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Wednesday, March 4, 2020

Veeva target raised after ‘clean beat’

Morgan Stanley maintains an Overweight rating on Veeva (NYSE:VEEV) and lifts the target from $175 to $176 after yesterday’s earnings report.
The firm notes the “clean beat across all metric,” billings that were “well ahead of expectations,” and a Subscription Vault forecast that suggests “plenty of room” to grow.
Canaccord Genuity (Hold, $165) notes that Veeva “historically has been quite prudent when it comes to setting financial targets,” which makes the raised revenue outlook “a signal of confidence.”
Canaccord is positive on Veeva’s long-term potential but wants “broader signs of stability” before leaving the sidelines.
Veeva shares are up 3.9% pre-market to $146.99.
https://seekingalpha.com/news/3548477-veeva-target-raised-after-clean-beat

Alnylam and Vir Biotech expand partnership into Covid-19

Alnylam Pharmaceuticals (NASDAQ:ALNY) and Vir Biotechnology (NASDAQ:VIR) have expanded their collaboration to include RNAi therapeutics to potentially treat SARS-CoV-2 infection, the coronavirus causing the current outbreak, COVID-19.
Vir will lead development while Alnylam will retain an option for 50/50 participation.
Alnylam says it has designed and synthesized over 350 siRNAs targeting all available SARS-CoV and SARS-CoV-2 genomes.
The companies are also collaborating on a treatment of chronic hepatitis B virus (HBV) infection called VIR-2218 (ALN-HBV02), currently in Phase 1/2 development.
Vir is up 15% premarket on modest volume.
https://seekingalpha.com/news/3548478-alnylam-and-vir-biotech-expand-partnership-covidminus-19

Recro Pharma EPS beats by $0.76, misses on revenue

Recro Pharma (NASDAQ:REPH): FY GAAP EPS of $0.20 beats by $0.76.
Revenue of $99.22M (+28.3% Y/Y) misses by $2.09M.
https://seekingalpha.com/news/3548461-recro-pharma-eps-beats-0_76-misses-on-revenue

AMAG Pharmaceuticals EPS of -$5.89

AMAG Pharmaceuticals (NASDAQ:AMAG): Q4 EPS of -$5.89 may not be comparable to consensus of -$0.56.
Revenue of $89.71M (+1.8% Y/Y) beats by $1.16M.
https://seekingalpha.com/news/3548463-amag-pharmaceuticals-eps-of-5_89

Roche liver cancer test nabs accelerated review status in U.S.

The FDA has granted Breakthrough Device Designation to Roche’s (OTCQX:RHHBY) Elecys GALAD score as an aid in diagnosing early-stage hepatocellular carcinoma (HCC).
The company says the algorithmic score combines gender and age with biomarker results from three tests, Elecsys AFP, AFP-L3 and PIVKA-II, to provide clinicians with a clearer picture of HCC risk.
The designation, akin to Breakthrough Therapy status for a drug, provides for more intensive guidance on development by the FDA, the involvement of more senior agency personnel, the assignment of a case manager and priority review of the marketing application.
https://seekingalpha.com/news/3548454-roche-liver-cancer-test-nabs-accelerated-review-status-in-u-s

China approves use of Roche arthritis drug for coronavirus patients

China will use a Roche Holding AG arthritis drug to treat some coronavirus patients in severe conditions, health authorities said on Wednesday, as the country seeks to build up treatment regimens to help the infected recover.

Tocilizumab, sold by the Swiss pharma giant under the trade name Actemra, can be prescribed to coronavirus patients who show serious lung damage and show elevated level of a protein called Interleukin 6, which could indicate inflammation or immunological diseases, the National Health Commission said in the latest version of its treatment guidelines published online.

 Actemra can help contain inflammation related to Interleukin 6, according to Roche. There is no clinical trial evidence yet that the drug will be effective on coronavirus patients, however. Actemra also has not received approval from China’s National Medical Product Administration to be sold for use for coronavirus infections. Chinese researchers recently registered a 3-month clinical trial for Actemra that will recruit 188 coronavirus patients and take place from Feb. 10 to May 10, according to records shown on China’s clinical trials registration database. Roche could not be immediately reached for comment.

The firm said on Monday it donated 14 million yuan ($2.02 million) worth of Actemra during February. The firm said in January it expects sales and profits growth this year as demand for new drugs and more business in China offsets declines in older medicines whose patents have expired.

Chinese drugmakers have been racing to develop alternatives to Roche?s treatment. Bio-Thera Solutions Ltd expects to file new drug approval for its Actemra biosimilar in 2021, and Zhejiang Hisun Pharmaceutical Co Ltd received in 2016 regulatory approval to conduct clinical trials for its Tocilizumab candidate, company filings showed. Biosimilars are cheaper versions of complex biotech drugs such as Actemra.

https://www.marketscreener.com/news/China-approves-use-of-Roche-arthritis-drug-for-coronavirus-patients–30105479/?countview=0

Takeda is working on a coronavirus drug

With about 40 employees working on the project, Takeda Pharmaceutical (NYSE:TAK) is joining Gilead Sciences and AbbVie as the latest drugmaker to work on developing a coronavirus vaccine.
The experimental drug would be derived from the blood of coronavirus patients who have recovered from the respiratory disease.
“While we don’t know for sure that it will work, we think it’s definitely a relevant asset that could be of help here,” said Dr. Rajeev Venkayya, president of Takeda’s vaccines business.
https://seekingalpha.com/news/3548417-takeda-is-working-on-coronavirus-drug