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CNCE

Concert Pharmaceuticals

$13.27

-0.27 (-1.99%)

, HTGC

Hercules Capital

$13.05

0.04 (0.31%)

07:05
06/12/17
06/12
07:05
06/12/17
07:05

Concert Pharmaceuticals reports $30M venture debt financing from Hercules

Concert Pharmaceuticals (CNCE) announced that it has entered into a $30M venture debt financing agreement with Hercules Capital (HTGC)."This non-dilutiv financing further extends our existing cash runway. This financing ensures that we are fully capitalized for the meaningful milestones we anticipate in 2018 for our key pipeline product candidates - CTP-543 for alopecia areata and AVP-786 for Alzheimer's agitation. In addition, we continue to expect to realize $160M in connection with the closing of the CTP-656 asset purchase agreement with Vertex Pharmaceuticals (VRTX)," said Roger Tung, Ph.D., President and CEO of Concert. "Hercules has been a good partner for Concert and we're pleased to be working with them again." The debt is in the form of a secured loan, secured by Concert's assets, excluding intellectual property, and bearing interest at a calculated prime-based variable rate currently at 8.55%. The full amount of the loan was funded upon closing. The loan will mature on June 1, 2021. Payments under the loan are interest-only for a period of 18 months, followed by equal monthly installments of principal and interest for 30 months thereafter. In addition, Concert has an option under the terms of the loan to pay off the loan within six months with a 50 percent reduction in the end of term charge and without a prepayment penalty following the closing of the Vertex transaction. In connection with the debt financing, Concert issued Hercules a warrant to purchase up to 61,273 of Concert's common shares at an exercise price of $12.24 per share.

CNCE

Concert Pharmaceuticals

$13.27

-0.27 (-1.99%)

HTGC

Hercules Capital

$13.05

0.04 (0.31%)

VRTX

Vertex

$122.66

-3.25 (-2.58%)

  • 13

    Jun

  • 20

    Jun

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    Jun

  • 29

    Jun

CNCE Concert Pharmaceuticals
$13.27

-0.27 (-1.99%)

03/07/17
STFL
03/07/17
NO CHANGE
STFL
Concert Pharmaceuticals shares can advance further, says Stifel
Stifel analyst Adam Walsh says that Concert's CTP-543 for alopecia areata "remains highly underappreciated by the Street." The analyst says that CTP-543 carries much less risk compared with a typical drug entering Phase 2, due to the 75% overall response rate it showed in a previous Phase 2 study. The analyst is optimistic that the latest Phase 2 results, due out by the end of the year, will be positive. He raised his price target on the shares to $31 from $21 and keeps a Buy rating on the stock.
04/05/17
STFL
04/05/17
NO CHANGE
Target $31
STFL
Buy
Concert weakness a buying opportunity, says Stifel
Stifel analyst Adam Walsh said he believes the clinical tablet appearance issue that Concert Pharmaceuticals blamed for the delay in the start of its alopecia areata trial should be relatively easy to fix and only result in a minor delay. He continues to project U.S. approval and launch in FY20 and recommends shares be bought on related weakness. Walsh keeps a Buy rating and $31 price target on Concert shares.
03/07/17
BARD
03/07/17
NO CHANGE
Target $115
BARD
Outperform
Vertex deal for Concert Pharma strengthens CF franchise, says Baird
Baird analyst Brian Skorney said Vertex's (VRTX) purchase of Concert Pharmaceuticals (CNCE) strengthens its cystic fibrosis franchise and defends its position as the leading CF company by eliminating a potential competitor. The deal also has a chance to extend patient life with improved dosing potential, said Skorney. The analyst believes it is a smart acquisition and reiterated his Outperform rating and $115 price target on Vertex shares.
05/17/17
STFL
05/17/17
NO CHANGE
Target $31
STFL
Buy
Resolution of Concert clinical hold should take quarter 'at most,' says Stifel
After Concert Pharmaceuticals announced that that FDA has placed the company's CTP-543 Phase 2 trial for alopecia areata on clinical hold, Stifel analyst Adam Walsh noted that no safety concerns were highlighted and that Concert already has the data of interest in-house, leading him to believe that the resolution of the hold will take a quarter "at most." The analyst, who still expects Concert to initiate and enroll the trial in 2017 and continues to project U.S. approval and launch in FY20, recommends buying on weakness and keeps a Buy rating and $31 price target on Concert shares.
HTGC Hercules Capital
$13.05

0.04 (0.31%)

02/24/17
02/24/17
DOWNGRADE

Market Perform
Hercules Capital downgraded on increased investments, valuation at Raymond James
As previously reported, Raymond James downgraded Hercules Capital to Market Perform from Outperform. Analyst Robert Dodd sees material "risk" of increased 2H 2017 expenditures that will negatively impact short-term earnings and said valuation is at his prior price target.
02/24/17
RAJA
02/24/17
DOWNGRADE
RAJA
Market Perform
Hercules Capital downgraded to Market Perform from Outperform at Raymond James
05/08/17
WDLK
05/08/17
DOWNGRADE
Target $13
WDLK
Hold
Hercules Capital downgraded to Hold from Buy at Wunderlich
Wunderlich analyst Merrill Ross downgraded Hercules Capital to Hold with a $13 price target following the company's Q1 results.
07/25/16
MACQ
07/25/16
DOWNGRADE
MACQ
Neutral
Hercules Technology downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Hugh Miller downgraded Hercules Technology to Neutral citing lack of catalysts and low probability of a dividend raise ahead of 2018. The analyst has a $13 price target on Hercules shares.
VRTX Vertex
$122.66

-3.25 (-2.58%)

06/02/17
OPCO
06/02/17
UPGRADE
Target $150
OPCO
Outperform
Vertex upgraded to Outperform from Perform at Oppenheimer
Oppenheimer analyst Hartaj Singh upgraded Vertex Pharmaceuticals to Outperform with a $150 price target. The analyst sees a 70% chance that the impending Phase 1 and Phase 2 triplet data will be successful. He believes Vertex is positioned to deliver "strong" sales and earnings growth over the next five years.
05/01/17
ARGS
05/01/17
NO CHANGE
ARGS
Vertex price target raised to $145 from $115 at Argus
Argus analysts Katelyn Bayone and John Eade raised their price target on Vertex after the company reported higher than expected EPS. The analysts continue to believe that the outlook for the company's earnings is positive, given the outlook for its Orkambi drug. They raised their price target on the shares to $145 from $115 and keeps a Buy rating.
05/01/17
BARD
05/01/17
NO CHANGE
Target $136
BARD
Outperform
Vertex price target raised to $136 from $115 at Baird
Baird analyst Brian Skorney raised his price target on Vertex to $136 from $115 on the strength of CF revenues in Q1 and management's confidence in and commitment to developing a next generation combination to treat 80%-90% of CF patients. Skorney believes 2017 will be a transformational year for Vertex and reiterated his Outperform rating on the shares.
04/28/17
FBCO
04/28/17
NO CHANGE
Target $125
FBCO
Outperform
Vertex price target raised to $125 from $108 at Credit Suisse
Credit Suisse analyst Alethia Young raised her price target for Vertex to $125 from $108 and raised her probability of success to 75% from 50% to the triplet in the HetMin population. The analyst thinks it is likely that one of the assets of Vertex's four clinical next generation correctors will be the third piece of a regimen that can successfully treat the HetMin population. She reiterates an Outperform rating on the shares.

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GBL

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CC

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