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Monday, March 22, 2021

NY expands COVID-19 vaccine eligibility to age 50 and up

 New Yorkers age 50 and over will be eligible to receive a coveted COVID-19 vaccination starting Tuesday, Gov. Andrew Cuomo announced Monday.

“The vaccines will be available for people 50 years old and above, so we are dropping the age, as we’re vaccinating more people,” Cuomo said at the Grace Baptist Church in Mount Vernon during a closed-to-the-press briefing.

“Tomorrow morning, 50 and above … Make your appointment, and get your vaccine.”

Earlier this month, Cuomo had lowered the eligibility age to 60 from 65.

https://nypost.com/2021/03/22/ny-expands-covid-19-vaccine-eligibility-to-people-50-and-over/

Alcon upped to Buy from Neutral by BTIG

 Target $78

https://finviz.com/quote.ashx?t=ALC

ENDO 2021: Chiasma New Positive Phase 3 Data for Acromegaly Treatment

 --Data supports MYCAPSSA® as non-inferior to long-acting injectable somatostatin receptor ligands (iSRLs)--

--Data demonstrated patients taking MYCAPSSA had significant improvement in acromegaly related symptoms and patient reported outcomes after switching from iSRLs--

https://finance.yahoo.com/news/chiasma-presents-positive-data-mycapssa-150000946.html

Rare disease biotech Edgewise Therapeutics sets terms for $150M IPO

 Edgewise Therapeutics, a Phase 1 biotech developing small molecule therapies for rare muscle disorders, announced terms for its IPO on Monday.


The Boulder, CO-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Edgewise Therapeutics would command a fully diluted market value of $806 million.

Edgewise is focused on the discovery, development, and commercialization of innovative treatments for severe, rare muscle disorders for which there is significant unmet medical need. Its lead candidate, EDG-5506, is an orally administered allosteric, selective, fast myofiber (type II) myosin small molecule inhibitor designed to address the root cause of dystrophinopathies. It is currently in a Phase 1 trial for Duchenne muscular dystrophy, Becker muscular dystrophy, and Limb-girdle muscular dystrophy.

Edgewise Therapeutics was founded in 2017 and plans to list on the Nasdaq under the symbol EWTX. J.P. Morgan, Goldman Sachs and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.

Editas started at Outperform by Credit Suisse

 Target $58

https://finviz.com/quote.ashx?t=EDIT

Upgraded Views On Organogenesis

Analysts have made substantial upgrades to this year's forecasts for Organogenesis. The consensus numbers for both revenue and earnings per share (EPS) increased, with their view clearly much more bullish on the company's business prospects. The stock price has risen over the past week, suggesting investors are becoming more optimistic. 

Following the upgrades, the latest consensus from Organogenesis Holdings' four analysts is for revenues of US$397m in 2021, which would reflect a major 30% improvement in sales compared to the last 12 months. The losses are expected to disappear over the next year or so, with forecasts for a profit of US$0.035 per share this year. Yet prior to the latest estimates, the analysts had been forecasting revenues of US$343m and losses of US$0.075 per share in 2021. It looks like there's been a definite improvement in business conditions, with a revenue upgrade supposed to lead to profitability sooner than previously forecast.

Analysts have increased their price target for Organogenesis Holdings 45% to US$21.00 on the back of these upgrades. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Organogenesis Holdings, with the most bullish analyst valuing it at US$21.00 and the most bearish at US$13.00 per share.

https://finance.yahoo.com/news/brokers-upgrading-views-organogenesis-holdings-144955163.html

NJ Halts Reopening, NYC Asks Cuomo To Do Same As Mutant COVID Spreads

 In an abrupt reopening U-turn, New Jersey Governor Phil Murphy has just decided to halt the Garden State's reopening plans as its total case count surges to become the highest in the US. The decision follows an announcement on Friday that capacity at gyms, restaurants, hair/nail salons and other "recreational" businesses would be raised to 50%. The number of people allowed at outdoor gatherings has also doubled to 50 from 25.

However, during an appearance in CNN Monday morning, Murphy proclaimed that the state "won’t be opening further capacities for some time now." His remarks applied to "further reopenings," meaning that he won't roll back these new measures introduced Friday. Murphy cited the growing presence of certain COVID "variants" - ie mutated strains believed to be more infectious or more virulent - as his reason for pausing the reopening.

Murphy added that "we want to do this safely and responsibly, we don’t want to have to go back."

In other news, NYC Mayor Bill de Blasio told reporters during his Monday morning briefing that he would urge Gov. Cuomo - whom he has urged to leave office immediately - do the same and halt reopening in the state as COVID numbers have seemingly plateaued, while a new "variant" discovered in the state stokes fears of another rebound.

Most of the COVID briefing focused on the reopening of the city's high schools.

Fortunately for Cuomo, Murphy refused to join the growing chorus of Democrats calling on his colleague, NY Gov. Andrew Cuomo, to resign.

Cases have been climbing in the Garden State as the drop in US cases has more or less hit a plateau over the past few weeks. Here are the NJ numbers.

As of yesterday, CDC data showed the states with the highest average daily new COVID cases relative to population for the past 10 days are as follows:

  • New York-445.0
  • New Jersey-314.5
  • Rhode Island-239.5
  • Michigan-210.1
  • Delaware-183.4
  • Conecticut-171.5
  • Alabama-158.7
  • Pennsylvania-157.9
  • Massachusetts-156.6

Mayor de Blasio's warning comes as New York City is reopening its public high schools on Monday. In California, LA's school district announced that it plans to reopen next month.

As far as vaccinations go, 1.2M Garden Staters have been fully vaccinated, while more than 3 million doses of the three approved COVID jabs have been doled out.

It's also not clear how many variants are actually in New Jersey right now. Murphy may address the matter during his 1300ET news conference. Of course, whether readers decide to tune in or not to hear more from the governor, it's not hard to see that the world has an unwelcome new trend on its hands.