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NLNK

NewLink Genetics

, INCY

Incyte

$83.07

-0.91 (-1.08%)

15:04
04/06/18
04/06
15:04
04/06/18
15:04

NewLink announces review of clinical programs after Incyte/Merck trial news

NewLink Genetics (NLNK) announced a review of its clinical programs. NewLink stated: "This morning's announcement by Incyte and Merck on the ECHO-301 trial for patients with advanced melanoma is a disappointing result for the IDO field. Indoximod, NewLink Genetics' IDO pathway inhibitor, has a differentiated mechanism of action which may demonstrate clinical benefit for patients where direct enzymatic inhibitors have not. In light of Incyte's announcement, however, NewLink is undertaking a review of its clinical programs and will provide an update when it is completed. NewLink Genetics has generated data for indoximod across several indications, and in combination with different modalities, suggesting the potential for indoximod to improve the outcomes for patients with cancer. The Company will present additional data at AACR next week, including a poster presentation further supporting indoximod's differentiated MOA and a plenary session presenting encouraging early clinical data of indoximod plus radiation for pediatric patients with diffuse intrinsic pontine glioma, a rare and lethal form of brain cancer."

NLNK

NewLink Genetics

INCY

Incyte

$83.07

-0.91 (-1.08%)

MRK

Merck

$53.05

-1.479 (-2.71%)

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NLNK NewLink Genetics

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.
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.
04/06/18
CANT
04/06/18
NO CHANGE
Target $26
CANT
Overweight
Cantor says premature to assume NewLink trial will fail like Incyte's
NewLink Genetics' (NLNK) indoximod, which acts as a tryptophan mimetic rather than an IDO enzymatic inhibitor, has shown differentiated data versus Incyte's (INCY) epacadostat, Cantor Fitzgerald analyst Mara Goldstein tells investors in a research note. NewLink is trading down 37.5%, or $2.75, to $4.57 after Incyte announced that its ECHO-301 study of epacadostat plus Merck's (MRK) Keytruda versus Keytruda alone was unsuccessful in treating advanced melanoma. Goldstein thinks assuming failure of indoximod "may be premature," but she acknowledges that NewLink shares are likely to be pressured with the company's Phase III trial end likely over a year away. If indoximod is truly differentiated, however, NewLink shares will be higher than $26 given the "now likely limited competition," Goldstein contends. She reiterates an Overweight rating on the shares with a $26 price target.
04/06/18
RHCO
04/06/18
DOWNGRADE
RHCO
Hold
NewLink Genetics downgraded to Hold from Buy at SunTrust
INCY Incyte
$83.07

-0.91 (-1.08%)

04/06/18
GUGG
04/06/18
DOWNGRADE
GUGG
Neutral
Incyte downgraded to Neutral from Buy at Guggenheim
04/06/18
04/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Incyte (INCY) downgraded to Neutral from Buy at Guggenheim and to Market Perform from Outperform at William Blair. 2. Ormat Technologies (ORA) downgraded to Perform from Outperform at Oppenheimer with analyst Noah Kaye citing valuation. 3. Sprague Resources (SRLP) downgraded to Underweight from Neutral at JPMorgan with analyst Andrew Burd citing the stock's year-to-date outperformance for the downgrade. 4. Banc of California (BANC) downgraded to Underperform from Neutral at BofA/Merrill with analyst Ebrahim Poonwala saying the company's new management team is working towards achieving its long-term strategic targets but is cautious on elevated execution risk given the balance sheet overhaul and lower quality deposit base. 5. Xilinx (XLNX) downgraded to Underweight from Neutral at JPMorgan with analyst Harlan Sur saying he believes multiple compression is likely with basestation deployment in China likely to decline in 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/06/18
MZHO
04/06/18
NO CHANGE
Target $103
MZHO
Buy
Mizuho says failure of Incyte's epacadostat ups chances of Nektar takeover
Mizuho analyst Difei Yang raised her price target on Nektar Therapeutics (NKTR) to $103 from $89 after Incyte (INCY) announced this morning the failure of epacadostat in combination with Merck's (MRK) Keytruda in a phase 3 study in melanoma patients. Recent clinical data presented by Nektar reinforced her view of NKTR-214 as one of the most impressive combo agent for checkpoint inhibitors, said Yang, who believes that the failure of epacadostat raises the possibility of a takeout by Bristol-Myers (BMY) in the coming months. She maintains a Buy rating on Nektar shares, which are down 8.5% to $92.75 in afternoon trading.
MRK Merck
$53.05

-1.479 (-2.71%)

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.
04/06/18
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.

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