|Healthcare Review: Cardiome, ResMed, Isis Pharmaceuticals, Abbvie, Alnylam Pharmaceuticals|
|By Staff and Wire Reports|
|Monday, 23 September 2013 13:34|
Cardiome ($CRME) soars after reporting positive data from an atrial fibrillation study. The company says patients treated with vernakalant "achieved conversion to normal sinus rhythm in a median time of 12 minutes compared to 151 minutes for propafenone and 162 minutes for flecainide."
Goldman upgrades ResMed ($RMD) to Buy from Neutral. Analyst Ian Abbott says the company will likely "deliver double-digit EPS growth in FY 2014 due primarily to strong patient demand, positive mix shift to higher-end devices and limited market share losses, if any." Abbott also says FX-tailwinds should serve to offset any drag from pricing declines. The FX and mix shift arguments are familiar: See analysis from Deutsche and BofA.
BMO Capital ups its price target on Isis Pharmaceuticals (ISIS) to $43 from $31 after the company said over the weekend that its ISIS-APOC3-Rx treatment lowered triglyceride levels in three patients with familial chylomicronemia syndrome. BMO, which maintained its outperform rating, believes that the data demonstrates that ISIS-APOC3-Rx addresses a significant unmet need that could help accelerate the drug's time to market.
Abbvie ($ABBV) has signed a deal to license the ALX-0061 antibody of Belgian biotech Ablynx ($ABLYF.PK), with the U.S. company to pay $175M upfront, milestones of $665M and then double-digit royalties on any product sales.ALX-0061 is in Phase II development and is used to treat inflammatory diseases such as rheumatoid arthritis and lupus
Alnylam Pharmaceuticals ($ALNY) is out with more TTR-mediated amyloidosis data. (previous) The company says interim results from a Phase I clinical trial show sub-Q ALN-TTRsc achieved a "robust, consistent, and statistically significant (p<0.01) knockdown of serum TTR protein levels of up to 94%. "The human data are "the first to be presented for ALNY's proprietary GalNAc-siRNA conjugate delivery platform," "establish a new benchmark for consistent TTR knockdown of approximately 90% for RNA therapeutics in development for the treatment of ATTR," and "are a major milestone in [the company's] ATTR program, as well as [the] entire pipeline of RNAi therapeutics."