Illumina miss 'surprising' given backlog, says Piper Sandler » 16:4108/1108/11/22
ILMN, PACB, TXG
Piper Sandler analyst…
Piper Sandler analyst David Westenberg notes that Illumina just reported revenues, earnings and guidance that came in "well below consensus," which he calls "surprising" given the company's "rich" backlog of NovaSeq instruments and consumables. The analyst, who sees the miss potentially signaling that new orders in excess of backlog filling slowed "dramatically," argues that "the silver lining, if any," is that most of the other single products genomics companies, such as Pacific Biosciences (PACB) and 10x Genomics (TXG), also noted transitory headwinds from the macro environment. Westenberg, who thinks Illumina continues to have a strong competitive position, has an Overweight rating on the shares, which are down $51.49, or 23%, to $175.95 in after-hours trading.
ALX Oncology announces first patient dosed in Phase 2 trial of evorpacept » 07:4608/1108/11/22
ALXO, MRK, LLY
ALX Oncology (ALXO)…
ALX Oncology (ALXO) announced the initiation of a Phase 2 investigator-sponsored study of evorpacept, a next generation CD47 blocker, in combination with ERBITUX and KEYTRUDA, Merck's (MRK) anti-PD-1 therapy, in patients with refractory microsatellite stable metastatic colorectal cancer who have progressed on at least two lines of systemic therapy. This is an open-label, multi-center, single-arm phase 2 clinical trial. Eli Lilly (LLY) and Company and Merck, known as MSD outside the United States and Canada, will respectively provide ERBITUX and KEYTRUDA to support this study.
Olink backs FY22 revenue view $138M-$145M, consensus $141.61M 07:1208/1108/11/22
Olink reports Q2 EPS (4c), consensus (14c) » 07:1208/1108/11/22
Reports Q2 revenue $27.5M…
Reports Q2 revenue $27.5M vs $17.688M last year. "Olink continues to make tremendous strides as the leader in the next-generation proteomics market, broadening the use of our product platform and executing on all aspects of our strategy," said Jon Heimer, CEO of Olink. "Publication of data incorporating Olink's PEA technology in both the research and clinical settings continues to accelerate. In particular, the UKB-PPP's release of early results from its pioneering research was a significant landmark for next-generation proteomics and Olink, and our journey to improve human health."
10x Genomics price target lowered to $70 from $100 at Morgan Stanley » 08:4508/1008/10/22
Morgan Stanley analyst…
Morgan Stanley analyst Tejas Savant lowered the firm's price target on 10x Genomics to $70 from $100 and keeps an Overweight rating on the shares after the company reported Q2 results in line with its preannouncement and cut guidance, which was "unsurprising" following the preliminary release. The meaningful outlook reset should be "a clearing event for the stock," said Savant, who likes the setup into 2023 and beyond with Fixed RNA Profiling and CytAssist seeing strong initial traction and Xenium on track for year-end.
Merck gives up gains after FDA announces impurity in diabetes drug 14:2608/0908/09/22
FDA finds nitrosamine impurity in Merck diabetes drug Januvia » 14:2408/0908/09/22
The FDA said it recently…
The FDA said it recently became aware of a nitrosamine impurity, Nitroso-STG-19, in certain samples of Merck's Januvia, also known as sitagliptin, a medicine used to treat type 2 diabetes mellitus. "To avoid a shortage and help ensure patients have access to an adequate supply of the medicine, FDA will not object to the temporary distribution of sitagliptin containing NTTP above the acceptable intake limit of 37 ng per day, and up to 246.7 ng per day," the agency said in a statement. Sitagliptin is a prescription drug used to control high blood sugar in patients with type 2 diabetes mellitus. The FDA recommends prescribers continue to use sitagliptin "when clinically appropriate to prevent a gap in patient treatment." Reference Link
10x Genomics price target raised to $55 from $50 at Cowen » 07:3508/0908/09/22
Cowen analyst Dan Brennan…
Cowen analyst Dan Brennan raised the firm's price target on 10x Genomics to $55 from $50 and keeps an Outperform rating on the shares. The analyst said preannouncing a 2Q miss the focus was on the extent of a 2022 guidance cut which looks reasonable and clarity on the issues where a recovery where visibility remains low.
Becton Dickinson, Labcorp announce CDx collaboration agreement » 06:5808/0908/09/22
Becton Dickinson (BDX)…
Becton Dickinson (BDX) announced a collaboration agreement with Labcorp (LH), creating a framework to develop, manufacture, market and commercialize flow cytometry-based companion diagnostics, or CDx, intended to match patients with life-changing treatments for cancer and other diseases. The agreement creates a framework for BD and Labcorp Drug Development to collaborate on flow cytometry-based CDx opportunities with pharmaceutical partners. The two companies bring together capabilities that comprise an end-to-end solution for CDx development for the pharmaceutical industry. Their joint offering ranges from exploratory panel development to FDA approval of diagnostic and IVD kit manufacturing and distribution.
10x Genomics price target lowered to $65 from $100 at Citi » 06:3508/0908/09/22
Citi analyst Patrick…
Citi analyst Patrick Donnelly lowered the firm's price target on 10x Genomics to $65 from $100 and keeps a Buy rating on the shares post the Q2 results. Particular focus was the lowered fiscal 2022 revenue guidance, which management attributed to China COVID lockdowns, currency headwinds, and the post-pandemic growth ramp tracking below expectations, Donnelly tells investors in a research note. The analyst believes the guidance reduction was broadly expected, but views the updated guidance cut of $100M as worse than anticipated.