BioCentury on BioBusiness,
Analyst Picks & Changes
Analyst picks & changes
Published on
Monday, October 15, 2012
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Company
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Bank
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Analyst
|
Coverage
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Opinion
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Wk
chg
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10/12
cls
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Aveo
Pharmaceuticals Inc. (NASDAQ:AVEO)
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Leerink
|
Howard
Liang
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Downgrade
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Market
perform (from outperform)
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-20%
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$7.98
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Liang
also lowered his target to $10 from $12 on regulatory uncertainty for renal
cell carcinoma (RCC) compound tivozanib, citing the lack of regulatory
precedence for FDA approval based on a progression-free survival benefit with
an "unfavorable" survival trend. In August, Aveo said FDA had expressed
concerns about an estimated one-year survival rate of 77% in the tivozanib
arm compared to 81% in the sorafenib arm; however, the overall survival data
were not yet mature. Last month, Aveo submitted an NDA. The inhibitor of VEGF
receptors 1, 2 and 3 is partnered with Astellas Pharma Inc. (Tokyo:4503)
outside of Asia. Bayer AG (Xetra:BAYN) and Onyx Pharmaceuticals
Inc. (NASDAQ:ONXX) market Nexavar sorafenib.
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Exact
Sciences Corp. (NASDAQ:EXAS)
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Wedbush
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Zarak
Khurshid
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Downgrade
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Neutral
(from outperform)
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-8%
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$10.65
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Khurshid
maintained his $11 target on Exact Sciences' "unappealing"
risk/reward profile, citing a 53% run-up of the stock over the past 12 months
and high expectations for upcoming preliminary data. The company is expected
to present data on its molecular stool test for colorectal cancer screening
at an American Association for Cancer Research meeting this week.
Khurshid noted that "shares have a history of selloffs following data
announcements."
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