“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.” ― Albert Einstein
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Yesterday, the overall market had its best daily gains in eight months as hopes sprung up that the Federal Reserve might be less aggressive with their planned rate hikes in 2019. The main biotech indices ran up three to four percent. The market has done a good job of not succumbing to profit taking today after falling in early morning trading today.
Here are two notable analyst calls in this space today that merit highlighting.
Piper Jaffray remains bullish on Intersect ENT (XENT). They reiterate their Buy rating this afternoon. Here is the synopsis of that call.
Intersect ENT announced that it had received a response letter from CMS regarding its J-Code decision for Sinuva in 2019. In the letter, CMS acknowledged it upheld its preliminary decision on Sinuva because there was not public documentation regarding the sunsetting of its CPTcode, and advised the company to continue to use the miscellaneous J code it had been advising physicians to use, therefore confirming a J-Code is appropriate for Sinuva, he points out, adding that the company intends to reapply effective for 2020. The analyst believes this commentary from CMS is directionally positive and continues to believe in the Sinuva asset achieving meaningful revenue for the company, and a J-Code would provide a more streamlined process for that ramp.
Maxim Group is initiatingAgile Therapeutics (AGRX) as a new Buy today with a $3.00 price target. Maxim's analyst likes 'the 'risk-reward on the stock as the company approaches an NDA resubmission for its Twirla - a low-dose combined hormone contraceptive transdermal patch and cites the large potential market opportunity for the product, with combined hormone contraceptive market generating about $4B and the current patch availability being limited to Mylan's (MYL) Xulane.' The analyst further states 'Twirla "offers a low-dose, safer estradiol, potentially with no 'black box' warning."
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