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CVS

CVS Health

$87.43

-1.37 (-1.54%)

, ABT

Abbott

$40.80

0.01 (0.02%)

11:02
10/17/16
10/17
11:02
10/17/16
11:02

CVS Health's Omnicare to pay $28M to settle kickback allegations

Omnicare has agreed to pay $28.125M to resolve allegations that it solicited and received kickbacks from pharmaceutical manufacturer Abbott Laboratories (ABT) in exchange for promoting the prescription drug, Depakote, for nursing home patients. CVS Health Corporation (CVS), which is headquartered in Rhode Island, acquired Ohio-based Omnicare in 2015, approximately six years after Omnicare ended the conduct that gave rise to the settlement. According to the government's complaint, Omnicare disguised the kickbacks it received from Abbott in a variety of ways. Abbott allegedly made payments to Omnicare described as "grants" and "educational funding," even though their true purpose was to induce Omnicare to recommend Depakote. Approximately $20.3M of the settlement will go to the United States, while $7.8M has been allocated to cover Medicaid program claims by states that elect to participate in the settlement. The Medicaid program is jointly funded by the federal and state governments. This matter was jointly handled by the Civil Division's Commercial Litigation Branch, the U.S. Attorney's Office for the Western District of Virginia, HHS-OIG, the Office of the Attorney General for the Commonwealth of Virginia and the National Association of Medicaid Fraud Control Units.

CVS

CVS Health

$87.43

-1.37 (-1.54%)

ABT

Abbott

$40.80

0.01 (0.02%)

  • 19

    Oct

  • 06

    Nov

CVS CVS Health
$87.43

-1.37 (-1.54%)

09/30/16
LEER
09/30/16
NO CHANGE
Target $105
LEER
Outperform
CVS Health price target lowered to $105 on pricing concerns at Leerink
Leerink analyst David Larsen said that after speaking with a PBM and Managed Care specialist and performing an analysis of IMS data he now believes that drug pricing has slowed materially over the past 9 months. Given that conclusion, Larsen is lowering his revenue and EPS estimates for CVS Health for the second half of this year and for 2017 and lowered his price target on CVS shares to $105 from $110. However, he keeps an Outperform rating on the stock, since he is still positive on CVS for the long-term.
10/05/16
UBSW
10/05/16
INITIATION
Target $107
UBSW
Buy
CVS Health initiated with a Buy at UBS
Target $107.
10/06/16
10/06/16
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. Boeing (BA) initiated with an Outperform at Baird. 2. AMC Networks (AMCX) initiated with an Outperform at FBN Securities. 3. CVS Health (CVS) initiated with a Buy at UBS. 4. L-3 Communications (LLL) initiated with an Outperform at Baird. 5. Raytheon (RTN) initiated with an Outperform at Baird. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/13/16
LEER
10/13/16
NO CHANGE
Target $105
LEER
Outperform
Tricare announcement not material to CVS Health, says Leerink
Leerink analyst David Larsen notes that Tricare recently announced that CVS Health (CVS) will be excluded from its network effective December 1 and Walgreens Boots Alliance (WBA) will be in-network. While there are over 127M scripts associated with Tricare each year, the analyst estimates that just about 30.6M of these prescriptions are "retail" and as a result Larsen does not believe that CVS' exclusion from the Tricare network will be material. He remains positive on CVS, and reiterates an Outperform rating and $105 price target on the company's shares.
ABT Abbott
$40.80

0.01 (0.02%)

09/29/16
COWN
09/29/16
NO CHANGE
COWN
Outperform
Cowen says views on Dexcom, Insulet not changed by competitor launches
Cowen analyst Doug Schenkel noted that Abbott (ABT) announced yesterday it had received FDA approval for the professional version of its FreeStyle Libre glucose monitoring product and filed the consumer version of Libre, while Medtronic (MDT) also announced FDA approval of its 670G Hybrid Closed Loop system. Schenkel said Abbott's consumer Libre filing comes a few months ahead of his expectations but that Medtronic's timing was in-line with expectations. The analyst said the competitor announcements, which had been expected, do not change his views on DexCom (DXCM), Insulet (PODD), or Tandem Diabetes (TNDM) and he keeps Outperform ratings on all three of those stocks.
09/29/16
ADAM
09/29/16
NO CHANGE
Target $53
ADAM
Buy
Alere risk-reward looks 'quite good' as deal debate nears end, says Canaccord
Canaccord analyst Mark Massaro said he is optimistic that a conclusion of Abbott (ABT) and Alere's (ALR) merger fight is "not far off" and he still believes Abbott will ultimately acquire Alere, though he also thinks the merger may be decided by a judge. Massaro puts a 65% probability on the likelihood the deal closes at the $56 deal price, a 30% chance that Abbott buys Alere at a lower price nearer to $50 per share, and only a 5% chance the deal breaks, making the risk-reward ratio in Alere shares at current levels "quite good," he tells investors. He trimmed his price target on Alere to $53 from $56 an keeps a Buy rating on the stock.
09/29/16
BARD
09/29/16
NO CHANGE
BARD
Dexcom, Insulet could be weighed down by competitive concerns, says Baird
Baird analyst Jeff Johnson said that while the FDA approvals announced yesterday for Abbott's (ABT) FreeStyle Libre Pro and Medtronic's (MDT) 670G were largely anticipated, he believes that both approvals came sooner than most expected, as did news that Abbott also recently filed for FDA approval of its consumer Libre system. The approvals could "change the narrative" in diabetes and could weigh on others in the sector in the near-term, most notably Dexcom (DXCM) and Insulet (PODD), Johnson tells investors. He keeps Neutral ratings on both and maintains an Overweight rating on Tandem Diabetes (TNDM), citing valuation for the difference.
10/11/16
COWN
10/11/16
NO CHANGE
Target $85
COWN
Outperform
Cowen says St. Jude advisory common for the industry
While Dear Doctor letters are never a positive, St. Jude Medical's (STJ) medical device advisory relating to a low rate of premature battery depletion in the high voltage portfolio is common in the Cardiac Rhythm Management industry, Cowen analyst Joshua Jennings tells investors in a research note. The analyst sees limited risk to St. Jude's franchise and still expects the takeover by Abbott Laboratories' (ABT) to close by the end of the year. Jennings keeps an Outperform rating on St. Jude shares with an $85 price target. The stock is down 1% to $80.19 in pre-market trading.

TODAY'S FREE FLY STORIES

FDS

FactSet

$170.81

2.2 (1.30%)

07:10
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LNG

Cheniere Energy

$44.12

0.64 (1.47%)

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CHK

Chesapeake

$4.37

0.15 (3.55%)

07:09
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KTOS

Kratos Defense

$12.72

-0.28 (-2.15%)

07:08
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EVGN

Evogene

$4.54

0.23 (5.34%)

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Evogene reports 'positive' results in 2nd year field trials in banana »

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AXON

Axovant Sciences

$24.25

-0.74 (-2.96%)

07:06
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Axovant Phase 3 Alzheimer's study misses co-primary endpoints »

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AST

Asterias

$3.25

0.05 (1.56%)

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Asterias receives regulatory clearance to start AST-VAC2 clinical trial »

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  • 26

    Sep

MDXG

MiMedx

$12.35

-0.28 (-2.22%)

07:06
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Hot Stocks
MiMedx announces confidential lawsuit settlement with terminated employee »

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  • 26

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DRI

Darden

$83.14

0.26 (0.31%)

07:06
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Hot Stocks
Darden reports Q1 Olive Garden same-restaurant sales up 1.9% »

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  • 26

    Sep

AGN

Allergan

$211.61

6.96 (3.40%)

07:05
09/26/17
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Recommendations
Allergan analyst commentary  »

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AZRE

Azure Power

$16.18

0.18 (1.13%)

07:05
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Azure Power awarded 260 MW solar project in Gujarat »

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HEES

H&E Equipment

$26.97

-0.2 (-0.74%)

07:04
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Initiation
H&E Equipment initiated  »

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NOG

Northern Oil and Gas

$0.94

0.093 (10.98%)

07:04
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Northern Oil and Gas announces settlement with former CEO »

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DRI

Darden

$83.14

0.26 (0.31%)

07:03
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Breaking Hot Stocks news story on Darden »

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  • 26

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BTX

BioTime

$2.72

-0.08 (-2.86%)

07:03
09/26/17
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Hot Stocks
BioTime announces 'positive' secondary, long-term data from Renevia trial »

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  • 26

    Sep

MBRX

Moleculin Biotech

$2.41

-0.07 (-2.82%)

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Moleculin Biotech announces FDA approval of Annamycin IND »

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GNCA

Genocea

$5.33

0.04 (0.76%)

07:03
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Downgrade
Genocea rating change  »

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  • 26

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DRI

Darden

$83.14

0.26 (0.31%)

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Darden reports Q1 blended same-restaurant sales from legacy brands up 1.7% »

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  • 26

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AKBA

Akebia

$17.90

0.33 (1.88%)

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  • 26

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AXON

Axovant Sciences

$24.25

-0.74 (-2.96%)

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DRI

Darden

$83.14

0.26 (0.31%)

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Earnings
Darden backs FY18 adjusted cont ops EPS view $4.38-$4.50, consensus $4.47 »

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  • 26

    Sep

AKBA

Akebia

$17.90

0.33 (1.88%)

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Hot Stocks
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  • 26

    Sep

AKBA

Akebia

$17.90

0.33 (1.88%)

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  • 26

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DIS

Disney

$99.57

0.97 (0.98%)

06:59
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Periodicals
Disney streams theme-park events in new prototype stores, Bloomberg says »

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