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ABBV

AbbVie

$59.78

-0.7252 (-1.20%)

, AZN

AstraZeneca

$26.70

-0.4 (-1.48%)

10:01
11/28/16
11/28
10:01
11/28/16
10:01

Citi analyst 'perturbed,' downgrades AbbVie to Neutral

Citi analyst Andrew Baum earlier today downgraded AbbVie (ABBV) to Neutral from Buy and lowered his price target for the shares to $60 from $65. The biopharmaceutical company is trading down 2%, or 99c, to $59.52. The risk to post 2017 consensus estimates for Humira has "increased on almost all fronts," Baum tells investors in a research note. The analyst sees increased patent risk and competition from biosimilar Enbrel in Europe. He also believes AstraZeneca (AZN) and Acerta's acalabrutinib "looks like a better mousetrap" than AbbVie's Imbruvica. Baum is also "perturbed" by AbbVie management's recent "rich" acquisition of Stemcentrx. He prefers shares of Eli Lilly (LLY) and Bristol-Myers (BMY) to AbbVie.

ABBV

AbbVie

$59.78

-0.7252 (-1.20%)

AZN

AstraZeneca

$26.70

-0.4 (-1.48%)

LLY

Eli Lilly

$67.85

-1.2686 (-1.84%)

BMY

Bristol-Myers

$56.76

-0.22 (-0.39%)

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    Feb

ABBV AbbVie
$59.78

-0.7252 (-1.20%)

11/08/16
BARD
11/08/16
NO CHANGE
Target $40
BARD
Outperform
Coherus Biosciences weakness a buying opportunity, says Baird
Baird analyst Michael Ulz noted Coherus (CHRS) received a decision denying the institution of the '166 IPR related to Abbie's (ABBV) Humira. Though the decision was disappointing, the analyst sees multiple opportunities remaining to circumvent the patent. Ulz said he would be a buyer on the weakness in Coherus and reiterated his Outperform rating and $40 price target on the shares.
11/07/16
COWN
11/07/16
NO CHANGE
Target $45
COWN
Outperform
Coherus has other paths to pursue in AbbVie patent fight, says Cowen
Cowen analyst Ken Cacciatore noted the U.S. Patent Trial and Appeals Board decided to deny institution of Coherus Biosciences' (CHRS) Inter Partes Review against AbbVie's (ABBV) '166 patent related to Humira, though he believes that Coherus still has other remaining pathways in its patent fight over the drug. "Today's news, although a setback, should be treated as a relatively minor" one, he tells investors. Cacciatore has an Outperform rating and $45 price target on Coherus shares.
11/07/16
SBSH
11/07/16
NO CHANGE
Target $36
SBSH
Buy
Citi says buy Coherus Biosciences on today's selloff
Citi analyst Mohit Bansal recommends using today's selloff in shares of Coherus Biosciences (CHRS) as a buying opportunity. Checks with patent experts indicate that the patent in today's case is not a key obstacle against a biosimilar of AbbVie's Humira, Bansal tells investors in a research note. Further, the analyst estimates fair value of Coherus shares at $24 if the Humira biosimilar is removed completely. The stock is currently down 16%, or $4.60, to $23.55. Basel does not expect a biosimilar launch until 2020. He adds that every one year launch delay post 2020 would impact his fair value for shares by only $1. The analyst keeps a Buy rating on Coherus with a $36 price target.
11/28/16
SBSH
11/28/16
DOWNGRADE
SBSH
Neutral
AbbVie downgraded to Neutral from Buy at Citi
AZN AstraZeneca
$26.70

-0.4 (-1.48%)

10/26/16
PIPR
10/26/16
NO CHANGE
PIPR
Neutral
Piper still uncertain on Clovis position after AstraZeneca data
AstraZeneca's (AZN) Phase III study of Lynparza in ovarian cancer "substantially improved" progression-free survival over what was seen in study 19, suggesting a profile at least similar to TESARO's (TSRO) niraparib, Piper Jaffray analyst Steven Breazzano tells investors in a research note. The new data confirm that the various PARP inhibitors are more similar than different, which bodes well for Clovis Oncology's (CLVS) own maintenance study, the analyst contends. Breazzano, however, remains the sidelines with respect to Clovis shares given the "increasingly competitive dynamic" in ovarian cancer and uncertainty in the company's position in the important maintenance setting. The analyst keeps a Neutral rating on Clovis.
10/20/16
JANY
10/20/16
NO CHANGE
Target $1.5
JANY
Neutral
Cerulean cash infusion gives chance to execute on programs, says Janney Capital
Janney Capital analyst Debjit Chattopadhyay said Cerulean's (CERU) collaboration with Novartis (NVS), which comes with a "modest" $5M upfront payment, and its $20M ATM facility with Aspire Capital, while "not ideal," gives management a chance to execute on three of its ongoing programs, the most important of which is the dose escalation study with Olaparib with partner AstraZeneca (AZN) that should have preliminary data in 2Q17. The analyst raised his fair value estimate on Cerulean to $1.50 from $1.00 and keeps a Neutral rating on the stock.
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.
10/13/16
JEFF
10/13/16
DOWNGRADE
Target $36
JEFF
Hold
Pfizer downgraded to Hold from Buy at Jefferies
Jefferies analyst Jeffrey Holford downgraded Pfizer (PFE) to Hold citing a lack of positive catalysts. The analyst says the drivers for his upgrade to Buy have either played out or have not materialized, namely an inversion or GEP unit separation. To reflect the infusion business disposal and weaker Ibrance trends, Holford cut his mid-term earnings estimates for Pfizer by up to 7% and cut his price target for the shares to $36 from $39. The stock closed yesterday down 6c to $33.07. The analyst also sees increased risk of a major acquisition occurring over the next 12 months. In the global pharma space, Holford lists AbbVie (ABBV), Eli Lilly (LLY), Novartis (NVS) and AstraZeneca (AZN) as his top picks.
LLY Eli Lilly
$67.85

-1.2686 (-1.84%)

11/25/16
BARD
11/25/16
NO CHANGE
Target $29
BARD
Outperform
Lilly trial failure has little to do with Axovant Sciences, says Baird
Baird analyst Brian Skorney said Eli Lilly's (LLY) solanezumab drug trial failure has little to do with Axovant Sciences (AXON) drug trial for Alzheimer's. The analyst said Lilly's failure is a reminder of the difficulty of the disease, but the two company's drugs are very different and meant to have very different effects. Skorney reiterated his Outperform rating and $29 price target on Axovant shares.
11/25/16
ATLE
11/25/16
DOWNGRADE
ATLE
Neutral
Eli Lilly downgraded to Neutral from Overweight at Atlantic Equities
11/28/16
BOFA
11/28/16
NO CHANGE
BOFA
Buy
Eli Lilly removed from US 1 List at BofA/Merrill
11/28/16
MAXM
11/28/16
NO CHANGE
Target $15
MAXM
Buy
Anavex may be targeting 'ideal approach' to Alzheimer's disease, says Maxim
After Eli Lilly's (LLY) solanezumab failed its third Phase 3 study in early-stage Alzheimer's disease, Maxim analyst Jason McCarthy noted that Anavex's (AVXL) 2-73 targets the disease "more broadly upstream" to restore proper CNS cell function and has shown "promising early data." While too soon to draw any firm conclusions, given the lessons learned from failures in pursuit of other avenues, Anavex "may be on the right track" by looking upstream, said McCarthy, who keeps a Buy rating and $15 price target on the stock.
BMY Bristol-Myers
$56.76

-0.22 (-0.39%)

11/03/16
JPMS
11/03/16
NO CHANGE
JPMS
JPMorgan calls Lilly, Bristol-Myers, Allergan favorite pharma majors
Following a "challenging" Q3 earnings season for the major pharmaceuticals companies, JPMorgan analyst Chris Schott said pricing continues to be a major overhang on the space. However, he believes these and other challenges are "increasingly well reflected" in both earnings and sector multiples and recommends companies early in new product launch cycles. Coming out of the earnings season, Schott named Eli Lilly (LLY), Bristol-Myers (BMY) and Allergan (AGN) as his favorite names in the large-cap pharma space.
10/28/16
10/28/16
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. Twitter (TWTR) upgraded to Perform from Underperform at Oppenheimer with analyst Jason Helfstein saying the stock's valuation now "properly" reflects the challenging fundamental outlook. 2. Bristol-Myers (BMY) upgraded to Long-Term Buy from Neutral at Hilliard Lyons. 3. Qualcomm (QCOM) upgraded on valuation at BMO Capital with analyst Tim Long saying he is neutral on Qualcomm's acquisition of NXP (NXPI), but he expects Qualcomm's stock to stay in a trading range in the wake of the deal. 4. Level 3 (LVTL) upgraded to Outperform from Perform at Oppenheimer with analyst Timothy Horan saying the company has restructured itself in the last few years and now has operational/financial flexibility on free cash flow, with the analyst seeing accelerating growth in 2017. 5. ConocoPhillips (COP) upgraded to Overweight from Neutral at Piper Jaffray with analyst Guy Baber saying the company reported "another solid quarter." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/28/16
HDLY
10/28/16
UPGRADE
HDLY
Long-Term Buy
Bristol-Myers upgraded to Long-Term Buy from Neutral at Hilliard Lyons

TODAY'S FREE FLY STORIES

XPO

XPO Logistics

$62.63

1.785 (2.93%)

10:00
06/28/17
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Periodicals
XPO tells Bloomberg 'several billion' dollar acquisition is possible »

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HYG

iShares iBoxx $ High Yield Corporate Bond

$88.17

0.13 (0.15%)

10:00
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Options
Hefty put spread in High Yield Bond Fund »

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WDC

Western Digital

$91.85

-0.81 (-0.87%)

09:55
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Options
Western Digital put volume heavy and directionally bearish »

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TRIP

TripAdvisor

$36.49

-0.18 (-0.49%)

, LNC

Lincoln National

$66.94

1.315 (2.00%)

09:55
06/28/17
06/28
09:55
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09:55
Options
Early notable gainers among liquid option names on June 28th »

Notable gainers among…

TRIP

TripAdvisor

$36.49

-0.18 (-0.49%)

LNC

Lincoln National

$66.94

1.315 (2.00%)

GIS

General Mills

$56.79

1.27 (2.29%)

DO

Diamond Offshore

$10.77

0.2 (1.89%)

RIG

Transocean

$8.23

0.16 (1.98%)

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09:55
06/28/17
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09:55
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09:55
Conference/Events
House Financial Services Committee to hold a hearing »

The Monetary Policy &…

SBUX

Starbucks

$58.96

-0.68 (-1.14%)

09:53
06/28/17
06/28
09:53
06/28/17
09:53
Periodicals
Fecal bacteria found in ice at Costa, Starbucks, Caffe Nero, BBC reports »

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PWE

Penn West

09:50
06/28/17
06/28
09:50
06/28/17
09:50
Hot Stocks
Breaking Hot Stocks news story on Penn West »

Penn West trading halted,…

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09:50
06/28/17
06/28
09:50
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09:50
General news
Treasury Action: yields rebounded again »

Treasury Action: yields…

APDN

Applied DNA Sciences

$1.76

0.36 (25.71%)

09:47
06/28/17
06/28
09:47
06/28/17
09:47
Syndicate
Applied DNA Sciences raises $1.8M in a private placement »

Applied DNA Sciences…

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09:45
06/28/17
06/28
09:45
06/28/17
09:45
General news
Pending Home Sales Index to be reported at 10:00 »

May Pending Home Sales…

SSNLF

Samsung

09:44
06/28/17
06/28
09:44
06/28/17
09:44
Hot Stocks
Samsung to open $380M home appliance plant in South Carolina »

Samsung announced that it…

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MOMO

Momo

$37.06

-2.32 (-5.89%)

, BAC

Bank of America

09:40
06/28/17
06/28
09:40
06/28/17
09:40
Options
Unusually active option classes on open June 28th »

Unusual total active…

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

P

Pandora

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AAP

Advance Auto Parts

09:39
06/28/17
06/28
09:39
06/28/17
09:39
Downgrade
Advance Auto Parts rating change  »

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PRQR

ProQR Therapeutics

$5.03

-0.025 (-0.50%)

09:38
06/28/17
06/28
09:38
06/28/17
09:38
Syndicate
Breaking Syndicate news story on ProQR Therapeutics »

ProQR Therapeutics…

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GIS

General Mills

09:36
06/28/17
06/28
09:36
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09:36
Technical Analysis
Technical View: General Mills trades higher after results and outlook »

The stock was last up…

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SKYS

Sky Solar

$1.54

0.26 (20.31%)

09:35
06/28/17
06/28
09:35
06/28/17
09:35
Hot Stocks
Sky Solar engages lawyers to investigate conduct of former CEO »

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  • 27

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ADMS

Adamas Pharmaceuticals

$16.88

-0.51 (-2.93%)

09:35
06/28/17
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09:35
Hot Stocks
Adamas Pharmaceuticals appoints Alfred Merriweather as CFO »

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  • 24

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UMC

UMC

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

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09:35
06/28/17
06/28
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General news
U.S. NAR pending home sales preview: »

U.S. NAR pending home…

QCOM

Qualcomm

$55.43

-1.13 (-2.00%)

, NXPI

NXP Semiconductors

$109.52

-0.21 (-0.19%)

09:33
06/28/17
06/28
09:33
06/28/17
09:33
Recommendations
Qualcomm, NXP Semiconductors analyst commentary  »

Qualcomm could raise…

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
06/28/17
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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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Advance Auto Parts rating change  »

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ACN

Accenture

09:32
06/28/17
06/28
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09:32
Hot Stocks
Accenture acquires Intrepid, terms not disclosed »

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TM

Toyota

09:31
06/28/17
06/28
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09:31
Downgrade
Toyota rating change  »

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BEP

Brookfield Renewable

09:30
06/28/17
06/28
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Downgrade
Brookfield Renewable rating change  »

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