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Monday, March 2, 2020

Merck’s Keytruda tops Seattle Genetics’ Adcetris in late-stage lymphoma study

Preliminary data from a Phase 3 clinical trial, KEYNOTE-204, showed that Merck’s (NYSE:MRK) Keytruda (pembrolizumab) statistically significantly improved progression-free survival (PFS) in adults with relapsed/refractory classical Hodgkin lymphoma (cHL) compared to Seattle Genetics’ (NASDAQ:SGEN) Adcetris (brentuximab vedotin), one of the primary endpoints.
The other primary endpoint, overall survival, has yet to be tested.
The data will be presented at a future medical conference and submitted to regulatory authorities.
KEYNOTE-204 is the confirmatory study for Keytruda for cHL, approved in the U.S. in March 2017 on an accelerated basis.
https://seekingalpha.com/news/3547387-mercks-keytruda-tops-seattle-genetics-adcetris-in-late-stage-lymphoma-study

BridgeBio Pharma EPS beats by $0.09

BridgeBio Pharma (NASDAQ:BBIO): Q4 GAAP EPS of -$0.62 beats by $0.09.
Revenue of $13.82M
https://seekingalpha.com/news/3547398-bridgebio-pharma-eps-beats-0_09

Dynavax +17% premarket on COVID-19 vaccine plan

Dynavax Technologies (NASDAQ:DVAX) is up 17% premarket after collaborating with the University of Queensland as part of a Coalition for Epidemic Preparedness initiative to develop a vaccine to prevent COVID-19.
The company is providing technical expertise and toll-like receptor 9 agonist adjuvant, CpG 1018, to support this initiative.
CpG 1018 is used in HEPLISAV-B [Hepatitis B Vaccine (Recombinant), Adjuvanted]. It provides a well‑developed technology and a significant safety database, accelerating the development of a COVID-19 vaccine.
https://seekingalpha.com/news/3547415-dynavaxplus-17-premarket-on-covidminus-19-vaccine-plan

AnaptysBio EPS beats by $0.45, beats on revenue

AnaptysBio (NASDAQ:ANAB): Q4 GAAP EPS of -$0.75 beats by $0.45.
Revenue of $3M beats by $1M.
https://seekingalpha.com/news/3547408-anaptysbio-eps-beats-0_45-beats-on-revenue

Daxor up 86% on coronavirus news

In yet another example of the animal spirits related to any company even mentioning coronavirus, ultra-thinly traded nano cap Daxor (NYSEMKT:DXR) is up 63% premarket, albeit on only 25K shares, in reaction to its announced “engagement” with hospitals and government agencies regarding the use of its blood volume analyzer, BVA-100, in critically ill COVID-19 patients.
It says a clinical trial showed that the use of the device reduced mortality by as much as 66% in patients suffering from respiratory distress and septic shock, adding that it has an inventory of product “ready for deployment.”
https://seekingalpha.com/news/3547412-daxor-up-86-on-coronavirus-news

Analyst action, March 2

Akero Therapeutics (NASDAQ:AKRO) initiated with Buy rating and $33 (52% upside) price target at H.C. Wainwright.
Amarin (NASDAQ:AMRN) initiated with Outperform rating and $23 (57% upside) price target at Cowen and Company. Shares up 2% premarket.
Beam Therapeutics (NASDAQ:BEAM) initiated with Buy rating and $32 (42% upside) price target at Jefferies. Initiated with Outperform rating and $32 price target at Wedbush. Resumed with Overweight ratings at Barclays and JPMorgan. Shares up 2% premarket.
Catalent (NYSE:CTLT) initiated with Hold rating at Deutsche Bank.
Charles River Laboratories (NYSE:CRL) initiated with Buy rating and $190 (22% upside) price target at Deutsche Bank.
IQVIA Holdings (NYSE:IQV) initiated with Buy rating and $190 (36% upside) at Deutsche Bank.
NextCure (NASDAQ:NXTC) initiated with Buy rating and $80 (92% upside) price target at Roth Capital.
PPD (NASDAQ:PPD) initiated with Buy rating and $32 (15% upside) price target at BofA. Initiated with Buy ratings at 12 other shops with price targets ranging from $30.50 – 34. Shares up 2% premarket.
Schrödinger (NASDAQ:SDGR) initiated with Equal Weight rating and $42 (9% downside risk) price target at Morgan Stanley. Initiated with Hold rating at Jefferies and Outperform with a $65 (40% upside) price target at BMO. Shares up 3% premarket.
Masimo (NASDAQ:MASI) upgraded to Outperform with a $183 (12% upside) price target at Raymond James.
SmileDirectClub (NASDAQ:SDC) downgraded to Neutral with a $9 (20% upside) price target at UBS. Shares down 2% premarket.
https://seekingalpha.com/news/3547405-cowen-likes-amarin-in-premarket-analyst-action

Adviser to Iran’s Supreme leader dies from coronavirus

An adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei has died from the new coronavirus, as other top officials in the country are confirmed to be infected, according to multiple reports on Monday.
The Iranian Health Ministry recorded 523 new cases in the past 24 hours, bringing the country’s known total to 1,501. They mark a 53 percent increase since the day before.
Mohammad Mirmohammadi, 71, was an Expediency Council member who advised Khamenei and settled disputes between him and parliament. COVID-19 has already infected Iran’s vice president and deputy health minister.
His death comes after the government on Monday rejected help from Secretary of State Mike Pompeo, who announced last week the U.S. was concerned Iran may have covered up details on the spread of the virus.

“We neither count on such help nor are we ready to accept verbal help,” Foreign Ministry spokesman Abbas Mousavi said during a briefing on Monday. He added the country has always been “suspicious” over American intentions, and that the U.S. government was trying to weaken Iranians’ spirits over the outbreak.
Iran’s mortality rate from the virus is roughly 5.5 percent, compared to an overall fatality rate of about 2 percent in China. The difference in rates has led people to suggest the number of infections in Iran is higher than what the country has officially reported. The country’s first case was reported less than two weeks ago.

The virus has killed at least 66 people in Iran, the highest death toll outside of China. The majority of 1,150 cases throughout the Middle East are linked back to the country.
Iran was preparing the possibility of testing “tens of thousands” of people following a spike of cases on Saturday.
The country has closed schools and universities due to COVID-19, but religious Shiite shrines have remained open. Last week, Iranians were captured licking some of the shrines in defiance of the coronavirus.

Most countries in the Middle East have limited or ceased travel to the country. It has the 4th highest infected total outside of China, South Korea, and Italy.
India on Monday announced two positive cases of COVID-19, according to the country’s Ministry of Health. One person was found to be infected in New Delhi and had a travel history from Italy. The other was from the southern state of Telangana and had a travel history from Dubai.
Both patients are being closely monitored, the department said.
“Depending on the global evolving scenario, travel restrictions could be imposed as a precautionary measure,” said Dr. Harsh Vardhan, Union Minister of Health and Family Welfare.
Intelligence agencies had concerns over India’s lack of countermeasures to the virus and said its dense population could fuel a widespread outbreak, according to Reuters.
https://www.foxnews.com/health/advisor-irans-supreme-leader-dies-from-coronavirus-1150-cases-middle-east-linked-to-country