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XBIT

XBiotech

$11.11

0.1 (0.91%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

07:46
12/07/19
12/07
07:46
12/07/19
07:46

XBiotech sells bermekimab to Janssen for $750M plus potential milestones

XBiotech (XBIT) announced that it has entered into a definitive agreement with Johnson & Johnson's (JNJ) Janssen Biotech to sell its novel antibody bermekimab. Janssen will acquire all rights to bermekimab under the terms of the agreement, and XBiotech will be free to use its True Human Antibody discovery program to develop new antibody therapeutics that target IL-1 alpha to treat non-dermatological diseases. XBiotech plans to re-enter clinical development with a next generation anti-IL-1 alpha therapeutic. Following the acquisition, XBiotech will use its manufacturing technology to produce clinical supplies of bermekimab for Janssen under a supply agreement. In addition, XBiotech will contract with Janssen to provide clinical trial operation services to complete two ongoing Phase II clinical studies evaluating bermekimab in hidradenitis suppurativa and atopic dermatitis. Upon closing, Janssen will make a cash payment of $750M to XBiotech. In addition, XBiotech may receive up to $600M in potential milestone payments. XBiotech expects to generate additional revenue from the manufacturing supply agreement and clinical services agreement with Janssen over the next two years. XBiotech plans to use a portion of the proceeds from the transaction to fund discovery and development of its next generation True Human anti-IL-1 alpha antibody program. Additionally, a portion of the revenue will be dedicated to advancing other antibody therapeutics in XBiotech's pipeline, it added. The company is also planning to use part of the proceeds in a capital transaction, such as a stock repurchase, subject to board review and approval.

XBIT

XBiotech

$11.11

0.1 (0.91%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

  • 07

    Dec

  • 09

    Dec

  • 22

    Jan

XBIT XBiotech
$11.11

0.1 (0.91%)

06/14/19
PIPR
06/14/19
INITIATION
Target $13
PIPR
Overweight
XBiotech initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Joseph Catanzaro started XBiotech with an Overweight rating and $13 price target. Clinical activity for the company's lead asset bermekimab in two inflammatory skin diseases - hidradenitis suppurativa and atopic dermatitis - has been "very encouraging," Catanzaro tells investors in a research note. He believes these early data compare favorably to standard of care biologics Humira and Dupixent in each setting, respectively. The analyst expects XBiotech shares to appreciate as it advances bermekimab in both indications.
11/13/19
PIPR
11/13/19
NO CHANGE
Target $16
PIPR
Overweight
XBiotech price target raised to $16 from $13 at Piper Jaffray
Piper Jaffray analyst Joseph Catanzaro maintained an Overweight rating on XBiotech and raised his price target on the shares to $16 from $13. The analyst said he recently caught up with the company after its 10-Q filing, noting that in the past month both randomized Phase 11 trials in hidradenitis suppurativa and atopic dermatitis have enrolled their first patient, and timelines are intact for top-line data from these trials in late second half 2020. Catanzaro said management hopes to provide further guidance around which trial reads out first once enrollment completes in the first half of the year. The analyst added he continues to believe that prior Phase II data for bermekimab in either setting, if replicated, would give both trials a "high chance" of success.
JNJ Johnson & Johnson
$140.36

0.79 (0.57%)

10/30/19
MSCO
10/30/19
NO CHANGE
MSCO
Morgan Stanley says J&J talc test 'not an all clear,' but incremental positive
Morgan Stanley analyst David Lewis noted that Johnson & Johnson announced that its independent testing concluded no presence of asbestos in the company's previously recalled baby powder, though the FDA subsequently stated, "They would say the product is free of asbestos based on their testing, and we would say the opposite for that sample." Though the FDA is standing behind its test, Lewis doesn't think this suggests a contentious disagreement, but rather a statement of fact for respective testing. The analyst, who said that he has more work to do to understand the results and protocols, said this news is "not an all clear," but it is an incremental positive.
11/19/19
CANT
11/19/19
INITIATION
Target $160
CANT
Overweight
Johnson & Johnson initiated with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen initiated coverage of Johnson & Johnson with an Overweight rating and $160 price target.
11/20/19
CANT
11/20/19
INITIATION
Target $160
CANT
Overweight
Cantor Fitzgerald starts Johnson & Johnson with Overweight, $160 price target
Cantor Fitzgerald analyst Louise Chen last night initiated coverage of Johnson & Johnson with an Overweight rating and $160 price target. Upwards earnings revisions to J&J's Pharma business and multiple expansion, driven by diminishing headlines risks from talc and opioids, should move the shares higher, Chen tells investors in a research note. She points out that Johnson & Johnson has reported eight consecutive years of pharma operational sales growth of 8.9% annually, about twice as fast as the global market. The analyst also thinks the company's liabilities from talc and opioids are manageable with its cash balance, as well as its cash flow from operations.
11/20/19
11/20/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Johnson & Johnson (JNJ) initiated with an Overweight at Cantor Fitzgerald. 2. Brink's (BCO) initiated with a Buy at Goldman Sachs. 3. KLA-Tencor (KLAC) initiated with a Buy at Nomura Instinet. 4. NexTier Oilfield (NEX) initiated with a Buy at Citi. 5. Carrols Restaurant (TAST) initiated with a Buy at Craig-Hallum. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

TLGT

Teligent

$0.40

-0.0025 (-0.62%)

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AYTU

Aytu BioScience

$0.80

0.0014 (0.18%)

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DVA

DaVita

$79.45

0.43 (0.54%)

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  • 23

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TSM

TSMC

$58.58

-0.18 (-0.31%)

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KKR

KKR

$31.20

0.7 (2.30%)

, APO

Apollo Global

$50.35

1.26 (2.57%)

09:03
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KKR

KKR

$31.20

0.7 (2.30%)

APO

Apollo Global

$50.35

1.26 (2.57%)

ARES

Ares Management

$37.29

0.47 (1.28%)

BX

Blackstone

$60.79

0.62 (1.03%)

CG

Carlyle Group

$33.30

0.36 (1.09%)

HLNE

Hamilton Lane

$67.25

-0.02 (-0.03%)

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SPCE

Virgin Galactic

$15.65

0.685 (4.58%)

, TWNK

Hostess Brands

$14.03

0.02 (0.14%)

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'Blank-check' companies hot on Wall Street, Barron's says »

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SPCE

Virgin Galactic

$15.65

0.685 (4.58%)

TWNK

Hostess Brands

$14.03

0.02 (0.14%)

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  • 25

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GOOG

Alphabet

$1,480.28

28.34 (1.95%)

, NFLX

Netflix

$339.56

0.89 (0.26%)

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This week, Peacock…

GOOG

Alphabet

$1,480.28

28.34 (1.95%)

NFLX

Netflix

$339.56

0.89 (0.26%)

CMCSK

Comcast

$0.00

(0.00%)

CMCSA

Comcast

$47.48

0.62 (1.32%)

GOOGL

Alphabet Class A

$1,479.12

29.29 (2.02%)

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JWN

Nordstrom

$40.34

-0.15 (-0.37%)

, WMT

Walmart

$114.93

-0.96 (-0.83%)

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Casper IPO highlights tech's promise, troubles, Barron' says »

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JWN

Nordstrom

$40.34

-0.15 (-0.37%)

WMT

Walmart

$114.93

-0.96 (-0.83%)

CSPR

Casper Sleep

$0.00

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  • 21

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BA

Boeing

$324.11

-7.89 (-2.38%)

, DDAIF

Daimler AG

$0.00

(0.00%)

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BA

Boeing

$324.11

-7.89 (-2.38%)

DDAIF

Daimler AG

$0.00

(0.00%)

FCAU

Fiat Chrysler

$13.76

-0.14 (-1.01%)

VWAGY

Volkswagen

$0.00

(0.00%)

FSLR

First Solar

$53.51

-0.42 (-0.78%)

AAPL

Apple

$318.66

3.33 (1.06%)

DQ

Daqo New Energy

$53.61

-0.025 (-0.05%)

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  • 28

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SPOT

Spotify

$148.20

-3.59 (-2.37%)

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Spotify in talks to acquire The Ringer, WSJ reports »

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  • 05

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CE

Celanese

$117.54

-0.53 (-0.45%)

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  • 31

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BYND

Beyond Meat

$109.20

-1.16 (-1.05%)

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DBD

Diebold

$11.09

-0.49 (-4.23%)

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IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

, SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

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IEF

iShares 7-10 Year Treasury Bond ETF

$111.28

-0.13 (-0.12%)

SHY

iShares 1-3 Year Treasury Bond

$84.73

-0.005 (-0.01%)

SPY

SPDR S&P 500 ETF Trust

$331.98

1.08 (0.33%)

SLV

iShares Silver Trust

$16.82

0.04 (0.24%)

GLD

SPDR Gold Shares

$146.59

0.29 (0.20%)

FXE

Euro Currency Trust

$105.10

-0.43 (-0.41%)

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UBSFY

Ubisoft

$0.00

(0.00%)

17:32
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  • 17

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IMVT

Immunovant

$17.04

-0.01 (-0.06%)

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Breaking Syndicate news story on Immunovant »

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TBLT

ToughBuilt

$0.33

-0.0255 (-7.11%)

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MYO

Myomo

$0.32

0.0062 (1.98%)

17:18
01/17/20
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Conference/Events
Myomo to host special shareholder meeting »

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  • 21

    Jan

SRRA

Sierra Oncology

$0.40

-0.02 (-4.76%)

17:14
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Conference/Events
Sierra Oncology to host virtual special shareholder meeting »

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  • 21

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SRNE

Sorrento Therapeutics

$4.26

-0.15 (-3.40%)

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Breaking Syndicate news story on Sorrento Therapeutics »

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AKER

Akers Biosciences

$3.45

-0.1 (-2.82%)

17:01
01/17/20
01/17
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17:01
Hot Stocks
Akers Biosciences reaches settlement agreements on two derivative actions »

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ECA

Encana

$4.09

-0.18 (-4.22%)

16:40
01/17/20
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16:40
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16:40
Hot Stocks
Encana receives court approval for reorganization »

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  • 29

    Jan

MBRX

Moleculin Biotech

$0.96

0.0122 (1.29%)

16:38
01/17/20
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Breaking Syndicate news story on Moleculin Biotech »

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VOD

Vodafone

$20.07

-0.225 (-1.11%)

, BT

BT Group

$0.00

(0.00%)

16:37
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01/17
16:37
01/17/20
16:37
Periodicals
BT, Vodafone consider urging PM Johnson not to ban Huawei in U.K., Reuters says »

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VOD

Vodafone

$20.07

-0.225 (-1.11%)

BT

BT Group

$0.00

(0.00%)

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16:30
01/17/20
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Options
Preliminary option volume of 28.7M today »

Preliminary option volume…

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