107.50 -0.06 (-0.06%)
After hours: 4:39PM EDT
|Bid||107.11 x 900|
|Ask||108.15 x 1000|
|Day's Range||106.60 - 108.22|
|52 Week Range||89.01 - 122.97|
|PE Ratio (TTM)||9.93|
|Beta (3Y Monthly)||1.47|
|Expense Ratio (net)||0.47%|
Adaptive Biotechnologies Corp. set terms for its initial public offering Monday, in which the developer of immune-system derived disease treatments is expected to raise up to $212.5 million and be valued at about $2.01 billion. The Seattle-based company is offering 12.5 million shares in the IPO, which is expected to price between $15 and $17 a share. If the underwriters, led by Goldman Sachs, J.P. Morgan and BofA Merrill Lynch, exercise all options to buy 1.875 million additional shares, the company could raise up to $244.4 million and be valued at up to $2.05 billion. The stock is expected to list on the Nasdaq under the ticker symbol "ADPT." The underwriters are led by Goldman Sachs, Citigroup and Wells Fargo Securities. After the IPO, the company will have about 118.5 million shares outstanding. The company recorded a net loss of $46.3 million on revenue of $55.7 million in 2018, after a loss of $42.5 million on $38.4 million in revenue in 2017. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has gained 10% year to date and the S&P 500 has advanced 15%.
Karuna Therapeutics Inc. set terms Monday for its initial public offering, in which the biopharmaceutical company developing treatments for neuropsychiatric conditions is expected to raise up to $74.4 million and be valued at about $363.3 million. The company is offering 4.375 million shares in the IPO, which is expected to price between $15 and $17 a share. The stock is expected to list on the Nasdaq under the ticker symbol "KRTX." The company said some existing shareholders and directors have expressed interest in buying up to a combined $30 million of shares at the IPO price. The underwriters are led by Goldman Sachs, Citigroup and Wells Fargo Securities. After the IPO, the company will have about 21.4 million shares outstanding. The company recorded a net loss of $17.5 million on no revenue in 2018, after a loss of $6.0 million on no revenue a year ago. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has lost 7.2% over the past three months, while the Renaissance IPO ETF has gained 3.2% and the S&P 500 has gained 2.5%.
Morphic Holding Inc. set terms of its initial public offering, in which the Waltham, Mass.-based biopharmaceutical company focused on developing treatments for chronic diseases looks to raise up to $80 million. The company said it is offering 5 million shares, with the IPO expected to price between $14 and $16 a share, which would give Morphic an initial market capitalization of up to $457.5 million. The company expects the stock to list on the Nasdaq under the ticker symbol "MORF." The lead underwriters are Jefferies, Cowen, BMO Capital Markets and Wells Fargo Securities. Morphic recorded a net loss of $23.8 million on total collaboration revenue of $3.4 million in 2018, after a loss of $16.9 million on no revenue in 2017. The company is looking to go public at a time the Renaissance IPO ETF has edged up 2.3% over the past three months, the iShares Nasdaq Biotechnology ETF has lost 8.1% and the S&P 500 has gained 2.7%.
Shares of Kura Oncology Inc. soared 27% toward a record high in premarket trading Friday, after the biopharmaceutical company announced a phase 2 trial of its lymphoma treatment achieved its primary efficacy endpoint. The stock was on track to open above its March 2, 2018 record close of $23.40. The company said the results of the trial demonstrated "ongoing anti-tumor activity and a manageable safety profile" in advanced patients with angioimmunoblastic T-cell lymphoma (AITL), as well as non-AITL relapsed or refractory peripheral T-cell lymphoma (PTCL). "We believe these data support the potential to register tipifarnib in both the AITL and PTCL-NOS patient populations, and we look forward to seeking regulatory feedback on next steps for this program," said Chief Executive Troy Wilson. The stock has run up 32% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 8% and the S&P 500 has advanced 15%.
Shares of Provention Bio Inc. surged 4.5% in premarket trade Thursday, after the biopharmaceutical company said it has terminated its planned public stock offering, citing current market conditions. The stock had more than tripled (up 217%) on Monday, after the company reported positive results from a study of its diabetes treatment. The stock then fell 13% on Tuesday, and 1.7% on Wednesday, after Provention looked to take advantage of the rally by proposing a public offering of 5.5 million common shares, which represented about 14.7% of the shares outstanding. On Thursday, the company said it decided not to sell shares after determining that "current market conditions are not conducive for an offering on terms that would be in the best interests of the company's shareholders." The stock has run up nearly 7-fold (up 569.5%) year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF has gained 7.2% and the S&P 500 has advanced 14.9%.
Investment banker Barclays announced it has initiated coverage of 20 U.S. specialty pharmaceuticals stocks.But which 20 stocks within this sector are we talking about today? They include generic drugs companies Mylan (MYL), which Barclays rates Overweight (i.e. 'buy') and Teva Pharmaceutical Industries (TEVA), which the analyst rates Underweight (i.e. 'sell'), as well as: * Amneal Pharmaceuticals (AMRX) * Endo International (ENDP) * Reddy's Laboratories (RDY) * and Mallinckrodt plc (MNK)Each of which is rated Equal weight (i.e. 'hold').Within the animal health sector (i.e. veterinary medicine), Barclays initiates coverage with Overweight ratings on Zoetis (ZTS) and Kindred Biosciences (KIN), but gives Phibro Animal Health Corporation (PAHC) an Underweight rating.Among developmental and commercial stage companies "with unique products & segments," Barclays has two 'sells' -- Allergan (AGN) and Evolus (EOLS) -- and one hold: Ligand Pharmaceuticals (LGND). As for Barclays' 'buy' ratings, it rates the following companies Overweight ratings: * AMAG Pharmaceuticals (AMAG) * Jazz Pharmaceuticals (JAZZ) * Osmotica Pharmaceuticals (OSMT) * Coherus BioSciences (CHRS) * Pacira BioSciences (PCRX) * Revance Therapeutics (RVNC) * Bausch Health Companies (BHC) * and Foamix Pharmaceuticals (FOMX)Today, we really only have time to glance at just one of these stocks: Rehovot, Israel-based Foamix.Foamix is a late clinical-stage specialty pharmaceutical company focusing on foam-based medications for the treatment of acne and rosacea. Foamix stands out in this report primarily by virtue of the extremely high hopes Barclays' has for it, namely, valued at just $2.53 per share today, Barclays believes that within a year, Foamix stock will be selling for $10 -- a four-bagger in just one year.Why is Barclays so optimistic? As the analyst explains, Foamix is on the cusp of becoming a "commercial stage company" -- i.e. a company with actual revenue from sales, a rarity in small drugs stocks -- thanks to its topical Minocycline product for acne and rosacea. Designated "FMX-101" for acne treatment and "FMX-103" for rosacea, both these foam-based products "combine [the] proven efficacy of minocycline with a more tolerable side effect profile" says Barclays. From $3 million in annual revenue today, the banker predicts Foamix could do as much as $272 million in annual sales by 2025E.Considering that the entire company has a market cap of barely half that number -- $138 million -- today, Foamix at least seems to have earned its place on Barclays' list.Foamix has a few upcoming catalysts that could send its shares surging higher: * There is a scheduled PDUFA for FMX-101 on October 20, 2019. This is a key event for Foamix, as FMX-101 is its lead product in acne. * Foamix anticipates filing an NDA in mid-2019 for FMX-103 in moderate-to-severe papulopustular rosacea. * FCD-105 Phase II study initiation in mid-2019: FCD-105 is another pipeline product being evaluated in patients with acne and is a foam-based combination of minocycline and adapalene."We value Foamix on a DCF basis, assuming an 11.5% discount rate and a 3% terminal growth. We include risk adjusted pipeline values for both FMX-101 (90% probability of success) and FMX-103 (70% probability of success). We also assume base uptake of FMX-101, reaching 2025 risk-adj. sales of ~$200mm. This scenario yields a value of ~$10/share and serves as the basis for our price target," Barclays noted.Read more: Foamix (FOMX): A Beaten-Down Biotech Stock That Looks Like a Bargain Now More recent articles from Smarter Analyst: * Stay Away from Cresco Labs Stock Until the Smoke Clears * Can Aurora Cannabis (ACB) Stock Set Up for Another Breakout? * Village Farms (VFF) Has a Lot Going for It * Hexo Has Difficult Days Ahead, Analyst Says
Personalis Inc. disclosed Friday terms of its initial public offering, in which the cancer genomics company could raise up to $106.7 million, and be valued at up to about $456 million. The company said it was offering 6,666,667 shares in the IPO, which is expected to price between $14 and $16 a share, and will have about 28.5 million shares outstanding after the offering. Personalis plans to use the IPO proceeds for the expansion of research and development, infrastructure, facilities, headcount, marketing spend and other capital expenditures. The stock is expected to list on the Nasdaq exchange under the ticker symbol "PSNL." The lead underwriters of the IPO are Morgan Stanley, BofA Merrill Lynch and Cowen. The company recorded a 2018 net loss of $19.9 million on revenue of $37.8 million, after a loss of $23.6 million on revenue of $9.4 million in 2017. Personalis is looking to go public at a time the iShares Nasdaq Biotechnology ETF has lost 6.4% over the past three months, while the both the Renaissance IPO ETF and the S&P 500 have gained 3.4%.
Shares of Ideaya Biosciences Inc. soared in its public debut, then pared most of its gains, biotechnology company focused on cancer treatments debuted as the broader stock market slumped. The first trade in Ideaya's stock was at $14.00 at 10:57 a.m. Eastern, 40% above the $10 initial public offering price. The stock was last 9.9% above the IPO price at $10.99. Meanwhile, the iShares Nasdaq Biotechnology ETF was down 1.3%, the Renaissance IPO ETF was shedding 2.3% and the S&P 500 was losing 1.7%. The company sold 5 million shares in the IPO to raise $50 million, as the IPO pricing implied a market capitalization of about $194.8 million. The company recorded a net loss of $34.3 million and no sales in 2018, compared with a 2017 loss of $11.9 million on no revenue.
Shares of Outlook Therapeutics Inc. rocketed on heavy volume in premarket trade Monday, putting them on track to nearly triple in three days, in the wake of the biotechnology company's upbeat update on a drug trial and bullish analyst report. The stock 27% ahead of the open on premarket leading volume of 4.2 million shares, after running up 37% on volume of 76.7 million shares on Friday and after soaring 68% on 51.7 million shares on Thursday. On Wednesday, the stock had closed at 91 cents. On Thursday, Oppenheimer analyst Leland Gershell started coverage of Outlook with an outperform rating and $12 stock price, and the company said two phase 3 studies remain on track with its plan to submit its monoclonal antibody therapeutic product for regulatory approval in 2020. The stock had still lost 78.1% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has lost 6.6% and the S&P 500 has gained 4.4%.
Shares of Outlook Therapeutics Inc. rocketed 38% in very active morning trade Friday, putting them on track to more than double in two days. Volume ballooned to 17.6 million shares, enough to make the stock the most actively traded on the Nasdaq exchange. The biotechnology company's stock had run up 68% on Thursday on trading volume of 51.7 million shares, after closing Wednesday at a record low of 91 cents, after Oppenheimer analyst Leland Gershell started coverage with an outperform rating and $12 stock price target. Outlook is investigating a formulation of a treatment of wet age-related macular degeneration. Outlook's stock was still down 47% year to date, while the iShares Nasdaq Biotechnology ETF has gained 7.9% and the S&P 500 has advanced 14%.
Get ready, bargain shoppers. Foamix (FOMX) has plummeted 27% since the beginning of the year and it looks like the stock received more lashes than it deserved -- at least, according to Wall Street analysts.2019 is poised to be a transformative year for Foamix. The company's acne treatment FMX101 is currently pending regulatory review in the U.S, and a PDUFA date of October 20, 2019 has been set. Furthermore, Foamix plans to submit a New Drug Application (NDA) for FMX103 during mid-2019, following positive long-term safety data in papulopustular rosacea patients. Now, let's take a closer look at what analysts are expecting ahead of October's FDA decision.FMX101's Approval Chances and ForecastsCredit Suisse analyst Vamil Divan sees a high likelihood of regulatory approval for FMX101, applying a 90% probability of success (POS). The analyst rates FOMX stock an Outperform with a $9.00 price target, which implies nearly 250% upside from current levels. With an FDA approval in hand (100% POS), Divan says his price target will be boosted to $11.00. According to the analyst, "an increase in the sample size (1,507 patients in this trial vs. ~500 each in the two prior trials) and improved site selection and training helped drive statistically significant [clinical] results," which put the company on track to win FDA approval.Similarly, H.C Wainright analyst Ram Selvaraju estimates the probability of regulatory approval at 85%, and assigns a $12.00 price target for the stock. If the price target is reached within 12 months, that would provide a 12-month return of nearly 360%. Selvaraju opined, "We believe that the current valuation situation presents an attractive entry point for value-focused investors, given the fact that Foamix currently trades about 2x book value [...] Our risk-adjusted net present value (rNPV) of FMX101 is $400M, which factors in an 85% probability of regulatory approval [...] We have employed a sum-of-the-parts valuation approach that yields a total projected firm value of $696M, which translates into a price objective of $12.00 assuming ~59M fully-diluted shares outstanding as of end-2019."Commercial Opportunity Selvaraju believes investors seem to be discounting both FMX101 and FMX103 from a commercial standpoint, but "this is unwarranted." Why? "These agents are based on well-known, validated and effective compounds in their respective target indications and have generated statistically significant efficacy data in large, robustlypowered pivotal studies. We also draw investors' attention to the large size and underserved nature of the target markets—namely, acne and rosacea—and the willingness of patients and physicians alike to try new formulations when they are introduced. Furthermore, we point to the user-friendly and well-tolerated nature of the Foamix formulations, which utilize the company's proprietary foam-based delivery technology to enhance efficacy while minimizing off-target systemic side effects," Selvaraju answers.Cowen analyst Ken Cacciatore has recently spoken with 3 dermatology KOLs; they all agreed that "the clinical data were as good or better than they would have expected," and, according to the analyst, one has indicated that "it looked "more impressive" than Aczone (which peaked at over $200MM+ before genericization)." Cacciatore believes that given the wide use of oral minocycline, clinicians are eager to have this option with potential similar efficacy yet without the the systemic side effects, and therefore, the marketing of FMX-101 should be a very easy story to tell. The analyst says "FMX-101 should be able to easily surpass the peak prescription levels of Aczone (via our consultants' feedback)," and "this would place FMX-101 to achieve at least $250MM in revenue." Furthermore, the analyst believes FMX-101 could ultimately reach his target of $350MM given what he believes will be "improved efficacy/outcomes." Cacciatore argues that "even undifferentiated dermatology assets are selling at 3x peak revenue. Using just FMX-101 alone – and the low-end ($250MM) of what we believe will be the ultimate product size – would yield a value of $750MM, or $13-15 per share."Bottom lineFoamix has seen its shares struggle mightily this year, but analysts continue to believe that this beaten-down biotech stock is a sure-fire winner. Analysts are confident that lead asset, FMX101, has substantial potential in treating acne, with an upcoming October 20, 2019 PDUFA date as a key potential positive catalyst for FOMX shares.This latest pullback has arguably skewed the risk-to-reward ratio for the better -- perhaps making FOMX an attractive buy for risk-tolerant investors. More recent articles from Smarter Analyst: * Stay Away from Cresco Labs Stock Until the Smoke Clears * Can Aurora Cannabis (ACB) Stock Set Up for Another Breakout? * Village Farms (VFF) Has a Lot Going for It * Hexo Has Difficult Days Ahead, Analyst Says
Even though they’ve been around since the early 1990s, Exchange-Traded Funds (ETFs) only started to gain real traction a decade ago. In the aftermath of the financial crisis, many investors moved into ETFs as a way of minimizing their risk and being able to control their portfolios easily. Another use of ETFs, by contrast, is […]
The FDA's latest guidelines outlined the studies a company making a biosimilar — a copycat version of the pricey biologic — should conduct to obtain the interchangeable designation. A biologic can cost up to hundreds or thousands of dollars for some chronic conditions. "This guidance is intended to assist sponsors in demonstrating that a proposed therapeutic protein product is interchangeable with a reference product for the purposes of submitting a marketing application or supplement," the FDA said.
While we can research the family tree for these health issues, it’s been difficult to know for sure what could happen — until now. Because of breakthroughs in human genome mapping, we can now get a clear line of sight on what diseases are coming our way — and the insights are only getting better.
Let's take a sneak peek at some ETFs having high exposure to some impactful biotechnological companies on the release of Q1 earnings results.
With sector weakness since early April shaving 8%-10% off the iShares NASDAQ Biotechnology ETF (IBB) and the SPDR S&P Biotech ETF (XBI) for example, potential takeover targets in fact are now more attractive. Large pharma and biotech companies need to build out their product pipelines, and many have the buying power to make acquisitions. "The appetite for M&A is still high," says Jared Holz, of the healthcare sector trading desk at Jefferies.
Biotech stocks bucked the broader market uptrend in April, thanks to the volatility associated with the sector. Some of the catalysts that drove stocks include clinical trial readouts, capital raising ...
Axcella Health Inc. disclosed Tuesday that it set terms for its initial public offering (IPO), in which the biotechnology company could be valued at up to $505.7 million. The company is offering 3,571,428 shares in the IPO, which is expected to price between $20 and $22 a share, to raise up to $78.6 million. If the underwriters exercise all the options granted to buy additional shares to cover overallotments, the company could raise up to $90.4 million. The company, which develops novel "multifactorial interventions" to address dysregulated metabolism, said there will be 22,988,359 shares outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "AXLA." Axcella reported a net loss of $36.1 million in 2018, after a loss of $30.9 million a year ago. The company had no revenue in 2018 or 2017. The company is looking to go public at time that Renaissance IPO ETF has rallied 35% year to date, while the iShares Nasdaq Biotechnology ETF has gained 11% and the S&P 500 has advanced 17%.
Gilead investors have had their patience tried lately. While the company’s peers tracked by the (XBI) and the (IBB) (IBB) have enjoyed double-digit gains year to date, along with the broader market, Gilead stock is up an anemic 4.2% since the start of the year. Gilead still earns plenty of analyst praise, and new leadership has sparked some enthusiasm.
A proposal to expand Medicare and eliminate private insurance in the U.S. pummeled health care stocks recently. Portfolio Manager Andy Acker and Research Analyst Rich Carney explain what it means for investors. Key Takeaways A recent proposal to ...
For the last few weeks, healthcare stocks have been hit hard. This is not from any fundamental fault of their own, but rather from political rhetoric. Both Republicans and Democrats alike want to punish them as we near another round of elections. But therein lies the opportunity.Source: Jon Fingas via Flickr (Modified)The politicians can inflict harm on the stock price of Intuitive Surgical (NASDAQ:ISRG), for example, but eventually, the Profit and Loss statement will win over the fear mongering. After all this is a company that has been delivering phenomenal results for years and will continue to do so for more to come.But for now, the stock price is falling, so I consider this trade tactical from the sense that I'd be catching a falling knife. Usually I don't like to be the hero, but in this case, I am confident in Intuitive Surgical's long-term prospects, so I don't mind turning this trade into an investment.InvestorPlace - Stock Market News, Stock Advice & Trading TipsTherefore, I can buy the shares outright here going into earnings. If they sell it off on Monday, then I would add to my stake once they hit the right levels to do that. ISRG Stock by the NumbersFundamentally, Intuitive Surgical stock is not cheap. It sells at a 56 trailing price-to-earnings ratio and 16 times sales. But it is a growth stock, so for now I don't worry too much about the margin. When the company matures and starts to stagnate, then I'll judge it more on profitability. * 5 Dividend Stocks Perfect for Retirees The stock recently had a full correction (as Wall Street defines the term) as it fell more than 10% in mere days. Luckily, it did so from a fresh all-time high. In February, ISRG broke out into a bullish pattern, and true to its form, the stock filled the entire target. I've seen this happen in this stock many times before, so this is a chart that respects technical formations.To that point, ISRG broke down from the very sharp rising wedge ahead of the earnings. This resulted in taking out a lot of recent froth from the recent rally. This was an inevitable scenario, but one that doesn't change the bullish thesis. It is merely short-term price action where traders booked fast profits going into a binary event.So in theory I can go long the shares ahead of tonight's earnings report. But doing so would leave me vulnerable to a short term dip from the coin flip event. So it's best to take the position in tranches -- one today and the next I can add to it next week. This would leave me room to average my entry cost lower, so I can hold the stock with better conviction.The options markets provide other ways to trade the stock. One is to limit the out-of-pocket expense and replace the stock purchase with that of June calls or call spreads. But unlike the stock, the risk there is that time becomes my enemy. To profit with calls, I would need the move to happen soon, else I risk losing money even if the stock doesn't fall.That is why I prefer to sell downside risk into what others fear. Wednesday, ISRG stock fell 6.5% so I could sell the April 26 $455 put to collect $2 per share. The money goes into my account now, and if ISRG stays above that level then I created income out of thin air. Otherwise, I would break even at $453 per share.For a longer-term trade, I would sell the July $400 put, which would create the opportunity to profit $4 per contract while leaving me a 23% buffer from the current price. In return, I commit to buying shares at $400 if the price falls through that level between now and July. In that case, I don't start losing money until $396 per share.So this drop in ISRG stock does not change its long-term outlook. This is normal price action that is part of any breakout. The bulls have to retest the necklines from which they broke out to make sure they are solid enough to take the next leg higher.After the recent correction ISRG lags the S&P 500 for 2019, but year-to-date it is still a super star stock. In the past 12 months, ISRG stock is up almost three times more than the S&P. Moreover, it corrected because of the negative sentiment against all healthcare stocks.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. You can follow him as @racernic on Twitter and Stocktwits. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 Dividend Stocks Perfect for Retirees * 7 Reasons the Stock Market Rally Isn't Over Yet * 10 S&P 500 Stocks to Weather the Earnings Storm Compare Brokers The post Intuitive Surgical Stock Is Down but Not Out appeared first on InvestorPlace.
Shares of Mustang Bio Inc. blasted off to a near 4-fold gain (up 257%) in premarket trade Thursday, after the biopharmaceutical company said it entered a licensing agreement with St. Jude Children's Research Hospital to develop the lentiviral gene therapy for the treatment of "bubble boy" disease (XSCID) for commercial use. Data from a phase 1/2 clinical trial evaluating the safety and efficacy of a lentiviral vector to transfer a normal copy of the IL2RG gene to bone marrow stem cells in newly diagnosed infants under the age of two with XSCID, showed that bone marrow harvest, busulfan conditioning and cell infusion were well tolerated, all patients cleared previous infections and are growing normally and most patients were discharged from the hospital within one month. "The results have been very good thus far," said Ewelina Mamcarz, assistant member at St. Jude. "We've been able to restore a full immune system pretty quickly." Mustang Bio's stock, which is on track to open at a 1-year high, was down 9.5% year to date through Wednesday. In comparison, the iShares Nasdaq Biotechnology ETF has gained 9.0% and the S&P 500 has advanced 15.7%.