OvaScience Inc (NASDAQ:OVAS), a global fertility company focused on the discovery, development and commercialization of new treatment options, today announced that the Company does not expect to meet the 2015 goal of 1,000 AUGMENTSM treatment cycles. The AUGMENT treatment patient experience has been positive and OvaScience has built strong technical operations, quality and manufacturing; however, the Company is continuing to enhance its commercial operations and infrastructure to optimize for commercial success. In addition, evolving market dynamics in the fertility space, including recent merger and acquisition activities at the key commercial IVF clinics where the AUGMENT treatment is offered, have hindered the Company’s ability to drive major volume that was anticipated in the fourth quarter.
Michelle Dipp, M.D., Ph.D., Chief Executive Officer of OvaScience, stated, “We are adapting our regional commercial operations and infrastructure as well as addressing an even more dynamic global IVF landscape. In addition, we recently became aware of M&A activities in our key clinics. We believe these factors will prevent us from achieving our goal as we had anticipated the majority of AUGMENT treatment cycles would initiate in the fourth quarter. While disappointing in the short-term, the expanding clinic networks may enable more patients to have access to the AUGMENT treatment. With the positive patient experience to date, including multiple healthy births, we remain confident in the commercial potential of the AUGMENT treatment and our future fertility treatments.”
The Company established 2015 as a build year and made significant advances in key areas:
- Achieved quality and scalability of its global manufacturing and technical operations;
- Published positive patient experiences, including the birth of ten healthy babies, and will continue to demonstrate the clinical benefit of the AUGMENT treatment by capturing additional data in its international patient registry;
- Formed new clinic partnerships, including with the IVI Group, the largest IVF clinic network in the world; and
- Advanced plans to introduce the AUGMENT treatment in Japan and the United Kingdom.
Goals for the OvaPrimeSM and OvaTureSM treatments remain on track for 2015, with plans to introduce the OvaPrime treatment in patients outside of the United States and to communicate the Company’s development strategy for the OvaTure treatment. (Original Source)
Shares of OvaScience closed today at $14.52, down $1.95 or 11.84%. OVAS has a 1-year high of $55.69 and a 1-year low of $13.25. The stock’s 50-day moving average is $19.61 and its 200-day moving average is $29.18.
On the ratings front, OvaScience has been the subject of a number of recent research reports. In a report issued on September 8, Wedbush analyst Zarak Khurshid reiterated a Buy rating on OVAS, with a price target of $46, which represents a potential upside of 216.8% from where the stock is currently trading. Separately, on July 7, Oppenheimer’s Rohit Vanjani reiterated a Buy rating on the stock and has a price target of $60.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Zarak Khurshid and Rohit Vanjani have a total average return of -3.2% and 27.2% respectively. Khurshid has a success rate of 51.0% and is ranked #3086 out of 3759 analysts, while Vanjani has a success rate of 66.7% and is ranked #28.
OvaScience Inc is a life science company engaged in discovery, development, and commercialization of new fertility treatments. Its patented technology is based on egg precursor cells found in the outer layer of a woman’s own ovaries.