Healthcare stocks continue to gain momentum this week, as sector trends in healthcare technology and new treatments for rare diseases are sparking interest among investors. According to Modern Healthcare, the healthcare industry will be responsible for driving the nation’s employment growth through 2026. The industry is forecast to add around 4 million new jobs, which will account for nearly one third of total job growth, according to Bureau of Labor Statistics data.
Modern Healthcare also stated that “the healthcare industry has long fueled the country’s economy. Demand is expected to pick up as the population ages, people live longer, more gain insurance coverage and chronic conditions become more prevalent.” As the demand for novel medical technology and treatments rises, stocks within the sector are beginning to see higher activity in the market.
Premier Health Group, Inc. (PHGRF) (PHGI) announced that it has signed a binding Letter of Intent to acquire a Vancouver, British Columbia based pharmacy and expects the acquisition to close in or about Q1–19. The company is also continuing to evaluate additional pharmacy acquisitions and/or partnerships, including bricks and mortar locations and new retail opportunities.
“We are excited for this opportunity to acquire our first pharmacy, and thereafter being able to prepare and deliver prescription and non-prescription pharmaceuticals and other health products to patients. In doing so, the pharmacist will play an integral role in our team-based patient centric model,” said Dr. Essam Hamza, CEO. “Premier has engaged with patients, pharmacies and technology providers to not only introduce pharmacy services as a component of our comprehensive telemedicine app, but also to explore and implement efficiencies in fill and fulfillment.”
Premier Health entered the primary care clinic and healthcare technology business via the HealthVue transaction, obtaining access to a group of four Greater Vancouver-based fully integrated medical clinics with a 10-year history, 22 health care professionals and over 110,000 active patients. Additionally, the company has recently engaged with healthcare technology providers and anticipates providing further updates on its HealthVue app and other technology initiatives in the coming weeks.
Premier also recently provided an update on its expansion into the Cannabis clinic space, that it has been in talks with ACMPR-Licensed Producers, other licensed medical cannabis companies and government officials to establish a framework as well as actively recruiting additional physicians for existing clinics and a cannabis focused physician.
AVEO Oncology (AVEO) announced that it has entered into a clinical collaboration with AstraZeneca (AZN) to evaluate the safety and efficacy of AstraZeneca’s IMFINZI® (durvalumab) in combination with FOTIVDA® (tivozanib), AVEO’s oral, once-daily, potent and highly-selective vascular endothelial growth factor receptor tyrosine kinase inhibitor (VEGFR-TKI) in first-line hepatocellular carcinoma, or liver cancer, in a Phase 1/2 study.
AVEO will serve as the study sponsor, with study costs shared equally by both companies and clinical drug supplied by each respective company. The Phase 1 portion of the study is expected to begin in 2019.
“We are thrilled to collaborate with AstraZeneca to explore another tivozanib-immunotherapy combination and look forward to understanding the potential of combining tivozanib with durvalumab in liver cancer,” said Michael Bailey, President and CEO. “TKI-immunotherapy combinations have demonstrated important clinical potential across multiple tumor types, though toxicities associated with these combinations have limited their potential use. Our goal is to establish tivozanib as the TKI of choice for use with immunotherapies by demonstrating efficacy with reduced toxicity.”
Corcept Therapeutics (CORT) is a pharmaceutical company engaged in the discovery, development and commercialization of drugs that treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the stress hormone cortisol. Korlym® is the company’s first FDA-approved medication, which report of a new patent covering Korlym has been circulating. The new patent strengthens the company’s position against would-be generic competitors. Today Cantor Fitzgerald analyst Charles Duncan upgraded Corcept from Neutral to Overweight and raised the price target from $17 to $29.
Most recently, Concept announced that it dosed the first patient in the Phase 3 trial of relacorilant to treat patients with Cushing’s syndrome. The phase 3 trial is expected to enroll 130 patients with Cushing’s syndrome at sites in the US, Canada and Europe.
“We are excited to enroll the first patient in relacorilant’s Phase 3 trial,” said Joseph K. Belanoff, MD, CEO. “Patients in Phase 2 experienced significant clinical benefit without Korlym’s serious off-target effects — endometrial thickening, vaginal bleeding and hypokalemia. Confirming these results in Phase 3 would constitute a major medical advance.”
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