|Over a month ago|
Syneos Health, Daiichi Sankyo agree to develop ADC Oncology pipeline » 08:3905/2805/28/20
Daiichi Sankyo announced…
Daiichi Sankyo announced that it has entered into a strategic agreement with Syneos Health. The companies are coming together to form a coalition to accomplish their shared goal of bringing promising cancer therapies to patients as safely, effectively and efficiently as possible. Under the agreement, Syneos Health will provide both strategic and operational solutions for three lead Daiichi Sankyo DXd antibody drug conjugates, or ADC: DS-1062, U3-1402 and DS-8201. The coalition expands a pre-existing relationship between the two companies. The coalition will enable early strategic engagement of Syneos Health teams to inform drug development decision making from the start. Cross-functional teams from both companies will share therapeutic expertise and product development insights to shape study designs and create a clinical delivery process across a portfolio of studies.
Syneos Health initiates cost management strategies » 06:4004/3004/30/20
In light of the current…
In light of the current situation, the company has initiated proactive cost management strategies to enhance its operational and financial flexibility. To minimize the margin impact from the short-term revenue headwinds, the company has taken a number of actions, including the following:accelerated ForwardBound margin enhancement initiative, delayed hiring of non-billable headcount, reduced or eliminated third party costs and non-essential contractors, implemented temporary salary reduction for the Board of Directors, executives, and highly compensated individuals, suspended 401k match, executed voluntary furloughs, and rationalized portfolio of services.
Syneos Health reports Q1 adjusted EPS 68c, consensus 62c » 06:3904/3004/30/20
Reports Q1 revenue…
Reports Q1 revenue $1.16B, consensus $1.14B.
Eyeforpharma to hold a virtual conference » 07:5304/1504/15/20
ABBV, ABEO, ALKS, AMGN, AMRN, AZN, BAYRY, BIIB, CRM, DIS, ESALY, FB, GSK, GTHX, LLY, MNK, MRK, MSFT, NVO, NVS, OTSKY, PFE, SEPR, SGEN, SNY, SYNH, TAK
Eyeforpharma Philadelphia will be held virtually on April 14-17 with webcasts starting at 9 am each day. Webcast Link
|Over a quarter ago|
Syneos Health sees Q1 results 'in line' with previous guidance » 06:5804/0704/07/20
The company said,…
The company said, "During the first quarter of 2020, Syneos Health continued to build on the strong operational and financial performance the company highlighted in its fourth quarter and year-end 2019 earnings announcement on February 20, 2020. As a result, the company expects its aggregate financial results for the first quarter of 2020 to be in line with its previously issued guidance range. During the first quarter of 2020, the company maintained strong new business awards in both Clinical and Commercial Solutions, and did not experience any meaningful cancellations related to COVID-19. Further, the company ended the first quarter with robust pipelines of new business opportunities for both the Clinical and Commercial Solutions segments."
Syneos Health withdraws FY20 guidance » 06:5704/0704/07/20
Syneos said, "The…
Syneos said, "The company currently anticipates that the disruption caused by COVID-19 will impact second quarter revenue and will likely extend into at least the third quarter of 2020, before beginning to recover. Due to this ongoing uncertainty, the company is withdrawing its financial guidance for the year ending December 31, 2020 that was issued on February 20, 2020. The company plans to provide further information on its first quarter 2020 earnings call. In light of the current situation, the company has initiated proactive cost management strategies. These include accelerating the company's ForwardBound margin enhancement initiative of organizational and operating model efficiencies, hiring restrictions, reductions in third-party costs, certain compensation adjustments, and other initiatives. The company has also implemented proactive cash conservation initiatives, including delaying some capital expenditures and locking in lower interest rates on certain variable rate debt. The company remains confident in its liquidity position, which includes cash on hand and access to its revolving credit facility. The company is currently subject to only one financial maintenance covenant on its primary debt facilities, a First Lien Leverage Ratio of 4.5x, which applies through the maturity of these facilities in 2024. As of December 31, 2019, the company's First Lien Leverage Ratio, as calculated in accordance with the terms of these facilities, was 2.63x, and is expected to be safely within the financial maintenance covenant as of March 31, 2020."
Syneos Health price target lowered to $42 from $56 at Mizuho » 07:3804/0304/03/20
Mizuho analyst Ann Hynes…
Mizuho analyst Ann Hynes lowered the firm's price target on Syneos Health to $42 from $56 and keeps a Neutral rating on the shares. The analyst now estimates COVID-19 will likely have a greater negative impact on the contract research organizations than she originally estimated.
Syneos Health price target lowered to $62 from $72 at Credit Suisse » 07:2404/0204/02/20
Credit Suisse analyst…
Credit Suisse analyst Erin Wilson Wright lowered the firm's price target on Syneos Health to $62 from $72 and keeps an Outperform rating on the shares. While there has been no abnormal level of cancellations coinciding with the pandemic, the analyst notes that sponsors are increasingly delaying patient enrollment and new study starts, consistent with the data she has been tracking from industry constituents and her clinicaltrials.gov analysis. The analyst is also lowering her near-term Q2 EPS to 50c from 87c, reflecting an 18% decline in Q2 top-line growth given anticipated study start-up delays, acknowledging the situation remains fluid.
Syneos Health downgraded to Neutral from Buy at Goldman Sachs » 05:0403/3003/30/20
Goldman Sachs analyst…
Goldman Sachs analyst Robert Jones downgraded Syneos Health to Neutral from Buy with a price target of $45, down from $79. In the context of the uncertainty of the trajectory and length of the COVID-19 outbreak, the analyst prefers clinical names with "more favorable exposure." Jones expects uncertainty around biotech funding to affect sentiment for Syneos and sees a "relatively unfavorable" risk profile for the company.
SunTrust cuts price targets across CROs, downgrades MedPace » 08:1903/1703/17/20
MEDP, SYNH, PRAH, IQV, CRL, ICLR
SunTrust analyst Sandy…
SunTrust analyst Sandy Draper downgraded Medpace (MEDP) to Sell from Hold with a price target of $46, down from $100 as part of a broader research note on contract research organizations, or CROs. The analyst is also cutting his price target on Syneos Health (SYNH) to $58 from $80, PRA Health Sciences (PRAH) to $89 from $127, IQVIA Holdings (IQV) to $128 from $184, Charles River Labs (CRL) to $124 from $188, and ICON Public (ICLR) to $131 from $182. Draper believes that the clinical trial business will be impacted by COVID-19 for at lease the next two quarters as the pandemic is expected to effect site visits, trial recruitment, study start-ups, and new business awards. The analyst is especially bearish on Medpace due to its customer base, with 70% of its revenue serving small biopharma.