Daily Update - Dec 30, 2022
Selected highlights of the day
By: Matthew Otto
As we enter the last trading day of 2022, we wish you all a happy new year!
FDA gives TG the green light
TG Therapeutics made a announcement – the U.S Food and Drug Administration (FDA) has approved BRIUMVI™ for treating multiple sclerosis. With data from ULTIMATE I & II Phase 3 trials demonstrating superiority over teriflunomide in reducing relapse rate, Gd-enhancing lesions and new or enlarging T2 lesions all published by The New England Journal of Medicine this summer, there’s no doubt that this revolutionary medicine will help to improve quality of life for those with relapsing forms of MS like clinically isolated syndrome and active secondary progressive disease.
BRIUMVI is a revolutionary anti-CD20 drug that has been approved for patients with RMS. Compared to traditional medications, BRIUMVI offers an infusion solution in one hour. The treatment plan consists of four doses over the course of 24 weeks – starting off with a 150mg injection and concluding each 4 week period with another 450 mg dose.
- Evercore ISI Group analyst Joshua Schimmer raised his price target on the stock from $11 to $16 while maintaining his ‘Outperform’ rating.
- Goldman Sachs analyst Corinne Jenkins increase her price prediction from $4 to $6 – yet steady at her Sell designation.
- B Riley’s Mayank Mamtani Buy ratings stayed put with raising his price target to $23 from $17.
Micron lowers expectations
Last week Micron MU’s fiscal Q1 2023 delivered significantly lower revenues than the prior quarter and same period last year. The net losses were also felt, coming in at $195 million (GAAP) or $39 million (non-GAAP). Operational cash flow however remained positive, although down from its previous readings of respectively $3.78 billion and 3.94 billion for the preceding quarters.
- Jim Kelleher of Argus Research shifted his recommendation from Buy to Hold.
MediWound announced that the FDA has approved NexoBrid®
For treatment of severe thermal burns in adults. This groundbreaking therapy could become a new standard-of-care when it comes to removing eschar from deep partial and/or full thickness thermal burn areas, triggering Vericel Corporation’s $7.5 million milestone payment. The US launch is anticipated during Q2 2023 with two four hour applications up to 15% TBSA – an increase of 5% over its initial submission claim – totaling up to 20%.
- Cowen analyst Joshua Jennings gave MediWound a vote of confidence by maintaining an Outperform rating and increasing his price target to $25 from $6 after they announcement of a 1-for-7 reverse stock split.
Euroseas sees revenue growth
Euroseas announced the sale of a 5,610 teu container vessel built in 2001 – M/V Akinada Bridge – for an impressive gross price of $14.2 million. The transaction is said to be completed at the start of January 2023
- Maxim Group analyst Tate Sullivan has given Euroseas a Buy rating and lowered target from $42 to $36.