4 Hot Analyst Morning Reads For Wednesday, August 22nd

A synopsis of recent analyst activity that could buoy these small cap biotech stocks in trading today

When angry, count four. When very angry, swear. Mark Twain

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The biotech sector will try to build off its nice rally on Tuesday as we begin trading this Wednesday. Exact Sciences (EXAS) should be a big winner in trading today. The testing concern announced a big co-promotion deal with drug giant Pfizer (PFE) around it primary product Cologuard. This has caused the company to boost revenue guidance to $700 million in FY2019, approximately $90 million over the existing analyst consensus.

Meanwhile, Here are four small cap stocks seeing notable analyst commentary just before we open a new trading day this Wednesday.

Wells Fargo is reissuing its Market Perform rating on Mallinckrodt (MNK) this morning after an adverse FDA action this morning. Here is the synopsis of Wells Fargo's outlook

'The complete response letter Mallinckrodt received for stannsoporfin is not a surprise given the negative Advisory Committee meeting. We had previously removed the product from his pipeline revenue estimate and is making no change to his model following this morning's news. However, the product's failure at such a late stage will leave questions as to Mallinckrodt's capabilities for pipeline asset assessment. The company acquired stannsoprfin in August 2017 for an upfront payment of $80M, with additional payments of up to $345M dependent on regulatory and sales milestones'

A five-star ranked (TipRanks) analyst at Maxim Group is reiterating his Buy rating and $7 price target on small cap concern Immutep Limited (IMMP) this morning after a recent positive event. Here is the color from that call

"Immutep announced the receipt of a $1.4M (USD) R&D tax credit through French subsidiary Immutep S.A.S. to support their in-house development programs for lead LAG-3 inhibitor Eftilagimod (Efti) and preclinical LAG-3 agonist IMP761. Under this program Immutep could be reimbursed 30% for eligible R&D expenses in Europe. Strategic use of this program has enabled Immutep to partially offset cash burn.

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Audentes Therapeutics (BOLD) being maintained as a Buy with a price target by a five-star ranked (TipRanks) analyst at Mizuho Securities this morning. Here are the details of her current outlook.

We estimate a total of 21 RMAT designations have been granted by the FDA, including Audentes (see page 2 for a list of all companies that have received the RMAT designation). The list includes a number of gene therapy companies after the FDA expanded the RMAT designation to include gene therapies in November 2017. The RMAT designation for Audentes was granted based on positive results from the ongoing ASPIRO phase 1/2 clinical trial of AT132, illustrated in our latest note (available here).

Finally, Myriad Genetics (MYGN) sees its price target raised seven bucks a share to $52 at Stephen who is maintaining its Buy rating on the stock. Stephen's analyst notes 'Myriad's guidance looks conservative for FY19, as multiple pipeline tests appear on the cusp of broader reimbursement with Genesight the most likely near-term driver. Myriad remains Best Idea and stay tuned into diversification and the impact from that high-growth revenue to the bottom line'

And those are four small cap concerns seeing recent analyst activity before the market opens this Wednesday. Happy Hunting.

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