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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

WMT

Wal-Mart

$70.88

0.21 (0.30%)

18:17
12/02/16
12/02
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12/02/16
18:17
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Wal-Mart to pay $7.5M to settle same-sex spouse benefit case, Reuters reports »

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GMED

Globus Medical

$21.89

0.12 (0.55%)

, TLN

Talen Energy

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Hot Stocks
S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

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GMED

Globus Medical

$21.89

0.12 (0.55%)

TLN

Talen Energy

UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

IM

Ingram Micro

$38.88

1.31 (3.49%)

HMST

HomeStreet

$29.35

-0.2 (-0.68%)

03/08/13
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JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

, ALIOF

Actelion

$206.01

15.21 (7.97%)

18:11
12/02/16
12/02
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18:11
Periodicals
Johnson & Johnson said to raise offer for Actelion above $250, Bloomberg says »

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JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

ALIOF

Actelion

$206.01

15.21 (7.97%)

03/08/13
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CE

Celanese

$79.10

0.3 (0.38%)

18:00
12/02/16
12/02
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18:00
Hot Stocks
Celanese to raise list, off-list selling prices for paraformaldehyde »

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HMST

HomeStreet

$29.35

-0.2 (-0.68%)

, GMED

Globus Medical

$21.89

0.12 (0.55%)

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HMST

HomeStreet

$29.35

-0.2 (-0.68%)

GMED

Globus Medical

$21.89

0.12 (0.55%)

BGS

B&G Foods

$42.50

0.2 (0.47%)

ZEN

Zendesk

$21.17

0.34 (1.63%)

03/08/13
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  • 08

    Dec

  • 09

    Jan

ZEN

Zendesk

$21.17

0.34 (1.63%)

17:53
12/02/16
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17:53
Hot Stocks
Zendesk says SVPs Amanda Kleha and Marcus Bragg to resign »

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  • 08

    Dec

AIXG

Aixtron

$3.97

-0.05 (-1.24%)

17:42
12/02/16
12/02
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17:42
Periodicals
President Obama blocks China's Fujian from acquiring Aixtron, CNBC reports »

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CX

CEMEX

$7.83

0.09 (1.16%)

17:31
12/02/16
12/02
17:31
12/02/16
17:31
Hot Stocks
CEMEX to divest ready-mix concrete pumping assets in Mexico »

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SRNE

Sorrento Therapeutics

$5.15

-0.1 (-1.90%)

17:30
12/02/16
12/02
17:30
12/02/16
17:30
Syndicate
Breaking Syndicate news story on Sorrento Therapeutics »

Sorrento files to sell…

03/08/13
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  • 06

    Dec

MBRX

Moleculin Biotech

$2.63

-0.14 (-5.05%)

17:29
12/02/16
12/02
17:29
12/02/16
17:29
Syndicate
Breaking Syndicate news story on Moleculin Biotech »

Moleculin Biotech files…

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  • 06

    Dec

NEOG

Neogen

$61.59

-1.46 (-2.32%)

17:28
12/02/16
12/02
17:28
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17:28
Hot Stocks
Neogen acquires U.K.-based Quat-Chem, terms undisclosed »

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RRC

Range Resources

$36.36

-0.23 (-0.63%)

17:25
12/02/16
12/02
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12/02/16
17:25
Hot Stocks
Breaking Hot Stocks news story on Range Resources »

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EOG

EOG Resources

$103.74

-1.01 (-0.96%)

17:25
12/02/16
12/02
17:25
12/02/16
17:25
Syndicate
Breaking Syndicate news story on EOG Resources »

EOG Resources files to…

03/08/13
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  • 13

    Dec

HMST

HomeStreet

$29.35

-0.2 (-0.68%)

, UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

17:22
12/02/16
12/02
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17:22
Hot Stocks
Breaking Hot Stocks news story on HomeStreet, UMB Financial »

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HMST

HomeStreet

$29.35

-0.2 (-0.68%)

UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

03/08/13
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UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

, IM

Ingram Micro

$38.88

1.31 (3.49%)

17:21
12/02/16
12/02
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Hot Stocks
UMB Financial to replace Ingram Micro in S&P 400 as of 12/6 close »

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UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

IM

Ingram Micro

$38.88

1.31 (3.49%)

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GMED

Globus Medical

$21.89

0.12 (0.55%)

, TLN

Talen Energy

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Globus Medical to replace Talen Energy in S&P 400 as of 12/6 close »

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GMED

Globus Medical

$21.89

0.12 (0.55%)

TLN

Talen Energy

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AIXG

Aixtron

$3.97

-0.05 (-1.24%)

17:16
12/02/16
12/02
17:16
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17:16
Periodicals
President Obama blocks China's takeover of Aixtron, CNBC reports »

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DB

Deutsche Bank

$15.74

-0.32 (-1.99%)

17:07
12/02/16
12/02
17:07
12/02/16
17:07
Periodicals
Deutsche Bank to pay $60M settlement over gold price-fixing case, Reuters says »

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  • 10

    Jan

ALB

Albemarle

$84.86

-0.79 (-0.92%)

17:07
12/02/16
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Albemarle to increase prices for select brominated products »

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  • 16

    Mar

FOR

Forestar Group

$13.40

0.2 (1.52%)

17:06
12/02/16
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Breaking Hot Stocks news story on Forestar Group »

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FANG

Diamondback Energy

$108.14

-1.86 (-1.69%)

17:04
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Breaking Syndicate news story on Diamondback Energy »

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OSIR

Osiris

$5.68

0.06 (1.07%)

17:02
12/02/16
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Osiris: Nasdaq grants company's request for additional time »

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STOR

STORE Capital

$24.45

0.52 (2.17%)

17:00
12/02/16
12/02
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Hot Stocks
STORE Capital director Donovan acquires 4,350 shares »

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CARB

Carbonite

$17.95

0.25 (1.41%)

16:48
12/02/16
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Breaking Hot Stocks news story on Carbonite »

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GIB

CGI Group

$47.11

0.16 (0.34%)

16:48
12/02/16
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CGI Group announces specific share repurchase program »

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