Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Concho Resources (CXO) initiated with an Overweight at KeyBanc. 2. Synthorx (THOR) initiated with a Buy at Jefferies and H.C. Wainwright. 3. Concrete Pumping (BBCP) initiated with a Buy at B. Riley FBR. 4. Moderna (MRNA) was initiated with an Outperform at Oppenheimer, an Overweight at Morgan Stanley, Barclays, JPMorgan, and Piper Jaffray, as well as a Buy at Needham, BofA/Merrill, and Goldman Sachs. 5. GW Pharmaceuticals (GWPH) initiated with an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Jefferies starts Synthorx with Buy rating, $21 price target. Jefferies analyst Biren Amin initiated coverage of Synthorx (THOR) with a Buy rating and $21 price target. Based on preclinical data, the analyst believes THOR-707 could have differentiated properties compared to other IL-2 therapies and may drive monotherapy efficacy. He thinks THOR-707 will have a fast follower clinical development strategy to Nektar's (NKTR) NKTR-214. Further, Amin believes Synthorx's early pipeline offers additional upside.
Synthorx initiated with a Buy at H.C. Wainwright. H.C. Wainwright analyst Debjit Chattopadhyay started Synthorx with a Buy rating and $30 price target. The company's Expanded Genetic Alphabet technology gives it the ability to manipulate the innate biological interaction of cytokines and adapt them to applications either in oncology or autoimmune diseases, "expanding the versatility and scope of the platform," says the analyst.
Synthorx (THOR) priced 11.9M shares at $11.00. The deal size was increased to 11.9M shares from 9.1M shares and priced between the $10.00-$12.00 range. Jefferies, Leerink and Evercore ISI acted as joint book running managers for the offering.