Healthcare firms pile on initiatives as COVID-19 pandemic advances

Pfizer (PFE +1.9%) and The Pfizer Foundation commit to donate $40M in medical and charitable grants to help fight the pandemic in the U.S. and around the world.

CVS Health (CVS +1.7%) has opened drive-through testing sites in Georgia and Rhode Island.

OPKO Health (OPK +5.2%) unit BioReference Labs will continue to prioritize COVID-19 testing for hospitalized and critically-ill patients.

SmileDirectClub (SDC +3.5%) is opening its teledentistry platform to any dentist or orthodontist in the U.S. (includes a telehealth app with video and live chat).

Centene (CNC +4.8%) has established a Medical Reserve Leave policy to support clinical staff who what to join a medical reserve force to serve their communities during the pandemic.

Quotient Limited (QTNT +23.9%) has completed the development phase of a microarray-based SARS-CoV-2 antibody test for the automated MosaiQ system that can process up to 3,000 tests per day.

OncoSec Medical (ONCS -17.3%) announces that Providence Cancer Institute plans to launch a Phase 1 study of a COVID-19 vaccine called CORVax12 that consists of TAVO (interleukin-12 plasmid) and an immunogenic component of SARS-CoV-2 that the company in-licensed from NIH’s NIAID.

Mateon Therapeutics (OTCQB:MATN +21.4%) has delivered testing results to Golden Mountain Partners confirming the use of OT-101 to potentially treat COVID-19.

https://seekingalpha.com/news/3558642-healthcare-firms-pile-on-initiatives-covidminus-19-pandemic-advances

Inovio to start dosing patients in trial of DNA COVID-19 vaccine candidate

Inovio Pharmaceuticals Inc. INO, 4.636% is planning the first dosing of patients in a Phase 1 trial of its DNA vaccine candidate to treat COVID-19 on Monday, the company said in a statement. The vaccine, named INO-4800, has shown promising response in preclinical animal studies, the company said. The trial will involve up to 40 healthy volunteers at two trial locations in Phladelphia and Kansas City. Each participant will receive two doses four weeks apart, with data expected by late summer. The trial is being funded by the Coalition for Epidemic Preparedness Innovations (CEPI), an Oslo-based international organization. Inovio shares rose 7% premarket and have gained 135% in the year to date, while the S&P 500 SPX, 4.652% has fallen 23%.
https://www.marketwatch.com/story/inovio-pharmaceuticals-plans-first-dosing-of-patients-in-trial-of-dna-covid-19-vaccine-candiate-on-monday-2020-04-06

Cowen survey: Stores to reopen in June, Ulta, Planet Fitness to recover quickly

Three-quarters of investors who responded to a Cowen survey said they think stores will reopen in June. Once stores are back in operation, analysts forecast Ulta Beauty Inc. ulta and Planet Fitness Inc. plnt will recover quickly. “Ulta’s loyal customer base, 90% off-mall presence, and virtual try-on capabilities through augmented reality could collectively drive continued market share gains as consumers reorient shopping patterns through a socially distant lens,” analysts wrote. Cowen touts Planet Fitness’ “lean” business model and says the company will realize revenue when gyms reopen. Moreover, it will gain market share from financially struggling fitness chains that are at risk. Cowen analysts are cautious about the department store sector, including Macy’s Inc. m and and Kohl’s Corp. kss. Consumer Discretionary Select SPDR ETF xly has tumbled 17.4% over the last year while the S&P 500 index spx has fallen 10% for the period. Read: Macy’s, Kohl’s have about 5 months of cash available putting them at risk of extended closures, analysts say
https://www.marketwatch.com/story/cowen-survey-forecasts-stores-to-reopen-in-june-ulta-and-planet-fitness-will-recover-quickly-2020-04-06

Hiring blitz at Rite Aid

Rite Aid (RAD -0.7%) says it plans to hire 5K associates for full and part-time roles to support store and distribution center operations.

Positions will include cashiers, pharmacy technicians and distribution center associates.

Source: Press Release

https://seekingalpha.com/news/3558623-hiring-blitz-rite-aid

Akers Biosciences up 62% on advancement of COVID-19 vaccine

Thinly traded nano cap Akers Biosciences (AKER +62.4%) rallies on a healthy 25x surge in volume in reaction to the advancement of its COVID-19 vaccine candidate.

The company, along with collaboration partner Premas Biotech, has successfully cloned three coronavirus antigens, Spike, Envelope and Membrane, representing three “shots on goal” for efficacy according to Premas co-founder and Managing Director Prabuddha Kundu.

The parties have initiated the second stage of protein expression and will provide another update later this month.

https://seekingalpha.com/news/3558624-akers-biosciences-up-62-on-advancement-of-covidminus-19-vaccine

Big companies look at employee heat checks

Tyson Foods (NYSE:TSN) is using walk-through infrared body temperature scanners to check for indications of COVID-19 at three food processing sites in the U.S.

The scanners check an employee’s temperature as they walk into the building in an effort to see if they have a fever, which is a sign of a COVID-19.

The scanners are said to be more accurate than handheld thermometers, although not a guarantee on COVID-19 by any measure. The FDA is looking at issuing new guidance on walk-through body temperature scanners.

Other large companies reported to be considering utilizing body temperature scanners include Goldman Sachs (NYSE:GS), UPS (NYSE:UPS), Ford (NYSE:F) and Carnival (NYSE:CCL). That list could grow if the FDA posts a recommendation.

https://seekingalpha.com/news/3558597-big-companies-look-employee-heat-checks

Planet Fitness up after JPMorgan calls it gym survivor

JPMorgan upgrades Planet Fitness (NYSE:PLNT) to an Overweight rating from Neutral on a positive view that it can survive in a post-pandemic industry that might see consolidation. Valuation is also seen as attractive after the sell-off of shares.

“Planet Fitness’ 2,001 store base gives brand reach and awareness that doesn’t exist in any other gym brand and $10 per month is famously the low-cost provider. We believe post-crisis demand for fitness will increase, and the brand’s suspension of dues collection matched with ACH (direct from checking account) consumer payment method makes this subscription model highly sticky.”

The firm also notes the Planet Fitness balance sheet is in very good shape with over $500M of cash sitting on it.

JP assigns a price target of $51 based off 25X the 2021 EPS estimate.

https://seekingalpha.com/news/3558536-planet-fitnessplus-9-after-jpmorgan-calls-gym-survivor