Today - Monday, March 10, 2014
11:41 AM| 1 Comment
- Wells Fargo initiates coverage of Flexion Theapeutics (FLXN) with an Outperform rating with a price target of $24 - $26 citing positive Phase 2 trial results of its lead product, FX006, a sustained-release injectable steroid for osteoarthritis pain.
- Needham & Co. initiates coverage with a Buy rating and $26 price target.
- The stock debuted on February 12.
- Shares currently exchange hands at $19.
- H.C. Wainwright initiates coverage of Seattle Genetics (SGEN) with a Buy rating and $65 price target citing the potential of its targeted antibody drug conjugate, Adcetris, to move into new cancer indications.
- Shares currently trade at $51.
- 368 mutual funds have positions, down from 402 a year earlier.
- H.C. Wainwright initiates coverage of PhamAthene (PIP) with a Buy rating and $4 price target.
- Bullish outlook based mainly on a successful outcome of its litigation with SIGA Technologies over the small pox antiviral product Arestvyr.
- Shares currently trade at $1.95.
- 19 mutual funds have positions, up from 15 a year earlier.
- Northstar Global Business Services (MDIN) partners with Dixie Elixirs and Kush Creams on a THC oral spray for sleeping disorders such as snoring.
- One of the most popular reasons doctors prescribe medical marijuana is, unsurprisingly, for patients experiencing difficulty sleeping.
- No word on an offering that will deter trips to the refrigerator.
- The WSJ profiles "pharmaceutical scouts," who, like talent-spotters in baseball "trying to pick tomorrow's big-leaguers from farm teams," search outside their companies to find drug candidates that have the potential to become blockbusters.
- In 2011, for instance, Johnson & Johnson's (JNJ) Peter Lebowitz helped his company beat competitors such as Novartis (NVS) to buy the rights to a blood-cancer drug from Pharmacyclics (PCYC) called Imbruvica.
- The treatment was eventually approved in November for a rare lymphoma and for chronic lymphocytic leukemia in February. J.P. Morgan forecasts Imbruvica will generate $1.3B in revenue for J&J in 2017.
- Half of J&J's drug pipeline is from outside the company, up from 20% in 2002.
- Other related tickers: MRK, RHHBY, BMY, SNY, CELG, GSK
- OrthoSensor announces that Smith & Nephew (SNN) will market its Verasense Sensor Assisted Surgery Technology to assist orthopedic surgeons when implanting SNN's Journey and Legion brands of Total Knee Systems.
- The system enables evidence-based surgical decisions and delivers improved patient outcomes.
- SNN shares are up 9% year to date.
- Shares of Idenix Pharmaceuticals (IDIX) are up almost 17% premarket on no significant news.
- Consensus revenue estimates for 2014 and 2015 are $1.5M and $7.7M, respectively.
- 175 mutual funds have positions, down from 198 a year earlier.
- Three analysts rate the company at least Buy, eight rate it Hold, two rate it Underperform and one rates it Sell.
- The FDA has postponed a meeting of an advisory committee to discuss whether or not to recommend approving EnteroMedics' (ETRM) Maestro System therapy for treating morbid obesity.
- The meeting will take place on June 17 rather than on May 29.
- EnteroMedics said the delay is due to a scheduling conflict.
- Notwithstanding what seems to be a rather innocuous reason for the postponement, shares are -3.85%. (PR)
- Johnson & Johnson (JNJ) has agreed to sell the global rights to its K-Y brand of intimate lubricants to Reckitt Benckiser (RBGLY).
- While the price of the deal wasn't provided, Reckitt did say that K-Y had 2013 sales of over $100M, the majority of which was generated in the U.S. Canada and Brazil.
- K-Y adds to Reckitt's Durex brand.
- The transaction doesn't include staff or fixed assets. (PR)
9:00 AM| Comment!
- Indian generic-drug makers Sun Pharmaceutical Industries and Ranbaxy Laboratories have recalled batches of treatments in the U.S. following complaints of bottling mix-ups.
- Sun Pharma diabetes tablets were found with an epilepsy medication, while Ranbaxy pulled two batches of its version of Pfizer's Lipitor cholesterol drug.
- The recalls come amid increasing scrutiny of generic drugs manufactured in India and of Ranbaxy (RBXLY) in particular - four of its plants are banned from exporting to the U.S. after failing to meet FDA strictures.
- Ranbaxy is owned by Japan's Daiichi Sankyo (DSKYF).