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AGN

Allergan

$230.31

-0.49 (-0.21%)

, AZN

AstraZeneca

$32.86

-0.19 (-0.57%)

04:49
10/03/16
10/03
04:49
10/03/16
04:49

Allergan enters into licensing agreement with AstraZeneca

Allergan (AGN) announced that it has entered into a licensing agreement with MedImmune, AstraZeneca's (AZN) global biologics research and development arm, for the global rights to MEDI2070. MEDI2070 is an anti-IL-23 monoclonal antibody currently in Phase IIb clinical development for the treatment of patients with moderate-to-severe Crohn's disease and is Phase II ready for ulcerative colitis and other related conditions. Under the terms of the agreement, Allergan will make an upfront payment to AstraZeneca of $250M for the exclusive, worldwide license to develop and commercialize MEDI2070. In addition, Allergan may make potential payments to AstraZeneca of up to $1.27B, payable over a period of up to 15 years, including launch milestone payments of up to $435M and sales-based milestone payments of $725M, as well as tiered royalties on sales of the product. MEDI2070 is in development as a next-generation IL-23-only targeted therapy for Crohn's disease and ulcerative colitis. Targeting IL-23 alone may allow for a broader therapeutic window compared to IL12/23 targeting therapies and may translate into better efficacy. MedImmune will continue the ongoing MEDI2070 Phase IIa study in Crohn's disease to completion, and will transition the Phase IIb study in Crohn's disease to Allergan for completion.

AGN

Allergan

$230.31

-0.49 (-0.21%)

AZN

AstraZeneca

$32.86

-0.19 (-0.57%)

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AGN Allergan
$230.31

-0.49 (-0.21%)

09/21/16
CANT
09/21/16
DOWNGRADE
CANT
Hold
Tobira Therapeutics downgraded to Hold from Buy at Cantor
Cantor analyst Elemer Piros downgraded Tobira (TBRA) after the company agreed to be acquired by Allergan (AGN). Target to $42 from $19.
09/21/16
GABE
09/21/16
NO CHANGE
GABE
Buy
Gabelli questions if Allergan could target Gilead next
Gabelli analyst Kevin Kedra said that "like most" he was surprised at the price paid and the strategic fit of Allergan's (AGN) deal to buy Tobira Therapeutics (TBRA), but wonders if Allergan CEO Brent Saunders is "playing chess while the market is playing checkers" and could be preparing a bid for Gilead (GILD). After Allergan's "very loud statement about its commitment to NASH and liver disease," a deal for Gilead, the leading company in liver disease and "one of the cheapest companies in pharma/biotech," would appear to make more sense, Kedra tells investors, adding that an acquisition of Gilead at a price of $115 per share would be "highly accretive" for Allergan. The analyst keeps a Buy rating on Allergan shares.
09/22/16
BERN
09/22/16
NO CHANGE
BERN
Allergan acquisitions positive, says Bernstein
After Allergan bought two companies with NASH drugs and the stock fell, Bernstein analyst Aaron Gal says the acquisitions were viewed as expensive. Gal says "it makes almost no difference" if the deals were expensive, as the important issue is whether the products succeed. He believes that the market would never penalize Roche or Celgene for similar deals, and he thinks this indicates that Allergan is "misvalued." He says that Allergan is his "high conviction buy" stock and keeps a $335 price target on the shares.
09/26/16
LEER
09/26/16
NO CHANGE
LEER
Shire Xiidra launch to 'significantly' expand dry eye category, says Leerink
Leerink analyst Jason Gerberry remains optimistic that Shire's (SHPG) Xiidra launch will "significantly" expand the category for dry eye disease brands, while not meaningfully eroding Allergan's (AGN) Restasis market leading position. While it's still early in the launch of Xiidra and payer access remains a critical variable, the analyst does not anticipate access being a major barrier. Gerberry reiterates an Outperform rating on both Shire and Allergan's shares.
AZN AstraZeneca
$32.86

-0.19 (-0.57%)

09/12/16
09/12/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Pandora (P) upgraded to Buy from Neutral at SunTrust with analyst Robert Peck saying he thinks that a new interactive offering by the company could raise its contribution profit by 4%-9% and that the Street's 2017 estimates for the company "seem conservative." The analyst added that he thinks it's "very possible" that Pandora will be acquired. 2. AstraZeneca (AZN) upgraded to Buy from Hold at Jefferies with analyst Jeffrey Holford saying the company's MYSTIC oncology study could drive 39% share upside if successful. 3. Apache (APA) and upgraded to Overweight from Neutral at Atlantic Equities and to Peer Perform from Underperform at Wolfe Research. 4. Philip Morris (PM) upgraded to Conviction Buy from Neutral at Goldman with analyst Judy Hong saying she is increasingly bullish on the prospects of Next Generation Products and expects them to contribute 5%-6% of earnings by 2020. 5. Wal-Mart (WMT) upgraded to Outperform from Market Perform at Cowen with analysts led by Oliver Chen saying price investments, integration of physical and digital, and the Jet acquisitions position the company to regain its dominance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/13/16
EXAN
09/13/16
DOWNGRADE
EXAN
Neutral
AstraZeneca downgraded to Neutral from Outperform at Exane BNP Paribas
09/23/16
PIPR
09/23/16
INITIATION
PIPR
Overweight
AstraZeneca initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Richard Purkiss started AstraZeneca with an Overweight rating and GBP 60 price target.
09/23/16
09/23/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Morgan Stanley analyst Brian Nowak initiated Activision Blizzard (ATVI) and Electronic Arts (EA), both with Overweight ratings. The analyst is bullish on the digital gaming shift away from "units sold" to a business model based on users, engagement, and digital monetization. He sees digital in-game offerings resulting in recurring and growth user bases, increased per-game engagement, and further monetization opportunities. 2. AstraZeneca (AZN) and GlaxoSmithKline (GSK) both initiated with Overweight ratings by Piper Jaffray analyst Richard Purkiss. 3. Achillion (ACHN) initiated with an Outperform by Wedbush analyst Heather Behanna, who set a $13 price target on the shares. 4. Sysco (SYY) initiated with an Underweight at Barclays and $48 price target by analyst Karen Short. 5. Five Below (FIVE), Dollar Tree (DLTR) and Dollar General (DG) all initiated with Equal Weight ratings by Barclays analyst Karen Short. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

AMPH

Amphastar

$16.27

0.17 (1.06%)

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Avadel Pharmaceuticals

$9.45

-0.16 (-1.66%)

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AMPH

Amphastar

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AVDL

Avadel Pharmaceuticals

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ACN

Accenture

$138.16

0.26 (0.19%)

18:58
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Accenture chief marketing & communications officer Taylor to retire Aug 31, 2018 »

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SPR

Spirit AeroSystems

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Boeing

$254.32

-2.13 (-0.83%)

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Spirit AeroSystems finalizes agreement with Boeing »

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SPR

Spirit AeroSystems

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BA

Boeing

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MOH

Molina Healthcare

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UnitedHealth

$191.75

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Senator Collins opposes Graham-Cassidy ACA repeal bill »

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MOH

Molina Healthcare

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UNH

UnitedHealth

$191.75

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CNC

Centene

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-1.89 (-2.05%)

WCG

WellCare

$164.15

-3.01 (-1.80%)

CI

Cigna

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ANTM

Anthem

$181.50

-1.36 (-0.74%)

HNT

Health Net

HUM

Humana

$237.21

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AET

Aetna

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CATM

Cardtronics

$26.10

-3.17 (-10.83%)

18:13
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18:13
Downgrade
Cardtronics rating change  »

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IVTY

Invuity

$7.80

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Invuity analyst commentary  »

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MOH

Molina Healthcare

$64.54

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UnitedHealth

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Hot Stocks
CBO: Graham-Cassidy ACA repeal bill to reduce number of insured by 'millions' »

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MOH

Molina Healthcare

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UNH

UnitedHealth

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CNC

Centene

$90.33

-1.89 (-2.05%)

WCG

WellCare

$164.15

-3.01 (-1.80%)

CI

Cigna

$181.44

-1.3 (-0.71%)

ANTM

Anthem

$181.50

-1.36 (-0.74%)

HNT

Health Net

HUM

Humana

$237.21

-1.88 (-0.79%)

AET

Aetna

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GPC

Genuine Parts

$93.22

5.24 (5.96%)

18:04
09/25/17
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18:04
Recommendations
Genuine Parts analyst commentary at RBC Capital »

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AA

Alcoa

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Freeport McMoRan

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Alcoa, Freeport McMoRan, Teck Resources, Newmont Mining, Warrior Met Coal, Cleveland-Cliffs analyst commentary at Morgan Stanley »

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AA

Alcoa

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FCX

Freeport McMoRan

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TECK

Teck Resources

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NEM

Newmont Mining

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HCC

Warrior Met Coal

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CLF

Cleveland-Cliffs

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Conference/Events
Federal Reserve Bank of Minneapolis President participates in a discussion »

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FTK

Flotek

$5.40

0.04 (0.75%)

17:49
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Earnings
Flotek cuts Q3 revenue view by $5M, consensus $90.9M »

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NBLX

Noble Midstream

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3.75 (7.45%)

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Noble Midstream analyst commentary at MUFG »

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FB

Facebook

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Russia looked to 'exploit' divisions in U.S. populace with Facebook ads, WP says »

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ASNA

Ascena Retail

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0.07 (3.33%)

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Synnex

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ASNA

Ascena Retail

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SNX

Synnex

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RHT

Red Hat

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ACTA

Actua

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PRQR

ProQR Therapeutics

$6.45

0.25 (4.03%)

GNCA

Genocea

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KDMN

Kadmon

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QEP

QEP Resources

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TXMD

TherapeuticsMD

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BIOP

Bioptix

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CSGP

CoStar Group

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GKOS

Glaukos

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Breaking Hot Stocks news story on Glaukos »

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BIOP

Bioptix

$4.11

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Bioptix changes state of incorporation to Nevada from Colorado »

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BA

Boeing

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Boeing and Qatar Airways announce order valued at $2.16B »

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CLXT

Calyxt

$26.54

0.82 (3.19%)

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Calyxt: Herbicide-tolerant wheat, oil composition canola move to Phase 1 »

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MNK

Mallinckrodt

$35.25

0.42 (1.21%)

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Earnings
Mallinckrodt sees InfaCare acquisition 15c-20c dilutive to FY17 adjusted EPS »

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FTI

TechnipFMC

$27.02

0.19 (0.71%)

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TechnipFMC implements share repurchase of up to $500M »

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GNCA

Genocea

$5.33

0.04 (0.76%)

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Breaking Hot Stocks news story on Genocea 

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TXMD

TherapeuticsMD

$6.06

-0.11 (-1.78%)

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Syndicate
TherapeuticsMD files to sell 12.4M shares of common stock »

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LLL

L3 Technologies

$189.32

0.04 (0.02%)

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L3 Technologies files protest with GAO related to Fort Rucker contract »

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APRI

Apricus Biosciences

$1.73

0.05 (2.98%)

16:50
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Syndicate
Apricus Biosciences requests withdrawal of registration statement »

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