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Fly News Breaks for January 14, 2020
PFE, AXSM
Jan 14, 2020 | 07:04 EDT
Ladenburg Thalmann analyst Matthew Kaplan raised his price target for Axsome Therapeutics (AXSM) to $165 from $139 after the company entered into an exclusive license agreement with Pfizer (PFE) for Pfizer's clinical and nonclinical data, and intellectual property for reboxetine. The analyst believes the deal will accelerate the development of AXS-12 by "obviating the need" for certain reboxetine preclinical and clinical long-term safety studies that would have taken up to two years to complete. Axsome receives exclusive U.S. rights from Pfizer to develop and commercialize esreboxetine, renamed AXS-14, for the treatment of fibromyalgia and for other indications, the analyst points out. Kaplan reiterates a Buy rating on Axsome Therapeutics.
News For AXSM;PFE From the Last 2 Days
PFE
Oct 23, 2020 | 09:55 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Virgin Galactic (SPCE) initiated with a Neutral at Goldman Sachs. 2. HealthEquity (HQY) initiated with an Outperform at RBC Capital. 3. Shaw Communications (SJR) initiated with an Equal Weight at Morgan Stanley. 4. Shutterstock (SSTK) initiated with a Buy at Stifel. 5. Pfizer (PFE), Merck (MRK), Eli Lilly (LLY) and AbbVie (ABBV) all initiated with a Buy at Truist, while Bristol-Myers (BMY) initiated with a Hold at the firm. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
PFE
Oct 23, 2020 | 09:24 EDT
Piper Sandler analyst Christopher Raymond keeps an Overweight rating on Ultragenyx Pharmaceutical (RARE) after the company announced the license of Solid Biosciences' (SLDB) microdystrophin construct for use in AAV8 gene therapy. The $40M upfront for this deal in the context of Ultragenyx's $800M cash balance "seems quite manageable," Raymond tells investors in a research note. The analyst is "intrigued" by Ultragenyx's view of Solid's technology and thinks the company's track record on similar deals warrants the "benefit of the doubt" here. The combination of Solid's construct with Ultragenyx's proprietary AAV8 variant system "could make for a formidable player," despite active programs at Sarepta (SRPT), Pfizer (PFE) and Astellas, says Raymond.