Asia Green Biotechnology Corp. (CSE: ASIA)
The 4-Fs of Hemp: Food, Fuel, Fibre, Foundation, PLUS Pharma
Inovio Pharmaceuticals (INO -28.4%) finished deep in the red today after the company announced that the FDA placed a partial clinical hold on its planned Phase 2/3 trial evaluating COVID-19 vaccine candidate INO-4800.
Following the news, Roth Capital lowered its price target on Inovio’s shares to $8 (34% downside risk) from $11 with a Sell rating. “Even if lifted during the estimated mid-November timeframe, this will amount to the “wasting of precious time given the intense competition in this disease setting,” says analyst Jonathan Aschoff.
NAI500 seeks to provide the most pressing investment knowledge to its readers. On October 7 and 8, NAI500 is hosting a FREE VIRTUAL EVENT focusing on the rapidly growing mining sector. Learn about Gold and Precious Metals Exploration, Battery Metals and much more by registering here.
Cantor Fitzgerald’s Charles Duncan downgraded the stock to Neutral from Overweight and slashed the value value target to $12 from $31.
RBC Capital analyst Gregory Renza reiterated a Sector Perform rating and $12 price target and said the hold a “disappointing but correctable” setback for the program.
Piper Sandler is ‘incrementally cautious‘ and says “It’s not guaranteed that Inovio will have the all-clear from FDA to start the trial once it hears back from the agency in November”. Keeps a Neutral rating with an $8 price target.
Maxim’s Jason McCarthy upgraded the stock to Buy, with PT at $20, as he believes the shares have been oversold on the announcement. He expects the issues to be resolved some in October or November and with the opportunity in COVID-19 ” intact, but with slight delay.
SA authors are Bullish while both Wall Street and Quant ratings are Neutral.
Despite the down day, shares are still up almost four-fold this year.
JD.com (NASDAQ:JD) to spin off its subsidiary JD Health and list it in Hong Kong to raise at least $1B and up to $3B
JD Health provides a wide range of services from drug delivery to online medical consultation.
In August, it raised more than $830M from Hillhouse Capital in its series B preference share financing.
JD Digits also filed on September 11 to join Shanghai’s Nasdaq-style Star Market, with the aim of raising RMB20.4B.
‘JD.com: Tremendous Value To Be Unlocked Soon‘, says ALT Perspective on Seeking Alpha.
Shares up 0.7% premarket.
The FDA has signed off Phase 2 trial of FSD Pharma’s (NASDAQ:HUGE) FSD201 (ultramicronized palmitoylethanolamide, or ultramicronized PEA) for the treatment of hospitalized COVID-19 patients. Patient dosing is expected to commence in October.
The 352-subject study will assess the efficacy and safety of FSD201 dosed at 600mg or 1200mg twice-daily, together with standard of care ((SoC)), with treatment period of 14 days.
The primary objective of the trial is to determine whether FSD201 plus SOC provides a significant improvement in the clinical status of patients (e.g., shorter time to symptom relief), at 28 days.
Shares up 16% premarket.
The FDA has placed a partial clinical hold on Inovio Pharmaceuticals’ (NASDAQ:INO) Phase 2/3 clinical trial of COVID-19 vaccine candidate INO-4800 and the Cellectra 2000 delivery device.
The agency cites the need to address additional questions about the study. The company says it plans to submit its response next month.
A partial clinical hold suspends enrollment but allows current participants to continue treatment.
The company’s Phase 1 trial is not affected.
CloudMD (OTCPK:DOCRF) to acquire 87.5% of Benchmark Systems from Antworks (parent company) for $4.375M in cash.
Benchmark System is a proprietary cloud-based practice management, billing and telehealth-enabled electronic health record provider.
The acquisition is immediately accretive as it provides CloudMD with expansion, distribution and optimization opportunities throughout the U.S. in supporting a patient- centric model.
Benchmark generates revenue of ~$4.9M and over 13% EBITDA annually from SAAS-based, recurring revenue.
AntWorks will retain a 12.5% equity stake and remain a strategic partner for CloudMD both in the U.S. and globally.