Fly News Breaks for January 8, 2020
AMRX, BLU, EBS, BHC, HZNP
Jan 8, 2020 | 08:36 EDT
Guggenheim analyst Dana Flanders believes selectivity "remains critical" in the Emerging Pharma space and sees therapeutics as best positioned into 2020 despite a strong year-end rally from generics. The analyst is bullish into Horizon Therapeutics' (HZNP) potential Q1 launch of teprotumumab and sees a "strong case" for continued multiple expansion at Bausch Health (BHC). Flanders also likes the risk/reward profiles for Emergent BioSolutions (EBS) and Bellus Health (BLU) ahead of legal and clinical catalysts. Across generics, Amneal Pharmaceuticals (AMRX) is the analyst's least preferred name due to valuation and skepticism on sustaining the company's medium-term growth above peers. Flanders calls Horizon his best idea and upped the stock's price target to $40 from $36. He also raised Bausch's target to $36 from $30 and Sell-rated Amneal's target to $3 from $2.
News For HZNP;BHC;EBS;BLU;AMRX From the Last 2 Days
Nov 24, 2020 | 08:33 EST
Benchmark analyst Robert Wasserman raised the firm's price target on Halozyme (HALO) to $46 from $39 and keeps a Buy rating on the shares after the company announced the signing of a new license agreement with Horizon Therapeutics (HZNP) for the use of the company's ENHANZE subcutaneous drug delivery technology with Horizon's Tepezza for the treatment of Thyroid Eye Disease. He has raised his estimates for Q4 to reflect the company's increased guidance for 2020, Wasserman noted.
Nov 24, 2020 | 07:12 EST
Bausch Health Companies and Bausch + Lomb, its leading global eye health business, announced that the Company has initiated the second of two Phase 3 studies evaluating the investigational treatment NOV03, or perfluorohexyloctane, as a first-in-class investigational drug with a novel mechanism of action to treat the signs and symptoms of Dry Eye Disease, or DED, associated with Meibomian gland dysfunction, or MGD. Enrollment of the first Phase 3 study is currently underway and has reached 85% of its enrollment goal. NOV03 is an investigational, proprietary, water-free and preservative-free solution, based on patented EyeSol technology from Novaliq GmbH1. DED is a chronic and serious disease of the ocular surface.
Nov 23, 2020 | 10:03 EST
Piper Sandler analyst Joseph Catanzaro raised the firm's price target on Halozyme (HALO) to $42 from $37 and keeps an Overweight rating on the shares after the company announced a new Enhanze collaboration with Horizon Therapeutics (HZNP) to develop subQ formulations for IGF-1R targeting medicines. This includes Tepezza which was approved earlier this year for the treatment of thyroid eye disease and has seen an "impressive launch" with current consensus calling for $1.5B in 2021, Catanzaro tells investors in a research note. The analyst views the pact as a "low-risk bolt on royalty stream" that will be a contributor well into the 2030s for Halozyme.
Nov 23, 2020 | 08:03 EST
Horizon Therapeutics (HZNP) and Halozyme Therapeutics (HALO) announced a global collaboration and license agreement that gives Horizon exclusive access to Halozyme's ENHANZE drug delivery technology for subcutaneous formulation of medicines targeting IGF-1R. Horizon intends to use ENHANZE to develop a SC formulation of TEPEZZA, indicated for the treatment of Thyroid Eye Disease, a serious, progressive and vision-threatening rare autoimmune disease, potentially shortening drug administration time, reducing healthcare practitioner time and offering additional flexibility and convenience for patients. Under the terms of the agreement, Horizon will make an upfront payment of $30M to Halozyme and is obligated to make potential future payments of up to $160M in the aggregate, subject to achievement of specified development, regulatory and sales-based milestones. Halozyme will also be entitled to receive mid-single digit royalties on sales of commercialized medicines using the ENHANZE technology.