We are initiating coverage of ADMA Biologics, Inc. (ADMA) with a “Buy” rating and a $20 price target. ADMA recently announced positive Phase 3 data for lead product candidate RI-002, a plasma-derived intravenous immunoglobulin (IVIG) for the treatment and prevention of certain infectious diseases in Primary Immunodeficiency Disease (PIDD) patients. RI-002 contains high levels of…
Cynapsus Therapeutics Inc. (CYNA) long-awaited U.S. initial public offering is set to close early next week. The company recently announced that it plans to offer 4.5 million shares of common stock at a price of $14.00 per share. Gross proceeds from the offering total $63.0 million. The company has granted to the underwriters (sole book-runner…
Enumeral Biomedical Holdings, Inc. (ENUM) is a development stage biotech company with a focus on immunotherapy for cancer and inflammatory disease. The company has developed a proprietary platform technology with the ability to screen antibodies at a single cell level, which holds multiple advantages over existing technologies. Based on this platform technology, Enumeral is currently…
I recommend avoiding shares of Osiris Therapeutics (OSIR). I believe the stock is meaningfully over-valued at this price, and I see potential clinical failures, the dissolution of the development partnership with Sanofi Aventis, and subsequent dilutive cash raises as catalysts to drive the shares significantly lower. Osiris Therapeutics is a stem cell company focused on…
Investors familiar with Acadia Pharmaceuticals (ACAD, $1.28/share) know the company’s lead pipeline candidate, pimavanserin, a potent and selective 5-HT2A inverse agonist, failed the first phase 3 trial (Study -012) based on unusually high placebo response. When -012 failed, management discontinued the second phase 3 trial, Study-014, early. What Went Wrong? Upon detailed analysis of the…