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VSAR

Versartis

$1.21

0.025 (2.12%)

, ARAV

Aravive

$0.00

(0.00%)

07:04
10/15/18
10/15
07:04
10/15/18
07:04

Versartis, Aravive Biologics complete merger

Aravive Biologics, Inc. and Versartis, Inc. (VSAR) announced that the merger of the two companies has closed following Versartis stockholder approval on October 5, 2018. Beginning tomorrow, October 16, 2018, the combined company will operate as Aravive, Inc. and its shares will trade on the Nasdaq Global Select Market under the new ticker symbol "ARAV". Aravive, Inc. is a clinical stage biotechnology company focusing on developing innovative therapies that target important survival pathways for cancer.Concurrent with the close of the merger, the combined company, Aravive, Inc., announced a 1-for-6 reverse split of its common shares. The reverse split will be effective upon opening of trading tomorrow, October 16, 2018. When the reverse split becomes effective, every 6 shares of issued and outstanding "ARAV" common stock will be combined into 1 issued and outstanding share of common stock with no changes to the par value of the shares. The reverse split will reduce the number of shares of Aravive's outstanding common stock from approximately 67.1 million to approximately 11.2 million. Unaudited pro forma cash and cash equivalents for the combined company as of the close of the merger is expected to be in the range of $60.0 million to $62.0 million, net of all estimated transaction costs. Following the completion of the merger, the board of directors of the combined company will include Srinivas Akkaraju, M.D., Ph.D., chairman; Jay Shepard, president and chief executive officer; Shahzad Malik, M.D; Amato Giaccia, Ph.D., scientific founder of Aravive Biologics; Ray Tabibiazar, M.D., founder and former executive chairman of Aravive Biologics; and Eric Zhang, CFA. In addition, concurrent with the close of the merger, the board of directors has appointed an additional independent director, Robert E. Hoffman. Hoffman is currently CFO and senior vice president, finance of Heron Therapeutics (HRTX).

VSAR

Versartis

$1.21

0.025 (2.12%)

ARAV

Aravive

$0.00

(0.00%)

HRTX

Heron Therapeutics

$29.40

0.39 (1.34%)

VSAR Versartis
$1.21

0.025 (2.12%)

09/18/18
JPMS
09/18/18
NO CHANGE
Target $81
JPMS
Overweight
Market evolving favorably for Ascendis into Phase III results, says JPMorgan
JPMorgan analyst Jessica Fye believes the long-acting growth hormone deficiency competitive landscape is evolving favorably for Ascendis Pharma heading into the Phase III results for the company's TransCon growth hormone in Q1 of 2019. The past 12-24 months has brought emerging clinical issues for all three of the key long-acting competitors, Fye tells investors in a research note. These range from the failure of Versartis (VSAR) at the most extreme, to the missed pivotal trial in adults for Pfizer (PFE) and Opko (OPK), to results that may raise questions around efficacy for Novo (NVO) in adults, Fye contends. The analyst believes these create opportunity for Ascendis, assuming the company is successful in Phase III. She continues to have high conviction in the success of the Phase III trial and keeps an Overweight rating on Ascendis Pharma with an $81 price target.
03/02/18
ADAM
03/02/18
DOWNGRADE
Target $5
ADAM
Hold
Versartis downgraded to Hold with $5 price target at Canaccord
As reported previously, Canaccord analyst John Newman downgraded Versartis to Hold from Buy as the company explores strategic alternatives, which he believes includes a sale of the company. Due to the uncertainty of the strategic process, he prefers to move to the sidelines. Newman lowered his price target to $5 from $9 on Versartis shares.
03/02/18
ADAM
03/02/18
DOWNGRADE
ADAM
Hold
Versartis downgraded to Hold from Buy at Canaccord
ARAV Aravive
$0.00

(0.00%)

HRTX Heron Therapeutics
$29.40

0.39 (1.34%)

10/02/18
ADAM
10/02/18
NO CHANGE
Target $49
ADAM
Hold
Pacira price target raised to $49 from $45 at Canaccord
Canaccord analyst Dewey Steadman maintained a Hold rating on Pacira Pharmaceuticals (PCRX) and raised his price target to $49 from $45. Recently reported IQVIA monthly data for August show a major acceleration of volume and revenue growth vs. a year ago as well as substantial alignment in growth trends with Symphony Health data, Steadman tells investors in a research note. Longer term, however, he remains concerned about the potential advent of competition from Heron's (HRTX) HTX-011 with what some consider to be a superior clinical data set to Exparel, and expects Pacira shares could be rangebound for the near future following strong recent performance.
09/21/18
CANT
09/21/18
NO CHANGE
Target $50
CANT
Overweight
Heron Therapeutics selloff not based on fundamentals, says Cantor Fitzgerald
Cantor Fitzgerald analyst Brandon Folkes sees no fundamental reason for the recent weakness in shares of Heron Therapeutics. The pullback provides a "compelling entry point," Folkes tells investors in a research note. He believes the market opportunity for HTX-011 "remains compelling," with peak sales potential of over $1B. The analyst reiterates an Overweight rating on Heron with a $50 price target.
09/13/18
STFL
09/13/18
INITIATION
Target $55
STFL
Buy
Heron Therapeutics initiated with a Buy at Stifel
Stifel analyst Derek Archila initiated Heron Therapeutics with a Buy rating and a price target of $55. The analyst expects the company's HTX-011 to be approved for the prevention of postsurgical pain, becoming "the first product to receive an opioid sparing indication from the FDA". Archila adds that shares could be driven higher amid the "continued discussion about potential legislation to unbundle branded non-opioid analgesic".
09/13/18
STFL
09/13/18
INITIATION
Target $41
STFL
Sell
Pacira initiated with a Sell at Stifel
Stifel analyst Derek Archila initiated Pacira (PCRX) with a Sell rating and a price target of $41, saying the stock price is not "particularly cheap" following the rally driven by an upward revision to Exparel sales guidance during its Q2 earnings call. The analyst adds that the approval of Heron's (HRTX) HTX-011 also creates a "medium- to long-term headwind" for Pacira.

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