XCUR = announced that Allergan’s wholly-owned subsidiary, Allergan Pharmaceuticals International Limited, and Exicure, Inc. have entered into a global collaboration agreement to discover and develop novel treatments for hair loss disorders based on Exicure’s proprietary SNA technology.

  • Exicure to Receive $25 Million Upfront Payment and Up to $725 Million in potential Milestones
  • Exicure to Host Conference Call Today at 8:30am ET/7:30am CT

Under the terms of the agreement, Allergan will receive exclusive access and options to license SNA-based therapeutics arising from two collaboration programs related to the treatment of hair loss disorders. Exicure will receive an upfront payment of $25 million and will conduct discovery and development in two collaboration programs for hair loss disorders. In the event that Allergan exercises an option, Allergan will be responsible for clinical development and commercialization of the licensed products. Exicure will be eligible to receive development and regulatory milestones of up to $97.5 million per program and commercial milestones of up to $265 million per program. Exicure will also be eligible to receive tiered royalties on worldwide net product sales of mid-single digit to mid-teens percentages on worldwide net product sales.

“We are excited to combine our knowledge of nucleic acid therapeutics with Allergan’s deep expertise in medical aesthetics to develop and commercialize innovative treatments for hair loss disorders.” said Dr. David Giljohann, chief executive officer of Exicure. “This collaboration is an exciting opportunity to advance Exicure’s SNA technology in an important new therapeutic area.”

One of the most common hair loss disorders and a subject of the collaboration is androgenetic alopecia also known as pattern baldness, affecting approximately 50 million men and 30 million women in the United States. It is estimated that over $3.5 billion a year is spent on treatments, the majority of which are ineffective.

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WMT = Walmart reports Q3 adjusted EPS $1.16, consensus $1.09. Reports Q3 revenue $129.0B excluding currency, consensus $128.65B. Baird analyst Peter Benedict said Walmart’s Q3 adjusted earnings beat and FY19 guidance raise reinforce his positive thesis on the stock, calling out continued strong U.S. comps, robust U.S. e-commerce growth and positive year-over-year underlying operating profit growth as “key highlights.” He notes that Walmart’s U.S. comps are expected to moderate in Q4, as its guidance implies same-store sales growth for the segment of about 2.5%, but said this is already reflected in consensus expectations. Benedict, in his “early read” note, maintained an Outperform rating and $130 price target on Walmart shares.

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PING = Ping Identity reports Q3 EPS (1c), consensus 1c. Reports Q3 revenue $61.8M, consensus $55.03M. Ping Identity sees FY19 revenue $239.3M-$241.3M, consensus $231.28M.

The most important metric in a term subscription model is annually recurring revenue and Ping beat this in its first quarter as a public company, Barclays analyst Saket Kalia tells investors in a post-earnings research note. Further, the company’s annually recurring revenue guidance for Q4 is also ahead, says the analyst, who raised his estimates as a result. Kalia upped his price target for Ping Identity to $22 from $21 and keeps an Overweight rating on the shares.

Mizuho analyst Gregg Moskowitz raised his price target for Ping Identity to $22 from $20 saying the company’s annual recurring revenue growth for Q3 of 23% meaningfully exceeded the Street’s 19% target. The analyst believes Ping will broadly benefit from the “growing importance” of identity and access management. He keeps a Buy rating on the shares.

RBC Capital analyst Matthew Hedberg raised his price target on Ping Identity to $23 and kept his Outperform rating after its Q3 earnings beat, saying the company delivered a “strong debut” reporting quarter amid broad-based strength and new product adoption. The analyst adds that he is encouraged by the company’s ability to turn ARR and revenue upside into better profitability when looking at its long term model and intends to focus on its ARR growth and customer adds trends going forward.

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