Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Analysts at Leerink turned bullish on Dova Pharmaceuticals Inc (NASDAQ:DOVA) after a competitor to the clinical-stage pharmaceutical company reported disappointing results from a phase 3 trial.Japan-based Shionogi announced Monday that a phase 3 trial investigating thrombopoietin receptor agonist lusutrombopag for the treatment of thrombocytopenia in patients with chronic liver disease undergoing an invasive procedure, Leerink's Geoffrey Porges highlighted in a research report. Lusutrombopag happens to be from the same class of drugs compared to Dova's avatrombopag and is pursuing an identical indication in a similar trial.
Shionogi's prior results showed better efficacy compared to Dova's avatrombopag trials but the Japan company's results which were released on Monday now showed a 36 percent placebo adjusted rate difference for the primary endpoint, the analyst continued (see his track record here). This new data is "significantly worse" than prior studies and now compares unfavorably versus Dova's ADAPT-1 and ADAPT-2 phase 3 trials of avatrombopag.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
"Numerically Dova's two international phase III trials showed better efficacy on their primary endpoint and greater difference from placebo than Shionogi's," Porges explained. "Dova achieved its results with a 5-day schedule, compared to the 7-day schedule for lusutrombopag. This leaves Shionogi with a drug that has a longer treatment duration (7 days vs 5 days), inferior efficacy (regardless of differences in studies and populations, lusutrombopag's efficacy claim will have a smaller number than avatrombopag's), likely later approval, and inconsistent results between studies."
As a result, the "best case" scenario for Dova has now improved and the company's projected market share for lusutrombopag was revised higher from 40 percent to 50 percent. The improved market share projection, coupled with new expectations for incremental cash flow, revenue and earnings prompted the analyst to upgrade Dova's stock rating from Market Perform to Outperform with a price target raised from $24 to $32.Related Links:Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.