Farmas USA

bueno, es hora de activar las cajitas y proyectar optimismo , hay que confiar que hoy el IBB no nos hace un -3%.

venga todos a poner un cirio a Santa Farma.

IBB

 

 

Este articulo sobre la manera de financiarse de Novavax tiene un par de días pero creo que no se había mencionado, si me equivoco...disculpadme. Saludos

https://scrip.pharmamedtechbi.com/SC096966/Case-Studies-How-Three-Public-Companies-Financed-RampD-In-A-Tough-Market?utm_source=TWITTER&utm_medium=SOCIAL&utm_content=Article_Unlocked&utm_campaign=Engagement&account_name=scripnews&linkId=26948217

NVAX

Novavax Funding Supports Late-Stage Strategy
Novavax Chief Financial Officer Buck Phillips said in an interview with Scrip that there were a lot of fundamental reasons why the company sold convertible notes to fund its late-stage respiratory syncytial virus (RSV) vaccine studies rather than raise money in a public or private sale of stock, including the overall decline in biopharma stock values. The iShares Nasdaq Biotechnology (IBB) exchange-traded fund, a key indicator of biotech company values, has fallen 25.6% in the past year.

"It's a lot easier to finance these young companies when there's a bull market going on in biotech. But since mid-August the IBB has rolled over, so we've traded down since August of last year and have started to fight our way back," Phillips said.

With its convertible debt financing, Gaithersburg, Maryland-based Novavax had a strategic reason for raising net proceeds of $315m at the start of 2016: "We wanted to strengthen our balance sheet ahead of discussions with potential ex-US partners for our lead candidate," Phillips said.

And given the decline in biotech stock values, he said, "we didn't want to take the risk of waiting for the market to rebound. We have found it's been better to finance your company when you can."

Novavax was able to sell its notes with a conversion rate that was actually much higher than the price of the company's stock at the time – $5.56 per share. The convertible notes bear a 3.75% interest rate, but investors who bought the notes can convert them to stock at a rate that equals $6.81 per share.

Philips said the conversion rate made the convertible note sale the least dilutive financing option for existing shareholders. If Novavax did a follow-on offering at its Jan. 25 closing stock price, it would've had to sell 56m new shares rather than issue 47m shares under the convertible debt offering.

The company also entered into capped call transactions with certain big banks, which may allow Novavax to further reduce the number of new shares that it must issue as investors convert their notes into stock. With a cap price of $9.73 per share, the capped call transactions allow the company to take advantage of its confidence that its stock price will continue to rise; it closed at $7.35 on July 22.

If investors convert their notes while Novavax shares are trading above the $6.81 conversion rate, but below the $9.73 cap price, the capped call counterparties will buy a certain number of shares in the open market and issue those shares to the investors, reducing the number of new shares that Novavax has to issue to the investors converting their notes to shares. That, in turn, reduces the dilution of existing shareholders' stake in the company.

"One important side note is that it can be a different set of investors that looks at these note investments than the pure equity investors," Phillips said. "As [investor] sentiment [regarding biotech] fell, we were able to take advantage of these convertible note buyers where demand was still pretty strong. It helped us further price the instrument and benefit our company. We got a lot of people buying our notes who would never buy common stock in a biotech company."

In fact, Novavax initially proposed the sale of $200m worth of convertible debt, but settled on a $300m goal due to high demand for the notes.

"The buyers were there, the terms were right, and it allowed us to achieve our goals, and take advantage of the stock market environment at that time," Phillips said.

As a result, Novavax has a strong balance sheet with $493m in cash as of March 31. The capital will support the company's operations through the end of its Phase III RSV vaccine clinical trials in elderly patients and pregnant women – data are expected in the third quarter of this year – and through the submission of a biologic license application (BLA) to the US FDA.

Simultaneously, planning is under way for commercial operations, assuming that the vaccine will be approved based on Phase III efficacy that's similar to Novavax's successful Phase II studies. (Also see "Novavax Gets Aggressive With Its Respiratory Syncytial Virus Vaccine " - Scrip, 11 Aug, 2015.) (Also see "Gates Commits $89m To Novavax After Maternal RSV Vaccine Success" - Scrip, 29 Sep, 2015.)

"As we plan for the Phase III data and our operating plan post-Phase III, we're always looking at ways to access capital," Phillips said. "[An ex-US] collaboration would be a great way to bring cash to the company in the form of upfront capital and licensing terms. We could see opportunities where a partner could pick up development and commercial costs going forward. Those can be transformational deals for a company like Novavax."

Amgen sacó resultados del Q2 al cierre de ayer y mejoró ligeramente el guidance...
http://investors.amgen.com/phoenix.zhtml?c=61656&p=irol-newsArticle&id=2189005

- Revenues increased 6% versus the second quarter of 2015 to $5.7 billion.
- GAAP earnings per share increased 15% to $2.47 driven by higher revenues and higher operating margins.
- 2016 total revenues guidance increased to $22.5-$22.8 billion; EPS guidance increased to $9.55-$9.90 on a GAAP basis and $11.10-$11.40 on a non-GAAP basis.
- The Company generated $2.5 billion of free cash flow.

AMGN

Yo la última vez que compré fue el 24/6 y le saco algo más de un 15% al cierre de ayer (en un mes escaso)... probablemente venda hoy en apertura.

AMGN

buenisimo ese trading, Trantor!
AMGN

AVXL Hola a todos, ciertamente los resultados, cogiéndolos con pinzas (ver poster de la presentación: http://www.anavex.com/wp-content/uploads/2016-07-27_Poster_AVXL_Wednesday_AAIC_July_2016_Final.pdf), son buenos aunque parece que la gente se ha quedado en la retina el gráfico de abajo en donde se observa los efectos cognitivos a nivel celular del ANAVEX 2-73 que ilustra un descenso de la mejora del medicamento en comparación a los otros resultados del estudio. En este punto si que parece que los resultados no han sido buenos, ojo es un palmito mío y tened en cuenta que yo no soy una eminencia científica para valorar estos resultados con profundidad, en referente al resto de la presentación como he dicho son buenos y la empresa sigue adelante con el estudio, en cierto modo porque han visto que reduce la ansiedad, insomnio, depresión, etc… en los pacientes. También porque tanto en parte A y B del estudio no se observa un descenso como los descritos en el gráfico de abajo. Ahora el siguiente punto de datos está en las 52-54 semanas así que todavía queda un buen trecho. Por otra parte he de admirar en la rapidez en que la gente hizo el sell-off que se produce 1 minuto después dar resultados y de ahí que una de dos o han vendido con el clamor del rumor o no se han leído en profundidad el poster de resultados porque ya deben ser unos buenos científicos para leer los resultados en un minuto y extraer conclusiones. Bien esto es una anécdota mía seguramente son idioteces sin importancia que voy acumulando en este mundo bursátil. Ferdinandf le han dado bien a la acción y lo que queda de semana creo que se van cebar con ella. Un saludo a todos y suerte. P.D.: perdonad por no postear los resultados en su tiempo pero las fiestas del pueblo son sagradas :D.

La verdad es que ya lo he hecho una cuántas veces (aunque nunca en tan poco espacio de tiempo). Podríamos decir que es una operación hecha siguiendo parámetros de AT para garrulos: compro en la zona de $140-150 y vendo cuando pasa de $170... algún día se me escapará, pero de mientras voy acumulando.

AVXL
Hola Jesus Ernesto, por mi parte yo lo tengo claro esta es para compensar a final de año, también tengo que decirte que tengo invertido 900$ con pérdidas después de lo de ayer sobre 60%. En tu situación tienes que pensar que hoy le dar a por todos los lados así que puedes decidir tener un cadaver en el armario o vender. Ten en cuenta que el grueso del pipeline de AVXL, sobretodo en fases avanzadas, se base en estos momento en el ANAVEX 2-73 y teniendo en cuenta que próximo punto de datos del estudio es la semana 52-54 pues tiene un buen trecho tanto para subir como para bajar. Si miras algún gráfico puedes observar que hace un mes estaba sobre los 4$ si sacamos conclusiones yo te puede decir que esta acción es una verdadera montaña rusa. Lo siento pero no se como ayudarte si no te gusta tener un cadaver en el armario pues ya sabes...
Un saludo y suerte en tu decisión.
P.D.: perdona si no te he liado un poco pero lo de aconsejar no es lo mío aunque lo intento si quieres mirate el post que he escrito anteriormente en respuesta a los resultados de ayer para hacerte un mejor visión y de ahi tomas alguna decisión. Suerte.