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Thursday, December 19, 2019

Analyst action, Dec. 19

Aimmune Therapeutics (NASDAQ:AIMT) initiated with Neutral rating and $33 (4% upside) price target at H.C. Wainwright.
Ampio Pharmaceuticals (NYSEMKT:AMPE) initiated with Buy rating and $4 (888% upside) price target at Roth Capital. Shares up 11% premarket.
Apellis Pharmaceuticals (NASDAQ:APLS) initiated with Buy rating and $36 (29% upside) price target at BofA.
Arvinas (NASDAQ:ARVN) initiated with Buy rating and $50 (22% upside) price target at H.C. Wainwright. Shares down 1% premarket.
Global Blood Therapeutics (NASDAQ:GBT) resumed with Overweight rating and $90 (19% upside) price target at JPMorgan.
INmune Bio (NASDAQ:INMB) initiated with Buy rating and $13 (128% upside) price target at Roth.
Inovio Pharmaceuticals (NASDAQ:INO) initiated with Buy rating and $13 (394% upside) price target at Roth. Shares up 12% premarket.
Karuna Therapeutics (NASDAQ:KRTX) initiated with Buy rating and $126 (91% upside) price target at Stifel.
MacroGenics (NASDAQ:MGNX) initiated with Overweight rating and $17 (61% upside) price target at Cantor Fitzgerald.
Mesoblast (NASDAQ:MESO) initiated with Buy rating and $14 (107% upside) price target at Dawson James Securities.
Elanco Animal Health (NYSE:ELAN) upgraded to Buy with a $34 (21% upside) price target at BofA.
Johnson & Johnson (NYSE:JNJ) upgraded to Overweight with a $173 (21% upside) price target at Barclays. Shares up 1% premarket.
Quest Diagnostics (NYSE:DGX) upgraded to Neutral with a $110 (3% upside) price target at BofA. Shares up 1% premarket.
Boston Scientific (NYSE:BSX) downgraded to Buy with a $53 (18% upside) price target at Needham.
Synthorx (NASDAQ:THOR) downgraded to Hold with a $68 (flat) price target at Jefferies.
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Paratek nabs BARDA contract for Nuzyra; shares up 53% premarket

Paratek Pharmaceuticals (NASDAQ:PRTK) has been awarded a 5-year extendable contract to support the development of NUZYRA (omadacycline) for the treatment of pulmonary anthrax, FDA post-marketing requirements (PMR) associated with the initial NUZYRA approval, and the option to procure up to 10,000 treatment courses of NUZYRA for the Strategic National Stockpile (SNS) for use against potential biothreats.
Under the terms of the agreement, BARDA will award initial funding of ~$59M and the purchase of an initial 2,500 treatment courses to add to the current SNS.
The contract provides for additional potential time-based funding, including: ~$77M for PMR commitments and ~$20M for manufacturing-related requirements.
The remaining staged, milestone-based funding includes the potential for ~$13M and ~$115M for development of NUZYRA and three additional purchases.
NUZYRA is a broad spectrum, once-daily oral and intravenous modernized tetracycline to treat community-acquired pneumonia and skin infections.
Shares are up 53% premarket.
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Ionis out-licenses Alzheimer’s candidate to Biogen for up to $200M

Biogen (NASDAQ:BIIB) in-licenses Phase 1-stage antisense candidate IONIS-MAPTrx from Ionis Pharmaceuticals (NASDAQ:IONS) for the potential treatment of certain neurodegenerative disorders, including Alzheimer’s disease.
Under the terms of the agreement, Ionis will receive a $45M license fee, up to $155M in milestones and low-to-mid-teens royalties on net sales.
IONIS-MAPTrx is designed to selectively reduce the production of microtubule-associated protein tau (MAPT) in the central nervous system.
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FDA OKs Bausch Health’s acne lotion Arazlo

The FDA approves Bausch Health Companies (NYSE:BHC) unit Ortho Dermatologics’ Arazlo (tazarotene) Lotion, 0.045% for the topical treatment of acne vulgaris in patients at least nine years old.
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Exelixis teams up with Roche in cancer; shares up 3% premarket

Exelixis (NASDAQ:EXEL) inks an agreement with Roche (OTCQX:RHHBY) aimed at evaluating the combination of Cabometyx (cabozantinib) and Tecentriq (atezolizumab) for the treatment of patients with locally advanced or metastatic solid tumors.
The companies will co-fund three late-stage studies in advanced non-small cell lung cancer, castration-resistant prostate cancer and renal cell carcinoma.
EXEL is up 3% premarket on light volume.
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Agenus launches dose-escalation study of AGEN1181 in solid tumors

Dosing is underway in a Phase 1 dose-escalation study evaluating Agenus’ (NASDAQ:AGEN) AGEN1181 in patients with advanced solid tumors.
The first participants will receive AGEN1181 alone and in combination with a PD-1 inhibitor [AGEN2034 (balstilimab)].
AGEN1181 is an “Fc engineered” anti-CTLA-4 monoclonal antibody that binds to an Fc receptor, FcγRIIIA, found on antigen-presenting cells or natural killer cells, enhancing the therapeutic potential of anti-CTLA-4 therapy.
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Catalyst Bio up 37% premarket on Biogen deal in dry AMD

Thinly traded nano cap Catalyst Biosciences (NASDAQ:CBIO) is up 37% premarket on increased volume in reaction to its global license and collaboration agreement with Biogen (NASDAQ:BIIB) to develop and commercialize C3 protease inhibitor CB 2782 (CB 2782-PEG) for the potential treatment of patients with geographic atrophy associated with dry age-related macular degeneration (dry AMD).
Catalyst will be responsible for preclinical studies and manufacturing. Biogen will fund both and will be responsible for IND-enabling activities, worldwide clinical development and commercialization.
Under the terms of the agreement, Catalyst will receive $15M upfront, up to $340M in milestones and tiered royalties on net sales.
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