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Stock Market & Financial Investment News

News Breaks
June 25, 2014
07:32 EDTDYAXDyax shares should be bought, says RBC Capital
After meeting with Dyax's management, RBC Capital thinks sales of the company's Kalbitor drug may surpass expectations in Q2, while the company could start talking on its Q2 conference call about new indications for the drug that investors haven't considered. The firm believes that the company has a number of potential positive catalysts from upcoming clinical trials, and it keeps a $15 price target and Outperform rating on the shares.
News For DYAX From The Last 14 Days
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April 1, 2015
16:24 EDTDYAXOn The Fly: Closing Wrap
Stocks began the session in negative territory, extending their losses from yesterday. The slide followed a disappointing report on private sector hiring in March as well as data on manufacturing in the U.S., China and the eurozone. Investors are now looking forward to Fridayís nonfarm payrolls report, which will be issued as usual on the first Friday of the new month despite the fact that the stock market will be closed for the Good Friday holiday. ECONOMIC EVENTS: In the U.S., payroll processor Automatic Data Processing said private payrolls grew by 189,000 in March, missing the consensus forecast for 225,000 jobs to have been added. Markit's final manufacturing PMI for March edged up to 55.7 from the 55.3 flash reading, where analysts expected it to remain. The Institute for Supply Management's manufacturing index fell to 51.5 in March, lower than the consensus forecast for a smaller drop to 52.5 from the prior 52.9 reading. Construction spending declined 0.1% in February, as forecast. In China, the official PMI climbed to 50.1 in March from 49.9 in February, beating the estimate for a 49.7 reading. HSBC and Markitís manufacturing PMI also topped analystsí consensus forecast. In Europe, Markit's purchasing managers index for the eurozone rose to 52.2 in March from 51.0 in February. Markit had previously estimated in a flash reading that the PMI rose to 51.9 during last month. COMPANY NEWS: General Motors (GM) slipped 76c, or 2.03%, to $36.74 and Ford Motor (F) declined 23c, or 1.43%, to $15.91 after the automakers reported their U.S. sales fell 2.4% and 3.4%, respectively, in this March compared to the same month of last year... Web domain marketplace operator GoDaddy (GDDY) jumped $6.15, or 30.75%, to close at $26.15 following its first day of trading on the NYSE. The company priced its initial public offering of stock at $20 per share. MAJOR MOVERS: Among the notable gainers was Dyax (DYAX), which advanced $9.00, or 53.69%, to $25.75 after the drugmaker reported data from a Phase 1b clinical trial of its DX-2930 drug, a treatment for hereditary angioedema, or HAE. Also rising was Receptos (RCPT), which jumped $8.55, or 5.19%, to $173.44 after Bloomberg reported that the company received expressions of takeover interest while it was in partnership talks with other drugmakers. Among the noteworthy losers was UTi Worldwide (UTIW), which fell $2.32, or 18.86%, to $9.98 after its quarterly report and guidance prompted RBC Capital to downgrade the stock to Sector Perform and state that it has "lost confidence" in the company's ability to deliver top-line growth, cost cuts, and margin improvement near-term. Also lower were shares of Macerich (MAC), which declined $5.60, or 6.64%, to $78.73 after announcing that its board unanimously rejected Simon Property Group's (SPG) revised, unsolicited proposal to acquire the company for $95.50 per share in cash and stock. INDEXES: The Dow fell 77.94, or 0.44%, to 17,698.18, the Nasdaq lost 20.66, or 0.42%, to 4,880.23, and the S&P 500 dropped 8.20, or 0.4%, to 2,059.69.
12:57 EDTDYAXOppenheimer sees Dyax-like setup for shares of Xencor
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12:39 EDTDYAXOn The Fly: Midday Wrap
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11:22 EDTDYAXDyax jumps after HAE data, while analysts defend competitors Shire, BioCryst
The shares of drug maker Dyax (DYAX) are surging after the company last night reported data from a Phase 1b clinical trial of its DX-2930 drug, a treatment for hereditary angioedema, or HAE. The disease is a rare genetic disorder characterized by episodes of swelling in different areas of the skin or the internal organ. A number of analysts reacted to the news by significantly raising their price targets on Dyax's stock in notes to investors earlier today. WHAT'S NEW: Dyax last night reported that, in the study, the HAE attack rate of patients taking the 300 mg dose of its drug were 100% lower than those taking placebo. The HAE attack rate of patients taking the 400 mg dose of its drug were 88% lower than those taking placebo, Dyax added. ANALYST REACTION: Jefferies analyst Biren Amin raised his price target on Dyax to $31 from $18, saying that DX-2930 could become the next standard of care in HAE. Most investors would have been pleased if the company's drug had lowered attacks by 35%-50%, wrote the analyst, who kept a Buy rating on the shares. RBC Capital analyst Michael Yee also hiked his price target on the shares to $31 from $18, saying that the results were impressive and clearly showed proof of concept evidence that the company's drug can reduce or prevent nearly all HAE attacks. The drug has an 85% chance of succeeding, added Yee, who kept an Outperform rating on he shares, and believes that the stock could reach $35-$39 if everything goes well for Dyax. Oppenheimer analyst Akiva Felt hiked his price target on Dyax to $26 from $14.as he believes that the data represented a best-case scenario. Investors were anticipating a much smaller reduction in HAE attack rates and the drug has made a giant leap toward becoming the best-in-class prophylactic HAE treatment, added Felt, who kept an Outperform rating on the stock. WHAT'S NOTABLE: Dyax's DX-2930 competes with BioCryst's (BCRX) oral kallikrein inhibitor BCX4161 and shares of BioCryst could see additional weakness in the near-term following Dyax's report, JPMorgan wrote in a note to investors today. However, the firm thinks that BioCryst's stock can rise significantly heading into key catalysts in the second half of the year and kept an Overweight rating on the name. Similarly, research firm Susquehanna wrote that Dyax's positive results will threaten Shire's (SHPG) HAE franchise, though the firm thinks that Shire has multiple pipeline drugs that it can turn into additional high margin therapies. The firm continued to recommend buying Shire's stock. PRICE ACTION: In late morning trading, Dyax soared 48% to $24.80, while Shire lost 2% to $234 and BioCryst gained 4.5% to $9.44.
10:04 EDTDYAXHigh option volume stocks
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09:23 EDTDYAXOn The Fly: Pre-market Movers
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08:47 EDTDYAXShire HAE franchise threatened by Dyax but catalysts remain, says Susquehanna
Susquehanna noted the Dyax (DYAX) positive results for HAE will threaten Shire's (SHPG) franchise in the space, but said the company has multiple catalysts in its own pipeline to expand its base of high-margin therapies. The firm sees the Dyax entry as having a modest impact to Shire's earnings beyond 2017 and thus remains a buyer of Shire shares. Susquehanna reiterated its Positive rating and $290 price target on Shire.
07:48 EDTDYAXDyax price target price target raised to $30 from $16 at BofA/Merrill
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07:43 EDTDYAXDyax price target raised to $25 from $16 at Leerink
Leerink raised its price target for Dyax to $25 after its Phase Ib study of DX-2930 in Hereditary Angioedema demonstrated a robust efficacy signal. The firm now assumes a market opportunity of $1.8B. It reiterates a Market Perform rating on the stock.
07:38 EDTDYAXDyax price target raised to $26 from $14 at Oppenheimer
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07:37 EDTDYAXBioCryst could be weak on Dyax data, says JPMorgan
JPMorgan believes shares of BioCryst (BCRX) could see additional weakness in the near-term after competitor Dyax (DYAX) reported better than expected Phase Ib results for its anti-kallikrein antibody for hereditary angioedema. The firm notes Dyax's DX-2930 competes with BioCryst's oral kallikrein inhibitor BCX4161. It views shares of BioCryst as "fairly washed out" at current levels given the weakness going into Dyax's data announcement, however, and sees potential for "meaningful upside" in the stock heading into key catalysts in the second half of 2015. JPMorgan thinks BioCryst is undervalued and keeps an Overweight rating on the name.
07:14 EDTDYAXDyax price target raised to $31 from $18 at Jefferies
Jefferies raised its price target for Dyax to $31 saying DX-2930 has potential as next standard of care in hereditary angioedema. The firm notes DX-2930 observed significant reductions in HAE attacks compared to placebo in the Phase Ib trial. Going into the data, Jefferies thinks most investors would have been pleased with a 35%-50% reduction in attacks. The company reported the 300 mg and 400 mg dose groups observed 100% and 88% reductions in attacks, respectively. It reiterates a Buy rating on Dyax.
07:07 EDTDYAXDyax price target raised to $31 from $18 at RBC Capital
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March 31, 2015
19:38 EDTDYAXOn The Fly: After Hours Movers
HIGHER: Dyax (DYAX), up 47.7% following positive results from Phase 1b clinical trial of DX-2930... Voltari (VLTC), up 93.1% after Carl Icahn reports 52.3% stake... Chesapeake Energy (CHK), up 1.6% after chairman Archie Dunham buys 1M shares of common stock. DOWN AFTER EARNINGS: Cytosorbents (CTSO), down 39.4%... UTi Worldwide (UTIW), down 11.8%... Real Goods Solar (RGSE), down 7%... SYNNEX (SNX), down 3.3%. ALSO LOWER: BioCryst Pharmaceuticals (BCRX), down 8.6% following positive results from Dyax Phase 1b clinical trial of DX-2930... Carpenter Technology (CRS), down 6.4% after targeting a $50M inventory reduction by end of fiscal 2015.
17:47 EDTDYAXDyax continues to advance in after-hours trade, now up 48%
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16:27 EDTDYAXDyax up 32% following positive results from Phase 1b clinical trial of DX-2930
16:04 EDTDYAXDyax receives Fast Track designation from FDA for DX-2930 for HAE
Dyax announced receipt of Fast Track designation from the FDA for the investigation of DX-2930 for HAE.
16:03 EDTDYAXDyax announces positive results deom Phase 1b clinical trial of DX-2930
Dyax announced positive safety, pharmacokinetic, biomarker, and efficacy results from the Phase 1b clinical study of their investigational product, DX-2930. Discovered by Dyax, DX-2930 is a fully human monoclonal antibody inhibitor of plasma kallikrein being developed for the prevention of hereditary angioedema, or HAE, attacks. The ongoing Phase 1b study is a multi-center, randomized, double-blind, placebo-controlled, multiple-ascending dose study designed to assess the safety, tolerability and pharmacokinetics of DX-2930 in HAE patients. An analysis of HAE attack rate was also conducted following a pre-specified statistical analysis plan. A total of 37 subjects were randomized to active drug or placebo in a 2:1 ratio across 4 dosing groups of 30, 100, 300, or 400 mg. Each subject received two doses of DX-2930 or placebo, separated by 14 days, and was followed for 15 weeks after the second dose. DX-2930 was well tolerated at all dose levels. There were no deaths or subject discontinuations due to an adverse event. There were no serious adverse events in subjects treated with DX-2930 and no evidence of dose-limiting toxicity. There was no safety signal in treatment-emergent adverse events, clinical laboratory results, vital signs, or electrocardiograms. Subcutaneous injection was well tolerated. Pharmacokinetic results demonstrated that DX-2930 has linear, dose-dependent exposure and a mean elimination half-life of approximately 14 days across all dose groups studied. Pharmacodynamic results from two different exploratory biomarker assays confirmed ex vivo plasma kallikrein inhibition in a dose- and time-dependent manner. Primary proof-of-concept efficacy analyses were based on subjects in the 300 mg, 400 mg, and placebo dose groups who reported having at least 2 attacks in the 3 months prior to study entry. During the pre-specified, primary efficacy interval of 6 weeks, the HAE attack rate was 0 in the 300 mg group and 0.045 attacks per week in the 400 mg group, compared to 0.37 attacks per week in the placebo group. This resulted in a 100% reduction for the 300 mg dose group as compared to placebo, and an 88% reduction for the 400 mg dose group as compared to placebo. During this primary efficacy interval, 100% of subjects in the 300 mg group and 82% of subjects in the 400 mg group were attack-free compared with 27% of subjects in the placebo group. The study will be complete when all subjects in the 400 mg dose group finish the final safety assessments on study day 120.
13:41 EDTDYAXDyax volatility elevated as shares trade near record high
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