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Fly News Breaks for October 16, 2018
REGN, XENT
Oct 16, 2018 | 13:18 EDT
Leerink analyst Richard Newitter attributes the underperformance today in shares of Intersect ENT (XENT) to Regeneron's (REGN) positive Phase 3 Dupixent data for chronic rhinosinusitis with nasal polyps. The Dupixent readout had always represented a potential headline risk for Intersect ENT during Q4, Newitter tells investors in a research note. The analyst, however, thinks it's better to get the headline out of the way before a J-code decision in early November. Further, based on physician feedback around monoclonal antibodies, Newitter does not get the sense that these therapies will "necessarily derail" adoption of Intersect ENT's Sinuva or its total addressable market. The analyst continues to believe in-line Q3 results will be a "win" for Intersect ENT and he keeps an Outperform rating on the shares. The stock in afternoon trading is down 68c to $29.24.
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