Companies in the health care sector face great risk and great reward every time they make an announcement. Drug candidates passing clinical trials, gaining regulatory approval or being canceled can have an incredible impact on the stock.
The U.S. Food and Drug Administration acts as a major catalyst for many of these companies, as well as clinical trials and licensing agreements.
Here 24/7 Wall St. takes a look at a recent report by Canaccord Genuity regarding to biotech and pharmaceutical companies expecting updates to their drug pipeline or other major events for the rest of 2018. Out of this report, we have highlighted Canaccord Genuity’s top picks — some are expected to more than double.
It’s worth mentioning that these dates may be subject to change due to various outside and internal factors, or some of these dates may have changed already. Some of these date changes are positive developments, while some can be disasters if a company is deeply financed.
Biohaven Pharmaceutical Holding Co. Ltd. (NYSE: BHVN) expects to showcase the breadth of its pipeline during its inaugural R&D Day on 11/26. Canaccord Genuity is eagerly awaiting long-term safety data on rimegepant and top-line Phase 3 data on rimegepant ODT (orally-dissolving tablet) for the treatment of migraines. Biohaven also expects to file a new drug application (NDA) for BHV-0223 (amyotrophic lateral sclerosis, ALS) this year.
Shares of Biohaven most recently closed at $34.92, with a consensus analyst price target of $54.89. Canaccord Genuity has a Buy rating and a $46 price target, implying an upside of 32%. The stock has a 52-week trading range of $16.50 to $44.28.
Biogen Inc. (NASDAQ: BIIB) and Alkermes PLC (NASDAQ: ALKS) expect to file an NDA for BIIB098 in the fourth quarter of 2018. BIIB098 could be a “better” Tecfidera for the treatment of psoriasis.
Shares of Biogen closed at $324.05, with a consensus price target of $389.35. Canaccord Genuity has a Buy rating and a $396 price target, implying upside of 22%. The 52-week trading range is $249.17 to $388.67.
BioXcel Therapeutics Inc. (NASDAQ: BTAI) could report Phase 1b data for IV dexmedetomidine for agitation in Alzheimer’s disease in the fourth quarter after reporting positive data from Phase 1b study of dex (IV) for agitation in schizophrenia on November 14.
Shares of BioXcel closed at $5.76, with a consensus analyst target of $18.20. Canaccord Genuity’s Buy rating comes with a $21 price target, which implies upside of 265%. The stock has traded in a 52-week range of $5.00 to $14.79.
Intra-Cellular Therapies Inc. (NASDAQ: ITCI) is waiting to see if the FDA could accept the lumateperone (schizophrenia) NDA in the fourth quarter. The company plans to report Phase 3 interim analysis for lumateperone (behavioral disturbances associated with dementia) and data from open-label long-term safety switching study (schizophrenia) in this time as well.
Shares of Intra-Cellular were last seen at $15.86. Canaccord Genuity has a Buy rating and a $31 price target, implying upside of 95%. The consensus price target is $30.10, and the stock has a 52-week range of $14.31 to $25.82
Sage Therapeutics Inc. (NASDAQ: SAGE) is expected to see approval for Zulresso (brexanolone IV) on or before its December 19 action date. Sage now plans to report Phase 2/3 pivotal data for oral SAGE-217 (PPD) in January 2018 as opposed to in this fourth quarter.
Shares of Sage closed at $114.21, with a consensus price target of $204.73. Canaccord Genuity has a Buy rating and a $220 price target, implying upside of 93%. The 52-week trading range is $83.56 to $195.97.
After what Voyager Therapeutics Inc. (NASDAQ: VYGR) considered an unexpected about-turn by the FDA on the potential for an expedited pathway, the company expects to have a Type B meeting with the FDA for VY-AADC (gene therapy for Parkinson’s disease). Also, details on Voyager’s first patient-dosing in the Phase 2 trial should be arriving soon as well.
Shares of Voyager closed at $12.45, with a consensus price target of $27.18. Canaccord Genuity’s Buy rating comes with a $26 price target, which implies upside of 109%. The stock has a 52-week range of $10.90 to $31.91.