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NLNK

NewLink Genetics

, INCY

Incyte

$83.07

-0.91 (-1.08%)

09:25
04/06/18
04/06
09:25
04/06/18
09:25

NewLink Genetics plunges after competitor IDO drug fails in trial

Shares of NewLink Genetics (NLNK), a clinical-stage company focused on developing and commercializing immunotherapeutic products for the treatment of cancer, are plunging in pre-market trading after a competitor exploring the same areas of cancer treatment reported a clinical trial that did not succeed in achieving its goal. INCYTE/MERCK COMBO MISSES MARK: Incyte (INCY) and partner Merck (MRK) announced this morning that an external Data Monitoring Committee, or eDMC, review of the pivotal Phase 3 ECHO-301/KEYNOTE-252 study results evaluating Incyte's epacadostat in combination with Merck's Keytruda in patients with unresectable or metastatic melanoma determined that the study did not meet the primary endpoint of improving progression-free survival in the overall population compared to Keytruda monotherapy. Epacadostat belongs to a class of drugs called IDO inhibitors. NewLink's Indoximod is an investigational, orally available small molecule targeting the IDO pathway. NEKTAR DOWN TOO: Shares of Nektar Therapeutics (NKTR), whose clinical programs include immuno-oncology and immunology are also sliding this morning. Adam Feuerstein of STAT has tweeted this morning: "$NKTR is the new $INCY. Anyone worried about that now?" PRICE ACTION: In pre-market trading, Nektar shares are down about 6%, Incyte is down 21% and NewLink has plunged about 37.5%.

NLNK

NewLink Genetics

INCY

Incyte

$83.07

-0.91 (-1.08%)

MRK

Merck

NKTR

Nektar

$101.44

-0.41 (-0.40%)

  • 06

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    Apr

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    May

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  • 23

    Oct

NLNK NewLink Genetics

03/02/18
STFL
03/02/18
NO CHANGE
Target $21
STFL
Buy
NewLink Genetics price target lowered to $21 from $25 at Stifel
Stifel analyst Stephen Willey said NewLink Genetics' approximately 2-month delay in starting patient enrollment into the randomized portion of the Phase 3 Indigo301 trial is an incremental negative, but noted that management remains confident in its ability to implement the "fundamentally-simple changes" needed and the delay may actually provide increased flexibility in terms of strategically pivoting off Phase 3 ECHO-301 data. He has "conservatively" pushed-out indoximod launch timelines and lowered his price target on NewLink shares to $21 from $25, but maintains a Buy rating on the stock.
01/08/18
STFL
01/08/18
NO CHANGE
STFL
Buy
NewLink Genetics timelines mostly in-line with prior guidance, says Stifel
Stifel analyst Stephen Willey noted that NewLink Genetics (NLNK) now expects to complete the majority of enrollment in the Indigo301 melanoma trial by year-end, versus its previous expectation to complete enrollment in 2018, which he said is likely due to additional time required for dose optimization of the novel indoximod salt formulation. The remainder of the 2018 calendar the company laid out is full of mostly expected catalysts and in-line with prior guidance, said Willey, who still expects NewLink to remain levered to Incyte's (INCY) date from the Phase 3 ECHO-301 trial. Willey keeps a Buy rating on NewLink shares.
11/30/17
GABE
11/30/17
NO CHANGE
Target $133
GABE
Buy
Incyte a top biotech pick for 2018 at Gabelli
Gabelli analyst Jing He highlighted Incyte as his top biotech pick for 2018 telling investors shares are undervalued and should benefit from the Epa melanoma data readout in first half 2018. The analyst said shares are trading near a 52-week low despite progress in the pipeline and believes competitors Bristol-Myers (BMY) and NewLink's (NLNK) IDO inhibitors are a few years behind Epa in development. Further, as tax reform gains more clarity, He believes M&A oncology deals could pickup and views Incyte as an attractive takeover target. Jing He rates Incyte a Buy with a $133 price target.
11/03/17
STFL
11/03/17
NO CHANGE
Target $25
STFL
Buy
NewLink Genetics price target lowered to $25 from $29 at Stifel
Stifel analyst Stephen Willey trimmed his price target on NewLink Genetics (NLNK) to $25 from $29 to reflect incremental dilution from its recent equity fundraising and forecast for increased operating expenses given that the company will soon initiate its pivotal Phase 3 melanoma trial. The analyst, who expects NewLink shares to remain sensitive to near-term data points on the IDO inhibitor front from Bristol-Myers (BMY) and the partnership of Incyte (INCY) and Merck (MRK), keeps a Buy rating on NewLink shares.
INCY Incyte
$83.07

-0.91 (-1.08%)

04/05/18
LEHM
04/05/18
NO CHANGE
LEHM
Barclays upgrades Merck, downgrades Biogen and Pfizer in sector reassessment
Barclays analyst Geoff Meacham made some rating changes while reassessing the Biopharmaceutical sector. Biopharma sentiment has been negative since the start of 2018, despite a modest pick-up in deals and diminished rhetoric on drug pricing, Meacham tells investors in a research note titled "U.S. Biopharmaceuticals: Where to from here?" The analyst believes "more transformative" acquisitions, "clean" Phase 3 wins, and even a relatively strong Q1 earnings season could help "re-rate the sector" and get investors more engaged in the group. Ahead of the Q1 earnings season, Meacham upgraded Merck (MRK) to Overweight from Equal Weight and downgraded to Equal Weight from Overweight shares of Biogen (BIIB), Pfizer (PFE), Biohaven Pharmaceutical (BHVN) and Myovant Sciences (MYOV). The analyst also lowered his price target for Equal Weight-rated AbbVie (ABBV) to $102 from $120, for Equal Weight-rated Amgen (AMGN) to $180 from $180, for Overweight-rated Prothena (PRTA) to $50 from $70 and for Overweight-rated Incyte (INCY) to $135 from $165.
04/06/18
WBLR
04/06/18
DOWNGRADE
WBLR
Market Perform
Incyte downgraded to Market Perform from Outperform at William Blair
04/06/18
WBLR
04/06/18
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Incyte after metastatic melanoma study failure
William Blair analyst Katherine Xu downgraded Incyte (INCY) to Market Perform from Outperform after the company and partner Merck (MRK) announced that ECHO-301 did not meet one of the primary endpoints of improving progression-free survival and that overall survival, the other co-primary endpoint, was not expected to be met either. After taking epacadostat out of her model, the analyst's fair value estimate for Incyte drops to $88 from $170. The stock in premarket trading is down 21%, or $17.08, to $65.99. It is unclear whether the biomarker data derived from ECHO-301 could guide other Phase III studies, and whether the other Phase III studies are to continue, Xu tells investors in a research note. She sees the next key catalysts for Incyte shares as the baricitinib advisory panel on April 23, and data from Jakafi Phase II pivotal REACH1 study in steroid-refractory acute graft-versus-host disease in the first half 2018.
02/15/18
BMOC
02/15/18
NO CHANGE
BMOC
Incyte risk/reward is favorable, says BMO Capital
MRK Merck

04/05/18
04/05/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Merck (MRK) upgraded to Overweight from Equal Weight at Barclays with analyst Geoffrey Meacham saying he believes the company will continue to take share in first-line lung cancer, driven by positive KN-189 and KN-042 data. 2. Acuity Brands (AYI) upgraded to Outperform from Market Perform at JMP Securities with analyst Joseph Osha saying he believes the stock is finally trading at a "reasonable valuation based on reasonable expectations." 3. AMD (AMD) upgraded to Buy from Hold at Stifel with analyst Kevin Cassidy citing valuation and the company's margin expansion potential. 4. Tiffany (TIF) upgraded to Buy from Hold at Loop Capital with analyst Laura Champine saying her initial meeting with the company's new CEO Alessandro Bogliogo added to her confidence. 5. Citi (C) and Wells Fargo (WFC) were upgraded to Buy from Neutral at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/05/18
LEHM
04/05/18
UPGRADE
Target $64
LEHM
Overweight
Merck upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Geoffrey Meacham upgraded Merck to Overweight and raised his price target for the shares to $64 from $62. The analyst believes the company will continue to take share in first-line lung cancer, driven by positive KN-189 and KN-042 data.
NKTR Nektar
$101.44

-0.41 (-0.40%)

03/02/18
MZHO
03/02/18
NO CHANGE
Target $89
MZHO
Buy
Mizuho has increased conviction in Bristol possibly buying Nektar in 2018
Mizuho analyst Difei Yang believes there is a possibility for Bristol-Myers Squibb (BMY) to acquire Nektar Therapeutics (NKTR) in 2018. The analyst says new positive clinical data of NKTR-214 in combo with Bristol-Myers' Opdivo reinforces her conviction. Bristol-Myers "could make a move" prior to the readouts of Propel study, expected in the second half of 2018, where NKTR-214 was tested in combo with competing products, Tecentiq and Keytruda, Yang tells investors in a research note. The analyst keeps a Buy rating on Nektar with an $89 price target following the company's Q4 results.
03/02/18
ADAM
03/02/18
NO CHANGE
Target $94
ADAM
Buy
Nektar price target raised to $94 from $80 at Canaccord
Canaccord Genuity analyst Arlinda Lee raised her price target for Nektar Therapeutics to $94 after the company reported Q4 results. Notable, Nektar provided a second update to Phase 1 Pivot-2 dose-escalation results indicating ongoing and further tumor shrinkage with improved and continuing response, Lee tells investors in a research note. Further, the company reported 60% response rate in 20 patients with PDL1-negative tumors at baseline, the analyst adds. She believes the update "further solidifies the central positioning" for wholly-owned drug candidate NKTR-214 in combination with anti-PD1. The analyst keeps a Buy rating on Nektar.
04/02/18
HCWC
04/02/18
INITIATION
Target $125
HCWC
Buy
Nektar assumed with a Buy at H.C. Wainwright
H.C. Wainwright analyst Debjit Chattopadhyay assumed coverage of Nektar Therapeutics with a Buy rating and $125 price target. The stock has had a "stellar run, but activity in checkpoint refractory patients could be well received," Chattopadhyay tells investors in a research note. The analyst believes available data from NKTR-214 in combination with Opdivo points to "compelling clinical activity." He sees "significant upside to the stock" beyond what his $125 target suggests should the data hold up to scrutiny.
03/02/18
JPMS
03/02/18
NO CHANGE
Target $90
JPMS
Overweight
Nektar announced another positive update on NKTR-214, says JPMorgan
Nektar Therapeutics last night announced another positive update on NKTR-214 from the phase I dose escalation study and reported additional patients converted to responders, JPMorgan analyst Jessica Fye tells investors in a post-earnings research note. The analyst continues to see NKTR-214, along with the company's immunology/immuno-oncology pipeline, driving potential "significant value creation." She keeps an Overweight rating on Nektar with a $90 price target.

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