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8/24 cls

Aastrom Biosciences Inc. (NASDAQ:ASTM)

Roth Capital Partners

Joseph Pantginis


Neutral (from buy)



Pantginis also lowered his target to $2.30 from $7 on a lack of value-driving catalysts through the remainder of the year. Pantginis remains confident in a positive outcome for the U.S. Phase III REVIVE trial evaluating intramuscular ixmyelocel-T to treat critical limb ischemia (CLI). However, he believes the timeline for enrolling REVIVE is at the far end of the company's 18-24 months guidance and may be further revised. Ixmyelocel-T is an autologous cell therapy made from bone marrow containing adult stem and progenitor cells.

Onyx Pharmaceuticals Inc. (NASDAQ:ONXX)


Biren Amin





Amin maintained his $101 target after his survey of 52 U.S. hematologists and oncologists predicted a stronger-than-expected uptake of Onyx's multiple myeloma drug Kyprolis carfilzomib. According to the survey, in 2013, 16-34% of physicians would prescribe Kyprolis for second-line treatment vs. his estimate of 2%. The physicans polled at 40-50% for third-line vs. his estimate of 5%; and polled 37-48% for fourth-line and beyond vs. his estimate of 20%. He said his survey results could support 2013 sales of at least $290M on conservative assumptions and $480M in 2014 sales. He estimates $151M in 2013 sales and $371M in 2014 sales. FDA granted accelerated approval to the selective proteasome inhibitor in July.