Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THRESHOLD PHARMACEUTICALS. We currently have 3 research reports from 1 professional analysts.
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Big in Japan?
28 Apr 16
Following analysis of the Phase III data of evofosfamide (TH-302) in unresectable or metastatic pancreatic cancer patients, which failed on an intent-to-treat basis (p=0.0588), Threshold Pharmaceuticals has announced that the drug seemed to demonstrate impressive efficacy among the patients in Japan. Overall survival in the Japanese subset was 13.6 months vs 9.1 months in the control arm (p=0.0106). The company is currently seeking a partner in Japan and reaching out to the Pharmaceutical and Medical Device Agency (PMDA) to understand the potential path forward.
Disappointing Phase III evofosfamide data
09 Dec 15
Evofosfamide has not met the primary endpoint of improving overall survival in two Phase III trials in soft tissue sarcoma (STS) and pancreatic cancer. Although some benefit was seen in pancreatic cancer, partner Merck KGaA will not file either indication with regulators and Threshold expects Merck to terminate the agreement. If this occurs, Threshold will consider all options for future evofosfamide development, which could include in combination with checkpoint inhibitors. We have placed our valuation and forecasts under review pending further updates. Threshold is now trading broadly in line with expected YE15 cash of $40-45m. THLD estimates that this should be sufficient to fund operations to end 2016, beyond initial tarloxotinib Phase II data availability, which is expected around mid-2016e.
Tarloxotinib advances into two Phase II trials
15 Sep 15
Tarloxitinib (TH-4000), Threshold’s earlier-stage hypoxia asset, has now started two Phase II studies, as planned. With active development now ongoing we include an indicative valuation for this asset in our rNPV, which has increased to $1,023m ($14.3/share). Tarloxotinib broadens and diversifies Threshold’s pipeline beyond evofosfamide, where we continue to expect the number of events needed for analysis of the Phase III STS and pancreatic trials should be reached in H215, with data shortly after.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.