Thermo Fisher bid for Qiagen approaching August 10 deadline

Thermo Fisher Scientific (NYSE:TMO) confirms that its sweetened €43.00 per share in cash bid for diagnostic test maker Qiagen (NYSE:QGEN) will expire at 6:00 pm ET on Monday, August 10.

The company says its offer, revised upward from €39 after institutional stockholders rebelled, is its best and final and will automatically terminate if less than 66.67% of QGEN shares are tendered.

https://seekingalpha.com/news/3600419-thermo-fisher-bid-for-qiagen-approaching-august-10-deadline

Novavax under pressure on COVID-19 vaccine safety data

Novavax (NASDAQ:NVAX) announces positive results from the first portion of its Phase 1/2 clinical trial evaluating its COVID-19 vaccine candidate, NVX-CoV2373, with and without the Matrix-M adjuvant, in healthy adults between 18 and 59 years of age.

NVX-CoV2373 was well-tolerated with mild reactogenicity events, mostly injection site pain and tenderness, while systemic events, less frequent, included headache, fatigue and myalgia (muscle pain) after dose 1 (5 µg). Reactogenicity was greater after dose 2 (25 µg) as expected since it was a higher dose. The average duration of events was less than two days.

On the immunogenicity front, the vaccine induced 100% neutralization titers in all participants. All subjects developed anti-spike IgG antibodies after one dose while many also developed wild-type virus neutralizing antibody responses. After the second dose, all participants developed wild-type virus neutralizing antibody responses. The IgG responses were highly correlated with neutralization titers.

The company has submitted the results for publication.

Management will host a conference call today at 5:00 pm ET to discuss the results.

Although conspicuously absent from the press release, eight participants had to be hospitalized as reported by STAT News.

The data have apparently spooked investors. Shares are down 29% after hours although due for a rest. The stock is up over 39-fold this year.

https://seekingalpha.com/news/3600375-novavax-under-pressure-on-covidminus-19-vaccine-safety-data

Amarin Q2 Mixed As Covid Weighs On Results; Favorable Risk-Reward Seen

Amarin Corporation plc AMRN 3.84% shares were advancing strongly Tuesday following the release Tuesday of second-quarter results.

What Happened: Amarin reported second-quarter revenue of $135.3 million, up 34% year-over-year, but below the $149.48-million consensus estimate.

“The downside was primarily driven by COVID-19 headwinds, Cantor Fitzgerald analyst Louise Chen said in a note.

Vascepa revenue and prescription growth were impacted by COVID-19, as patient visits to medical offices were down sharply from pre-COVID-19 levels, according to Amarin.

Additionally, safety concerns amid the pandemic reduced face-to-face interactions between sales personnel and health care professionals, the company said.

Cantor’s Key Takeaways: Amarin expects European approval for Vascepa to come through in time for commencing commercial sales in the European Union in early 2021, Chen said in the note.

The company is planning to maximize the blockbuster potential of Vascepa in the EU through its dedicated European commercial organization, the analyst said.

“AMRN’s plan retains for shareholders substantially all of the economic upside to participate in the multibillion-dollar cardiovascular risk reduction market in the EU while preserving strategic optionality and enabling later partnering of Vascepa in smaller countries in the EU.”

Amarin said its Chinese partner is on track to report Vascepa clinical trial data before the end of 2020, the analyst said.

In the area of patent litigation, Amarin said an appeal is progressing, with substantive briefing completed.

A hearing on Amarin’s appeal to the U.S. Court of Appeals for the Federal Circuit is scheduled for Sept. 2, Chen said.

Amarin Risk-Reward Favorable? Despite the top-line miss, Amarin’s risk-reward still looks favorable, according to Cantor Fitzgerald.

“Concerns regarding a negative appeal decision and uncertainty around the impact of COVID-19 are more than priced into the stock, in our view,” Chen said.

Upward earnings revisions should drive the stock higher, the analyst said.

Amarin’s announcement that it will retain is EU rights is the right thing to do, as it leaves the door open for the company to be acquired when its value is more fully recognized, she said.

Cantor reiterated an Overweight rating on Amarin with a $35 price target.

AMRN Price Action: At last check, Amarin shares were adding 4.04% to $7.04.

https://www.benzinga.com/analyst-ratings/analyst-color/20/08/16926046/amarin-reports-mixed-q2-as-covid-19-weighs-on-results-analyst-sees-favorable-risk-r

Coronavirus Vaccine Developer Moderna’s Q2 Report: What To Expect

Coronavirus vaccine maker Moderna Inc MRNA 0.62% is scheduled to report its second-quarter results Wednesday ahead of the market open.

Q2 Expectations For Moderna: Cambridge, Massachusetts-based Moderna is widely expected to report a loss of 35 cents per share for the quarter, narrower than the 41-cent-per-share loss reported a year ago.

The consensus estimate calls for revenue of $27.43 million, more than double last year’s $13.08-million figure. Moderna receives its revenues from collaboration and grants, given that it is yet to have a commercial product in the market.

At the end of the first quarter, the company had cash and investments of about $1.7 billion.

The company guided in May that it expects net cash used in operating activities and for the purchase of property and equipment to be about $500 million in 2020.

Coronavirus Vaccine Candidate: It is less likely that Moderna issues any fresh update on its coronavirus vaccine candidate, mRNA-1273. The company initiated a Phase 3 study of the vaccine candidate in late July.

Moderna is likely to report a preliminary Phase 2 reading by late October, Jefferies analyst Michael Yee said in a Monday note.

Even as most big pharma coronavirus vaccine makers are announcing supply agreements with governments, Moderna has not yet made such a deal.

“Investors are increasingly curious as to when MRNA will announce an agreement to supply vaccine to the government, and we expect this will be a key focus of the upcoming earnings call on August 5th,” SVB Leerink analyst Mani Foroohar said in a note.

The company might also be probed on potential pricing amid reports that it is targeting pricing in the $50-$60 range, significantly above rival vaccine developers.

The company has 23 mRNA development candidates in its portfolio, with 13 in clinical trials for indications such as infectious diseases, oncology and rare diseases.

MRNA Stock: Moderna shares have gained about 300% year-to-date.

Jefferies has a Buy rating and $90 price target for Moderna shares, while SVB Leerink rates Moderna shares a Market Perform with a $42 price target.

The stock was down 1.1% at $77.12 at last check Tuesday.

https://www.benzinga.com/analyst-ratings/analyst-color/20/08/16921284/coronavirus-vaccine-developer-modernas-q2-report-what-to-expect

States ranked by percentage of nursing homes with infection control deficiencies

California and West Virginia are tied for having the largest percentage of nursing homes with infection control deficiencies of all U.S. states in 2019, according to a new ranking from Kaiser Family Foundation.

The ranking is based on an analysis of Certification and Survey Provider Enhanced Reports data from CMS.

Last year, 45 percent of certified nursing facilities in the U.S. had an infection control deficiency.

Here’s how each state and the District of Columbia stack up:

Note: The list includes ties and results in a numerical listing of 32. 

1. California — 67 percent of facilities reported infection control deficiencies in 2019
   West Virginia — 67 percent
2. New Mexico — 66 percent
3. Michigan — 63 percent
   South Dakota — 63 percent
4. Washington — 60 percent
5. Illinois — 58 percent
   Missouri — 58 percent
6. Arkansas — 56 percent
   Nebraska — 56 percent
   Nevada — 56 percent
7. Florida — 52 percent
   Hawaii — 52 percent
8. Delaware — 51 percent
9. Alabama — 50 percent
   Idaho — 50 percent
   Texas — 50 percent
10. Minnesota — 49 percent
11. Virginia — 48 percent
12. Indiana — 47 percent
13. Colorado — 45 percent
14. Ohio — 44 percent
    New Jersey — 44 percent
15. District of Columbia — 43 percent
16. Iowa — 42 percent
17. Kansas — 41 percent
18. Kentucky — 39 percent
    Utah — 39 percent
    Wisconsin — 39 percent
19. Louisiana — 38 percent
    North Dakota — 38 percent
20. New York — 37 percent
21. Alaska — 35 percent
    Massachusetts — 35 percent
    Mississippi — 35 percent
    Oklahoma — 35 percent
    Pennsylvania — 35 percent
    Tennessee — 35 percent
22. Maryland — 34 percent
23. Connecticut — 33 percent
24. Oregon — 31 percent
25. Montana — 30 percent
26. South Carolina — 27 percent
    Wyoming — 27 percent
27. Maine — 24 percent
28. Georgia — 23 percent
29. Arizona — 20 percent
    New Hampshire — 20 percent
30. Rhode Island — 16 percent
31. Vermont — 14 percent
32. North Carolina — 9 percent

To view the full ranking, click here.

https://www.beckershospitalreview.com/rankings-and-ratings/states-ranked-by-percentage-of-nursing-homes-with-infection-control-deficiencies.html

5 new details about Amazon’s first health clinic in Texas

Amazon inked a partnership with Crossover Health earlier this year to pilot a health clinic for employees in Texas.

Crossover Health already has several clinics open contracting primary care services directly with employers. The new facility in Texas is the first with Amazon and the partners aim to open six more before the end of the year.

In an Aug. 3 article, D Magazine reported new details about the project. Here are five things to know:

1. Amazon decided to open its first center in the Dallas-Fort Worth area because it’s home to one of the largest Amazon employee populations in the U.S. The company also examined primary care use, employee health and ER overuse to decide where to open the center.

2. The first clinic in Dallas-Fort Worth will be open to Crossover Health members as well as Amazon employees; however, the future sites will only be available to Amazon employees.

3. Amazon chose to partner with Crossover due to its virtual health platform, according to the report. Crossover acquired Sherpaa, a digital health company with a virtual care platform, in 2019.

4. Amazon’s first health clinic has a virtual care studio so physicians can do virtual visits there.

5. Crossover clinicians will expand their hours to 7 a.m. to 11 p.m. six days per week to accommodate the shift hours of Amazon workers.

https://www.beckershospitalreview.com/digital-transformation/5-new-details-about-amazon-s-first-health-clinic-in-texas.html

Henry Schein -2.4% despite beating Q2 earnings

For Q2, Henry Schein (HSIC -2.5%) reported Q2 revenue of $1.68B (-31.2% Y/Y), beating consensus by $300M.

Drop in revenue was mainly due to the impact of pandemic and acquisitions remained immaterial.

Sales breakup: Dental sales -41.2%, Medical sales -11.4%, Technology and Value-Added Services sales -15.9%.

GAAP net loss was $11.4M, or EPS loss of $0.08 Non-GAAP income of $0.6M or EPS of $0 vs Q2 2019 non-GAAP EPS of $0.84.

https://seekingalpha.com/news/3600209-henry-scheinminus-2_4-despite-beating-q2-earnings