDAQ:ALLO) initiated with Market Perform rating and $37 (36% upside) price target at JMP Securities.
CorMedix (NYSEMKT:CRMD) initiated with Buy rating and $15 (129% upside) price target at B. Riley FBR. Shares up 4% premarket.
Fortress Biotech (NASDAQ:FBIO) resumed with Buy rating and $9 (348% upside) price target at B. Riley FBR. Shares up 4% premarket.
Iovance Biotherapeutics (NASDAQ:IOVA) initiated with Market Perform rating at JMP Securities. Shares up 2% premarket.
OPKO Health (NASDAQ:OPK) initiated with Neutral rating at Guggenheim.
Optinose (NASDAQ:OPTN) initiated with Outperform rating and $25 (181% upside) price target at Cowen and Company.
SI-BONE (NASDAQ:SIBN) initiated with Overweight rating and $27 (36% upside) price target at Cantor Fitzgerald.
SmileDirectClub (NASDAQ:SDC) initiated with Neutral rating and $10 (28% upside) price target at Goldman Sachs. Shares up 1% premarket.
X4 Pharmaceuticals (NASDAQ:XFOR) initiated with Buy rating and $20 (82% upside) price target at Roth Capital.
Atossa Genetics (NASDAQ:ATOS) upgraded to Buy with a $4 (182% upside) price target at Maxim Group.
Healthcare Trust of America (NYSE:HTA) upgraded to Overweight with a $32 (10% upside) price target at JPMorgan.
Eli Lilly (NYSE:LLY) upgraded to Overweight with a $150 (20% upside) price target at Morgan Stanley. Shares up 1% premarket.
Sabra Health Care REIT (NASDAQ:SBRA) upgraded to Neutral at Citigroup. Shares up 7% premarket.
Aduro BioTech (NASDAQ:ADRO) downgraded to Market Perform at William Blair. Shares down 15% premarket after Novartis exit from ADU-S100.
https://seekingalpha.com/news/3527080-morgan-stanley-sees-20-upside-in-lilly-in-premarket-analyst-action
Solid Biosciences fluctuates on Duchenne gene therapy update
Solid Biosciences (NASDAQ:SLDB) slips 1% premarket on light volume on the heels of its update on its Phase 1/2 clinical trial evaluating Duchenne muscular dystrophy (DMD) gene transfer candidate SGT-001.
The serious adverse event in the third patient treated in the 2E14 vg/kg dose arm has fully resolved and he has resumed normal activities, although the FDA’s clinical hold is still in effect (the second such action on the study).
The company says biomarket data on two subjects show “evidence” that SGT-001 “has the potential” to deliver therapeutic benefit.
Six patients have been dosed thus far. Three-month muscle biopsies from subjects #4 and #5 in the 2E14 vg/kg arm showed that 10-20% of microdystrophin-positive muscle fibers expressed SGT-001 microdystrophin in #4 and 50-70% in #5.
Management will host a conference call this morning at 8:30 am ET to discuss the data.
Update: Shares now up 18% premarket on robust volume in apparent reaction to the resolution of the adverse event.
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