Life Sciences Newsletter

Transcription

J ANNEY M ONTGOMERY S COTT
Life Sciences Newsletter
May 2016
Investment Banking
Richard Page
(212) 829-3828
Head of Healthcare Investment Banking
[email protected]
James McNaughton
(215) 665-6032
Managing Director
[email protected]
Benjamin McKean
Associate
[email protected]
(215) 665-4474
Daniel Morrison
Analyst
[email protected]
(215) 665-6292
Equity Capital Markets
William Corkhill
Managing Director
[email protected]
(617) 557-2970
David Lau
Managing Director
[email protected]
(617) 557-2971
Katherine O’Brien
(617) 557-2979
Analyst
[email protected]
Equity Research
Paul Knight, CFA
(212) 888-2696
Life Sciences Technology
[email protected]
Roy Buchanan, Ph.D.
Biotechnology
[email protected]
(212) 940-6985
Debjit Chattopadhyay, Ph.D. (215) 665-6224
Biotechnology
[email protected]
Ken Trbovich, CFA
(215) 665-6290
Specialty Pharmaceuticals
[email protected]
Sales and Trading
Brian Donohue
Managing Director
[email protected]
(212) 759-6211
INSIDE THIS ISSUE
Notes from Janney’s Life Sciences Technology Research Analyst, Paul Knight, CFA
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FMI: 1Q "Briefcase": Clinical Revenue Light, Lower FV $15
ILMN: 1Q "Briefcase": Running of the Bulls, FV $125
TMO: ABC's of Growth, Model Update, $170FV
TECH: Earnings "Briefcase": Raising Rating to Buy
TTOO: 1Q "Briefcase": Consensus Range too Wide
HBIO: 4Q Wrap and 2016 Guide: Revenue Accelerating
QGEN: 1Q "Briefcase": Unrealistic Guidance
WST: 1Q "Briefcase": Biologic Bonanza
TMO: 1Q "Briefcase": China + Academia + BioProduction = Double Digit Organic
NEO: 1Q "Briefcase": Diagnostics Beating Estimates
Life Science Technology: BioProduction's Main Event Shows More Traffic: TMO, DHR, WST, RGEN, MLAB
TROV: More Upside Elsewhere in DGx with Management Transition
WAT: 1Q "Briefcase": Asia Growth is Compelling for Entire Sector
NSTG: This Week's AACR Rollouts Increase Revenue Visibility
DHR: 4Q "Briefcase": Lot's of Life Science Read-Throughs for A, TMO, RGEN et. al.
ILMN: Post-Plunge: Investor Comments & Questions
ILMN: Multiple Headwinds - Lowering FV to $145
Life Science Tech: BioProduction: Lonza/CTLT M&A Shows Scarcity Value
Notes from Janney’s Biotechnology Research Analyst, Roy Buchanan, Ph.D.
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CORT: 1Q16 In-Line; Looking Forward to ASCO & Beyond
SGMO: 1Q16 Update
VTVT: Looking Forward to Glucokinase Activator Phase 2 Data in the Coming Months
ADXS: Neo Data Early, but Maybe Most Exciting
Notes from Janney’s Biotechnology Research Analyst, Debjit Chattopadhyay, Ph.D.
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CERU: Not Reading Much into Data Push Out to 3Q16
CEMP: Approval Widely Expected by YE16, Staying on Sidelines till ADCOM
SRPT: A PDUFA Date Push Out Could Signal Accelerated Approval
SRPT: So Close and Yet So Far - Lowering FV to $10
AGTC: LCA Increases Pipeline Optionality, But not a Core Focus
SRPT: Genie Out of the Bottle - If 2>7 - Expect Accelerated Approval
SRPT: It's Not Over Till the Fat Lady Sings - FDA posts Voting Questions
BLUE: Lenti-D Profile Bodes Well for Broader Adoption in CALD
SRPT: Writing is on the Wall - CRL The Most Logical Outcome
BLUE: Data being presented this am at the AAN CONFERENCE
SRPT: The Heart Says Yes, But the Head Says No - Initiate with Neutral
SBBP: Competitor Setback Highlights Opportunities and Valuable Insights
NKTR: DTC Campaign Beginning to Impact Movantik
BLUE: CALD Nice to Have, But It is All Hemoglobinopathies for Now
Notes from Janney’s Specialty Pharmaceuticals Research Analyst, Ken Trbovich, CFA
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INSY: 1Q16 Revenue Reported at Top End of Guidance
INNL: Xaracoll Phase 3 Data May Trigger Double - Initiate Buy, $15 Fair Value
COLL: Xtampza Approved and Ready to Launch
EGLT: Oxaydo Growing But Still Not Enough
BDSI: Bunavail Remains Stagnant
INSY: Deep Pipeline Overcomes Subsys Decline - Initiating BUY Rating, $22 FV
DEPO: Nucynta Continues Growth in March
Page 1
The Highest Standard of Success in Financial Relationships
PAUL KNIGHT, CFA – LIFE SCIENCES TECHNOLOGY RESEARCH ANALYST
FMI: 1Q "Briefcase": Clinical Revenue Light, Lower FV $15
 May 4, 2016 – Total first quarter revenue was higher than anticipated, but with a larger contribution from biopharma partnerships, lighter revenue from
clinical testing was disappointing. Despite mounting clinical data, concerns on broader reimbursement for clinical testing and the high cash burn rate
remain key issues. We reduce our FV to $15 (from $19). (Link to Report)
ILMN: 1Q "Briefcase": Running of the Bulls, FV $125
 May 4, 2016 – Costs are accelerating and revenue is decelerating. In addition, we believe HiSeq users are migrating to either lower priced units or
moving to "X" units. Creating a dichotomy between past and future capacity utilization rates. Since HiSeq capacity utilization rates bottomed in 3Q14 at
35%, they have rebounded to 48% (a 37% increase). In 2015, we estimate NextSeq placements +130%, HiSeq X +124%, and HiSeq orders +10%.
With the potential for continued migration up/down the product offering, we see continued pressure on instrument revenue. We reduce our Fair Value
from $145 to $125. (Link to Report)
TMO: ABC's of Growth, Model Update, $170FV
 May 3, 2016 – We view Thermo as a core healthcare holding for its exposure to the ABC's of Life Science - Academic (30% of Revenue),
BioProduction (5%), and China (8%). We see the global Academic market rebounding in 2016 after four straight years of negative or no growth. The
BioProduction market experienced record approvals in 2015 and China approved its 5-Year Plan. With $7+ billion of cash flow for share repurchases
or M&A through 2018, we see additional tools for earnings growth. We reiterate our BUY rating and $170 FV. (Link to Report)
TECH: Earnings "Briefcase": Raising Rating to Buy
 May 3, 2016 – TECH beat on the top, middle and bottom-line. A turn at its acquired Protein Simple business and China organic of ~25% drove a large
earnings beat of $1.01 versus estimates of $0.88. Protein instruments are stabilizing and BioTech reagents (62% of revenue) are accelerating. With
the academic market poised to recover later this year (34% of TECH revenue) we raise our rating to Buy from Neutral and our Fair Value to $118 from
$93. (Link to Report)
TTOO: 1Q "Briefcase": Consensus Range too Wide
 May 3, 2016 – TTOO stock is likely range-bound until we see bacteria testing data and June revenue results. The company had previously
preannounced a slower than expected uptake in instrument sales with 2016 instrument placements of 45-65 but no revenue guidance. We assume
$8m of revenue this year and project $75m in 2018 relative to consensus at $117m. We raise our FV from $8 to $10 based on lower share count and
closer data for bacterial sepsis testing in 2H and FDA approval in 2017. (Link to Report)
HBIO: 4Q Wrap and 2016 Guide: Revenue Accelerating
 May 2, 2016 – Harvard Bioscience released 4Q15 results, the conclusion of its forensic audit, and 2016 guidance. As the company replaces GE with
direct sales, 4Q15 earnings were light but revenue is accelerating and margins are expanding in 2016. We reiterate our Buy rating and FV of $6.00 per
share. (Link to Report)
QGEN: 1Q "Briefcase": Unrealistic Guidance
 April 28, 2016 – Qiagen met lower end of guidance, $0.19 adj. EPS, but with only 2% organic growth in the quarter and weaker than consensus guide,
we have trouble bridging FY EPS guidance of $1.10-1.11. Traction with GeneReader, QuantiFERON, and a new $100m share repurchase represent
potential levers to meet guidance. We lower our FV to $23 from $25 and maintain our Neutral rating. (Link to Report)
WST: 1Q "Briefcase": Biologic Bonanza
 April 28, 2016 – West Pharma, the global leader in storage and delivery systems for biologics, posted record organic growth of 10.5%. Proprietary
Product backlog posted a 24% organic increase to $437.2m. We continue to see BioProduction as a key driver of Life Science industry growth and
West represents a pure-play on that theme. (Link to Report)
TMO: 1Q "Briefcase": China + Academia + BioProduction = Double Digit Organic
 April 28, 2016 – TMO posted its strongest organic revenue number in over a decade. The Asian, Academic, and BioProduction tailwinds are clearly
driving the strong growth we are seeing at LS firms. As the "Amazon" of Life Sciences, TMO is the clear beneficiary of these macro trends. The 10%
organic growth may have had 460 bps from extra sales days, but 10% growth far exceeds 7% guidance. (Link to Report)
NEO: 1Q "Briefcase": Diagnostics Beating Estimates
 April 27, 2016 – NeoGenomics is showing massive margin expansion with friendlier government pricing, cost discipline instilled over the past 5 years
when Medicare was not as friendly, and the December 2015 consolidation of #1 competitor Clarient. Beating estimates, gross margins increased 400
bps in the quarter and the company guided higher from top to bottom. Average cost per test was down 13% in 1Q16 compared to 9% in all of last year.
We reiterate our BUY rating and FV of $11. (Link to Report)
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PAUL KNIGHT, CFA – LIFE SCIENCES TECHNOLOGY RESEARCH ANALYST (CONT’D)
Life Science Technology: BioProduction's Main Event Shows More Traffic: TMO, DHR, WST, RGEN, MLAB
 April 27, 2016 – Bioproduction's big event is the annual Interphex trade show at the New York City Javitz center and floor traffic has increased from
hosting crickets a few years ago to a customer busy 300,000 square feet this year. We visited TMO, DHR, WST, and RGEN. BioProduction represents
a paradigm shift for several Life Science firms and it will drive growth in 2016 and beyond for well positioned companies. Robust commercial success,
coupled with expanding manufacturing capacity from the likes of Biogen, CMC Biologics, Lonza, Samsung, and WuXi indicate we are still in the early
innings of a multi-year up-cycle. WST and RGEN are the pure plays, while DHR, MLAB, and TMO benefit from facility expansion due to their more
comprehensive portfolio in filtration, continuous monitoring, and single-use products. We have BUY ratings on the stocks in bioproduction that we
cover (TMO, DHR, WST, MLAB, RGEN). (Link to Report)
TROV: More Upside Elsewhere in DGx with Management Transition
 April 26, 2016 – Yesterday, TROV announced the appointment of a new CEO (Bill Welch) and the departure of Matt Posard (Chief Commercial
Officer). While the company will have additional data on urine-based diagnostics for lung and pancreatic cancers over two months commerical traction
lacks visibility. We lower our Fair Value from $8 to $5 and see much more recovery potential in the diagnostics sector with NeoGenomics (NEO- $7.31Buy) and Oncocyte (OCX-$5.25-Buy). (Link to Report)
WAT: 1Q "Briefcase": Asia Growth is Compelling for Entire Sector
 April 26, 2016 – Water's 5% Organic growth and EPS at the upper-end of guidance will keep consensus unchanged but is more visible; however, 11%
organic growth in Asia, easier currency comparisons, and expectations of better National Institute of Health (NIH) is compelling for the LS Industry.
Agilent (A-$41.63-Buy) stands out with 35% Asia exposure as the clear derivative beneficiary. We raise our Water's FV to $145 and maintain our
Neutral rating. (Link to Report)
NSTG: This Week's AACR Rollouts Increase Revenue Visibility
 April 21, 2016 – This week, at the American Association for Cancer Research (AACR) meeting, NanoString unveiled multiple new Vantage 3D
products. The company's 3D Biology allows simultaneous digital detection of DNA, RNA and protein. This capability is unrivaled by other existing
technologies that require separate methodologies for DNA, RNA, and protein analysis. Initially, Vantage products may increase the interest in
instrument system purchases (+23% estimated in FY16 vs. +16% in FY15) and can drive acceleration in consumable sales (+40% in FY17 vs. +31%
in FY16). (Link to Report)
DHR: 4Q "Briefcase": Lot's of Life Science Read-Throughs for A, TMO, RGEN et. al.
 April 21, 2016 – Large or small, there were lots of read-throughs in Danaher's earnings beat. Life Science improved sequentially (2.5% organic from
2.0%) and "stable order patterns" suggests an Agilent (A-$41.52-Buy) tailwind. Pall "double digit" growth in bioproduction indicates more growth for
Thermo Fisher (TMO-$155-Buy) and Repligen (RGEN-$33 - Buy). A 51% increase in free cash and "we will buy more" phrase suggests more
diagnostics and other M&A. (Link to Report)
ILMN: Post-Plunge: Investor Comments & Questions
 April 20, 2016 – We highlight frequently asked questions and comments from investors following the 23% plunge after yesterday's preannouncement
of lighter than expected revenue in the first quarter. With better revenue visibility following the guide-down, earnings still lack visibility with the company
in expansion mode. Derivative impacts for the industry seem more positive than negative based upon Illumina commentary around geographies. (Link
to Report)
ILMN: Multiple Headwinds - Lowering FV to $145
 April 19, 2016 – For the third time in as many quarters, ILMN pre-announced quarterly earnings. We estimate instrument revenue declined 24%.
Particularly alarming was Jay's comment that customers are "outsourcing to X service providers" and diagnostic growth of 20% (was exceeding 40%
last year at same time). With a core business decelerating, Illumina will need to seamlessly pivot into diagnostics and translational research to hold our
target of a 20x EBITDA multiple. We maintain our Neutral rating and lower our FV to $145 (from $160). (Link to Report)
Life Science Technology: BioProduction: Lonza/CTLT M&A Shows Scarcity Value of TMO, DHR, WST, MLAB, RGEN
 April 14, 2016 – Bioproduction is overlooked by investors but not by strategic buyers. Reuters reported last night the Lonza may bid for Catalent (CTLT
- Not Followed), and with the stock indicating +10% at the opening, it's valuation will be 14.0x EV/EBITDA. BioProduction represents a paradigm shift
for Life Science firms and it will drive growth in 2016 and beyond for well positioned companies. Robust commercial success, coupled with expanding
manufacturing capacity from the likes of Biogen, CMC Biologics, Lonza, Samsung, and WuXi indicate we are still in the early innings of a multi-year
up-cycle. WST and RGEN are the pure plays, while DHR, MLAB, and TMO benefit from facility expansion due to their more comprehensive portfolio in
filtration, continuous monitoring, and single-use products. We have BUY ratings on the stocks in bioproduction that we cover (TMO, DHR, WST,
MLAB, RGEN). (Link to Report)
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ROY BUCHANAN, PH.D. – BIOTECHNOLOGY RESEARCH ANALYST
CORT: 1Q16 In-Line; Looking Forward to ASCO & Beyond
 May 4, 2016 – Corcept reported 1Q16 cash of $40.7M, a slight increase over YE15's $40.3M. Korlym revenues of $16.1M were in-line with us
($16.2M) and consensus ($16.3M). Management reiterated 2016 guidance of $76-81M. Updated data from the phase 2 of Korlym + eribulin in TNBC
will be presented at ASCO, which is an important catalyst, in our view. Note the phase 1/2 of 125134 in solid tumors will initially look at the combo with
Abraxane (as announced last week). We reiterate our Buy rating and $8 fair value ahead of ASCO and additional pipeline validation in 12-18 months.
(Link to Report)
SGMO: 1Q16 Update
 May 3, 2016 – Sangamo reported 1Q16-ending cash of $189M and reiterated YE16 cash guidance of at least $150M and revenues of $20-25M. Data
timelines are consistent with our expectations, though precise timing is unclear even to Sangamo as the IVPRP studies are in the earliest stages. 2017
is probably a more impactful year than 2016 in terms of data (nothing new there). We reiterate our Buy rating and $15 fair value primarily on the lead
IVPRP indications. We also note the relative value differential between SGMO and EDIT, despite SGMO's IP being uncontested and clinical stage
programs. (Link to Report)
VTVT: Looking Forward to Glucokinase Activator Phase 2 Data in the Coming Months
 April 25, 2016 – vTv has guided to phase 2 data for GK activator TTP399 in T2D around mid-year. Prior attempts at developing GKAs have failed due
to hypoglycemia and/or low persistence of effect. Data presented through phase 2a for TTP399 suggests it improves on prior efforts and may yet
provide a novel oral option for T2D. Neither of vTv's T2D candidates --TTP399 or the oral GLP1R agonist TTP279 with p2 data expected 2H16 --are in
our valuation pending additional phase 2 data for either. Our fair value is derived from azeliragon for Alzheimer's, but with phase 3 data expected mid'18, vTv's pipeline is worth watching. (Link to Report)
ADXS: Neo Data Early, but Maybe Most Exciting
 April 22, 2016 – Advaxis and investigators presented data for a handful of the company's programs at AACR, as anticipated, including preliminary
immunological data for neoadjuvant axalimogene filolisbac (AXAL) in HPV+ H&N cancer. The highlight of the presentations was data for the ADXSNeo program, which is looking to be a player in the increasingly-active cancer neo-antigen space. While only a snippet of mouse data, it solidifies the
potential for ADXS-Neo functionality in humans. We reiterate our Buy rating on expectations for continued execution on Advaxis's cancer
immunotherapy program through and beyond 2016. (Link to Report)
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DEBJIT CHATTOPADHYAY, PH.D. – BIOTECHNOLOGY RESEARCH ANALYST
CERU: Not Reading Much into Data Push Out to 3Q16
 May 4, 2016 – The event-driven phase 2 readout originally expected during June-16, is now expected during 3Q16. The only takeaway is patients are
doing better than anticipated, but this being a randomized study, extrapolations are futile. Overall. CRLX101 is an active drug that is becoming
increasingly synergistic with multiple therapeutic modalities (IDO, PARP, VEGF, and chemo) across multiple tumor types and we expect CRLX301 to
follow suit. GOG data (paclitaxel+CRLX101 in Pt-resistant ovarian cancer) followed by CRLX101+olaparib dosing precede the mRCC readout. (Link to
Report)
CEMP: Approval Widely Acepted by YE16, Staying on Sidelines till ADCOM
 May 2, 2016 – NDA submitted; expect filing announcement over the next 60 days, and briefing documents / ADCOM potentially during late 4Q16. As
the only branded antibiotic with a step-down formulation of equivalent efficacy to Fluoroquinolones, and potential for commercial launch during peak
CAP season, Cempra remains well-positioned, in our view. However, the $223M on its balance sheet implies Cempra will have to augment resources
during 2016 as we do not expect ex-US partnership until after ADCOM/ approval. With limited catalyst until ADCOM, we are remaining Neutral. (Link
to Report)
SRPT: A PDUFA Date Push Out Could Signal Accelerated Approval
 April 28, 2016 – The bear thesis on SRPT is simple: The FDA is likely to stick with the negative panel opinion on eteplirsen. However, as suggested in
our note post-ADCOM, the path to accelerated approval has not been completely shut (LINK). We think it is likely that the agency will delay the PDUFA
date past 5/26, to allow SRPT to fully enroll the PROMOVI study prior to accelerated approval. Recall, CHMP had adopted a similar strategy with PTC
Therapeutics (PTCT - No rating). The downside risk to the stock are obvious, but we cannot yet rule out accelerated approval. (Link to Report)
SRPT: So Close and Yet So Far - Lowering FV to $10
 April 26, 2016 – The decision to grant accelerated approval hinged on the outcome of question 2, on which the panel voted 6 to 7 against Sarepta. It
was never about question 7, directed at a full approval. The neurology committee expressed their displeasure abundantly, but there were others (JW,
BT) who encouraged the advisory committee to be flexible and give credence to the voices of patients/caregivers and DMD physicians. Given the
marginally negative vote on question 2, we think there is a 15% chance at a potential accelerated approval, PDUFA on 5/26. (Link to Report)
AGTC: LCA Increases Pipeline Optionality, But not a Core Focus
 April 25, 2016 – Based on the limited commercial opportunity (treating incidence rather than prevalence), and competition, we view the Leber
congenital amaurosis (LCA) data more as a validation of the safety profile of the procedure and scalalbility of the vector technology. Upcoming midstage data from two key programs over the next few months could validate the decade long endeavor to treat genetic causes of visual impairment and
open up larger commercial opportunities targeting wet-AMD (not included in our FV). (Link to Report)
SRPT: Genie Out of the Bottle - If 2>7 - Expect Accelerated Approval
 April 25, 2016 – Sarepta's quest for AA started with dystrophin and the stock will soar or sink based on the vote on question 2. An overwhelmingly
positive #2, could supersede the anticipated negative vote on #7, and SRPT stock (likely halted on Monday) could be +100% to -50% upon reopening,
in our view. The agency has cornered itself by questioning the validity of natural history comparisons implying no approval for years to come, but
based on the safety profile of eteplirsen, the agency maybe compelled to provide AA on a + vote on question 2. (Link to Report)
SRPT: It's Not Over Till the Fat Lady Sings - FDA posts Voting Questions
 April 22, 2016 – Is this a change of heart, bowing to public pressure, or a difference in opinion within the agency? – but something changed. There
were no clear voting questions during the drisapersen review (BMRN - no rating), but here they are for etepliersen. Does this change the odds of a
positive vote -- to some extent, but note some of the questions are setting up SRPT for a failure. We are staying on the sidelines till the panel actually
vote as upside remains significant. (Link to Report)
BLUE: Lenti-D Profile Bodes Well for Broader Adoption in CALD
 April 22, 2016 – With current standard-of-care, ~57% in transplants involving mismatched, unrelated donors typically remain MFD free at 24 months;
45% to 75% experience complications associated with moderate to severe GvHD; treatment-related mortality impacts >10% of the mismatched allotransplants recipients, and time to locate a donor can delay treatment beyond effective window in many patients. Based on the superiority over each of
these metrics, we anticipate BLA filing by YE17 and approval by mid-2018. SCD, thalassemia, and IO remain bigger drivers. (Link to Report)
SRPT: Writing is on the Wall - CRL The Most Logical Outcome
 April 21, 2016 – FDA is clearly not backing down from its initial review of eteplirsen's NDA and the upcoming ADCOM seems more like a farce to
placate the external pressure groups. The briefing documents posted this morning had no voting questions and unless there is a last minute change
(<10% 10% probability), the outcome at this point seems to be a foregone conclusion. Lowering FV to $15 from $19. If handed a CRL, SRPT might
have to significantly cut back given its cash balance of $204M (or ~$4.50/share). (Link to Report)
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DEBJIT CHATTOPADHYAY, PH.D. – BIOTECHNOLOGY RESEARCH ANALYST (CONT’D)
BLUE: Data being presented this am at the AAN CONFERENCE
 April 20, 2016 – Data being presented this am at the AAN CONFERENCE looks clean and very compelling. This is obviously great news for the gene
therapy sector, but the real deal clincher for bluebird will be in thalassemia and sickle cell disease. Data late 2016. (Link to Report)
SRPT: The Heart Says Yes, But the Head Says No - Initiate with Neutral
 April 20, 2016 – Sarepta is seeking conditional approval for eteplirsen based on long-term follow-up data from a small study, while pivotal studies
underway. The FDA's preliminary review has been negative, but the anticipated addendum could make things interesting. We view risk/reward as
follows: Yes/No voting question along with the acceptance of the PROMOVI study design - stock $30+ (into the panel meeting, 15% probability);
Positive panel vote - stock $40+; Conditional approval and no label-restrictions - stock $70+; FDA decides to wait for PROMOVI - stock <$10. (Link to
Report)
SBBP: Competitor Setback Highlights Opportunities and Valuable Insights
 April 18, 2016 – Chiasma (CHMA- No rating) received a CRL or Mycapssa (octreotide) capsules for the maintenance treatment of adult patients with
acromegaly. The CRL could be a result of study design and the choice of an arbitrary primary endpoint, in our view. If true, sets Chiasma back
significantly and becomes a strong incentive for Strongbridge to rapidly advance COR-005, a novel somatostatin analog with a unique receptor binding
profile. (Link to Report)
NKTR: DTC Campaign Beginning to Impact Movantik
 April 15, 2016 – Movantik scripts growth improving gradually as the DTC campaign takes effect. During 2016 weekly total and new prescription growth
were 3.26% and 3.53%, respectively, slightly ahead of expectations. Note: (1) Movantik price/pill was increased to $9.14 from $8.32 (9.8% increase)
on 1/1/2016; (2) Amitiza's (SCMP – No rating) total and new script growth has averaged 1.02% and 1.4%, respectively, during 2016. Movantik is the
only oral PAMORA, which could beneficially impact >7M individuals in the developed markets, by our estimates. (Link to Report)
BLUE: CALD Nice to Have, But It is All Hemoglobinopathies for Now
 April 13, 2016 – The pivotal CALD data will be presented at a Plenary Session on April 20th at the AAN. Based on the limited commercial opportunity
(~200 new patients in developed markets), relatively early read (few patients at the oneyear time point, primary endpoint at 24 months), and variable
kinetics (drug-product characteristics), bluebird stock may not be able to breakout of its current range. Investor focus continues to be on the ongoing
process improvements and timing of clinical translatability to SCD and thalassemia. (Link to Report)
Page 6
KEN TRBOVICH, CFA – SPECIALTY PHARMACEUTICALS RESEARCH ANALYST
INSY: 1Q16 Revenue Reported at Top End of Guidance
 April 29, 2016 – INSY reported estimated 1Q16 revenues 17 days before reporting the quarter. It shouldn't come as a surprise that they met their
guidance, but weekly prescription trends and other operating results have prompted us to change our forward estimates (see details on following
pages). Despite reducing 2016 sales estimates, on which we partially base our valuation, changes in market conditions for comps of INSY and their
CBD program, as well as greater than expected antidilutive effect from stock repurchase, keep the valuation at the previous target. Maintain BUY with
a $22 fair value estimate. (Link to Report)
INNL: Xaracoll Phase 3 Data May Trigger Double - Initiate Buy, $15 Fair Value
 April 27, 2016 – Innocoll is expected to report results from four Phase 3 trials involving two different drugs over the next six months. We believe the
most important and most likely to succeed are the Phase 3 trials for Xaracoll, its bupivacaine containing collagen sponge, for the treatment of postsurgical pain. If the Phase 3 results are positive, we believe shares of INNL would be positively impacted to a considerable degree. We initiate
coverage of INNL with a Buy and $15 FV. (Link to Report)
COLL: Xtampza Approved and Ready to Launch
 April 27, 2016 – Last night, Xtampza received final approval from the FDA approximately half a year after receiving tentative approval. Xtampza is now
approved for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment. Based on the previous tentative
approval, Collegium has been preparing for commercial launch and should be prepared to formally launch the product in June. We reiterate our Buy
rating and $25 fair value on achievement of this major milestone. (Link to Report)
EGLT: Oxaydo Growing But Still Not Enough
 April 14, 2016 – EGLT grew Oxaydo prescriptions to 681 in March up from 409 in February. Nice though the growth may be, total prescriptions for the
quarter came in just below 1,400 for 1Q16 and need to reach about 7,600 for the year in order for EGLT to hit our $4 million revenue projection.
Clearly, EGLT must continue to grow prescriptions from current levels to first meet our expectations and then to exceed them. Needless to say, we
continue to doubt the potential of Oxaydo to make meaningful contributions to EGLT's business and valuation. (Link to Report)
BDSI: Bunavail Remains Stagnant
 April 14, 2016 – Recently released Rx data from Symphony Health does not change our thesis on BDSI. We expect revenues reported from 1Q16 to
be in line with our expectations. More troubling than BDSI's inability to grow Bunavail sequentially, Endo's (ENDP, not rated) launch of Belbuca is off to
a relatively weak start. While still early in the launch, experience has shown that trends in the first six months are critical to the long-term odds of
commercial success. We maintain our Neutral rating with a fair value estimate of $4. (Link to Report)
INSY: Deep Pipeline Overcomes Subsys Decline - Initiating BUY Rating, $22 FV
 April 13, 2016 – Negative Subsys guidance and prescription trends give us reasons to forecast continued declines, but we find the pipeline too
compelling to ignore. INSY is in position to gain FDA approval and launch its second branded product, Syndros on July 1, 2016, which offsets the
weakness we expect from Subsys. With two additional approvals in subsequent years, we expect INSY to return to growth before its synthetic
cannabidiol (CBD) for orphan pediatric epilepsy reaches the market. The pipeline overcomes our doubts leading us to rate INSY a Buy with $22 FV.
(Link to Report)
DEPO: Nucynta Continues Growth in March
 April 13, 2016 – March prescription trends look good to us, but may lead to downward revisions of 1Q16 estimates from others. The March variance
from our estimates is quite small, thus while we are confident in our estimates going into the quarter, we cannot say that regarding the consensus view.
We note that the fundamental outlook for Depomed remains strong over the long-term with Nucynta ER posting 23% growth compared to March 2015.
As a result, while our fundamental view of the company remains unchanged, we are only cautiously optimistic going into 1Q16. (Link to Report)
Page 7
MACRO AND INDUSTRY UPDATE
Life Sciences Industry Performance
90%
80%
70%
60%
50%
40%
BTK
30.5%
NBI
17.4%
COMP
14.0%
30%
20%
10%
0%
-10%
NASDAQ Composite
NYSE Arca Biotech
NASDAQ Biotechnology
Source: FactSet Research Systems, as of May 3, 2016
CBOE Volatility S&P 500 Index (VIX) and Equity Issuance
$6,000
45.0
40.0
35.0
$4,000
30.0
Difficult Deal Market
$3,000
Selective Deal Market
$2,000
25.0
20.0
15.0
CBOE Volatility S&P 500 Index (VIX)
U.S. Life Sciences Deal Activity ($ in millions)
$5,000
10.0
$1,000
5.0
$0
0.0
Source: BioCentury Publications and FactSet Research Systems, as of May 3, 2016
Excludes deals with total proceeds of greater than $1 billion
Page 8
MACRO AND INDUSTRY UPDATE (CONT’D)
Frequency of Large Negative Drops Has Sidelined Investors
18,500
Single Day Sell-offs >200 points
18,000
Dow Jones Industrial Average
17,500
17,000
16,500
16,000
% of Days the DJIA traded:
15,500
15,000
Aug-15
Sep-15
Period
Down
200+
Jan '15 - Jul '15
Aug '15 - May '16
Dec '15 - May '16
7%
15%
15%
Oct-15
Down Down 100 Up
100 - 200
Up 100
100 - 200
16%
10%
13%
Nov-15
55%
47%
42%
12%
14%
17%
Dec-15
Up
200+
10%
14%
13%
Jan-16
Feb-16
Mar-16
Apr-1 6
May-16
Healthcare Fund Flows Have Increased
Health Care Select Sector SPDR Fund
iShares NASDAQ Biotechnology ETF
$2,000
$3,500
$1,600
$2,100
$1,400
$700
$0
($700)
Cumulative Funds Flow ($ in MMs)
Cumulative Funds Flow ($ in MMs)
$2,800
$1,200
$800
$400
$0
($400)
Page 9
INITIAL PUBLIC OFFERING MARKET UPDATE
Annual Initial Public Offering Activity
$8,000
Amount Raised
100
Number of Deals
$7,124
90
$7,000
80
$6,022
$6,000
70
$5,000
60
$4,000
50
$3,623
Number of Deals
Amount Raised ($ in millions)
$6,352
$3,279
40
$3,000
$2,320
30
$1,695
$2,000
$1,271
$980
20
$880
$624
$1,000
$57
$0
10
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Source: BioCentury Publications, FactSet Research Systems, Ipreo, Private Raise and SEC filings as of May 3, 2016
Quarterly Initial Public Offering Backlog
$3,000
Amount
Filed
45
Number
of Deals
$2,640
$2,456
$2,481 $2,447
$2,400
$2,500
40
$2,012 $1,978
$2,000
$1,885
$1,557
30
$1,745
$1,439
$1,500
25
$1,415
$1,223
$1,000
20
$971
$770
$563
Number of Deals
Amount Filed ($ in millions)
35
15
$775 $818
$764
$563
$546
$641
$576
10
$500
5
$0
0
4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16
Page 10
INITIAL PUBLIC OFFERING MARKET UPDATE (CONT’D)
2015 / 2016 Initial Public Offerings Performance (Offer to Current)
150%
Mean:
Median:
-22.3%
-31.9%
100%
50%
0%
-50%
-100%
2015 / 2016 Initial Public Offerings Valuations (Pre- and Post-Money)
$2,250
$2,000
$1,750
$1,500
$1,250
$1,000
$750
$250
$0
Post-Money Avg. = $398.3; Median = $286.3
Pre-Money Avg. = $304.3; Median = $203.1
RTTR
CERC
JAGX
CHEK
OPGN
VKTX
ITEK
HTGM
STDY
NVET
TCON
ZYNE
CBYL
ZSAN
AVGR
LENS
MIRN
AGLE
CLCD
PTI
BLPH
KMPH
IVTY
KURA
AXSM
CATB
LNTH
SNDX
SBBP
CDTX
NVLS
ACRS
NEOS
COLL
MYOK
FLKS
CRVS
NBRV
ENTL
EDGE
DMTX
LIFE
WVE
VYGR
GI
CHMA
ASND
CTMX
AVXS
BPMC
VTVT
NVTA
DNAI
GKOS
ONCE
GBT
RGNX
EDIT
XBIT
CFMS
AAAP
AIMT
MCRB
BGNE
NTRA
PEN
ADRO
ADAP
AXON
NVCR
NK
$500
Page 11
Initial Public Offering Pricing Statistics Relative to Initial Filed Range
2
1
1
1
1
1
3
2
1
1
5
6
2
4
7
17
4
1
3
3
4
7
4
4
1
9
1
10
8
4
3
3
4
15
8
4
8
14
1
1
6
7
5
7
9
6
11
1
2
3
3
1Q'11
3Q'11
1Q'12
3Q'12
1Q'13
3Q'13
Below
1Q'14
In-Range
3Q'14
1Q'15
3Q'15
1Q'16
Above
Initial Public Offerings – Since 7/1/15
(Values in millions, except per share data)
Date
4/6/2016
3/22/2016
3/2/2016
2/11/2016
2/10/2016
2/2/2016
2/2/2016
11/19/2015
11/11/2015
11/10/2015
11/10/2015
11/4/2015
10/28/2015
10/21/2015
10/16/2015
10/14/2015
10/7/2015
10/6/2015
10/1/2015
9/30/2015
9/30/2015
9/17/2015
9/17/2015
9/16/2015
8/11/2015
8/5/2015
8/4/2015
7/29/2015
7/27/2015
Company
Ticker
Aeglea BioTherapeutics, Inc.
AGLE
Corvus Pharmaceuticals, Inc.
CRVS
Syndax Pharmaceuticals Inc
SNDX
Proteostasis Therapeutics, Inc.
PTI
AveXis, Inc.
AVXS
Beigene Ltd
BGNE
Editas Medicine Inc.
EDIT
Axsome Therapeutics, Inc.
AXSM
Wave Life Sciences Pte. Ltd
WVE
Advanced Accelerator Applications
AAAP
Voyager Therapeutics, Inc.
VYGR
Kura Oncology
KURA
MyoKardia, Inc.
MYOK
Dimension Therapeutics, Inc.
DMTX
StrongBridge BioPharma fka Cortendo plcSBBP
Cerecor Inc
CERC
CytomX Therapeutics, Inc.
CTMX
Aclaris Therapeutics, Inc.
ACRS
NovoCure, LTD
NVCR
Edge Therapeutics, Inc.
EDGE
Mirna Therapeutics, Inc.
MIRN
Nabriva Therapeutics AG
NBRV
Penumbra, Inc.
PEN
REGENXBIO, Inc.
RGNX
Global Blood Therapeutics, Inc.
GBT
Aimmune Therapeutics, Inc.
AIMT
Zynerba Pharmaceuticals, Inc.
ZYNE
vTv Therapeutics Inc
VTVT
NantKwest, Inc.
NK
Shares
Stage
Initial Offered
Initial
Phase 1
3.5 5.5 $14.00 - $16.00
Phase 1
4.7 4.7 $14.00 - $16.00
Phase 3
4.4 4.4 $14.00 - $16.00
Pre-clinical
3.9 6.3 $12.00 - $14.00
Phase 1
4.3 4.8 $19.00 - $21.00
Phase 1
5.5 7.6 $22.00 - $24.00
Development
5.9 6.8 $16.00 - $18.00
Phase 3
4.3 5.7 $11.00 - $13.00
Pre-clinical
5.0 6.4 $15.00 - $17.00
Phase 3
4.7 5.4 $15.00 - $17.00
Phase 1
4.7 5.8 $15.00 - $17.00
Phase 2
6.3 6.3 $16.00 - $16.00
Phase 2
4.7 6.3 $15.00 - $17.00
Pre-clinical
5.5 5.5 $14.00 - $16.00
Phase 3
4.3 2.5 $10.00 - $10.00
Phase 2
4.2 4.0 $6.00 - $7.00
Pre-clinical
6.7 7.7 $14.00 - $16.00
Phase 2
5.0 5.8 $14.00 - $16.00
Commercial 12.5 7.9 $26.00 - $29.00
Phase 2
5.7 8.4 $14.00 - $16.00
Phase 1
4.7 6.3 $13.00 - $15.00
Phase 2
6.0 10.4 $15.00 - $17.00
Commercial
3.8 4.6 $25.00 - $28.00
Pre-Clinical
5.6 7.2 $17.00 - $19.00
Phase 1/2
6.0 6.9 $16.00 - $18.00
Phase 2
8.3 11.5 $14.00 - $16.00
Commercial
3.0 3.5 $13.00 - $15.00
Phase 2
7.8 7.8 $15.00 - $17.00
Phase 1
7.0 9.5 $20.00 - $23.00
Price
Offer
$10.00
15.00
12.00
8.00
20.00
24.00
16.00
9.00
16.00
16.00
14.00
8.00
10.00
13.00
10.00
6.50
12.00
11.00
22.00
11.00
7.00
10.25
30.00
22.00
20.00
16.00
14.00
15.00
25.00
Insider
% of 52
Current Proceeds Participation Wk High
$9.40
$54.8
63.5%
77.6%
12.31
70.5
48.2%
94.2%
14.83
52.8
0.0%
71.9%
10.93
50.0
40.4%
78.1%
23.68
95.0
20.0%
79.9%
26.55
182.2
39.8%
74.6%
30.99
108.6
0.0%
70.4%
10.57
51.0
0.0%
67.2%
14.60
102.0
31.4%
67.9%
34.33
86.3
0.0%
86.6%
12.07
80.5
0.0%
39.5%
3.08
50.0
0.0%
12.3%
12.32
62.5
16.6%
73.5%
7.15
71.5
55.9%
46.0%
6.01
25.0
0.0%
32.1%
3.94
26.0
0.0%
75.9%
13.06
92.0
18.7%
52.9%
20.63
63.3
23.7%
60.9%
12.00
165.0
0.0%
38.8%
8.13
92.5
29.7%
31.4%
4.56
43.8
38.9%
41.4%
9.00
106.1
45.5%
51.5%
54.43
138.0
0.0%
91.7%
10.75
159.4
0.0%
33.6%
21.01
138.0
0.0%
36.9%
12.74
184.0
15.6%
45.0%
7.62
48.3
40.0%
17.7%
5.88
117.2
21.3%
42.0%
8.14
238.3
23.3%
21.2%
Valuation
Pre-IPO Post-IPO
$94.3
$149.1
235.6
306.1
155.7
208.5
100.1
150.1
316.0
411.0
572.2
754.4
476.8
585.4
121.2
172.2
232.9
334.9
542.2
628.4
294.5
375.0
116.1
166.1
208.1
270.6
251.9
323.4
187.1
212.1
30.1
56.1
339.0
431.0
158.5
221.7
1,653.9 1,818.9
222.0
314.5
96.6
140.4
203.1
309.2
781.2
919.2
419.1
578.5
436.2
574.2
490.9
674.9
80.3
128.6
375.0
492.2
1,766.1 2,004.4
File /
Offer
-41.2%
-6.3%
-20.0%
-38.5%
0.0%
4.3%
-5.9%
-25.0%
0.0%
0.0%
-12.5%
-50.0%
-37.5%
-13.3%
0.0%
0.0%
-20.0%
-26.7%
-20.0%
-26.7%
-50.0%
-35.9%
13.2%
22.2%
17.6%
6.7%
0.0%
-6.3%
16.3%
% Change Since Offering
1 Day
1 Week Current
-2.3%
-2.4%
-1.1%
-5.0%
1.6%
-3.3%
0.1%
-10.9%
-2.3%
-17.0%
-29.4%
36.6%
-9.7%
-7.3%
18.4%
18.0%
12.0%
10.6%
13.8%
-18.2%
93.7%
-2.9%
-2.0%
17.4%
0.0%
-0.1%
-8.8%
53.1%
56.3% 114.6%
26.8%
42.9%
-13.8%
-2.0%
8.7%
-61.5%
5.3%
-11.0%
23.2%
-16.9%
4.0%
-45.0%
-8.4%
-24.0%
-39.9%
-1.5%
-4.5%
-39.4%
7.5%
10.2%
8.8%
0.5%
30.5%
87.5%
-16.9%
-4.5%
-45.5%
17.6%
60.2%
-26.1%
0.7%
-11.0%
-34.9%
29.2%
-5.1%
-12.2%
37.7%
34.3%
81.4%
38.4%
20.1%
-51.1%
115.6% 120.8%
5.1%
50.6%
59.5%
-20.4%
16.1% 128.9%
-45.6%
-27.4%
-36.7%
-60.8%
38.6%
20.0%
-67.4%
Page 12
Initial Public Offerings – Since 7/1/15 (cont’d)
Date
7/22/2015
7/15/2015
7/15/2015
7/1/2015
7/1/2015
Company
Neos Therapeutics, Inc.
Chiasma, Inc.
ProNai Therapeutics, Inc.
Natera, Inc.
ConforMIS, Inc.
Shares
Ticker
NEOS
CHMA
DNAI
NTRA
CFMS
Mean
Median
High
Low
Price
Stage
Initial Offered
Initial
Commercial
4.0 5.5 $14.00 - $16.00
Phase 3
5.4 7.3 $13.00 - $15.00
Phase 2
6.7 9.3 $14.00 - $16.00
Commercial
6.3 10.8 $15.00 - $17.00
Commercial
9.0 10.4 $14.00 - $16.00
5.6
5.2
12.5
3.0
6.7
6.3
11.5
2.5
Offer
$15.00
16.00
17.00
18.00
15.00
Insider
% of 52
Current Proceeds Participation Wk High
$9.01
$82.8
21.3%
31.1%
3.13
117.1
26.4%
10.3%
5.27
158.4
8.8%
15.6%
9.65
195.1
0.0%
39.6%
12.26
155.3
0.0%
45.5%
$14.82
$15.00
$30.00
$6.50
$101.9
$92.3
$238.3
$25.0
18.5%
17.7%
63.5%
0.0%
Valuation
File /
Pre-IPO Post-IPO
$145.3
$228.1
265.8
382.9
352.4
510.8
691.7
886.8
451.3
606.5
Offer
0.0%
14.3%
13.3%
12.5%
0.0%
1 Day
1 Week Current
30.3%
30.4%
-39.9%
25.0%
45.1%
-80.4%
81.2%
74.4%
-69.0%
26.3%
18.1%
-46.4%
28.3%
46.8%
-18.3%
$378.3
$480.2
$258.8
$355.0
$1,766.1 $2,004.4
$30.1
$56.1
-9.3%
-2.9%
22.2%
-50.0%
16.2%
10.6%
115.6%
-27.4%
19.3%
9.5%
128.9%
-36.7%
-9.9%
-16.0%
114.6%
-80.4%
Current Initial Public Offering Backlog
($ in millions, except per share data)
Latest File
Date
5/3/2016
5/2/2016
4/27/2016
4/27/2016
4/26/2016
4/18/2016
4/18/2016
4/13/2016
4/8/2016
3/29/2016
3/28/2016
3/25/2016
3/18/2016
3/9/2016
2/22/2016
2/17/2016
2/16/2016
2/8/2016
2/5/2016
2/4/2016
1/5/2016
11/25/2015
10/7/2015
8/31/2015
1/23/2015
Initial File
Date
4/8/2016
4/18/2016
1/15/2016
4/11/2016
1/5/2016
4/18/2016
12/22/2015
1/4/2016
10/19/2015
2/9/2016
12/22/2015
1/25/2016
1/8/2016
1/4/2016
8/25/2015
9/19/2014
9/9/2015
8/31/2015
6/8/2015
3/26/2014
1/5/2016
10/21/2015
8/26/2015
8/31/2015
12/23/2014
Company
Ticker
Viamet Pharmaceuticals Holdings LLC VMET
PhaseRx, Inc.
PZRX
Oncobiologics, Inc.
ONS
Intellia T herapeutics, Inc.
NT LA
Spring Bank Pharmaceuticals, Inc.
SBPH
Gemphire T herapeutics Inc.
GEMP
Cancer Prevention Pharmaceuticals, Inc. CPP
Reata Pharmaceuticals, Inc.
RET A
Merus B.V.
MRUS
Sensus Healthcare, Inc.
SRT S
Pulse Biosciences, Inc.
PLSE
T actile Systems T echnology, Inc.
T CMD
Clearside Biomedical, Inc.
CLSD
Audentes T herapeutics, Inc.
BOLD
Advanced Inhalation T herapies (AIT ) Ltd. AIT P
Exagen Diagnostics
EXDX
AnaptysBio, Inc.
ANAB
Sancilio Pharmaceuticals Company, Inc. SPCI
Patheon N.V.
PT HN
Mapi - Pharma Ltd.
MAPI
Visterra, Inc.
VIST
Viventia Bio Inc.
VIT A
Acelity Holdings, Inc.
ACEH
PharMEDium Healthcare Holdings, Inc. PMHC
BeneChill, Inc.
BNCH
Stage of Lead
Program
Phase 2
Pre-clinical
Phase 2
Development
Phase 2
Phase 2
Phase 3
Phase 2
Phase 1/2
Commercial
Development
Commercial
Phase 3
Pre-clinical
Phase 2
Commercial
Pre-clinical
Pre-clinical
Commercial
Phase 2
Phase 2
Phase 3
Commercial
Commercial
# of Clinical
Programs
2
2
3
3
5
9
1
2
3
1
3
1
2
-
Latest
Shares
Filed
5.7
3.7
5.0
5.0
2.9
1.9
1.8
5.0
0.7
2.9
-
Latest Filing
% Shares
Amount Post Money
Outstanding Filing Range
Filed
Last Round
22.2%
$14.00 - $16.00
$85.5
$178.8
32.9%
5.00 - 7.00
22.2
N/A
24.8%
11.00 - 13.00
60.0
440.1
14.6%
16.00 - 18.00
85.0
237.7
18.7%
12.00 - 14.00
15.0
74.1
346.2
25.9%
12.00 - 14.00
28.8
27.5
N/A
53.0
10.00 - 12.00
20.0
N/A
39.8%
4.00 - 4.00
20.0
N/A
N/A
79.0
207.7
28.8%
15.00 - 15.00
5.0
N/A
20.0
86.3
63.6
86.3
N/A
100.0
0.0
26.6%
15.00 - 17.00
50.0
N/A
81.1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Valuation
Pre
Money
$299.9
45.3
181.8
497.7
46.4
71.6
30.3
56.6
124.7
-
Implied
Step Up
1.7x
N/A
0.4x
2.1x
0.6x
2.6x
N/A
N/A
N/A
-
Page 13
FOLLOW-ON MARKET UPDATE
Annual Follow-On Offering Activity
Proceeds
30,000
Number of Deals
250
$26,317
200
20,000
150
$14,931
15,000
Number of Deals
Total Proceeds ($ in millsion)
25,000
$13,386
100
10,000
$8,978
$8,087
$7,990
$8,650
$7,140
$6,159
$5,737
5,000
50
$1,997
$2,843
0
0
2005
2006
2007
2008
2009
Source: BioCentury Publications, FactSet Research Systems, and SEC filings as of May 3, 2016
2010
2011
2012
2013
2014
2015
2016
Quarterly Shelf Registrations
Amount Registered
$12,000
Number of Deals
70
50
$8,000
$7,572
$7,088
$6,892
40
$6,000
$4,000
$3,639
$3,110
$2,000
$1,935
$2,621
$2,240
$2,071
$1,355
$1,627 $1,627
$3,987
30
$4,677
$4,464
$3,729
$3,383
20
$2,847
$1,955
$1,947
$2,196
Number of Filings
Amount Registered ($ in millions)
60
$9,782
$10,000
$2,174
$0
10
0
1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16
Source: FactSet Research Systems, Ipreo, Private Raise and SEC filings as of May 3, 2016
Page 14
FOLLOW-ON MARKET UPDATE (CONT’D)
Traditionally Marketed Follow-On Pricing Statistics
Aug-15
Sep-15
-2.9%
-4.6%
Oct-15
Nov-15
-3.4%
Dec-15
-4.2%
-5.5%
Jan-16
Feb-16
Mar-16
Apr-16
-4.3%
-6.3%
-6.5%
-7.1% -7.4%
-7.6%
-7.1%
-9.9%
-11.5%
-12.2%
-14.5%
-17.4%
File/Offer
-18.1%
Last Trade/Offer
LTM Issuance by Sector (Deals)
LTM Issuance by Mkt. Cap.
Med Devices /
Diagnostics
16%
>$1B, 43%
<$300mm, 33%
Biotechnology /
Pharmaceuticals
84%
$500mm - $1B,
11%
$300 - $499mm,
12%
Page 15
Traditionally Marketed Follow-On Offerings – Since 7/1/15
Date
Filing
Company
Ticker
Price
Offering
Shares
Price
Pre Deal Proceeds /
Current % Change
Proceeds Mkt. Cap. Mkt. Cap. 3M ADTV
1. 4/28/2016 Ignyta Inc.
RXDX
$7.53
8.0
$6.25
$50.0
2. 4/28/2016 Theravance Biopharma, Inc
TBPH
23.57
4.8
21.00
100.1
3. 4/7/2016 Viking Therapeutics, Inc.
VKTX
1.48
7.5
1.25
9.4
4. 3/31/2016 VWR Corp.
VWR
27.06
9.2
26.00
239.2
5. 3/17/2016 Senseonics Holdings, Inc.
SENS
3.25
15.8
2.85
45.0
6. 3/17/2016 Heat Biologics, Inc.
HTBX
2.14
9.1
0.75
6.8
7. 3/16/2016 Hutchison China MediTech Ltd.
HCM
16.33
7.5
13.50
101.3
8. 3/2/2016 China Biologic Products, Inc.
CBPO
117.64
3.9
110.00
425.7
9. 2/4/2016 Quotient Ltd.
QTNT
11.41
4.4
9.00
40.0
10. 2/4/2016 Zimmer Biomet Holdings, Inc.
ZBH
97.55
11.0
96.45
1,063.6
11. 2/3/2016 Jaguar Animal Health, Inc
JAGX
2.48
2.0
2.50
5.0
12. 1/27/2016 Baxalta Incorporated
BXLT
34.68
37.6
39.50
1,484.1
13. 1/7/2016 Collegium Pharmaceutical, Inc.
COLL
25.51
2.8
20.00
55.0
14. 1/7/2016 Ardelyx, Inc.
ARDX
14.96
8.6
10.00
86.3
15. 1/6/2016 Akebia Therapeutics, Inc.
AKBA
12.56
7.3
9.00
65.3
16. 1/6/2016 Adamas Pharmaceuticals Inc.
ADMS
27.91
2.5
23.00
57.5
17. 1/6/2016 Prothena Corporation plc
PRTA
58.99
2.3
53.00
119.3
18. 1/6/2016 Otonomy, Inc.
OTIC
24.40
5.8
20.00
115.0
19. 1/6/2016 Epizyme, Inc.
EPZM
15.12
15.3
9.00
138.0
20. 1/6/2016 Cempra, Inc.
CEMP
28.73
4.2
24.00
100.0
21. 1/6/2016 ACADIA Pharmaceuticals Inc.
ACAD
34.46
10.3
29.00
300.0
22. 1/6/2016 Sage Therapeutics, Inc.
SAGE
56.51
3.2
47.50
150.0
23. 1/6/2016 TherapeuticsMD, Inc.
TXMD
9.31
17.4
8.25
143.7
24. 1/5/2016 Acceleron Pharma Inc.
XLRN
44.86
3.8
40.00
150.0
25. 12/18/2015 Iradimed Corp.
IRMD
24.68
1.2
24.25
29.1
26. 12/16/2015 Pfenex, Inc.
PFNX
12.11
0.6
11.75
7.1
27. 12/15/2015 Spark Therapeutics, Inc.
ONCE
60.00
3.0
47.00
141.0
28. 12/9/2015 Accelerate Diagnostics, Inc.
AXDX
17.99
6.4
17.00
109.3
29. 12/9/2015 Kite Pharma, Inc.
KITE
74.85
4.2
69.00
287.6
30. 12/3/2015 T2 Biosystems, Inc.
TTOO
11.77
3.7
9.75
36.0
31. 12/3/2015 Portola Pharmaceuticals, Inc.
PTLA
49.38
3.1
48.00
150.0
32. 11/17/2015 Wright Medical Group N.V.
WMGI
21.85
4.5
20.82
93.7
33. 11/11/2015 Loxo Oncology, Inc.
LOXO
26.75
2.9
26.50
76.2
34. 11/10/2015 VWR Corp.
VWR
27.21
12.7
25.75
325.7
35. 11/6/2015 Cancer Genetics, Inc.
CGIX
6.50
3.0
4.00
12.0
36. 11/3/2015 Revance Therapeutics, Inc.
RVNC
39.17
3.3
36.00
117.0
37. 10/22/2015 Oasmia Pharmaceutical AB
OASM
4.50
2.6
4.06
10.4
38. 10/22/2015 Vital Therapies Inc.
VTL
5.51
6.3
5.50
34.5
39. 10/6/2015 Sarepta Therapeutics, Inc.
SRPT
41.79
3.3
39.00
126.8
40. 9/24/2015 Concordia Healthcare Corp
CXRX
72.23
8.0
65.00
520.0
41. 9/22/2015 Intra-Cellular Therapies, Inc.
ITCI
50.85
7.9
43.50
345.2
42. 9/17/2015 Sientra, Inc.
SIEN
23.15
3.0
22.00
66.0
43. 9/15/2015 Mirati Therapeutics, Inc.
MRTX
46.29
2.3
45.00
101.3
44. 9/10/2015 Aquinox Pharmaceuticals, Inc.
AQXP
15.70
6.3
15.50
98.0
45. 9/10/2015 Seattle Genetics, Inc.
SGEN
41.29
13.5
41.00
552.0
46. 8/21/2015 Intrexon Corp.
XON
42.50
5.6
41.00
230.0
47. 8/18/2015 Benitec Biopharma Limited
BNTC
10.00
1.6
9.21
14.5
48. 8/12/2015 Inotek Pharmaceuticals Corp
ITEK
12.99
6.2
12.75
79.2
49. 8/12/2015 INC Research Holdings, Inc.
INCR
50.03
8.0
44.75
358.0
50. 8/5/2015 Dermira, Inc.
DERM
24.37
5.2
21.50
111.3
51. 8/5/2015 Corium International Inc.
CORI
16.10
4.0
13.00
52.0
52. 8/4/2015 Intec Pharma Ltd.
NTEC
7.42
5.0
6.00
30.2
53. 8/4/2015 Integra LifeSciences Holdings Corp.
IART
64.08
3.3
61.00
201.3
54. 7/31/2015 Quintiles Transnational Holdings Inc.
Q
78.75
7.0
77.85
545.0
55. 7/30/2015 EyeGate Pharmaceuticals, Inc.
EYEG
12.00
1.2
8.50
10.0
56. 7/30/2015 Zogenix, Inc.
ZGNX
20.14
5.5
18.00
98.3
57. 7/30/2015 AMAG Pharmaceuticals, Inc.
AMAG
64.95
3.6
63.75
230.9
58. 7/29/2015 Cara Therapeutics, Inc.
CARA
19.78
4.3
18.60
80.5
59. 7/23/2015 Exelixis, Inc.
EXEL
6.05
25.0
5.40
135.0
60. 7/22/2015 Radius Health, Inc.
RDUS
78.29
4.7
74.00
345.0
$183.3
977.0
14.7
3,556.2
246.2
18.0
800.7
3,128.2
239.2
19,394.3
20.1
22,254.7
527.7
388.3
384.9
514.0
1,859.5
591.4
631.0
1,263.1
3,476.9
1,630.9
1,656.5
1,489.2
249.6
281.6
1,487.8
804.9
3,291.9
239.4
2,602.6
2,243.0
446.4
3,574.3
64.0
952.3
146.8
132.3
1,734.9
2,084.6
1,781.9
345.9
756.7
168.4
5,173.7
4,663.5
57.9
272.8
2,659.8
601.2
292.4
42.9
2,125.1
9,663.3
76.9
386.1
2,004.9
451.7
1,185.9
3,283.2
27.3%
10.2%
64.0%
6.7%
18.3%
37.9%
12.6%
13.6%
16.7%
5.5%
24.8%
6.7%
10.4%
22.2%
17.0%
11.2%
6.4%
19.4%
21.9%
7.9%
8.6%
9.2%
8.7%
10.1%
11.7%
2.5%
9.5%
13.6%
8.7%
15.0%
5.8%
4.2%
17.1%
9.1%
18.8%
12.3%
7.1%
26.1%
7.3%
24.9%
19.4%
19.1%
13.4%
58.2%
10.7%
4.9%
25.0%
29.0%
13.5%
18.5%
17.8%
70.3%
9.5%
5.6%
13.0%
25.5%
11.5%
17.8%
11.4%
10.5%
Price
0.29
$7.18
0.21
19.70
0.11
1.34
0.70
26.79
0.00
3.24
0.22
0.65
N/A 13.00
0.25 117.51
0.07
10.59
1.49 114.90
0.25
1.76
12.18
42.28
0.42
18.65
0.57
8.31
1.01
9.36
0.48
16.15
0.83
41.56
0.51
13.84
1.21
9.88
1.21
17.04
2.92
30.00
0.64
36.20
3.08
8.43
0.77
28.33
0.11
16.55
0.08
8.48
0.40
35.35
0.45
12.72
1.26
45.05
0.20
9.09
0.67
23.34
0.74
18.26
0.16
24.50
0.68
26.79
0.22
2.45
0.47
18.10
0.02
4.25
0.37
8.26
2.01
18.02
0.39
26.42
0.64
35.07
0.73
7.38
0.27
20.21
0.37
8.86
1.15
34.99
2.11
26.26
0.02
1.71
0.37
10.45
0.50
43.96
0.18
25.35
0.10
5.20
0.02
3.33
0.32
70.43
0.90
67.46
0.15
3.33
0.43
10.28
1.19
22.03
0.38
6.13
5.16
4.67
1.00
35.26
File / Offer
1 Day
1 Week
Current
-17.0%
-10.9%
-15.5%
-3.9%
-12.3%
-65.0%
-17.3%
-6.5%
-21.1%
-1.1%
0.8%
13.9%
-21.6%
-33.2%
-28.3%
-17.6%
-10.2%
-18.0%
-40.5%
-16.5%
-15.8%
-15.9%
-11.4%
-10.8%
-1.7%
-3.0%
-21.7%
-5.5%
-7.8%
-17.2%
-2.8%
-4.7%
-0.9%
-5.4%
-38.5%
-8.1%
-9.8%
-0.2%
-6.7%
-10.0%
-14.5%
-5.0%
-2.8%
-1.3%
-0.7%
-3.5%
-7.9%
-1.8%
-10.6%
-11.8%
-19.3%
-19.1%
-4.8%
-1.1%
-29.2%
-10.6%
-1.8%
-6.0%
-10.7%
-5.5%
10.7%
-1.2%
54.4%
0.4%
21.1%
-8.0%
-0.7%
1.0%
-16.9%
-1.5%
-22.4%
0.9%
-1.4%
7.2%
-3.8%
5.7%
6.2%
5.5%
23.0%
-7.7%
-0.9%
-2.3%
5.7%
-7.3%
7.0%
3.7%
-3.0%
21.8%
0.3%
-5.1%
2.1%
5.9%
4.7%
-0.7%
-2.3%
2.3%
-3.9%
24.9%
-2.6%
-12.7%
10.0%
-8.2%
-1.5%
6.2%
9.8%
10.9%
-13.5%
11.9%
0.3%
13.6%
-6.9%
0.5%
2.0%
-1.5%
-0.2%
7.3%
0.2%
4.8%
3.5%
2.8%
N/A
N/A
-0.8%
0.2%
-4.9%
-9.3%
-0.1%
-4.0%
-11.2%
-4.8%
-23.2%
-3.8%
-22.2%
5.5%
-10.7%
11.1%
-12.2%
-11.4%
17.2%
-10.6%
-17.4%
-13.2%
-8.1%
-16.9%
8.0%
1.4%
-6.2%
30.6%
-7.4%
-1.8%
-1.1%
0.8%
18.9%
1.9%
-3.5%
9.4%
5.7%
41.3%
-15.5%
-32.5%
-8.0%
-54.1%
-23.1%
15.6%
15.5%
14.0%
-13.1%
12.5%
-1.9%
17.5%
-7.9%
0.7%
0.8%
-3.3%
-0.4%
5.1%
2.1%
19.1%
6.1%
1.7%
14.9%
-6.2%
7.2%
3.0%
13.7%
-14.0%
-3.7%
6.8%
17.7%
19.1%
-29.6%
7.0%
-6.8%
-16.9%
4.0%
-29.8%
-21.6%
-30.8%
9.7%
-29.0%
3.4%
-23.8%
2.2%
-29.2%
-31.8%
-27.8%
-24.8%
-25.2%
-34.7%
-6.8%
-51.4%
-12.3%
-7.5%
4.0%
-38.8%
-49.7%
4.7%
50.2%
-53.8%
-59.4%
-19.4%
-66.5%
-55.1%
-42.8%
-14.7%
-36.0%
-81.4%
-18.0%
-1.8%
17.9%
-60.0%
-44.5%
15.5%
-13.3%
-60.8%
-42.9%
-65.4%
-67.0%
-13.5%
-52.4%
Page 16
Traditionally Marketed Follow-On Offerings – Since 7/1/15
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
Date
7/22/2015
7/21/2015
7/17/2015
7/16/2015
7/16/2015
7/16/2015
7/15/2015
7/15/2015
7/15/2015
7/14/2015
7/9/2015
7/8/2015
7/8/2015
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Company
Fibrocell Science, Inc.
Exact Sciences Corp.
Discovery Laboratories, Inc.
NephroGenex, Inc.
Delcath Systems, Inc.
RedHill Biopharma Ltd.
NeuroDerm Ltd.
DBV Technologies S.A.
Ultragenyx Pharmaceutical Inc.
MacroGenics, Inc.
Atara Biotherapeutics, Inc.
K2M Group Holdings, Inc.
Clovis Oncology, Inc.
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Filing
Ticker
FCSC
EXAS
DSCO
NRX
DCTH
RDHL
NDRM
DBVT
RARE
MGNX
ATRA
KTWO
CLVS
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Price
$5.85
27.03
8.54
8.73
0.83
17.68
15.59
30.51
126.92
39.44
51.55
24.18
85.76
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Offering
Pre Deal Proceeds /
Current % Change
Shares
Price
Proceeds Mkt. Cap. Mkt. Cap. 3M ADTV Price File / Offer
2.6
$5.80
$15.0
$239.3
6.3%
0.24
$2.60
-0.9%
7.0
25.50
178.5
2,403.3
7.4%
2.75
$6.35
-5.7%
4.8
8.40
40.2
26.8
150.2%
0.05
2.32
-1.6%
1.6
5.00
8.1
77.4
10.4%
0.16
0.14
-42.7%
9.4
0.75
7.0
10.3
68.2%
0.29
0.32
-9.6%
2.7
16.25
44.5
176.1
25.3%
0.05
12.40
-8.1%
4.5
17.00
76.9
265.0
29.0%
0.22
16.92
9.0%
8.3
34.00
281.5
1,185.8
23.7%
0.19
33.40
11.4%
2.5
120.00
303.6
4,519.9
6.7%
0.53
65.56
-5.5%
3.5
37.00
130.4
1,188.1
11.0%
0.33
20.01
-6.2%
4.0
52.00
207.0
1,255.8
16.5%
0.37
16.69
0.9%
4.5
22.60
101.7
957.7
10.6%
0.21
11.42
-6.5%
3.5
78.00
275.0
2,921.2
9.4%
1.42
13.95
-9.0%
#N/A
#N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
$1,874.0
18.8%
0.8
-10.7%
#N/A Mean #N/A $171.0
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
$800.7
12.6%
0.4
-8.1%
#N/A Median #N/A $101.3
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
12.2
13.9%
#N/A High #N/A $1,484.1
#N/A $22,254.7
#N/A 150.2%
#N/A
#N/A
#N/A
#N/A
$5.0
$10.3
2.5%
0.0
-65.0%
#N/A Low #N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A #N/A
#N/A
#N/A
#N/A
#N/A
#N/A
1 Day
15.9%
-0.8%
0.0%
-17.6%
-28.0%
0.0%
9.6%
22.1%
4.1%
-1.7%
4.2%
-0.2%
0.3%
#N/A
2.3%
#N/A
0.4%
#N/A
54.4%
#N/A
-28.0%
#N/A
1 Week
9.3%
-3.9%
-11.7%
-20.2%
-26.7%
3.9%
9.6%
25.7%
11.2%
5.0%
15.2%
6.5%
12.0%
#N/A
-0.9%
#N/A
-0.4%
#N/A
41.3%
#N/A
-54.1%
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Current
-55.2%
-75.1%
-72.4%
-97.2%
-57.3%
-23.7%
-0.5%
-1.8%
-45.4%
-45.9%
-67.9%
-49.5%
-82.1%
#N/A
-25.9%
#N/A
-24.8%
#N/A
50.2%
#N/A
-97.2%
#N/A
#N/A
#N/A
#N/A
#N/A
Page 17
Confidentially Marketed Public Offerings – Since 7/1/15
Date
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
4/28/2016
4/26/2016
4/6/2016
3/30/2016
3/24/2016
3/23/2016
3/18/2016
3/15/2016
3/10/2016
3/9/2016
2/10/2016
1/29/2016
1/22/2016
1/7/2016
1/7/2016
12/16/2015
12/9/2015
11/13/2015
11/6/2015
11/3/2015
10/7/2015
10/1/2015
9/11/2015
9/9/2015
8/18/2015
8/13/2015
7/30/2015
7/28/2015
7/22/2015
7/21/2015
7/17/2015
7/16/2015
7/15/2015
7/14/2015
7/14/2015
7/9/2015
7/7/2015
Filing
Company
ADMA Biologics, Inc.
DURECT Corp.
Alder Biopharmaceuticals, Inc.
ContraVir Pharmaceuticals, Inc.
Vitae Pharmaceuticals, Inc.
Celator Pharmaceuticals, Inc.
VolitionRX Ltd
InVivo Therapeutics Holdings Corp.
Imprimis Pharmaceuticals, Inc.
StemCells, Inc.
Mast Therapeutics, Inc
ImmuCell Corporation
Agile Therapeutics, Inc.
pSivida Corp.
Galena Biopharma, Inc.
Sunesis Pharmaceuticals, Inc.
Æterna Zentaris Inc.
Alcobra Ltd.
Marinus Pharmaceuticals, Inc.
Vascular Biogenics, LTD
ContraVir Pharmaceuticals, Inc.
Medgenics, Inc.
Trevena, Inc.
La Jolla Pharmaceutical Co.
MediciNova Inc.
LDR Holding Corp.
Genocea Biosciences, Inc.
Egalet Corp.
Dynavax Technologies Corp.
CytRx Corp.
TrovaGene Inc.
Synthetic Biologics Inc.
Cymabay Therapeutics, Inc.
Tonix Pharmaceuticals Holding Corp.
Vermillion, Inc.
Anthera Pharmaceuticals, Inc.
EnteroMedics Inc.
Ticker
ADMA
DRRX
ALDR
CTRV
VTAE
CPXX
VNRX
NVIV
IMMY
STEM
MSTX
ICCC
AGRX
PSDV
GALE
SNSS
AEZS
ADHD
MRNS
VBLT
CTRV
MDGN
TRVN
LJPC
MNOV
LDRH
GNCA
EGLT
DVAX
CYTR
TROV
SYN
CBAY
TNXP
VRML
ANTH
ETRM
Price
$7.63
1.42
25.92
1.67
6.73
10.01
3.63
8.65
4.09
0.38
0.42
7.74
7.06
4.13
1.29
0.83
7.10
7.12
7.73
6.38
3.99
7.82
10.35
42.31
3.52
42.39
13.91
11.52
27.77
3.80
10.13
3.76
2.81
8.24
2.04
8.34
0.58
Offering
Shares
Pre Deal Proceeds /
Price
1.9
12.0
5.4
4.9
5.8
4.0
3.8
4.3
3.3
26.7
29.1
1.1
6.3
4.4
19.8
11.0
3.2
6.2
5.0
2.5
5.0
7.1
7.5
2.9
5.0
2.3
3.9
7.7
5.2
10.5
4.6
15.3
8.2
2.7
9.6
3.8
32.0
$6.50
1.25
23.25
1.42
6.00
9.50
3.25
7.50
3.60
0.30
0.28
5.25
6.35
4.00
1.10
0.84
5.54
6.50
6.00
6.00
3.00
6.50
9.75
38.00
3.50
40.00
13.00
11.25
27.50
2.75
8.75
3.00
2.81
7.50
1.96
7.50
0.50
Mean
Median
High
Low
Current % Change
Proceeds Mkt. Cap. Mkt. Cap. 3M ADTV
$12.3
15.0
125.0
7.0
35.0
38.0
12.3
32.2
12.0
8.0
8.0
5.9
40.3
17.8
21.7
9.2
17.9
40.1
30.0
15.0
15.0
46.0
72.9
111.4
17.5
92.0
50.1
86.3
143.8
28.8
40.3
46.0
23.0
20.1
18.8
28.8
16.0
$36.7
$23.0
$143.8
$5.9
$67.3
157.2
1,132.9
45.6
148.5
364.2
68.1
238.4
40.0
43.5
56.5
23.6
157.4
122.4
183.3
62.6
49.2
150.8
110.8
127.3
89.0
194.9
435.3
645.3
87.6
1,131.3
335.8
199.6
803.3
212.5
253.2
275.2
42.9
133.1
86.2
298.7
13.9
$232.1
$148.5
$1,132.9
$13.9
18.3%
9.5%
11.0%
15.4%
23.6%
10.4%
18.0%
13.5%
30.0%
18.4%
14.2%
25.0%
25.6%
14.5%
11.9%
14.7%
36.4%
26.6%
27.1%
11.8%
16.9%
23.6%
16.7%
17.3%
20.0%
8.1%
14.9%
43.2%
17.9%
13.5%
15.9%
16.7%
53.7%
15.1%
21.8%
9.6%
115.5%
22.1%
16.9%
115.5%
8.1%
0.03
0.38
1.09
0.39
1.56
3.39
0.01
0.45
0.03
1.14
3.43
0.07
0.29
0.23
2.72
0.26
1.22
0.20
0.17
0.15
0.34
0.18
0.64
0.26
0.06
0.44
0.29
0.13
0.78
0.64
0.65
1.43
0.21
0.17
0.04
0.86
0.09
0.7
0.3
3.4
0.0
Price
File / Offer
1 Day
1 Week
Current
$6.82
1.46
26.54
0.96
7.12
14.56
3.35
5.80
3.76
0.30
0.32
6.55
5.76
2.99
1.32
0.52
3.73
4.19
5.92
3.70
0.96
4.85
7.80
18.51
6.84
25.70
3.91
7.01
16.08
3.30
3.75
2.18
2.70
2.54
1.28
3.56
0.75
-14.8%
-12.0%
-10.3%
-15.0%
-10.8%
-5.1%
-10.5%
-13.3%
-12.0%
-20.0%
-34.5%
-32.2%
-10.1%
-3.1%
-14.7%
1.2%
-22.0%
-8.7%
-22.4%
-6.0%
-24.8%
-16.9%
-5.8%
-10.2%
-0.6%
-5.6%
-6.5%
-2.3%
-1.0%
-27.6%
-13.6%
-20.2%
0.0%
-9.0%
-3.9%
-10.1%
-13.8%
7.2%
7.2%
11.5%
-10.6%
0.0%
31.4%
9.2%
-5.6%
12.2%
-13.0%
-16.7%
11.8%
5.0%
8.3%
-15.5%
3.8%
-13.5%
-3.8%
-5.8%
0.2%
5.7%
0.9%
5.1%
1.2%
-3.4%
1.4%
-1.4%
1.8%
6.8%
10.5%
8.8%
4.0%
-3.9%
-0.4%
-0.5%
-0.4%
-24.0%
N/A
N/A
19.9%
-18.3%
7.8%
12.5%
17.2%
-4.7%
20.6%
-0.2%
3.6%
17.5%
-3.9%
-12.5%
-32.7%
13.7%
-16.1%
-4.3%
-10.3%
-3.7%
-21.0%
9.7%
36.4%
2.3%
-18.6%
1.0%
0.1%
3.6%
7.8%
3.3%
-2.6%
13.3%
6.8%
25.1%
5.1%
21.7%
-20.0%
4.9%
16.8%
14.2%
-32.4%
18.7%
53.3%
3.1%
-22.7%
4.4%
-1.6%
16.0%
24.8%
-9.3%
-25.3%
20.0%
-38.1%
-32.7%
-35.5%
-1.3%
-38.3%
-68.0%
-25.4%
-20.0%
-51.3%
95.4%
-35.8%
-69.9%
-37.7%
-41.5%
20.0%
-57.1%
-27.3%
-3.9%
-66.1%
-34.7%
-52.5%
50.0%
-12.1%
-10.5%
1.2%
-34.5%
1.0%
1.2%
31.4%
-24.0%
2.3%
3.3%
36.4%
-32.7%
-13.2%
-22.7%
95.4%
-69.9%
Page 18
Healthcare Investment Banking
Richard Page
Head of Healthcare Investment Banking
(212) 829-3828
[email protected]
James McNaughton
Managing Director
(215) 665-6032
[email protected]
Benjamin McKean
Associate
(215) 665-4474
[email protected]
Dan Morrison
Analyst
(212) 665-6292
[email protected]
Healthcare Equity Capital Markets
William Corkhill
Managing Director
(617) 557-2970
[email protected]
David Lau
Managing Director
(617) 557-2971
[email protected]
Sales and Trading
Katherine O’Brien
Analyst
(617) 557-2979
[email protected]
Brian Donohue
Managing Director
(212) 759-6211
[email protected]
Healthcare Equity Research
Research Analyst
Paul Knight, CFA
Life Sciences Technology
(212) 888-2696
[email protected]
Roy Buchanan, Ph.D.
Biotechnology
(212) 940-6985
[email protected]
Debjit Chattopadhyay, Ph.D.
Biotechnology
(215) 665-6224
[email protected]
Ken Trbovich, CFA
Specialty Pharmaceuticals
(215) 665-6290
[email protected]
Coverage Universe
Agilent Technologies (A)
Harvard Bioscience (HBIO)
Qiagen (QGEN)
Trovagene (TROV)
Bio-Techne (TECH)
Illumina (ILMN)
Repligen (RGEN)
Veracyte (VCYT)
Bruker (BRKR)
Mesa Laboratories (MLAB)
OnoCyte (OCX)
Waters (WAT)
Cancer Genetics (CGIX)
Mettler-Toledo (MTD)
PerkinElmer (PKI)
West Pharma (WEST)
CareDx (CDNA)
NanoString Technologies (NSTG)
Safeguard Scientifics (SFE)
Danaher (DHR)
Neogen (NEOG)
T2 Biosystems (TTOO)
Foundation Medicine (FMI)
NeoGenomics (NEO)
Thermo Fisher Scientific
(TMO)
Acceleron (XLRN)
Clovis Oncology (CLVS)
Editas Medicine (EDIT)
Tokai Pharma (TKAI)
Advaxis (ADXS)
Amicus Therapeutics (FOLD)
Geron Corp (GERN)
vTv Therapeutics (VTVT)
Aldeyra Therapeutics (ALDX)
Corcept Therapeutics (CORT)
Sangamo (SGMO)
Agios (AGIO)
Cempra (CEMP)
MacroGenics (MGNX)
Strongbridge Biopharma
(SBBP)
Applied Genetic Tech (AGTC)
Cerulean Pharma (CERU)
Nektar Therapeutics (NKTR)
uniQure (QURE)
Bluebird Bio (BLUE)
Chimerix (CMRX)
Sarepta Therapeutics (SRPT)
Agile Therapeutics (AGRX)
Celator Pharma (CPXX)
Egalet (EGLT)
BioDelivery Sciences (BDSI)
Collegium Pharmaceutical (COLL) Flexion Therapeutics (FLXN)
Cara Therapeutics (CARA)
DepoMed (DEPO)
Insys Therapeutics (INSY)
Innocoll (INNL)
This material is a publication of Janney Montgomery Scott LLC’s Investment Banking Department and for informational Purpose only and shall in no event be construed as an offer to sell or a solicitation of an offer to buy any securities. The views expressed in this publication may differ from
those expressed by other areas of the Firm including the Firm’s Research Department. To view the firm’s current research on the Healthcare sector please go to www.janney.com. Janney Montgomery Scott LLC’s Investment Banking Department is independent of the Firm’s Research
Department.
The factual information described herein is taken from sources which we believe to be reliable, but the accuracy and completeness of such information is not guaranteed by us. The opinions expressed herein may be given only such weight as opinions warrant. Opinions expressed are
subject to change without notice and do not take into account the particular investment objectives, financial situations or needs of individual investors. This Firm, its officers, directors, employees, or members of their families may have positions in the securities mentioned and may make
purchases or sales of such securities from time to time in the open market or otherwise and may sell to or buy from customers such securities on a principal basis. Supporting information related to the recommendation, if any, made in this material is available upon request.
Janney Montgomery Scott LLC is a registered broker-dealer member of FINRA, NYSE, and SIPC.
Page 19

Life Sciences Newsletter

Transcription

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