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PIRS

Pieris Pharmaceuticals

$5.17

-0.14 (-2.64%)

, SNY

Sanofi

$41.96

-0.54 (-1.27%)

13:57
08/09/18
08/09
13:57
08/09/18
13:57

Sanofi, Roche discontinue collaborations with Pieris Pharmaceuticals

Pieris Pharmaceuticals (PIRS) disclosed earlier today in its earings release that it recently received notification of Roche's (RHHBY) intent to discontinue the companies' research collaboration and license agreement, effective August 21. The Roche collaboration, signed in 2015, pursued the discovery of Anticalin proteins specific for an exploratory immuno-oncology target selected by Roche. Pieris received an upfront payment of approximately $6.4M for the collaboration. Anticalin proteins generated under the collaboration will be wholly owned by the company. Pieris is "currently reviewing the data generated under this collaboration and will consider its strategic options thereafter," it added. In addition, Pieris said it recently received notification of Sanofi's (SNY) intent to return to Pieris all rights to the tetraspecific Anticalin program targeting P. aeruginosa, effective August 23. The program originated from a 2010 collaboration from which Pieris received an upfront payment of EUR 3.5M and three milestone payments totaling EUR 1.2M. Sanofi will transfer all related materials, data, and reports to Pieris, who will gain full control over the program. Pieris intends to "review this data package and consider its strategic options thereafter." The company added, "We remain on track to update investors with data from all three programs before year end. Our lead IO program, PRS-343, continues to advance apace in a dose-escalation study, and we expect to initiate a trial in combination with atezolizumab later this year. For PRS-060, our inhaled IL-4 receptor alpha antagonist program, we successfully completed the single-ascending dose inhalation phase in healthy volunteers and recently initiated a multiple-ascending dose study in subjects with mild asthma to test for early proof of concept via biomarkers."

PIRS

Pieris Pharmaceuticals

$5.17

-0.14 (-2.64%)

SNY

Sanofi

$41.96

-0.54 (-1.27%)

RHHBY

Roche

$0.00

(0.00%)

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PIRS Pieris Pharmaceuticals
$5.17

-0.14 (-2.64%)

05/04/18
05/04/18
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Pieris Pharmaceuticals (PIRS) initiated with an Outperform at Cowen. 2. Extraction Oil & Gas (XOG) and ConvergeOne (CVON) were initiated with an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/04/18
COWN
05/04/18
INITIATION
COWN
Outperform
Pieris Pharmaceuticals initiated with an Outperform at Cowen
Cowen analyst Chris Shibutani initiated Pieris Pharmaceuticals with an Outperform rating ahead of the company's release of data for its two lead candidates. He believes the company's Anticalin technology represents a genuinely innovative platform for developing a novel class of drugs that address significant unmet needs across a range of disease areas.
03/19/18
03/19/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Pieris Pharmaceuticals (PIRS) initiated with an Outperform at Evercore ISI and a Buy at Jefferies. 2. ConvergeOne (CVON) initiated with an Outperform at William Blair. 3. II-VI (IIVI) initiated with a Buy at Deutsche Bank. 4. Fitbit (FIT) initiated with a Buy at Craig-Hallum. 5. Fastenal (FAST) initiated with a Sell at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/19/18
EVER
03/19/18
INITIATION
Target $13
EVER
Outperform
Pieris Pharmaceuticals initiated with an Outperform at Evercore ISI
Evercore ISI analyst Umer Raffat initiated Pieris Pharmaceuticals with an Outperform and $13 price target.
SNY Sanofi
$41.96

-0.54 (-1.27%)

08/09/18
WEDB
08/09/18
NO CHANGE
Target $77
WEDB
Outperform
MyoKardia price target raised to $77 from $64 at Wedbush
Wedbush analyst David Nierengarten raised his price target for MyoKardia (MYOK) to $77 from $64 as he now begins to value royalties on potential sales of mavacamten and MYK-491 in Europe based on increasing confidence that Sanofi (SNY) will elect to commercialize there. The analyst is also positive on MyoKardia ahead of the Phase 1b MYK-491 readout in dilated cardiomyopathy later this year, where a favorable safety profile and demonstration of clinical proof of mechanism could add at least $5/share to current levels. He reiterates an Outperform rating on MyoKardia shares.
08/01/18
EXAN
08/01/18
UPGRADE
EXAN
Outperform
Sanofi upgraded to Outperform from Neutral at Exane BNP Paribas
07/31/18
DBAB
07/31/18
NO CHANGE
DBAB
Sanofi added to catalyst call buy list at Deutsche Bank
07/19/18
BMOC
07/19/18
NO CHANGE
Target $80
BMOC
Market Perform
Eli Lilly to have a 'good Q2' on beats from launch franchises, says BMO Capital
BMO Capital analyst Alex Arfaei raised his price target on Eli Lilly to $80 from $78 ahead of its Q2 earnings, saying the company will have a "good" quarter on "beats from its launch franchises Trulicity, Jardiance, and Basaglar". The analyst also keeps his Market Perform rating, adding that while the the pipeline potential of its Galcanezumab and Tanezumab drugs is promising, he believes investors are underappreciating the headwinds around its diabetes program. He see higher risks of an increased biosimilar erosion for Humalog from Sanofi's (SNY) Admelog, and Trulicity competitive pressure from Novo's (NVO) Ozempic in 2019.
RHHBY Roche
$0.00

(0.00%)

07/11/18
WELS
07/11/18
NO CHANGE
WELS
Drug stocks may not react favorably to Pfizer price rollback, Trump tweets, says Wells Fargo
Wells Fargo analyst David Maris notes that there was widespread media coverage of drug price increases taken recently by several large cap drug companies, with President Trump criticizing Pfizer (PFE) for taking these price increases. On Tuesday, Pfizer confirmed it was rolling back its July drug price increases following a conversation with President Trump, he adds. Maris believes that drug stocks will not react favorably to this news, given the chilling effect this will likely have on others looking to take price increases. Nonetheless, the analyst points out that the price increases taken in July are only a small number of increases taken over the past year or several years, so the impact of the rollback to the healthcare system is insignificant in the big picture. Other publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Roche (RHHBY) and Sanofi (SNY).
07/11/18
ADAM
07/11/18
NO CHANGE
Target $140
ADAM
Buy
Celgene's Buy rating backed at Canaccord following Phase 3 Impassion130 results
Canaccord analyst John Newman maintained a Buy rating and $140 price target on Celgene (CELG) after the company said that the Phase 3 Impassion130 study showed progression-free survival, or PFS, improvement for 1L metastatic or unresectable triple negative breast cancer with Abraxane plus Tecentriq (RHHBY) , which opens the door to Tencentriq in this indication. In a research note to investors, Newman says he expects continued upside from pipeline advances and diversification based on in-licensing, M&A and organic R&D and that, as there are currently no alternatives to chemotherapy, the combination of Abraxane plus Tecentriq should see widespread use if approved. He views the advances in TNBC "very positively" given the high unmet need for viable therapy.
07/11/18
PIPR
07/11/18
NO CHANGE
Target $365
PIPR
Overweight
Biogen price target raised to $365 from $353 at Piper Jaffray
Piper Jaffray analyst Christopher Raymond raised his price target for Biogen (BIIB) to $365 saying a survey of 101 neurologists gives him increased confidence in the staying power of the company's multiple sclerosis franchise. Tecfidera market share "edged up slightly" during the quarter, and the survey shows signs of Roche's (RHHBY) Ocrevus "hitting a bit of a wall," Raymond tells investors in a research note. Further, the analyst continues to hear feedback that Celgene's (CELG) ozanimod "will be minimally differentiated." Despite increased signs of payer activism in the space, Biogen's MS franchise is well positioned for the near-to-intermediate term, Raymond contends. He raised his estimates for Tecfidera and keeps an Overweight rating on Biogen.
06/28/18
WELS
06/28/18
NO CHANGE
WELS
Wells says Amazon deal, Walgreens results have negative read for drug pricing
After Amazon (AMZN) agreed to acquire online pharmacy PillPack, reportedly for $1B, Wells Fargo analyst David Maris noted that he has long stated that Amazon would enter the pharmacy business and warned about the risk to drug pricing in such a scenario. Maris also noted that Walgreens (WBA) reported its U.S. retail pharmacy comparable store sales fell 1.2% in Q3, adding that retailers tend to push drugmakers on price when they feel pressure and the read-through from its report may be negative for drug pricing. Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).

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iShares 1-3 Year Treasury Bond

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ZION

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Timely call buying in Zions Bancorp »

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NGG

National Grid

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14:49
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National Grid management to meet with JPMorgan »

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PayPal

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Overstock.com

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PCG

PG&E

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Edison International

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0.98 (1.45%)

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Periodicals
California governor signs wildfire bill, LA Times reports »

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Brookfield Property

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iShares MSCI Canada Index

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PG&E

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Spectrum

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Spectrum put volume heavy and directionally bearish »

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