Farmas USA

SGMO

La entrevista entera a SM. La ha colgado Liquid Biopsy. Adjunto también una nota de Jefferies en la que explica que al EVP de R&D lo han largado porque el nuevo CEO quiere una estructura más horizontal y tener contacto más directo con el desarrollo. Una buena noticia aparentemente en la que creo que el mercado se precipitó.

Sandy Macrae at Wells Fargo on September 7, 2016

Sept. 14, 2016

I had a few hours free today and decided to share my very rough transcription of what Sandy Macrae had to say last Wednesday at the Wells Fargo Healthcare Conference. I am a relatively large holder of Sangamo stock both personally and in a small investment partnership that I manage. I have held some shares for over 8 years now. This year has been quite a disappointing and big down year, to put it mildly. But I am optimistic that Sandy can turn things around. One big potential hiccup that may be coming is that Sangamo could end up canceling the HIV program later in 2016. The will no doubt wash out a lot of shareholders.

For future reference, Sangamo closed at $4.50 and the S&P 500 closed at 2186.48 on Tuesday Sept. 6, the day before Sandy spoke. The presentation was in the form of a question and answer session. This is rather long and inexact, but I think that it conveys accurately the gist of what Sandy believes and his philosophy of "underpromising and over delivering" in the future (a huge and welcome change from the Edward Lanphier years):

WF (Wells Fargo analyst): We are very fortunate to have with us Sangamo's new CEO, Sandy Macrae. Sangamo is a pioneering company in the field of gene editing and gene therapy. Why don't we start there Sandy. You have a novel platform in zinc finger nucleases. What was it about the technology in the gene editing space that drew you to Sangamo?

SM (Sandy Macrae): It's a fascinating company. It's been on the go for 20 years. For many of those years it was the only and pioneering company doing gene editing and published many of the landmark publications in this area. In many ways we defined what gene editing should look like and had many of the original and initial interactions with the agency (FDA). It is a company that today is moving into the clinic with gene editing. I have a long background in molecular biology. It had everything a molecular biologist could want. It (zinc fingers) had the specificity, the sensitivity and the ability to recognize and edit any part of the genome. It truly gives us the tools to control and change genes.

WF: When you think of Sangamo's platform within the context of the broader context of the gene editing space with regard to CRISPR, how do you position your platform?

SM: I looked also at the CRISPR companies and made the decision to come to Sangamo. In 10 to 20 years in the future I expect that gene editing will become a standard way of doing medicine, and it will be almost invisible like the plumbing in your hotel or the engine in your motorcar. I hope that there will be several ways of doing gene editing and I hope that zinc fingers will be one, and that CRISPR's will also fulfill their promise. But there is a long way between doing something in a test tube (CRISPR's currently) and doing something on clinical scale. This is something that I have only begun to appreciate since I have come to Sangamo. The ability we at Sangamo currently have to do things at clinical scale, editing specifically with minimal off target hits, it will take some years for CRISPR companies to get there. As they do they will get more effective and more able to hit the targets they want. One of the most impressive things about zinc fingers is that we can hit almost any base in the genome. We have an accuracy down to 1.7 bases. So if you want to give me a target, the scientists at Sangamo - these are remarkable people who have spent 20 years doing this science - they almost go to the cupboard now and pull out a set of modules that can create zinc fingers for any target - putting them through a series of phage displays, tweaking them and purifying them - with minimized off target hits. To move ahead you need to go through tox studies, safety studies and manufacturing preparation.

We will have 4 things in the clinic next year and a number of others have the potential to move in also. People ask: Why has Sangamo taken so long to get there? In the past Sangamo made some bold and brave choices. With diabetic neuropathy, that study did not work. For the past 3 or more years, it was a truly an audacious way to go, addressing an important disease like HIV. We are going to be telling you what we are seeing in our T-cell (clinical trial) work in HIV late this year. And we have an ongoing stem cell HIV (clinical) study. In the past 3 years (before Sandy started at Sangamo on June 1, 2016), we put together a a promise and a proposal to start 8 IND's(clinical trials) by this year. What I found when I came to the company was that to do 8 IND's with 140 people was impossible. I have been here 3 months. The Board has asked me to refocus the company, to create a clinical and development team and to bring new transparency to Sangamo. We want people to understand what we can and will do. We want to under promise and over deliver.

These are the 4 things we are going to focus on rather than 8. We are going to move our Hemophilia Factor 9 into the clinic - our first IVPRP program (In Vitro Protein Replacement Platform) in which we insert a transgene into the albumin locus of the liver. In Hemophilia Factor 8 we will do gene therapy and in MPS 1 (Hurler's) and MPS 2 (Hunter's) the first patients will be treated at the beginning of 2017. I want to come back: We are about to put a transgene into the albumin locus in vivo (inside the body). This is the first time that anyone has done anything like this. This is the first time that a human being will have a new gene dropped into their liver(or any other part of the body) in vitro. This is a landmark moment not just for Sangamo but for the field of gene editing. We need to take time to do it right. We need to chose the right patients and do it safely. The whole field depends on the pioneers doing it right and not harming patients.

WF: With Sangamo's focus in Hemophilia Factor 9 on co-opting the albumin locus in the liver, can anyone else do this?

SM: I don't think that anyone else can. The CRISPR tech is improving every day with so many people working on it. I am sure that someone is trying similar things. We have the advantage that we can hit any base or base and a half in the genome so we have that accuracy. At the moment the CRISPR technology can hit in the ZIP code, perhaps to within 8 to 32 base pairs. Some targets they can hit and sometimes that is OK, but other times the accuracy of zinc fingers is our therapeutic advantage. My challenge to our discovery team is not just to copy CRISPR but find things that only we can do, and not just to edit genes but to alter their transcription which is our secret sauce. That's what we want to do in the future. I want to do things that only we can do. For instance our Hemophilia Factor 8 is "just" a gene therapy (not gene editing) but is the best gene therapy there is. If you compare Non Human Primate data it's about 1 log better than the others (Biomarin and Spark) data. This is somewhat the overflow of all the time spent at Sangamo over the years becoming experts at gene manipulation. Brigit Reilly, a remarkable woman in our laboratories, has managed to squeeze Factor 8, or part of it, into a vector. She has optimized the codons, she's got the best expression, and she's put in the best promoter. Until we are in humans we can't say we are the best, but if non-human primate holds up, we will be the best. We will file an IND this year and get into testing patients in the clinic as quickly as possible early next year. We may not be first but we believe we will be the best.

WF: You mentioned with Hemophilia B as your lead program you want to do it right. How much risk to delivery is there? What percent of delivery do you need to transfect to get efficacy? Speak to what are the risks.

SM: We are using the delivery vector AAV-6. We feel it is the best. There are antibodies to AAV-6 vectors as all viral vectors. With regard to this, all the gene therapy companies shouldn't be competing. We should be sharing what works and whether to give steroids or not. Steroids are appropriate in some situations. Our way of thinking is that we will give the AAV-6 vectors and treatt afterward in the beginning lower doses. For higher doses including in both MPS trials we will treat with steroids at the outset. For Hunters and Hurlers patients their doctors tell us that they so much want some solution that they are willing to undergo such steroid treatments, whereas Hemo patients may not. It is the patients and the doctors who will lead us on this.

WF: What is the benchmark for success in Hemo B to tell you that you have a competitive product? What are the timelines for data that may affirm that you have a product?

SM: Next year we will have at least 4 products in the clinic. In Hemo B (Factor 9) the first patient will be dosed this year and we could have data in 2017 towards the end of the year. In Hemo A (Factor 8) the IND will be filed this year and the first patients will be dosed next year. Our hope is to also have data next year (2017). MPS 1 and MPS 2 will start early next year. Hopefully we will have clinical data in 2017 or early 2018 on all three albumin locus programs. We don't want to release data patient by patient. We're going to hold off until we have enough data to say meaningful things to the community.

WF: You mentioned the MPS 1 and MPS 2 programs. One of the first things you did was to reset expectations. How will that benefit Sangamo long term?

SM: It's been an interesting 3 months. We are striving for transparency. What we are doing is so important for patients that we need to bring the world along with us. We found an organization that was absolutely passionate about what it was doing but was going to fast for the organizational structure that we have. When you corner at high speed in a Prius sometimes you have to slow down. The 3 things I have found are fixable. The 3 things I have been talking about are:

1) In Factor 9 we had said that we would start in the first half of 2016. Now we are saying the second half of 2016. We had some supply chain issues. I am embarrassed to say this delay was solely because of a shortage of phosphate buffered saline solution. We are very much a discovery company. In the lab you dilute with this solution. We had to make sterile phosphate buffered saline solution. In the future this will have more clinical oversight. This problem is now solved.

2) We had previously had our MPS 1 and MPS 2 IND's approved by the FDA. As part of this entire process we had done a very early study in animals in which we had been using the wrong (amino acid?). Thomas came to me to tell me about this problem. On our own we went to the agency (FDA). They asked us to repeat the early animal experiments with the correct amino acid. and come back to show them the results. These are now done and we are confident that we will get into the clinic at the beginning of next year wit MPS 1 and MPS 2.

3) We were about to submit an IND to the FDA for the hemoglobinapathies in Beta Thalassemia with BIogen. I looked at the data and the zinc finger that we were proposing, and I said that we can do better. And we now have a new better zinc finger and I looked at the data just last night, and it's absolutely beautiful what they (Sangamo's lab scientists) have done. It's an understanding of the binding interactions and how to optimize gene editing. Hopefully this will move us ahead and make us the leader in gene editing.

WF: How will these changes effect your relationship with Biogen?

SM: We talk to them regularly. They are company with an intensity of purpose. I met with George (Scangos, Biogen CEO?) and the senior Biogen team. They agreed with our proposal. I am confident that it will move ahead. We are ready to go back to Biogen with a whole new package. I would expect an IND early next year.

WF: One area we have been hearing a lot about is leveraging gene therapy experience in immuno-oncology and the engineering of T-cells and NK-cells. Any thought that you will partner with one of the adoptive cell therapy companies? What can you bring to this area?

SM: It's a good question, Chris. When you come to a company you discover some bad things (as Sandy has discussed), but also some surprisingly good things. One scientist in our lab came to me with an idea that was not supported in the previous regime to do T-cell editing to take out the HLA receptor and to drop in a gene in the middle. Our T-cell editing is significantly better than anything that has been reported by CRISPR companies. Now Sangamo did try to get a partnership in this area but was caught up in companies being bought and sold and it did not advance. This is something that we need to find a partner for. Our success with double gene knockouts is about 80% for zinc fingers. Tis success is better than anybody else has reported. With our HIV work we have real experience with T-cell editing. We are the only company that has patients in the clinic with T-cell editing. 70 to 80 patients have been treated in the clinic in our HIV trials. We understand how to do it. Immuno-oncology is the next step forward for us.

WF: Do you anticipate that you will secure a partnership in immuno-oncology in the next 12 to 18 months? Is this a strategic imperative?

SM: I'd love to. I'd really love to recognize and make available the quality of the work we have done.

WF: You started off by talking about the great science at Sangamo and trying to address the clinical deficiencies. What should we see over the next 12 months? Prominent hires? How should we benchmark your success?

SM: I've said to the board that we all do these (5?) things: 1) We will create a clinical development group that is professional and reliable. We have already hired a head of clinical operations. We are interviewing others for the head of clinical development. 2) We will refresh the discovery organization bringing it back to ground-breaking science. 3) Ward is doing great work talking to people outside to understand how we look from outside. We my see some changes there.

WF: What about the competition from Megatals?

SM: They work. The key is what can they do time after time in the clinic. We can't chase after CAR-T work everyone else is going after. Though my desire is to realize our potential, we need to make sure that we are not late to the game.

off-topic
disculpadme si lo mencionamos cuando hablamos sobre el 720 para la declaración de bienes en el extranjero, pero para aquellos que tengamos nuestras bios en interactive brokers o degiro, hemos de saber que tenemos que presentar otra declaración, modelo D-6, y mientras que en el caso del 720 sólo tenía que hacerse para según qué cuantías, en el caso del D-6 ésta no importa: si tenemos valores en uno de los mencionados brokers a fecha 31 de diciembre, hemos de hacer la declaración.
en cazadividendos no conocen de nadie sancionado por no haberla presentado, pero también dicen que la ley está ahí y que más vale prevenir que curar.

http://www.cazadividendos.com/d-6-declaracion-inversion-espanola-exterior-valores-negociables-extranjero/

como supongo será el caso de más gente, yo no hice la declaración el año pasado. para este enero que es la próxima, sin embargo, lo tendré en cuenta.

http://www.comercio.gob.es/es-ES/inversiones-exteriores/declaracion-inversiones-exteriores/PDF/D-6-R08-Instrucciones.pdf

DVAX
Sí, es la PDUFA. La Adcom se canceló y nadie sabe cuál es el motivo verdadero. No la sigo con el mismo detalle que otras pero así a bote pronto:

En contra: las anteriores ocasiones en las que hubo una cancelación con las mismas palabras empleadas por la FDA ("has been cancelled to allow time for the FDA to review and resolve several outstanding issues") el producto se aprobó 1 y 2 años después de esa cancelación. Puede que la cancelación sea por algo que haya detectado la FDA en la fabricación con lo que un CRL no está descartado. Merck es el competidor directo afectado y tiene mucho poder y dinero. Ya se canceló una vez la aprobación hace unos años porque querían un trial con más gente por ciertas dudas en cuanto a efectos adversos. Leí el otro día un informe que decía que la actual vacuna de Merck (Gardasil) no tenía la continuidad que debería porque debido a las 3 dosis mucha gente no completaba el ciclo (de hecho, ahora ya han aprobado 2 dosis por esto mismo y por dar suficiente protección con ellas).

A favor: ninguna de las otras cancelaciones de Adcom por el mismo motivo tuvo una Adcom previa. Hay gente que dice que como las únicas dudas que había era por el tamaño del trial y los efectos adversos, con los resultados del actual ya no es necesaria la Adcom y que por eso la han cancelado. No he mirado los resultados en detalle de la fase 3, pero he leído por expertos que es mucho mejor vacuna que la actual e igual de segura. También solo 2 dosis serían necesarias con mucho mayor protección que la actual. El precio está en mínimos y de ser aprobada la empresa valdría bastante más.

Seguro que me dejo muchas cosas, pero yo no me fío demasiado de la FDA y creo que no estaré dentro para entonces con las pocas que llevo.

ACAD

Igual esos 23 bajos eran muy buenos, al menos hasta resultados de final de año (que podrían ser cualquier día a partir de primeros noviembre).

Sobre las dudas que se han levantado sobre resultados peores que en los trial, he buscado información y lo que he encontrado es todo lo contrario. No solo en las declaraciones del CEO a JPM sino en un par de comentarios; el primero de un especialista trabajando en una clínica que trata a enfermos de Parkinson en un foro de la enfermedad en el que ayuda a familiares de enfermos, en el que dice que usan Nuplazid para casos de psicosis moderada cuando les falla seroquel y que hasta ahora los resultados han sido buenos.

http://forum.parkinson.org/index.php?/topic/21426-delusions-hallucinations-elderly-pd-patient/

Lee in our practice we usually try Nuplazid or Clozapine if the seroquel is not effective or causing side effects at higher doses.

So far in our clinic it has worked well for mild to moderate psychosis in Parkinson. We have not had experience with more severe cases. Will keep you posted.

El otro caso es de un usuario de IV que cuenta la experiencia con su padre, enfermo de Parkinson. Habla muy bien del fármaco:

I have shared many details of dad's experience with Nuplazid. I'm going to give another very specific example because I don't hear it touted. Dad irrationally obsessed about several items prior to Nuplazid. Seroquel and Klonopin had absolutely zero affect on these obsessive compulsive thoughts and behaviors. He would brush his teeth and clean his glasses compulsively and we were worried that he would brush his gums away. After Nuplazid he only cleaned his glasses and brushed his teeth when needed and for the typical amount of time. Dad was obsessed with having a daily BM, and prior to Nuplazid he was extremely tense and could not focus on anything else until that was out of the way. After Nuplazid he didn't even think about it. Before Nuplazid he was obsessed about money and property borders (very unlike the dad that raised me). I would walk his property borders with him each time I visited and show him that no one was trying to encroach on his property. I would pull up his 401K accounts and show him that he and mom had plenty of retirement money and that he didn't need to worry about money. After Nuplazid he was the easy going person that he's always been (would have given a neighbor money or property if they needed it). Dad has several advanced degrees in education, supervision, and theology - but he would obsess about finding his high school diploma in case he needed it. He was obsessed about administrative paperwork for the school that he hadn't been principal of since his retirement 15 yrs earlier. After Nuplazid he had no problem trusting us and letting irrational thoughts go.

Por último, no sé si se ha colgado, la charla de JPM, cortesía también de Liquid Biopsy. Todo según el plan, y la fase 2 de final de año, ya parece que va poniendo alguna excusa y que salga lo que salga, exprimirán los datos para encontrar algún subgrupo en el que plantear el siguiente ensayo si estos no son positivos...

JPM $ACAD ACADIA Pharmaceuticals (ACAD
US)
Takeaways from our Fall CEO Conference Call Series
Yesterday, as part of our 2016 Fall Biotech Conference Call Series, we hosted a call with ACAD’s CEO
Stephen Davis and CCO Terry Moore. The discussion focused on the company’s newly launched Nuplazid in
Parkinson’s disease psychosis as well as potential expansion indications, including Alzheimer’s disease
psychosis and agitation. Below, we provide some highlights and we will send a transcript shortly. A replay of
the call is also available through October 26 with the following dial-in info: 866-431-2903 (US); +1-203-369-
0952 (outside US); Passcode: 1926.
Nuplazid in PDP
 With 90 business days into launch of Nuplazid, everything is going “according to plan.”
 Payer access update: Patients on gov’t plans have access as expected given that this is a protected class.
Overall, Medicare represents two-thirds of the target market…with half of that being low income subsidy
(LIS). On the commercial side, ~one-third of plans are on-line with the rest expected to come on-line over the
next 6-9 months. Roughly three-fourths of these plans only require a simple confirmation of diagnosis; the
other one-fourth require step edits through clozapine. Overall, payer interactions have been in line with
expectations from market research.
 Anecdotal doc feedback has been “very positive” and “entirely consistent” with what was observed in clinical
trials – full responses and remissions seen in some patients; drug has a strong anti-psychotic effect; and safety
has been “very favorable.”
 133 sales reps are out in the field targeting 12,000 physicians (specialists are the top priority, followed by
general neurologists and psychiatrists). ACAD has now contacted all 12,000 at least once. Precedent is that it
can take seven to eight visits to change docs prescribing behavior.
 There are 150,000 PDP patients who are disruptive enough to receive treatment, a majority of whom are on
low dose Seroquel. Many are not satisfied with what they experience on Seroquel and are willing to switch.
 The commercialization strategy is three-fold – increase disease awareness, increase brand awareness and
differentiate Nuplazid from currently used anti-psychotics.
 NuplazidConnect has received positive feedback with no wrinkles or impediments seen.
 ACAD’s sampling strategy is two-pronged – docs can opt for a 30-day free trial (on average delivery occurs
five- to six days after receiving the form) or a sales rep can leave one-week samples in the physician’s office.
ACAD has had success with both sampling in office as well as the 30-day free trial. Management highlighted
that the most important thing is laying out the foundation in the medical community and assuring access to the
drug. The company noted that there are no sampling restrictions.
 For commercial patients, ACAD covers all out-of-pocket costs. For gov’t payors, a foundation provides outof-
pocket assistance, not ACAD. As indicated, two-thirds of the business is Medicare, with half of those
comprised of low income subsidies with a small copay (<$7).
 ACAD does not expect to guide on top or bottom line in the near term. During the upcoming earnings call,
management is not promising that they will discuss launch metrics. When the launch reaches a point where

and would be counterproductive to understanding the business. We note that this has recently been a point of
contention for investors.
 On the MAA filing, ACAD has submitted a new pediatric plan (the cycle takes a few months). Clarity is
expected soon and if it is sufficient, ACAD is ready to move ahead with the MAA filing; it will get resolved
but will take time.
 On the international strategy, ACAD remains non-committal regarding a possible OUS partnership(s). The
company doesn’t plan to launch independently in Japan. The MAA filing would be followed by a period of six
to eight months before market authorization and then even more time for pricing to come on line so there’s
time. Additional considerations for the timing of a potential partnership include the imminent Phase 2 ADP
data.
Nuplazid in ADP
 By the end of this year, ACAD expects to release Phase 2 data in ADP (in addition to initiating a trial in
Alzheimer’s disease agitation and unveiling new studies in additional indications).
 On the rationale for the single-center Phase 2 ADP study, at the time it was designed, the goal was to
incorporate centralized readers (if it’s too small the results could be skewed and if it’s too large there could be
a high degree of variability). Also at the time, there was a relative lack of nursing home sites that could
conduct the study, so the Kings College network was preferred. While this is technically a single site, the
network includes 130 nursing homes.
 On the upcoming Phase 2 proof-of-concept data in ADP, ACAD indicated that it will pressure test the data, no
matter what the outcome is. If highly stat sig, it will make sure to understand every element of the data. If the
trial isn’t stat sig but there is a signal in a certain patient population or on a certain endpoint, the company
could adjust potential future trials accordingly. It is an early exploratory POC trial, so it is important to look at
the data and determine what to do next.
 ADP vs. PDP: a robust effect was seen in PDP and schizophrenia (two very different disorders). The goal is to
treat the symptoms which are not identical but are similar. Have more faith in clinical results than
biochemistry (biochemistry is important too but it’s more directional).
 On the pending Alzheimer’s disease agitation trial, there are no gating items to get the study up and running.
Rather it is just processing through logistics; the trial is expected to begin by YE16. ACAD does not know
how long the trial will take at this point – it will need to see how enrollment progresses to get a better sense
(these kinds of studies could take a couple of years

Muchas gracias, seguiré leyendo al respecto. Pero no descarto entrar en la franja de los 10 bajos y protegerme con opciones en los 10 altos con unas pocas.

Quizás merezca la pena.

Bioinvest Último número: http://www.bioinvest.com/wp-content/uploads/2016/10/MTSL-Issue-838.pdf Siguen deprimidos pero al menos con humor. Sentiment is as bad as its been in a long time. While we make no claims to know the outcomes of elections, the last we heard is that the likelihood of a Democratic House is only about 10%. Add in the Sanders ARIA tweet and the rhetoric is certainly deafening – and overshadowing anything positive that is coming out of the sector and/or individual companies. In our view, it may remain this way until the election that cannot be over soon enough concludes. ARIA Responds Strongly After the Sanders attack, ARIA put out a strongly worded response to the Congressional inquiry, “We have invested more than $1.3 billion in R&D and accumulated losses of approximately $1.4 billion since the Company was founded, which have not been recovered. In 2015, ARIA generated $119 million in total revenue from its one approved drug Iclusig and invested $171 million, or 143% of revenue, in R&D. This is a good illustration of how much it costs to develop new drugs and the high price needed to pursue and achieve true innovation. It also illustrates that even though a drug has been approved it also quite often requires further investment to maximize its potential. La nota de humor: ALKS – ‘5461 Nails Phase III on 3 Try ALKS has delivered the goods with outstanding positive topline data, (p=0.018) and (p=0.026), respectively, from FORWARD-5, the third Phase III trial to read out from the FORWARD pivotal program for ALKS 5461, a once-daily, oral compound for the adjunctive treatment of major depressive disorder (MDD) in patients with an inadequate response to standard antidepressant therapies. (And yes we are tempted to try this new drug given how difficult the biotech market has been of late.) Y hay una incorporación en cartera, directamente desde Villareal, Madrigal Pharmaceuticals (MDGL). NASH, varias fases 2 en el próximo año. El CEO el exCEO de INCY. Pasta para acabar las fases 2. El precio ha hecho un 130% desde los mínimos hace poco más de un mes. La conclusión del por qué de su inversión: Investment Conclusion – Paul Is Back Again With Novel Small Molecules In our view, MDGL has two critical elements that make up successful biotech companies, first class management and drugs that have the potential to be “best in class.” Dr. Friedman who was already successful beyond most of our dreams at Dupont and INCY has voted with his feet by signing on to run MDGL. His ability to identify drugs early in their development cycle that have potential as “best in class” has been proven before. MGL-3196 has the potential to reduce elevated cholesterol, triglycerides and fatty liver all of which are an underlying causes in the majority of metabolic and cardiovascular diseases. In our view, the pleiotropic potential of the drug candidate leads us to believe it has significant potential as a pill that could develop into a pipeline given its broad potential to lower both inflammation and lipids with an extremely benign safety profile. We are recommending MDGL as a BUY under 25 with a TARGET PRICE of 35. (Current price: 17).

Añadida al "radar" de seguimiento. Gracias.

MDGL

bionvest
justifican la entrada en MDGL pero no la salida total de CBMG, que usan (junto a alguna venta parcial) para financiar esa compra. si pagara por la newsletter les preguntaría, porque tampoco dicen que hayan cambiado la recomendación de buy under $40 sobre CBMG (está sobre los $13 actualmente).