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BIIB

Biogen

$318.11

-0.21 (-0.07%)

, LLY

Eli Lilly

$75.99

-0.65 (-0.85%)

06:59
11/23/16
11/23
06:59
11/23/16
06:59

Citi pegs potential Biogen downside to $287 on Lilly failure

In a research note dated yesterday, Citi analyst Robyn Karnauskas said shares of Biogen (BIIB) could fall to $286 should Eli Lilly's (LLY) Alzheimer's drug solanezumab fail in its Phase 3 study. After Lilly reported this morning that the trial failed, shares of Biogen are down 6%, or $18.60, to $299.51 in pre-market trading. Shares of Lilly are down 14%, or $10.77, to $65.22. Karnauskas estimated the downside range of Biogen on a failed solanezumab study at $287-$306. The analyst has a Neutral rating on Biogen.

BIIB

Biogen

$318.11

-0.21 (-0.07%)

LLY

Eli Lilly

$75.99

-0.65 (-0.85%)

  • 29

    Nov

  • 04

    Dec

BIIB Biogen
$318.11

-0.21 (-0.07%)

11/07/16
MZHO
11/07/16
INITIATION
Target $290
MZHO
Neutral
Biogen initiated with a Neutral at Mizuho
Mizuho analyst Salim Syed initiated Biogen with a Neutral rating and a $290 price target.
11/08/16
11/08/16
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. Adient (ADNT) initiated with a Neutral at JPMorgan. 2. JinkoSolar (JKS) initiated with a Buy at Craig-Hallum. 3. Amgen (AMGN), Gilead (GILD), and Celgene (CELG) initiated with a Buy at Mizuho while the firm initiated Biogen (BIIB) with a Neutral. 4. BioScrip (BIOS) resumed with a Buy at Jefferies. 5. SQM (SQM) initiated with a Market Perform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/09/16
RBCM
11/09/16
NO CHANGE
RBCM
Biotech stocks should be bought on post-election decline, says RBC Capital
RBC Capital recommends buying biotech stocks today on weakness. The firm notes that stocks usually rebound after they drop due to political events that don't affect their fundamentals, and it believes that the decline in biotech stocks today is in that category. The firm says that President-elect Trump probably won't focus on drug prices or Medicare reform. It adds that biotech companies should benefit from the fact that Congress will stay in GOP hands and the apparent failure of California's Proposition 61 initiative. The firm identifies Celgene (CELG), Biogen (BIIB), Vertex (VRTX), BioMarin (BMRN), and Prothena (PRTA) as its favorite names in the sector.
11/09/16
PIPR
11/09/16
NO CHANGE
PIPR
Piper sees improving environment for Biopharma M&A
The biotech sector is seeing a "massive relief rally" given the "surprise trifecta" of a Republican sweep, the voting down of Prop 61 in California and U.S. dollar weakness, Piper Jaffray analyst Joshua Schimmer tells investors in a research note. The door is now open to discuss potential repatriation of cash outside the U.S., which could be a green light on mergers and acquisitions, the analyst adds. He points out that Amgen (AMGN) and Gilead (GILD) hold the most overseas cash, with Celgene (CELG) and Biogen (BIIB) holding several billion as well. Schimmer believes the broader environment may be improving for M&A. He cautions, though, that the election of Trump does not remove the "major drug pricing overhang question."
LLY Eli Lilly
$75.99

-0.65 (-0.85%)

11/03/16
BMOC
11/03/16
NO CHANGE
BMOC
Eli Lilly factored pricing pressure into guidance, says BMO Capital
After meeting with Eli Lilly, BMO Capital analyst Alex Arfaei reports that the company seemed surprised at the intensity of investors' concerns about pricing pressure on it. The analyst says that the company anticipated pricing pressure and factored it into its guidance. The analyst keeps a $91 price target and an Outperform rating on the shares.
11/09/16
SBSH
11/09/16
NO CHANGE
SBSH
Citi sees Healthcare 'relief rally' after Trump win
Citi analyst Andrew Baum expects a "'relief rally" to drive near-term sector outperformance for names in the Healthcare space given the "inability of the Democrats to attain the Presidency, the House or Congress." Longer term, however, the analyst still sees "significant continued legislative risk" for pharma reimbursement. Baum prefers GlaxoSmithKline (GSK), AstraZeneca (AZN), Shire (SHPG) and Roche (RHHBY) among European majors and Bristol-Myers (BMY) and Eli Lilly (LLY) in the U.S.
11/11/16
JEFF
11/11/16
NO CHANGE
Target $100
JEFF
Buy
Jefferies bullish on Lilly regardless of Alzheimer's data
Jefferies analyst Jeffrey Holford believes shares of Eli Lilly "can work over time" regardless of Alzheimer's disease drug solanezumab's Phase III study outcome. The analyst, however, says he has enough confidence to recommend Lilly shares ahead of the EXPEDITION3 data readout. Holford increased his base case solanezumab peak sales to $5B. He says Lilly remains one of his top picks with a Buy rating and $100 price target.
11/15/16
JPMS
11/15/16
NO CHANGE
Target $95
JPMS
Overweight
JPMorgan sees favorable risk/reward for Lilly into Alzheimer's data
JPMorgan analyst Chris Schott sees a favorable risk/reward profile for shares of Eli Lilly into the solanezumab data for Alzheimer's, which is expected by year-end. Favorable data from the EXPEDITION-3 trial would represent a catalyst not just for Lilly and other Alzheimer's associated names but for the biopharma space as a whole, Schott tells investors in a research note. The analyst expects 20%-plus share upside in the event the trial is successful on both primary and secondary endpoints. He assigns a 10%-20% probability to this outcome. Schott sees 10%-20% share upside for Lilly should the study hit on its primary but only shows a trend on secondary endpoints. He assigns a 50%-60% probability for this outcome. The analyst also sees a 10% move to the downside if the study fails both endpoints, an outcome he assigns a 20% probability. Schott reiterates an Overweight rating on Lilly with a $95 price target. He believes Lilly's "diverse range of pipeline opportunities" largely supports the valuation at current levels.

TODAY'S FREE FLY STORIES

PWE

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APDN

Applied DNA Sciences

$1.76

0.36 (25.71%)

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MOMO

Momo

$37.06

-2.32 (-5.89%)

, BAC

Bank of America

09:40
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Options
Unusually active option classes on open June 28th »

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MOMO

Momo

$37.06

-2.32 (-5.89%)

BAC

Bank of America

JPM

JPMorgan

GOOGL

Alphabet Class A

$948.09

-24 (-2.47%)

XBI

SPDR S&P BIOTECH

C

Citi

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Pandora

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AAP

Advance Auto Parts

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PRQR

ProQR Therapeutics

$5.03

-0.025 (-0.50%)

09:38
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Syndicate
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GIS

General Mills

09:36
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Technical Analysis
Technical View: General Mills trades higher after results and outlook »

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  • 28

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SKYS

Sky Solar

$1.54

0.26 (20.31%)

09:35
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  • 27

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ADMS

Adamas Pharmaceuticals

$16.88

-0.51 (-2.93%)

09:35
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  • 24

    Aug

UMC

UMC

09:35
06/28/17
06/28
09:35
06/28/17
09:35
Upgrade
UMC rating change  »

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09:35
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General news
U.S. NAR pending home sales preview: »

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QCOM

Qualcomm

$55.43

-1.13 (-2.00%)

, NXPI

NXP Semiconductors

$109.52

-0.21 (-0.19%)

09:33
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09:33
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09:33
Recommendations
Qualcomm, NXP Semiconductors analyst commentary  »

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QCOM

Qualcomm

$55.43

-1.13 (-2.00%)

NXPI

NXP Semiconductors

$109.52

-0.21 (-0.19%)

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CBI

CB&I

09:33
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09:33
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09:33
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CB&I rating change  »

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AAP

Advance Auto Parts

09:33
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ACN

Accenture

09:32
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Accenture acquires Intrepid, terms not disclosed »

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TM

Toyota

09:31
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BEP

Brookfield Renewable

09:30
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AVAL

Grupo Aval

09:30
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YEXT

Yext

09:29
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Conference/Events
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  • 28

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BANR

Banner Corp.

$54.58

0.64 (1.19%)

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BBD

Banco Bradesco

09:29
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PSTG

Pure Storage

09:28
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Conference/Events
Pure Storage management to meet with William Blair »

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  • 28

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VLY

Valley National

09:28
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Initiation
Valley National initiated  »

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