Thinly traded micro cap DermTech (NASDAQ:DMTK) is up 13% premarket on light volume in reaction to its announcement that Medicare has finalized reimbursement for its Pigmented Lesion Assay (PLA) as an aid to rule out primary cutaneous melanoma and guide biopsy decisions of melanocytic skin lesions with one or more clinical or historical characteristics suggestive of melanoma.
Thursday, January 2, 2020
Pulmatrix up on J&J deal
Thinly traded nano cap Pulmatrix (NASDAQ:PULM) is up 49% premarket on robust volume in reaction to its license and development deal with Johnson & Johnson’s (NYSE:JNJ) Lung Cancer Initiative for a lineup of narrow-spectrum kinase inhibitors.
Lead candidate is RV1162/PUR1800, based on PULM’s iSPERSE dry powder technology which enhances the efficacy of inhaled therapeutics.
Under the terms of the agreement, PULM will receive $7.2M upfront, a $2M milestone upon the completion of a Phase 1b study evaluating RV1162/PUR1800 in chronic obstructive pulmonary disease (COPD) patients, up to $91M in additional milestones if the Lung Cancer Initiative exercises its option to develop the kinase inhibitors and royalties on net sales.
Arena Pharma teams up with Beacon Discovery in immune/inflammatory space
Arena Pharmaceuticals (NASDAQ:ARNA) inks a multi-year collaboration agreement with Beacon Discovery aimed at developing novel drugs across a range of G protein-coupled receptor (GPCR) targets for the potential treatment of immune and inflammatory disorders.
Beacon will be responsible for drug discovery while Arena will be responsible for development and commercialization. Financial terms are not disclosed.
Neovasc shares halted pending news
Nasdaq has suspended trading in Neovasc (NASDAQ:NVCN) pending the release of news.
Update: The company has agreed to sell 2,418,322 Series A Units at $4.1351 each and Series B Units at $4.135 each in a direct offering to certain institutional investors.
Each Series A Unit consists of one common share and one four-year warrant to acquire one common share at $4.1351.
Each Series B Unit consists of one pre-funded warrant and one four-year warrant.
Gross proceeds should be ~$10M. Closing date is January 6.
Shares will resume trading at 8:45 am ET.
Tuesday’s close was $5.41.
Analyst action, Jan. 2
Baxter International (NYSE:BAX) upgraded to Outperform with a $94 (12% upside) price target at Evercore ISI. Shares up 1% premarket.
Henry Schein (NASDAQ:HSIC) upgraded to In Line at Evercore.
Medtronic (NYSE:MDT) upgraded to Buy with a $135 (19% upside) price target at Guggenheim. Shares up 1% premarket.
Mettler-Toledo (NYSE:MTD) upgraded to In Line at Evercore.
PerkinElmer (NYSE:PKI) upgraded to Outperform with a $114 (17% upside) at Evercore. Shares up 1% premarket.
Varian (NYSE:VAR) upgraded to Outperform with a $164 (15% upside) at Evercore.
Abbott (NYSE:ABT) downgraded to Neutral at Guggenheim.
Edwards Lifesciences (NYSE:EW) downgraded to In Line at Evercore.
Hologic (NASDAQ:HOLX) downgraded to In Line at Evercore.
Illumina (NASDAQ:ILMN) downgraded to In Line at Evercore.
Incyte (NASDAQ:INCY) downgraded to Neutral at Guggenheim.
Intercept Pharmaceuticals (NASDAQ:ICPT) downgraded to Neutral at Citigroup.
Novocure (NASDAQ:NVCR) downgraded to In Line at Evercore.
Seattle Genetics (NASDAQ:SGEN) downgraded to Neutral at Guggenheim.
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