Expert Financial Analysis and Reporting

Investment Thesis and Price Target I initiated coverage of A.P. Pharma (APPA.OB) with a buy at $0.42 per share on April 25, 2012. I am reiterating a buy at the current level of $0.64 per share. For more details on the fundamental outlook for A.P. Pharma please refer to my initiation report called Unusual Potential […]

Ofirmev Sales Are on a Strong Growth Track Cadence just reported a strong increase in sequential vial sales of Ofirmev; they grew 16% sequentially in August from July. There are currently two major issues controlling Cadence’s stock price: the progress of the Ofirmev launch and generic challenge to Ofirmev. I wrote at length about these […]

Investment Summary InSite Vision (INSV.OB) has an aggressive and capable management team that continues to impressively execute on its game plan, expand the business model and maximize outcomes for shareholders. I wrote a detailed report on the company on June 19, 2012, in which I estimated a price target range of $1.70 to $2.50 by2018. […]

Investment Opinion I am reiterating my Buy recommendation on Antares which was initiated on December 6, 2011 at a price of $2.77. My price target for 2015 is $11 per share. Reaction to Recent Price Weakness Antares (ATRS) has fallen 27% from its closing price of $5.30 on July 16, to a recent closing price […]

Recent Positive News Cadence’s stock has strengthened recently on the basis of two new pieces of information. The first deals with market research numbers from Wolters Kluwer; its estimates for vials shipped in July indicate Ofirmev is on track to meet management guidance for a sequential quarterly increase of 23% to 28% in 3Q, 2012 […]

Investment Recommendation I am reiterating my buy recommendation on Trius Therapeutics (NASDAQ: TSRX). This note is follow-up to a 35 page report called “Trius Therapeutics’ Tedizolid has Blockbuster Potential for MRSA Infections” which was issued on May 30, 2012 when Trius closed at a price of $5.01. I laid out my thinking on why I […]

Investment Overview Johnson & Johnson (JNJ) is a colossus among health care companies with an estimated $68 billion of revenues in 2012 and a current market capitalization of $188 billion. Its sales are divided into three major business categories: Pharmaceuticals (38%), Medical Devices and Diagnostics or MD&D (41%) and Consumer (21%). It is the largest […]

Investment Overview and Opinion I reiterate my Buy recommendation on Cadence. The Ofirmev launch has now gained traction as just reported 2Q, 2012 revenues of $11.1 million exceededguidance of $10.0 to $10.4 million. Management guidance for 3Q, 2012 of $13.7 to $14.2 million is better than the existing Street consensus of $13.6million. The metrics for […]

Side Effect Issue Leads to Sharp Price Drop Bristol-Myers disclosed on August 1, 2012 that it has suspended a phase II trial in hepatitis C in which BMS-986094, its nucleotide polymerase inhibitor, was being studied in combination with daclatasvir, its NS5a inhibitor. BMS-986094 has been broadly viewed as the cornerstone of BMY’s effort to develop […]

Bristol-Myers (BMY), Eli Lilly (LLY), Merck (MRK) and Pfizer (PFE) were out of favor for many years based on concerns about pricing and attempts to reduce drug utilization brought on by world economic pressures, lack of visibility on new products and pending patent cliffs. Each has patent expirations on major products that will essentially result […]