Today - Friday, December 6, 2013
8:37 AMBofA out bearish on Lexicon Pharmaceuticals
- BofA starts Lexicon Pharmaceuticals (LXRX) at Underperform.
- Analyst Colin Bristow says the market may be "significantly overvaluing" LX4211.
- Ultimately, Bristow doesn't believe the SGLT 1/2 inhibitor is differentiated enough to "offset headwinds from its fifth-to-market entry."
- "We cannot get to the stock's current valuation," the analyst concedes, assigning a price target of $1.50.
8:25 AMMayo Clinic study boosts Geron
- Shares of Geron (GERN) are up 9% in premarket trading.
- Behind the move looks to be an article outlining a Mayo Clinic study which says imetelstat "has been found to induce morphologic, molecular, and clinical remissions in some patients with myelofibrosis."
- The study's lead author calls the results "early but promising."
- Amusingly, the article appears to have been posted ahead of its scheduled release from embargo.
- Full article is here
8:01 AMZiopharm Oncology gets approval for brain cancer study
- Ziopharm Oncology (ZIOP) gets approval from the RAC to run a Phase 1 study of Ad-RTS-IL-12 in brain cancer.
- The company expects to launch the study in H1 of next year.
- Ad-RTS-IL-12 is in Phase 2 testing for melanoma and breast cancer. (PR)
- Reminder: Ad-RTS-IL-12 is developed with a controlled expression platform from Intrexon (XON).
- ZIOP +10.3% premarket
7:13 AMEli Lilly down in the dumps after failure of depression drug
- Eli Lilly (LLY) will terminate the development of its edivoxetine treatment as an add-on therapy for depression after the drug failed to meet its goals in three Phase III studies.
- However, Lilly will continue a trial that evaluates the long-term effects of edivoxetine.
- The setback is the latest blow for Lilly, which has also suffered failures with therapies for breast cancer and advanced Alzheimer's disease. The company needs new drugs to help offset patent expiries for two medicines next year.
- Analyst Seamus Fernandez reckons Edivoxetine could have generated $560M in sales by 2020. (PR)
4:34 AMLeukemia drugs in focus at hematology meeting
- The annual American Society of Hematology meeting is due to start today in New Orleans, where new treatments for chronic lymphocytic leukemia from Gilead Sciences (GILD), Pharmacyclics Inc. (PCYC), Infinity Pharmaceuticals (INFI), Roche (RHHBY) and others will be a focus.
- Analysts forecast that the drugs will collectively generate up to $9B a year in annual revenue by 2020.
4:24 AMNovartis cancer drug meets main goal in Phase III study
- Novartis' (NVS) LBH589 drug for treating relapsed and refractory multiple myeloma, a bone marrow cancer, met its primary goal in a Phase III trial.
- When combined with two other therapies, bortezomib and dexamethasone, LBH589 significantly increased progression-free survival in patients compared with those treatments alone.
- Other companies working on drugs for multiple myeloma include Celgene (CELG) and German firm MorphoSys (MPSYF). (PR)