Archive for Healthcare

Heathcare and Biotech Updates

Top Pick Status Given to Small-Cap with Pain Drug Candidate

By The Life Science Report

Source: Streetwise Reports   07/17/2019

The primary reason for the rating—upcoming trial results—is discussed in an Echelon Wealth Partners report.

In a July 10 research note, analyst Douglas Loe reported that Echelon Wealth Partners bestowed Top Pick status on Antibe Therapeutics Inc. (ATE:TSX.V; ATBPF:OTCQX) ahead of a seminal Phase 2 data readout expected before the end of Q3/19.

Loe specified that the impending results will come from the company’s 360-patient trial evaluating ATB-346 in multiple doses for osteoarthritis pain. ATB-346 is Antibe’s lead drug candidate, a hydrogen sulfide-releasing naproxen derivative. “We are optimistic that the drug can generate measurable and perhaps clinically meaningful efficacy signals at one or more test doses (150, 200 or 250 milligrams, once daily),” in this study, he added.

One aspect of the data Echelon will be looking at when they’re released is whether or not ATB-346 delivers both meaningful pain relief and gastroenterological protection, and does more so than naproxen treatment alone.

“We believe that pending ATB-346 efficacy data could be platform validating for Antibe’s hydrogen sulfide-based drug modification platform and thus could be relevant to future clinical activities for these two secondary assets, and importantly to our investment thesis and valuation down the road,” Loe highlighted.

Those two secondary assets in the company’s pipeline, Loe noted, are ketoprofen analog ATB-352, possibly targeting chronic severe postsurgical pain, and acetylsalicylic acid analog ATB-340, probably targeting stroke prevention and anticoagulation.

Echelon has a Speculative Buy rating and a CA$1.40 per share target price on Antibe. The stock is currently trading at around CA$0.30 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Echelon Wealth Partners, Antibe Therapeutics Inc., July 10, 2019

Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

I, Doug Loe, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

Important Disclosures:
Is this an issuer related or industry related publication? Issuer.

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? Yes. If Yes: 1) Is it a long or short position? Long Position; and, 2) What type of security is it? Common Shares & Share Purchase Warrants.

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? Yes

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes

Has the Analyst had an onsite visit with the Issuer within the last 12 months? No

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No

( Companies Mentioned: ATE:TSX.V; ATBPF:OTCQX,
)

Biotech Demonstrates Superiority of Polyp-Detecting Product

By The Life Science Report

Source: Streetwise Reports   07/17/2019

The study results and their meaning are reviewed in an H.C. Wainwright & Co. report.

In a July 10, 2019 research note, H.C. Wainwright & Co. analyst Yi Chen reported that Check-Cap Ltd.’s (CHEK:NASDAQ) C-Scan showed “statistically better polyp-detecting sensitivity than the fecal immunochemical test (FIT).”

This superiority over the FIT, a commonly used screening test, was demonstrated in the recently completed study, initiated following CE mark approval in January 2018.

Chen reviewed how the study worked and the outcome. It was a multicenter, open-label trial involving 142 patients. Ninety of them were evaluable and either had or were at average risk for polyps. Each patient ingested a C-Scan capsule, took an FIT and underwent a colonoscopy, done by independent gastroenterologists, for comparison. Results of the C-Scan and FIT were compared to those of the colonoscopy. Only mild, no serious, events were noted during the study.

As for the findings, Chen relayed that in patients with polyps greater than or equal to 10 millimeters (10 mm) in size, C-Scan had a sensitivity, or ability to correctly identify persons with polyps, of 76% (p=0.0005), more than double that of the FIT at 29% (p=0.005). Regarding specificity, the ability to correctly identity persons without polyps, C-Scan’s rate was 82%; FIT’s was 96%.

Also, in patients with polyps greater than or equal to 40 mm in size, C-Scan detected all four patients who had them whereas the FIT detected only one patient. Chen highlighted that these results show C-Scan has clinical value when it comes to identifying patients with large polyps, those most likely to become malignant.

Of note, however, C-Scan also showed superior sensitivity to the FIT in patients with smaller polyps, Chen pointed out. C-Scan’s sensitivity among all of the study patients, even those having polyps smaller than 10 mm in size, was 66% (p=0.01) whereas the FIT’s was 23% (p<0.0001).

“C-Scan has the potential to meet the unmet medical need for a patient-friendly and preparation-free screening option for precancerous polyps,” the analyst added.

Chen noted that the U.S. pilot study of the C-Scan system is underway, at the New York University School of Medicine and the Mayo Clinic. The intent is to measure the number of device and procedure-related serious adverse events that occur and quantify both participant satisfaction and noncompliance. Results could be available in late 2019/early 2020.

“We believe [C-Scan] has the potential to increase the number of adults screened for colorectal cancer by eliminating common barriers and allowing for early detection of polyps without the use of colonoscopy,” added Chen.

H.C. Wainwright & Co. has a Buy rating and a $15 per share price target on Check-Cap. The stock is currently trading at around $2.20 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from H.C. Wainwright & Co., Check-Cap Ltd., Company Update, July 10, 2019

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months.

I, Yi Chen, Ph.D. CFA and Raghuram Selvaraju, Ph.D., certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Check-Cap Ltd. (including, without limitation, any option, right, warrant, future, long or short position).

As of June 30 30, 2019 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Check-Cap Ltd.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did receive compensation from Check-Cap Ltd. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Check-Cap Ltd. during the past 12 months.

The Firm does not make a market in Check-Cap Ltd. as of the date of this research report.

H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

( Companies Mentioned: CHEK:NASDAQ,
)

Seattle Genetics Shares Head Higher After Positive Earnings and ADCETRIS Sales Expansion

By The Life Science Report

Source: Streetwise Reports   07/17/2019

Seattle Genetics announced a 28.3% increase in net sales for its second quarter 2019 powered by ADCETRIS sales along with a promising pipeline.

After the close of trading Tuesday, Seattle Genetics Inc. (SGEN:NASDAQ) reported financial results for Q2/19 and the H1/19. In the announcement, the company also highlighted ADCETRIS (brentuximab vedotin) commercialization and clinical development accomplishments and progress with its late-stage clinical programs for cancer.

The firm’s President and CEO Clay Siegall, Ph.D advised that “in the second quarter, we achieved record ADCETRIS net sales in the U.S. and Canada, reflecting growth in frontline CD30-expressing peripheral T-cell lymphomas as well as frontline advanced Hodgkin lymphoma.” Mr. Siegall added that “the biologics license application for enfortumab vedotin was submitted to the FDA for patients with locally advanced or metastatic urothelial cancer, taking us another step closer to becoming a multi-product oncology company, and we expect to report top-line data from the tucatinib pivotal trial, HER2CLIMB, in HER2-positive metastatic breast cancer later this year and from the tisotumab vedotin pivotal trial, innovaTV 204, in metastatic cervical cancer in the H1/20.”

The company stated that revenues in Q2/19 and H1/19 ending June 30, 2019, increased to $218.4 million and $413.6 million, respectively, compared to $170.2 million in Q2/18 and $310.8 million for H1/18.

Highlighted in the report was that ADCETRIS net sales for the U.S. and Canada in Q2/19 were $159.0 million, a 30% increase over the $122.4 million Q1/18. Royalty revenues in Q2/19 were up 16% to $23.3 million over $20.6 million in Q/18. Amounts earned under the company’s ADCETRIS and ADC collaborations increased as well to $36.1 million in the second quarter of 2019, compared to $27.2 million for the same period in 2018.

According to the company, Seattle Genetics flagship product is ADCETRIS (brentuximab vedotin), “which utilizes the company’s industry-leading antibody-drug conjugate (ADC) technology and is currently approved for the treatment of multiple CD30-expressing lymphomas.” “ADCETRIS is commercially available in 72 countries is approved in the U.S. for six indications including use as frontline therapy for Stage 3 and 4 Hodgkin lymphoma (HL) and CD30-expressing peripheral T-cell lymphomas (PTCL).”

The firm ‘s pipeline includes a potential second approved drug in the EV-201 pivotal trial of enfortumab vedotin in metastatic urothelial cancer, and plans to submit application for approval to the FDA in 2019. It also is working on other late-stage programs targeting solid tumors in HER2-positive metastatic breast cancer and metastatic cervical cancer.

The market appears to be quite pleased with the reported results as SGEN shares opened higher today at $69.89 (+$6.71, +10.62%) over Tuesday ‘s closing price of $63.18. The company’s shares have traded more than 18% higher today on higher than average volume between $69–75.06/share and are presently trading at $74.85/share.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: SGEN:NASDAQ,
)

Biopharma’s Brain Cancer Therapeutic Compelling, Its Stock Undervalued

By The Life Science Report

Source: Streetwise Reports   07/16/2019

A description of the asset and its potential are provided in a Dawson James report.

In a July 11 research note, Dawson James Securities analyst Jason Kolbert reported that coverage of DelMar Pharmaceuticals Inc. (DMPI:NASDAQ) transferred to him and, subsequently, he issued a lower target price on the company, $3 versus $4 per share. In comparison, the Buy-rated biopharma is trading today at about $1.37 per share.

Kolbert described the firm’s lead drug candidate and its initial target indication. DelMar is developing VAL-083, a first-in-class small molecule chemotherapeutic for glioblastoma multiforme (GBM). The agent is a “bifunctional alkylating agent that causes DNA methylation of guanine at the N7 position,” he explained.

The analyst purported that VAL-083 is “a good asset and is supported by plenty of patient-based data.” Since it was introduced in the 1970s, it has been evaluated in more than 40 clinical trials and given to more than 1,000 patients, he relayed. Data from the National Institutes of Health have shown it to be efficacious against brain and lung tumors, melanomas and sarcomas as well as safe.

GBM is the most common type of brain tumor occurring in adults. Each year, 29,000 people in the U.S. and the European Union are diagnosed with it. It is frequently inoperable and associated with a poor prognosis.

Kolbert noted a key characteristic of VAL-083 that could make it superior to the current standard of care for GBM, Temodar (temozolomide). Temodar damages the DNA of cancer cells, and GBM cells respond by turning on multiple DNA repair pathways, including MGMT, to demethylate the DNA. As a result, patients can develop resistance to Temodar and, consequently, have a poor treatment outcome.

Unlike Temodar, MGMT does not repair VAL-083, Kolbert highlighted. In clinical trials, VAL-083 overcame MGMT-related resistance and was shown to be more potent against brain tumor cells than Temodar. “This suggests that VAL-083 has the potential to significantly benefit patients and create a higher, new standard of care for patients facing MGMT-unmethylated GBM,” Kolbert added.

Currently, VAL-083 is being evaluated as a treatment for GBM in Phase 2, open-label clinical trials with partner facilities to generate proof-of-concept data while managing operating costs, relayed Kolbert. With the MD Anderson Cancer Center, DelMar is pursuing a recurrent GBM study and a maintenance-stage GBM study. The trial in collaboration with the Sun Yat-sen University Cancer Center in China is on patients with newly diagnosed GBM.

“Based on the outcome of these two trials, VAL-083’s designated orphan and fast track status, we believe the company can raise the needed capital to run a pivotal program (by mid-2020),” commented Kolbert. Capital needed to advance VAL-083 is substantial. A recent raise generated $3.6 million, enough to support DelMar’s operations through year-end 2019.

About DelMar, Kolbert concluded, “We see little downside to the stock but recognize the challenges ahead for the company to raise capital.” DelMar’s valuation is “at a severely distressed level” with a market cap below $10 million.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures for Dawson James Securities, DelMar, July 11, 2019,

The Firm does not make a market in the securities of the subject company(s). The Firm has engaged in investment banking relationships with DMPI in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.

Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of June 30, 2019, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.

Analysts receive no direct compensation in connection with the Firm’s investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

( Companies Mentioned: DMPI:NASDAQ,
)

Technical Analyst: Medical Device Stock Looking Set to Reverse

By The Life Science Report

Source: Clive Maund for Streetwise Reports   07/12/2019

Technical analyst Clive Maund charts the stock of this company that has developed a device that uses a special light that visualizes cancer during minimally invasive surgery.

This is an interesting story. Without going into more detail than is necessary, Imagin Medical Inc. (IME:CSE; IMEXF:OTCQB) has developed a rectal (and bladder) endoscopy device that utilizes a stereoscopic blue light which immediately detects cancerous tissue. It is believed to be something of a breakthrough that has generated a lot of interest amongst doctors and the medical profession and is looking set to become widely used.

The reasons for the stock plunging back to low levels again over the past 18 months, as we can see on its latest 4-year chart, are believed to be a lethal combination of capital markets chicanery and investor impatience, but from the way the charts look now, this prolonged selloff looks to have run its course, which is why the stock is now viewed as increasingly attractive—this and the fact that the company’s products are looking set to do well.


The severe downtrend since January last year has brought the stock price down from a peak at over 42 cents to just 7 cents at last night’s close—so it was 7 times more expensive at the start of last year than it is now. Factors that are pointing to a reversal to the upside soon include an easing of downside momentum, made clear by the MACD indicator at the bottom of the chart trending back to the zero line, volume dying back to a relatively very low level as the downtrend has progressed, the relative buoyancy of the Accumulation line, which is a sign that stock has been transferring from weak to stronger hands, and the arrival of the price at a zone of strong support near to the 2017 lows so that it looks like it is at a cyclical low. The convergence of the downtrend is a positive factor too, and the fact that the price is easing out of this downtrend by virtue of moving sideways puts it in position to break higher at any time soon.

We can see all of these factors at work in much more detail in the recent past on the 6-month chart, where positive points to observe are the slowing of the decline as the price arrives at the important long-term support and the strong accumulation line in recent months and the 200-day moving average dropping down closer to the price with passing time, although as there is still a significant gap with it, the price might need to base here for a little longer before an upside breakout can occur, but the picture is now sufficiently positive for a reversal and upside breakout to occur at any time from now on.


The conclusion is that Imagin Medical is an attractive medical device stock here, although at this low price it must of course be classed as a speculative investment. The placing of stops is difficult with such a low priced issue and is a matter of personal preference.

Imagin Medical website.

Imagin Medical Inc, IME.CSX, IMEXF on OTC, closed at C$0.07, $0.05 on 1oth July 19.

Originally posted on CliveMaund.com at 9.00 am EDT on 11th July 2019.

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Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Imagin Medical. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Imagin Medical.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Imagin Medical, a company mentioned in this article.

Charts provided by the author.

CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

( Companies Mentioned: IME:CSE; IMEXF:OTCQB,
)

Galapagos Agrees to $3.95 Billion, 10-Year Licensing Deal Plus $1.1 Billion Investment from Gilead

By The Life Science Report

Source: Streetwise Reports   07/15/2019

Galapagos announced that Gilead Sciences has agreed to pay $3.95 billion for a 10-year partnership and licensing deal and will invest an additional $1.1 billion in newly issued shares of the company.

Galapagos NV (GLPG:NASDAQ; GLPG:BSE) ADR shares opened up over 18% higher today after announcing that it has entered into a 10-year global research and development collaboration with Gilead Sciences Inc. (GILD:NASDAQ). The report advised that through the agreement Gilead will gain access to an innovative portfolio of compounds, including six molecules currently in clinical trials, more than 20 preclinical programs and a proven drug discovery platform.

As structured, Galapagos will receive a $3.95 billion upfront payment and a $1.1 billion equity investment from Gilead. Galapagos plans to use the proceeds to expand and accelerate its R&D programs, and Gilead will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe. The two companies also agreed to amend certain terms in the agreement governing filgotinib, the candidate being advanced for rheumatoid arthritis and other inflammatory diseases to provide a broader commercialization role for Galapagos in Europe.

The report claims that the collaboration will allow for closer scientific partnership between the companies. Gilead will have access to Galapagos’ established research base, which includes more than 500 scientists, and to Galapagos’ unique platform that utilizes disease-related, human primary cell-based assays to discover and verify novel drug targets.

Based upon the formula outlined in the news release, Gilead’s equity investment will consist of a subscription for new Galapagos shares at a price of EUR 140.59 per share representing a 20% premium to Galapagos’ 30-day, volume-weighted average price. This will increase Gilead’s ownership in Galapagos from approximately 12.3% to 22% of the issued and outstanding shares. The transaction is expected to close late in Q3/19 subject to shareholder and U.S. and E.U. regulatory approvals.

Galapagos describes itself as a clinical-stage biotechnology company specializing in discovering and developing small molecule medicines with novel modes of action. Its pipeline comprises discovery programs through Phase 3 programs in inflammation, fibrosis and other indications. The firm states its mission is to develop first-in-class medicines based on the discovery of novel proteins (“targets”) that play a key role in causing diseases such as rheumatoid arthritis, inflammatory bowel disease and fibrosis.

Gilead, headquartered in Foster City, Calif., is a research-based biopharmaceutical company with operations in more than 35 countries. The company focuses on four primary therapeutic areas: HIV, liver disease, oncology and inflammation.

Galapagos shares opened up higher today at $172.33 (+$26.58, +18.24%) over Friday’s close of $145.75/share. The company traded over one million shares in the first hour of trading and hit a 52-week intraday high price of $172.99 earlier in the day. Gilead shares are presently trading up at $68.04 (+$1.78, +2.69%) over the prior day’s close.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: GLPG:NASDAQ; GLPG:BSE,
GILD:NASDAQ,
)

Illumina Shares Fall Sharply on Lower Revenue Guidance

By The Life Science Report

Source: Streetwise Reports   07/12/2019

Illumina Inc. shares are trading down more than 15% today as the company reported lower preliminary Q2/19 revenues and updated its annual revenue guidance.

In an announcement released this morning, Illumina Inc. (ILMN:NASDAQ) reported lower preliminary revenue for Q2/19 and adjusted annual revenue guidance across three different business areas. The company advised that later this month it expects to report Q2/19 revenue of approximately $835 million, up from $830 million in Q2/18.

The firm advised that Q2/19 results were impacted by approximately $30 million lower revenue than expected associated with population genomics initiatives; $10 million lower revenue than expected associated with ongoing weakness in the direct-to-consumer (DTC) market, primarily array services; and $10 million lower revenue than expected with Illumina’s non-high-throughput sequencing systems and consumables. NovaSeq consumable volume growth was up 40% sequentially, and more than 100% year-over-year with system shipments ahead of expectations in the second quarter.

Illumina now expects fiscal year revenue growth of approximately 6%, primarily associated with lower near-term expectations in DTC.

Francis deSouza, president and CEO of Illumina, commented, “We are obviously disappointed with our second quarter financial results. Our preliminary analysis suggests that these challenges are transitory and do not reflect a macro change to the fundamentals of our business.” Additionally, the firm advised that in light of the lower revenue growth expectations for 2019 it is taking immediate action to adjust operating expenses for the remainder of the year.

Investors can expect additional details from the firm including full year earnings guidance during the company’s upcoming quarterly conference call scheduled for July 29, 2019, at 5:00 pm EDT.

Illumina is based in San Diego, Calif., and describes itself as a global leader in DNA sequencing and array-based technologies fueling advancements in life sciences, oncology, reproductive health, genetic disease, agriculture, microbiology and other emerging segments. The company states that is dedicated to improving human health by unlocking the power of the genome. The firm provides reproductive-health solutions, including noninvasive prenatal testing (NIPT), preimplantation genetic screening and diagnosis, and neonatal and genetic health testing.

Illumina shares have been trading down more than 15% today from yesterday’s closing price of $363.66 on higher than average volume. In the first half of the trading day, shares have traded between $305.00 and $312.47/share. With 147 million outstanding, its market cap has taken a hit of around $8 billion today based on the current share price of $308.55.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: ILMN:NASDAQ,
)

CVS Declares Quarterly Dividend and Gets a Boost from Relaxed Rebate Policy

By The Life Science Report

Source: Streetwise Reports   07/11/2019

CVS Healthcare announced a $0.50/share quarterly dividend yesterday and got an added boost today as news spreads regarding easing of federal restrictions on pharmacy rebate plans.

CVS Health Corp. (CVS:NYSE) along with many other pharmacy benefits managers (PBMs) and healthcare providers got a huge shot in the arm on news out of Washington today that the Trump administration will ease back on plans to limit drug rebate programs.

CVS also announced yesterday that it will continue its quarterly dividend of $0.50/share payable to shareholders of record as of July 25, 2019, on August 2, 2019. The company’s $2/share annual dividend equates to an annual yield of 3.45% based upon today’s share price of around $58/share.

Reuters reported earlier today that the Trump administration just scrapped one of its most ambitious proposals for lowering prescription medicine prices, backing down from a policy that would have required health insurers to pass on billions of dollars in rebates they receive from pharmaceutical companies to Medicare patients. The Reuters report concluded that firms like CVS and Cigna Corp. (CI:NYSE) that negotiate rebates with pharmaceutical manufacturers on behalf of the government’s Medicare program will continue to benefit from those discounts.

The report also raises questions about whether the administration’s other efforts to lower prices will affect the major pharmaceutical manufacturers more directly.

Shares of many of the large health insurers, PBMs, and retail pharmacies are up sharply today on the news. Cigna, which partners closely with CVS on walk-in clinic and pharmacy programs, is seeing a greater than 10% increase in its share price today.

CVS is a leading pharmacy benefits manager with 94 million plan members and operates more than 9,900 retail locations and 1,100 walk-in medical clinics. The firm also serves an estimated 38 million people through traditional consumer-directed health insurance products including Medicare Advantage offerings.

Cigna is a global health service company offering products and services that include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and related products including group life, accident and disability insurance to 165 million customers in 30 countries.

CVS shares are trading up today greater than 5% above the prior day’s close of $55.38 on significantly higher than average volume. Shares have traded between $58.08-60.13/share. Cigna shares are also trading much higher between $177.38-185.77 over Wednesday closing price of $160.51.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: CI:NYSE ,
CVS:NYSE,
)

Coverage Initiated on U.S. Biotech with a ‘Potential Best-of-Breed Oncolytic Virus’

By The Life Science Report

Source: Streetwise Reports   07/10/2019

The investment thesis on this immunotherapies developer is made in an H.C. Wainwright & Co. report.

Analyst Ram Selvaraju reported in a July 8 research note that H.C. Wainwright & Co. initiated coverage on Replimune Group Inc. (REPL:NASDAQ) with a Buy rating and $26 per share target price. The biotech’s current share price is about $13.52.

Selvaraju made the case for investing in this oncolytic immunotherapies development firm, presenting six compelling components of the story.

Replimune has partnerships with Bristol-Myers Squibb and Regeneron, Selvaraju pointed out, through which the companies are collaboratively evaluating RP1, Replimune’s lead candidate and first Immulytic product, for proof of concept in melanoma and cutaneous squamous cell carcinoma (CSCC).

With RP1, Replimune is “building on the precedent of the product IMLYGIC, or talimogene laherparepvec (T-VEC), developed by BioVex, led by the same team. Those individuals sold BioVex to Amgen in 2011 for $425 million in cash upfront and up to $575 million in milestone payments. Selvaraju also noted that RP1, like T-VEC, has a herpes simplex virus construct but “constitutes an enhanced oncolytic virus product versus T-VEC.”

The market potential in the first two indications Replimune is addressing, melanoma and CSCC, is “considerable,” highlighted Selvaraju. H.C. Wainwright projects that with a likely commercial launch of RP1 in 2023, peak sales in both indications could surpass $1.7 billion by 2031, with additional potential associated revenue. “Substantial upside to our projections could be driven by the usage of RP1 in combination with CI backbone regimens in additional indications, as well as the deployment of next-generation oncolytic virus programs from Replimune’s pipeline,” he wrote.

Even further potential upside to H.C. Wainwright’s forecasts exist with Replimune’s earlier-stage pipeline candidates, P2 and P3, derivatives of P1, once they advance to the clinic, as they are “armed to the teeth,” Selvaraju indicated. This means they contain additional key elements, such as sequences encoding CI antibodies and co-stimulators.

The catalysts expected with Replimune over the next two years are numerous. Selvaraju identified five of medium to high impact, two of which are upcoming external events that could derisk the biotech’s pipeline candidates, one later this year, one in 2020. Internal catalysts include data readouts potentially in H2/19, H1/20 and H2/20.

Finally, Selvaraju relayed, Replimune already has a 63,000-square-foot manufacturing facility of its own in Framingham, Mass., where it can produce RP1 on a commercial scale and RP2 and PR3 as needed for future clinical trials.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from H.C. Wainwright & Co., Replimune Group Inc., Initiating Coverage, July 8, 2019

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months.

I, Raghuram Selvaraju, Ph.D. and Robert Burns, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of Replimune Group, Inc. and Sorrento Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of June 30, 2019 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Replimune Group, Inc. and Sorrento Therapeutics, Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The Firm or its affiliates did not receive compensation from Replimune Group, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm or its affiliates did receive compensation from Sorrento Therapeutics, Inc. for investment banking services within
twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services
within three months following publication of the research report.

H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Sorrento Therapeutics, Inc. during the
past 12 months.

The Firm does not make a market in Replimune Group, Inc. and Sorrento Therapeutics, Inc. as of the date of this research report.

H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

( Companies Mentioned: REPL:NASDAQ,
)

Biopharma Starts ‘Key Catalyst Period,’ H2/19, with Clinical Trial in New Indication

By The Life Science Report

Source: Streetwise Reports   07/10/2019

A study description and expected data readouts this year are provided in a ROTH Capital Partners report.

In a July 8 research note, ROTH Capital Partners analyst Yasmeen Rahimi reported that Enanta Pharmaceuticals Inc. (ENTA:NASDAQ) kicked off Q2/19 by launching the Phase 1a/b study of its core assembly inhibitor EDP-514 in hepatitis B.

Rahimi reviewed the study purpose and design. This first part of the trial is to evaluate safety and tolerability of once-daily EDP-514 in 98 healthy subjects. This will be carried out in two phases. In the first, a single administration of EDP-514 or placebo will be tested at six different increasing doses for eight days. Also, a two-part cohort will assess the potential effect of taking EDP-514 with and without food. In the second phase, participants will receive a multiple ascending dose or placebo for 14 days.

The study will also measure the pharmacokinetics of the inhibitor, “which we believe is important for confirming EDP-514’s compelling preclinical profile,” Rahimi noted. “Confirmation of good pharmacokinetics will strengthen the case for EDP-514 being able to hit the viral target as hard as possible.”

After the trial component in which EDP-514 is evaluated in healthy people, expected to be completed in December 2019, Enanta will then test the inhibitor in hepatitis B patients who have nucleos(t)ide analogue suppression.

Also expected from the U.S. biopharma in H2/19, specifically Q3/19, is a topline data readout for the FXR agonist EDP-305 in nonalcoholic steatohepatitis (NASH), “an important but underappreciated NASH catalyst,” Rahimi indicated.

Results from that trial—ARGON-1, Phase 2, 125 patients, 12 weeks and placebo controlled—could be announced at the end of this month. “We see H2/19 as a key catalyst period for Enanta as it moves beyond hepatitis C,” commented Rahimi.

ROTH has a Buy rating and a $130 per share price target on Enanta, whose stock is currently trading at around $88 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from ROTH Capital Partners, Enanta Pharmaceuticals Ltd., Flash Note, July 8, 2019

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Enanta Pharmaceuticals, Inc. and as such, buys and sells from customers on a principal
basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: ENTA:NASDAQ,
)