Michael G. King Jr., JMP Securities, ranked first in 2013 among all stock pickers in the Pharmaceuticals category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal. He reiterated his outperform rating, July 8th.
Michael King, JMP Securities (7/8/13) "Astex Pharmaceuticals Inc. announced this morning its plans to submit an investigational new drug application to the FDA for ASTX727, a novel, oral hypomethylating agent (HMA), by Q4/13; maintaining Market Outperform rating. . .we regard today's announcement as an important development in the life-cycle management of Astex's HMA franchise."
Michael King, JMP Securities (5/21/13) "Updates to SGI-110 phase 1 activity and duration of response in myelodysplastic syndromes patients were detailed in Astex Pharmaceuticals Inc.'s abstract release ahead of the 18th Congress of the European Hematology Association. . .we are maintaining a Market Outperform rating. . .overall, our outlook on SGI-110 remains positive. . .the drug holds a strong likelihood of success in the ongoing phase 2 study."
Jason Zhang, Edison Investment Research (5/7/13) "A more than 70% appreciation in the share price over the past two months suggests the market is recognizing the potential value in Astex Pharmaceuticals Inc.'s internal pipeline, particularly SGI-110. . .we consider there to be an attractive investment case with multiple upside catalysts. . .we value Astex at $678M, equivalent to $7.25/share. . .SGI-110, a second-generation hypomethylating agent (HMA), is now the clear focus of investor interest—the drug has a proven mechanism of action and potential advantages over first-generation HMAs. . .we see significant potential value increases as SGI-110 and AT13387 advance into later stages of development in the next 12-18 months."
The IBB (iShares Nasdaq Biotechnology Index Fund) should have already rebalanced. No imperative for other biotechnology funds to rebalance since they don't mimic the Nasdaq bio index. I didn't have a clue that this would be happening, but for sure the professional managers did, and that might have accounted for some extra pressure this week. I know about the $5 dollar rule for some funds to buy, but I don't know that they have to sell if the stock has sunk below 5 dollars -- or if they eventually have to sell, how long they can hold it.
According to the last couple of healthcare conferences, the guidance of $55 million for dacogen was based on increased Euro sales and decreased U.S. sales because of generics. If no generics, then the guidance might be raised. Nice point that
generics-pharma might be reconsidering, because of SG-110
ahande and dsk0722 had posted it yesterday. I sure am grateful to them; it saved me from wondering if something extraterrestial had happened. I could tell from timehusk's post earlier today that he hadn't read it, so I reposted it. I like the pps bounced from the low of 4.22 to 4.65. Long and strong on the science