Sangamo reports Q2 EPS (26c) vs. (26c) last year » 17:1108/0508/05/20
Reports Q2 revenue…
Reports Q2 revenue $21.55M vs. $17.55M last year. "We are very excited about our global collaboration agreement announced with Novartis last week. This is our second impactful partnership announced this year, and we believe it affirms the value our industry sees in our zinc finger technology," said Sandy Macrae, CEO of Sangamo. "By advancing our robust partnership strategy, we proactively expand our genomic medicines pipeline into potential additional new indications, create substantial value for shareholders, and advance our mission to bring our medicines to patients."
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Novocure price target raised to $84 from $82 at Mizuho » 07:0007/3107/31/20
Mizuho analyst Difei Yang…
Mizuho analyst Difei Yang raised the firm's price target on Novocure to $84 from $82 and keeps a Buy rating on the shares. The company reported better than expected results for Q2 as it benefited from improved net pricing in the United States and from a longer treatment duration, Yang tells investors in a research note.
Novocure price target upped to $89 at Piper Sandler after 'Q2 full of positives' » 15:1907/3007/30/20
Piper Sandler analyst…
Piper Sandler analyst Jason Bednar raised the firm's price target on Novocure to $89 from $85 and keeps an Overweight rating on the shares. The analyst notes that the company reported Q2 results on Thursday, including record-high revenue of $116M versus his $109M/Street's $106M and adjusted EBITDA of $28.0M versus his $18.3M/Street's $14.6M. Bednar also points out that no changes were made to Phase 3 clinical trial milestone timing, which he views as a positive. Novocure's commercial engine is "clearly humming," which is supporting further trial expansion and product enhancement efforts and therefore creating additional catalysts and revenue contributors to look forward to over coming years, he contends. The analyst continues to be a buyer of Novocure and sees the stock as one of the most compelling investment stories across MedTech.
Sangamo executes global licensing agreement with Novartis for genomic medicines » 07:1007/3007/30/20
Sangamo (SGMO) announced…
Sangamo (SGMO) announced that it has executed a global licensing collaboration agreement with Novartis (NVS) to develop and commercialize gene regulation therapies to address three neurodevelopmental targets, including autism spectrum disorder, or ASD, and other neurodevelopmental disorders. The collaboration will leverage Sangamo's propriety genome regulation technology, zinc finger protein transcription factors, or ZFP-TFs, to aim to upregulate the expression of key genes involved in neurodevelopmental disorders. The collaboration will leverage ZFP-TFs engineered by Sangamo scientists in an effort to upregulate, or activate, the expression of genes that are inadequately expressed in individuals with certain types of neurodevelopmental disorders. Under the terms of the agreement, over a three-year collaboration period, Novartis has exclusive rights to ZFP-TFs targeted to three undisclosed genes which are associated with neurodevelopmental disorders, including ASD and intellectual disability. Novartis also has the option to license Sangamo's proprietary AAVs. Sangamo is responsible for certain research and associated manufacturing activities, all of which will be funded by Novartis, and Novartis assumes responsibility for additional research activities, investigational new drug-enabling studies, clinical development, related regulatory interactions, manufacturing and global commercialization. Under the collaboration agreement, Novartis will pay Sangamo a $75 million upfront license fee payment within thirty days. In addition, Sangamo is eligible to earn up to $720 million in other development and commercial milestone payments, including up to $420 million in development milestones and up to $300 million in commercial milestones. Sangamo is also eligible to receive from Novartis tiered high single-digit to sub-teen double-digit royalties on potential net commercial sales of products arising from the collaboration.
Novocure reports Q2 EPS 2c, consensus 0c » 06:0307/3007/30/20
Reports Q2 revenue…
Reports Q2 revenue $115.9M, consensus $106.03M. "We further strengthened our foundation for growth in Q2," added Asaf Danziger, Novocure's CEO. "Our GBM business delivered a record $116M in global net revenues, we reported positive EPS of 2c, and Optune received regulatory approval for the treatment of GBM in China. With nearly 3,300 active patients on therapy at the end of the quarter, we added to the more than 16,000 patients treated to-date, globally. We remain confident in our team, our strategy and in the potential of our therapy to extend survival in some of the most aggressive forms of cancer."
Novocure remains 'clear top idea' at Piper Sandler » 09:1407/2207/22/20
NovoCure announced today…
NovoCure announced today another Phase 2 study that has been added to its "growing pipeline," with the first patient enrolled in a 25 patient trial evaluating the clinical benefit of high-intensity arrays in patients with recurrent glioblastoma, Piper Sandler analyst Jason Bednar tells investors in a research note. This is the fourth pipeline-related development in recent weeks and the first study to evaluate an enhancement to the Optune system designed to further extend patient survival, says the analyst. He believes Novocure's "pipeline bulking" and "strong" commercial base continues to look underappreciated by the market. Bednar calls Novocure his "clear top idea" with an Overweight rating and $85 price target.
Novocure enrolls first patient in EF-33 Phase 2 pilot trial » 09:0807/2207/22/20
Novocure announced that…
Novocure announced that the first patient has been enrolled in its EF-33 Phase 2 pilot trial of tumor treating fields delivered utilizing high-intensity arrays in patients with recurrent glioblastoma. Tumor treating fields is a cancer therapy that uses electric fields tuned to specific frequencies to disrupt cell division, the company pointed, out, while noting "survival benefit has shown a positive correlation with electric field intensity." It added, "To increase field intensity, Novocure designed high-intensity arrays with 14 ceramic discs each for use in the EF-33 study. Increasing the surface area of the array is expected to enable delivery of higher field intensities while maintaining the treatment's safety profile."
Novocure remains top idea after Merck collaboration at Piper Sandler » 10:1307/1507/15/20
Piper Sandler analyst…
Piper Sandler analyst Jason Bednar says Novocure's (NVCR) collaboration with Merck (MRK) to evaluate TTFields in combination with Keytruda "adds to other recent positive clinical developments" and "further bolsters the company's already attractive pipeline." The ongoing clinical development efforts in combination with a "strong" commercial franchise make Novocure the analyst's top idea. He continues to recommend investors use the relative weakness in shares over the past few months as a buying opportunity and reiterates an Overweight rating on Novocure with an $85 price target. Bednar suspects some bears may argue that today's announcement is a negative read-through on the company's Phase 3 LUNAR study of advanced non-small-cell lung carcinoma. "That's a stretch," as LUNAR is evaluating TTFields as a second-line treatment and management hasn't yet seen any trial data that would influence future clinical trial plans, says the analyst.
Novocure, Merck enter clinical trial collaboration to develop NSCLC treatment » 07:3507/1507/15/20
Novocure (NVCR) announced…
Novocure (NVCR) announced it has entered into a clinical trial collaboration agreement with Merck (MRK), through a subsidiary, to develop Tumor Treating Fields together with Merck's anti-PD-1 therapy Keytruda for treatment of non-small cell lung cancer, or NSCLC. Novocure's Tumor Treating Fields use electric fields tuned to specific frequencies to disrupt cell division, inhibiting tumor growth and causing cancer cells to die. The two companies plan to conduct a phase 2 pilot study of Tumor Treating Fields concomitant with Keytruda for first-line treatment of intrathoracic advanced or metastatic, PD-L1 positive NSCLC. The study is designed to enroll approximately 66 patients in the United States and is expected to begin in the second half of 2020. Objective response rate is the primary endpoint of the study. Secondary endpoints include overall survival, progression free survival, or PFS, PFS at six months, one-year survival rate, duration of response, disease control rate at 18 weeks and safety.
Novocure glioblastoma opportunity in China underappreciated, says Piper Sandler » 05:0107/1007/10/20
The glioblastoma opportunity in China is one of the most underappreciated parts of Novocure commercial business at present, Piper Sandler analyst Jason Bednar tells investors in a research note. The analyst's math suggests revenue from China could eclipse $75M in 2022 when combining contributions from royalties, product sales, and license/milestone amortization. This revenue from China is a "material source of incremental growth that the Street doesn't seem to be properly modeling," says Bednar. He reiterates an Overweight rating on Novocure with an $85 price target.