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.
Concert Pharmaceuticals Inc (NASDAQ:CNCE) announced Friday the Patent Trial and Appeal Board decided not to grant the company a Post Grant Review petition in the patent '335 dispute with Incyte Corporation (NASDAQ:INCY).
The Analyst
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!
Mizuho Securities' Difei Yang decided to downgrade the stock from Buy to Neutral and maintained the price target at $23.
The Thesis
The stock traded sharply lower on the news about the patent '335 dispute, but the decision isn't going to have implications for the ultimate outcome of the trial, said Yang, though she expects the litigation overhang will remain in the foreseeable future. The analyst sees the stock as fairly valued and decided to leave unchanged her peak revenue estimates of $130 million in 2028 for CTP-543 and $110 million in 2028 for AVP-786.
Two of Concert's Phase 3 trials are now expected in 2019 instead of 2018, and a new neurology candidate could be disclosed by 2Q 2018, said Yang. The new drug could lead to a higher stock price.
Price Action
The stock plunged more than 27 percent after the release of the news and recently traded around $20.
Related Links:
Morgan Stanley: Epizyme Has 'Blockbuster' Cancer Drug In The Making
Key Takeaways From The JPMorgan Healthcare Conference
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.