Movers: Endocyte, Regeneron, Intrexon, Transgenomic, Clovis Oncology Print
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Monday, 30 September 2013 13:59
U.S. stocks fell on Monday as the chance of a last-minute deal to resolve a budget impasse in Washington appeared dim, moving the government closer to a partial shutdown. Losses were broad, with each of the ten major S&P 500 sectors lower on the day, led by energy and financials shares. But the S&P 500 index managed to cut its initial losses almost in half, as market participants have grown accustomed to political battles in Washington resulting in a last-minute accord.

Chardan Capital starts Endocyte ($ECYT) at Buy with a $20 price target on the familiar "vintafolide/ etarfolatide alone are worth around $6/share" thesis.  "We expect ... positive data from the ongoing Phase 3 trial in folate receptor -positive ovarian cancer and in a randomized Phase 2 trial in FR (100%) NSCLC to drive significant upside," analyst Ling Wang says. Investors have been reluctant to jump in however, with the stock off some 28% since hitting a 52-week high at the beginning of August.

Regeneron ($REGN) enjoys some bullish commentary out of the sell-side following the presentation of Phase 3 Eylea data in DME at the Retina Society's annual meeting. "The data clearly supports label expansion with blockbuster potential even competing with approved Lucentis (RHHBY.OB, NVS) and off-label Avastin," Piper's Edward Tenthoff says, before going on record with predictions of $56M and $177M in sales in H2 2014 and FY15 for the new indication, respectively. Price target raised to $360 from $336.

Shares of Intrexon ($XON) climb after Griffin Securities initiates the synthetic biotech at Buy with a PT of $36 (potential upside of 56.5%).Griffin joins JPMorgan and Mizuho, who carry Overweight and Buy ratings respectively on XON and a PT of $30.

Transgenomic ($TBIO) fires CEO, President, and board member Craig Tuttle, and appoints Paul Kinnon to replace him. (8-K) Kinnon formerly provided consulting services to Transgenomic during 2013, and previously was President and COO of ZyGEM, a biotech company specializing in microfluidics.

Clovis Oncology ($CLVS) adds to Friday's losses and is now down some 20% since last Tuesday, when Bloomberg reported that the company had found no takers after hiring Credit Suisse to pursue a sale. CLVS said Sunday at the ECC that its PARP inhibitor rucaparib is showing promise in a Phase 1 ovarian cancer study. The company says it has seen "significant clinical activity with one complete response in breast cancer and six partial responses in ovarian, breast and

pancreatic cancers to date, and a disease control rate in patients with germline BRCA mutant ovarian (platinum-sensitive and

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platinum-resistant) cancer of 100% and 63% at 12 and 24 weeks, respectively."

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