Crispr Therapeutics participates in a conference call with Morgan Stanley » 17:2509/2909/29/20
Ionis Pharmaceuticals management to meet virtually with Oppenheimer » 15:1709/2909/29/20
Virtual Meeting to be…
Virtual Meeting to be held on September 30 hosted by Oppenheimer.
Fly Intel: Top five analyst initiations » 09:5409/2909/29/20
PFE, AXSM, SYY, USFD, LOB
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Pfizer (PFE) initiated with a Hold at Berenberg. 2. Axsome Therapeutics (AXSM) initiated with an Underperform at BofA. 3. Sysco (SYY) initiated with an Equal Weight at Morgan Stanley. 4. US Foods (USFD) initiated with an Equal Weight at Morgan Stanley. 5. Live Oak Bancshares (LOB) initiated with an Outperform at Raymond James. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Axsome Therapeutics announces $225M term loan facility with Hercules Capital » 07:1409/2909/29/20
Axsome Therapeutics (AXSM) has secured a $225M term loan facility with Hercules Capital (HTGC). The committed capital strengthens the Company's balance sheet through the anticipated commercial launches of its two lead product candidates, AXS-05 for major depressive disorder and AXS-07 for migraine, and extends its cash runway into at least 2024, based on current operating plans. Under the terms of the new $225M term loan facility, $60M may be drawn at closing; $115M may be drawn at the Company's option, in three separate tranches, upon approval of AXS-05 in MDD, upon approval of AXS-07 in migraine, and upon certain combined sales criteria for AXS-05 and AXS-07; and an additional $50M is available, subject to the approval of Hercules Capital, to support future strategic initiatives, including further pipeline advancement or expansion. Of the initial $60M, the Company drew down $50M at closing, with the additional $10M available to be drawn at the Company's option. A portion of the initial drawdown was used to repay the Company's previously existing $20M principal loan with Silicon Valley Bank along with associated final payment fees. The new term loan facility bears interest at a calculated prime-based variable rate currently at 9.15%. It matures in October 2025 and has an initial interest-only payment period of 30 months, which may be extended to up to 48 months upon the drawing of future tranches. Axsome will issue warrants to purchase 15,541 shares of Axsome common stock upon initial funding of the facility.
Axsome Therapeutics initiated with an Underperform at BofA » 06:2509/2909/29/20
BofA analyst Ashwani…
BofA analyst Ashwani Verma initiated coverage of Axsome Therapeutics with an Underperform rating and $66 price target. The analyst notes that his contrarian call is driven by expectations of disappointment from the company's 2021 primary care launches targeting depression and migraine because of their "undifferentiated" characteristics and "saturated" target markets. Verma adds that Alzheimer's Disease agitation is the biggest peak-sales opportunity for Axsome, but he points to multiple and viable competitor readouts beginning with Q4 of this year eroding the company's competitive position.
Axsome Therapeutics initiated with an Underperform at BofA » 06:0409/2909/29/20
BofA initiated coverage…
BofA initiated coverage of Axsome Therapeutics with an Underperform rating and $66 price target.
Celyad, Merck enter collaboration to evaluate CYAD-101 with Keytruda » 05:1409/2909/29/20
Celyad (CYAD) announced…
Crispr Therapeutics participates in a conference call with Morgan Stanley » 04:5509/2909/29/20
Fly Intel: After-Hours Movers » 18:2709/2809/28/20
FLUX, RLGT, DNLI, DYN, SNOW, UNFI, BEAM
Check out this evening's…
Beam Therapeutics announces offering of 4.5M shares of common stock » 16:1909/2809/28/20
Beam Therapeutics announced the commencement of a proposed public offering of 4.5M shares of its common stock. J.P. Morgan, Jefferies and Barclays are acting as joint book-running managers for the proposed offering. Wedbush PacGrow is acting as lead manager for the proposed offering.