Also, Empyrean Capital Partners Lp also increased its stake in Theravance Inc (THRX) by 7.15% to $28.30 million.
go to octafinance for more details
By Gene Guzun in Hedge Funds, News
Published: May 22, 2015 at 7:59 pm
The Baupost Group also did not make changes to its equity stake in Theravance Inc. (NASDAQ:THRX) maintaining its 19.82 million share position, valued at $311.51 million. Despite the fact that shares of Theravance have achieved a rise of more than 15% since the beginning of the year, it is expected that the stock price could go even higher, as the U.S. Food and Drug Administration approved BREO® ELLIPTA® for the treatment of asthma on April 30. Additionally, the company has recently announced a $0.25 cash dividend that will be paid at the end of June and amounts to a solid 6.01% yield, which undoubtedly signals that the company is currently in good financial health. Some other funds bullish on Theravance Inc. (NASDAQ:THRX) include Youlia Miteva’s Proxima Capital Management and Richard Perry’s hedge fund Perry Capital.
On May 20, 2015, at the Annual Congress of the American Thoracic Society in Denver, Colorado, GlaxoSmithKline (GSK) presented a poster containing information from a post hoc analysis of the ZEP117115 trial (NCT01777334), a 24-week, randomized, parallel-group study of once-daily, inhaled UMEC/VI 62.5/25 mcg (delivering 55 mcg and 22 mcg respectively) compared with tiotropium 18 mcg (delivering 10 mcg). The poster is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. UMEC/VI has been developed under the LABA collaboration agreement between GSK and Theravance, Inc.
According to the SEC filing after the close:
In the 6-month ZEP117115 trial(6) in moderate-to-very severe patients with COPD, a priori analyses demonstrated sustained increases in efficacy with UMEC/VI versus TIO.
· In this post hoc analysis of data from this trial, dual bronchodilation with UMEC/VI reduced the risk of a first and sustained CID and each of the components, i.e. a decrease in trough FEV 1 , increase in SGRQ total score and a moderate/severe exacerbation versus TIO.
· UMEC/VI also reduced the risk of a first and sustained CID in both GOLD subgroups and in patients with and without concurrent ICS therapy compared with TIO.
Seth Klarman's Trades During Q1 2015
He increased his position to 21,753,460 shares (Impact 0.57% on his portfolio) of Theravance Inc (THRX) at an average price of $13.855. Seth Klarman after this trade is the main holder of THRX with 18.65% of shares outstanding, followed by Richard Perry (3.45%)
Anthera Pharmaceuticals Given New $7.50 Price Target at Piper Jaffray (ANTH)
Posted by Nolan Pearson on Mar 30th, 2015 (WKRB news)
Anthera Pharmaceuticals analysts at Piper Jaffray boosted their price objective on shares of Anthera Pharmaceuticals (NASDAQ:ANTH) to $7.50 in a note issued to investors on Monday. Piper Jaffray’s price target points to a potential upside of 73.61% from the stock’s previous close.
Nice retest again today and bounced back nicely! IMO, stock wants to go higher!
The previous resistance at 15.90 or so has served as good support as THRX bounces off in a very weak biotech market (XBI down over 5%)
According to Merrill analyst Graham Perry, Advair use in the 12-17 year old category is 20% , so Breo's approval for adults will a big boost for the remaining 80% adult population
Good trading there, lottaluckeh! If they succeed with the Asthma indication the odds that GSK will buy them out increase substantially.
No trading tomorrow, Good luck to the longs and may GSK/THRX do a good job tomorrow.
Merrill's note may have contributed to today's decline in an up market. An excerpt:
Risk to ages 12-17.Pre-approval safety trial not excluded
FDA briefing documents released ahead of Thursday’s FDA advisory committee
meeting for Breo, GSK’s new LABA/ICS for asthma,suggest some risks to approval. These were
expected given the FDAs historical concerns over risk of asthma-related death with LABA containing therapies.
Specifically:(1)the FDA questions Breo’s risk/benefit profile in 12-17 year olds (we estimate c20% of current
Advair use).(2)the questions leave open the option for the panel to recommend a large safety study pre-approval, across all age groups, which would likely see GSK drop the asthma indication if required.
IMO, Merrill is being unduly cautious and will be proved wrong.
You are absolutely right, there are a lot of scepticism about a positive panel tomorrow. Let's not forget that over 25% of the float is still short.
A latest FDA review rejects all the previous misconception related to GlaxoSmith’s asthma drug: Breo Ellipta. Earlier, a few researches claim that Glaxo’s asthma drug increases death rates in patients. However, the recently issue preliminary review from the government health agency shows that there is no safety issue with Breo Ellipta. The drug significantly postpones the symptoms of asthma. Nonetheless, the FDA data only analyzed the clinical studies of the drug manufacturing company. The approval will make the drug useful for other treatment as well.GlaxoSmithKline Plc’s respiratory treatment for chronic breathing problems did not show any new safety problems while being tested to treat asthma, a preliminary review by U.S. Food and Drug Administration staff found.
The review comes two days ahead of a meeting of FDA advisers to discuss the combination treatment, Breo Ellipta, and recommend whether or not it should be approved to treat asthma.
The inhaled drug combination is already approved to treat chronic obstructive pulmonary disease, a breathing disability that gets worse with time and affects mostly smokers. Breo Ellipta is a combination of a corticosteroid as well as vilanterol, a compound that dilates airways, but has historically been linked to asthma-related deaths.
The FDA staff said on Tuesday there were no asthma-related deaths in Breo Ellipta studies it reviewed and that data on asthma-related hospitalizations were not observed uniformly in the 23 studies that Glaxo conducted. (From Newsworld-FDA Issue Positive Preliminary Review)
Asthma indication would be a strong catalyst