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JNJ

Johnson & Johnson

$127.25

-0.82 (-0.64%)

, LLY

Eli Lilly

$83.73

-0.33 (-0.39%)

04:55
03/22/17
03/22
04:55
03/22/17
04:55

Biotech Industry Organization and EBD Group to host a conference

11th Annual BIO-Europe Spring Conference is being held in Barcelona, Spain on March 20-22.

JNJ

Johnson & Johnson

$127.25

-0.82 (-0.64%)

LLY

Eli Lilly

$83.73

-0.33 (-0.39%)

MRK

Merck

$63.91

-0.2 (-0.31%)

CTRV

ContraVir Pharmaceuticals

$1.57

-0.0801 (-4.85%)

BIIB

Biogen

$275.79

0.99 (0.36%)

DNA

Bought by RHHBY

AMGN

Amgen

$166.85

-2.39 (-1.41%)

BMY

Bristol-Myers

$55.71

-0.7 (-1.24%)

ABBV

AbbVie

$65.35

-0.45 (-0.68%)

RHHBY

Roche

$31.41

-0.21 (-0.66%)

SNY

Sanofi

$44.36

-0.15 (-0.34%)

BAYRY

Bayer

$113.53

-0.7025 (-0.61%)

PFE

Pfizer

$34.25

-0.13 (-0.38%)

NVS

Novartis

$74.39

-1.29 (-1.70%)

PTHN

Bought by TMO

$26.38

-0.41 (-1.53%)

PM

Philip Morris

$113.49

0.52 (0.46%)

RDHL

RedHill Biopharma

$10.37

-0.05 (-0.48%)

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JNJ Johnson & Johnson
$127.25

-0.82 (-0.64%)

03/08/17
JPMS
03/08/17
UPGRADE
JPMS
Overweight
Actelion upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst James Gordon upgraded Actelion (ALIOF) to Overweight citing a "high confidence" that the Johnson & Johnson (JNJ) buyout will complete. The analyst sees 7% potential return by mid-2017.
02/17/17
RBCM
02/17/17
NO CHANGE
Target $105
RBCM
Outperform
Edgewell Personal Care remains takeout target, says RBC Capital
After Kraft Heinz (KHC) confirmed it had approached Unilever (UN, UL) with a merger proposal, RBC Capital analyst Nik Modi says the news come as a surprise, but does not warrant a change in his Edgewell Personal Care (EPC) takeout thesis. The analyst reiterates an Outperform rating on the latter's shares, with a $105 price target, on improving margin and revenue profile and the prospects of a takeout in the next 12-16 months, with Unilever as one of the more likely buyers. Other potential suitors include Kimberly-Clark (KMB), Beiersdorf, Henkel, Johnson & Johnson (JNJ), Colgate-Palmolive (CL), Church & Dwight (CHD), L'Oreal (LRLCY), and Kao, he adds.
02/27/17
BERN
02/27/17
NO CHANGE
BERN
J&J executive 'most admired' Colgate-Palmolive, Reading & Bates, says Bernstein
Bernstein analyst Ali Dibadj says that Johnson & Johnson (JNJ) "made clear it has appetite" for M&A in the consumer space. According to the analyst, J&J's head of consumer says he "most admired Colgate-Palmolive (CL) and Reading & Bates (RB)."
02/16/17
OPCO
02/16/17
NO CHANGE
OPCO
Outperform
Codman acquisition strengths Integra neurosurgery position, says Oppenheimer
Following the announcement that Integra LifeSciences (IART) acquired the Codman Neurosurgery Business from Johnson & Johnson (JNJ), Oppenheimer analyst Steven Lichtman says the addition brings complementary products to further strengthen the former's position in the neurosurgery market. Additionally, the analyst notes that the deal also expands Integra LifeSciences' international revenue and adds to the company's international infrastructure that will be supportive primarily of its neurosurgery business, but will also help in the international build-out of other segments. He reiterates an Outperform rating on Integra LifeSciences' shares.
LLY Eli Lilly
$83.73

-0.33 (-0.39%)

01/23/17
LEHM
01/23/17
DOWNGRADE
Target $45
LEHM
Equal Weight
CoLucid Pharmaceuticals downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Douglas Tsao downgraded CoLucid Pharmaceuticals (CLCD) to Equal Weight citing the takeover agreement by Eli Lilly (LLY). The analyst keeps a $45 price target for the shares.
03/20/17
UBSW
03/20/17
NO CHANGE
Target $85
UBSW
Neutral
Eli Lilly price target raised to $85 from $70 at UBS
UBS analyst Marc Goodman raised his price target on Eli Lilly to $85 from $70 as he updated his model to account for two months of IMS prescription data. Overall his 2017 revenues are largely unchanged but he raised his estimates slightly for 2018. Goodman also noted the positive upcoming data readouts are likely priced into the stock already. Goodman maintained a Neutral rating on Eli Lilly shares.
03/16/17
03/16/17
DOWNGRADE

Eli Lilly delines 2%, or $1.36, to $84.52
01/19/17
SBSH
01/19/17
NO CHANGE
Target $100
SBSH
Buy
Eli Lilly story 'sharper' after solanezemab failure, says Citi
Citi analyst Andrew Baum believes Eli Lilly's (LLY) equity story has "become sharper" with the uncertainty of the failed solanezemab trial now removed. Recent and anticipated launches are set to drive an anticipated annual earnings growth rate of 13% over the next five years, Baum tells investors in a research note. He views the growth as attractive and continues to prefer Lilly and Bristol-Myers (BMY) among the U.S. major pharmaceutical names. The analyst lowered his price target for Lilly shares to $100 from $110 to reflect the failure in Alzheimer's and keeps a Buy rating on the name.
MRK Merck
$63.91

-0.2 (-0.31%)

03/08/17
PIPR
03/08/17
NO CHANGE
Target $60
PIPR
Neutral
Piper views near-term takeout of Bristol-Myers as unlikely
In a research note titled "Lung Data to Define Value....Not M&A Talk," Piper Jaffray analyst Richard Purkiss contends that news reports suggesting Bristol-Myers (BMY) is a takeover target are "wide of the mark." Industry buyers are unlikely to show interest ahead of the immuno-oncology data readouts in the next 12 months, Purkiss tells investors. He believes the key value-defining events for Bristol over the next year are the four large I/O Combo studies set to read out from mid-2017: AstraZeneca's (AZN) MYSTIC, Merck's (MRK) KN-189, Roche's (RHHBY) IMpower 150 and the company's own CheckMate-227. Ahead of these data, it is virtually impossible to assign a stable fair value to Bristol's I/O franchise, Purkiss argues. He believes investors seeking to benefit from industry consolidation in the near-term should own small- or mid-cap oncology companies. The analyst has a Neutral rating on Bristol with a $60 price target. The stock closed yesterday down 64c to $56.33.
02/15/17
LEER
02/15/17
NO CHANGE
LEER
Biogen outlook intact despite Merck study suspension, says Leerink
Leerink analyst Geoffrey Porges notes that Merck (MRK) announced the suspension of the Phase 2/3 EPOCH trial of verubecestat in mild-to-moderate Alzheimer's patients for lack of efficacy, which was one of the most important catalysts for the field this year and a significant overhang for Biogen (BIIB) and other companies. While the failure had been widely anticipated in this study, the analyst believes this result does not read over to the outlook for Biogen's ongoing pivotal trials with aducanumab, or with its partner, Eisai's (ESALY) BACE inhibitor, elenbecestat.
02/24/17
LEER
02/24/17
NO CHANGE
LEER
Merck write-down suggests 'rest of Idenix' is now 'very small,' says Leerink
Leerink analyst Geoffrey Porges notes that Merck (MRK) announced that it is taking a $2.9B impairment charge against the value of uprifosbuvir, or MK3682, which is the most important of the Hepatitis C nucleotide polymerase inhibitors it acquired from Idenix. The analyst believes this write-down suggests that the remaining value of the "rest of Idenix" is now very small. In addition to the delay for Merck's triple regimen, this impairment has "significant competitive implications" for Gilead (GILD) and AbbVie (ABBV), which are the most likely remaining participants in the HCV market, he adds.
02/24/17
RHCO
02/24/17
NO CHANGE
RHCO
Avadel Pharmaceuticals price target lowered to $13 from $17 at SunTrust
SunTrust analyst John Boris reduced his price target on Avadel (AVDL) after Endo (ENDP) launched an injectable drug that will compete, at a similar price point, with Avadel's Akovaz. The analyst adds that Avadel's Bloxiverz is also being challenged by Merck's (MRK) Bridion which is taking share in the neostigmine market. He lowered his estimates for Avadel below consensus levels but keeps a Buy rating on the name.
CTRV ContraVir Pharmaceuticals
$1.57

-0.0801 (-4.85%)

05/06/16
MAXM
05/06/16
INITIATION
Target $4
MAXM
Buy
ContraVir Pharmaceuticals initiated with a Buy at Maxim
Target $4.
BIIB Biogen
$275.79

0.99 (0.36%)

03/17/17
GSCO
03/17/17
NO CHANGE
Target $108
GSCO
Buy
AveXis price target raised to $108 on higher confidence in AVXS-101 at Goldman
After AveXis (AVXS) reported results for its Phase 1 study of AVXS-101 in spinal muscular atrophy, Goldman Sachs analyst Salveen Richter said data for the treatment continues to impress and increased his probability of success for the drug to 85% from 65% previously. The analyst, who views AVXS-101 as a key competitive threat to Biogen (BIIB) and Ionis' (IONS) Spinraza as the potential first-line treatment for SMA, raised his price target on AveXis to $108 from $91 and keeps a Buy rating on the shares.
03/21/17
RAJA
03/21/17
NO CHANGE
RAJA
Strong Buy
Biogen patent ruling worth $13-$25 per share, says Raymond James
Most investors were expecting a loss for Biogen in today's s Tecfidera patent ruling, Raymond James analyst Christopher Raymond tells investors in an intraday research note. Today's decision means Tecfidera's exclusivity stretches to at least 2025 and possibly to 2028, which the analyst pegs at being worth $13-$25 per share. He recommends buying the stock "before the market figures this out." Raymond has a Strong Buy rating on Biogen. The stock is up $4.16 to $278.96 in midday trading.
03/21/17
GSCO
03/21/17
NO CHANGE
Target $282
GSCO
Neutral
Biogen IPR win removes worst-case scenario for Tecfidera, says Goldman
Goldman Sachs analyst Terence Flynn said the USPTO's favorable decision in Kyle Bass' patent challenge to Biogen's Tecfidera removes a worst-case scenario, but notes there is still an outstanding interference proceeding between the company and competitor Forward Pharma regarding the MS drug. Flynn, who projects Tecfidera maintains U.S. exclusivity until 2028 while assuming that Biogen will pays a 10% royalty to Forward Pharma, keeps a Neutral rating and $282 price target on Biogen shares.
03/21/17
JEFF
03/21/17
NO CHANGE
Target $289
JEFF
Buy
Jefferies views Biogen patent ruling as in-line with expectations
Jefferies analyst Brian Abrahams believed with a 70% likelihood that Biogen would prevail in the inter partes review against Hayman Capital's Kyle Bass. Thus, he views patent decision as in-line with expectations. Raymond James analyst Christopher Raymond, on the other hand, said in an intraday research note that he believes most investors were expecting Biogen to lose the patent case. Abrahams thinks the outcome today is a de-risking event for Biogen and removes one of the two possibilities of an unlikely worst-case scenario, with the other being that both patents are debunked in the interference. The analyst has Hold rating on Biogen with a $289 price target.
DNA Bought by RHHBY

AMGN Amgen
$166.85

-2.39 (-1.41%)

03/20/17
JPMS
03/20/17
NO CHANGE
JPMS
Neutral
Esperion LDL-C lowering endpoint news a clear positive, says JPMorgan
After Esperion (ESPR) announced that the FDA confirmed that the bempedoic acid phase 3 program is adequate to support approval of an LDL-C lowering indication prior to outcomes data, JPMorgan analyst Jessica Fye said some expectation for this type of update "started to come into the stock" after Amgen's (AMGN) release of the FOURIER trial top-line results on last Friday. Still, the news is a clear positive for Esperion as it lifts one of the largest overhangs on the stock over the past 18 months. Fye, who now sees the potential for approval of bempedoic acid in 2020, keeps a Neutral rating on Esperion shares.
03/17/17
PIPR
03/17/17
NO CHANGE
PIPR
Overweight
Amgen weakness a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Joshua Schimmer recommends using today's weakness in shares of Amgen as a buying opportunity. The analyst believes Amgen can still turn Repatha into a $5B-plus product and he reiterates an Overweight rating on the shares.
03/17/17
NEED
03/17/17
NO CHANGE
Target $25
NEED
Strong Buy
Needham calls Esperion selloff on Amgen data 'counter-intuitive'
Needham analyst Chad Messer believes the selloff in shares of Esperion Therapeutics (ESPR) based on Amgen's (AMGN) Repatha's data is "counter-intuitive." The fact that there was a statistically significant benefit confirms that LDL reductions prevent heart attacks and strokes, Messer tells investors in a research note. Bempedoic acid will likely be priced more in line with other oral cholesterol therapies, which makes the value debate for PCSK9 drugs a positive for Esperion, not a negative, the analyst contends. The analyst keeps a Buy rating on Esperion with a $25 price target.
03/17/17
JPMS
03/17/17
NO CHANGE
JPMS
Overweight
Amgen data do not justify Medicines selloff, says JPMorgan
JPMorgan analyst Jessica Fye believes today's cholesterol data from Amgen (AMGN) do not justify the downward move in shares of The Medicines Co. (MDCO). The analyst sees a "clear clinical benefit" from Amgen's Repatha, which she thinks support the likelihood of clinical success and value for Medicines' inclisiran. The analyst remains comfortable with her 70% probability of success and $1.6B peak sales forecast for inclisiran. Fye keeps an Overweight rating on Medicines and believes the 18% selloff today is overdone.
BMY Bristol-Myers
$55.71

-0.7 (-1.24%)

03/06/17
FBCO
03/06/17
NO CHANGE
FBCO
Near-Term acquisition of Bristol-Myers unlikely, says Credit Suisse
Credit Suisse analyst Vamil Divan says there is increasing investor focus on strategic actions and opportunities around Bristol-Myers (BMY) following the company's recent stumbles and the increased stake activist investors have taken in the stock. The analyst notes that "the big question" remains whether any of its peers may be interested in an outright acquisition, with Pfizer (PFE), Novartis (NVS) and Gilead (GILD) among the possible acquirers. While the numbers may make sense, Divan sees an acquisition in the next 9-12 months as unlikely as he needs more clarity on some of the large unknowns in the lung cancer market and macro issues such as corporate tax reform.
02/15/17
DBAB
02/15/17
NO CHANGE
DBAB
Deutsche not seeing Pfizer buying Bristol-Myers at this time
Following yesterday's speculation of a potential deal, Deutsche Bank analyst Gregg Gilbert said he would be surprised to see Pfizer (PFE) make a move on Bristol-Myers Squibb (BMY) at this stage. Such an acquisition "would represent a very large and concentrated opportunity/risk on immuno-oncology, an area fraught with near-term uncertainty," Gilbert told investors last night in a research note. He believes that if Pfizer were to use $90B for a deal, it would prefer to acquire a more diverse set of value drivers. The analyst keeps a Hold rating on Bristol and Buy rating on Pfizer. Bristol shares rose 3% yesterday to $53.71 amid speculation of a potential takeover. The conjecture had Roche (RHHBY), Novartis (NVS) and Pfizer potentially looking into a bid for Bristol.
02/01/17
GSCO
02/01/17
NO CHANGE
GSCO
Bristol-Myers estimates trimmed for Sprycel loss at Goldman
Goldman reduced Bristol-Myers earnings estimates by 4c-7c for 2017-2021 to reflect the lost of the Sprycel appeal in the EU. The firm continues to rate Bristol-Myers a Buy.
ABBV AbbVie
$65.35

-0.45 (-0.68%)

03/10/17
03/10/17
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. Yum! Brands (YUM) upgraded to Outperform on valuation at Evercore ISI with analyst Matt MCGinley saying he changed his view due to the recent pullback in shares and said there is solid visibility into multi-year earnings growth from G&A reductions and share buybacks. 2. AbbVie (ABBV) upgraded to Conviction Buy from Buy at Goldman with analyst Jami Rubin saying it is one of the most compelling values across healthcare coverage, let alone U.S. pharma. 3. Fairmount Santrol (FMSA) upgraded to Buy from Hold at Jefferies with analyst Brad Handler saying the 41% pullback in shares over the past two weeks does not reflect industry fundamentals. The analyst remains comfortable with medium term frac sand industry demand/supply fundamentals. He lowered his price target for the shares to $10 from $12. 4. Fly Leasing (FLY) upgraded to Buy from Neutral at Compass Point. 5. Camden Property (CPT) upgraded to Buy from Neutral at Goldman with analyst Andrew Rosivach citing lower supply and "sustained strong demand," particularly in Houston. The analyst raised his price target for the shares to $94 from $84. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/07/17
JEFF
03/07/17
NO CHANGE
Target $90
JEFF
Buy
Jefferies 'strongly' reiterates AbbVie as a top pick
Jefferies analyst Jeffrey Holford "strongly" reiterates AbbVie as his top pick following a "deep dive" analysis into Rova-T for small cell lung cancer. The analyst now sees even greater potential for Rova-T than consensus after raising his peak sales estimate to $4.3B with risk-adjusted revenues of $2.8B by 2025, well above the consensus of $1.8B. AbbVie's pipeline is undervalued as consensus expectations introduce U.S. Humira biosimilars too early in 2019, Holford tells investors in a research note. He keeps a Buy rating on the shares with a $90 price target. The stock closed yesterday up 22c to $63.55.
03/10/17
GSCO
03/10/17
UPGRADE
Target $80
GSCO
Conviction Buy
AbbVie upgraded to Conviction Buy from Buy at Goldman
Goldman analyst Jami Rubin upgraded AbbVie to Conviction Buy and raised its price target to $80 from $74 saying it is one of the most compelling values across healthcare coverage, let alone US pharma. The analyst continues to believes AbbVie substantial cash flow generatin from Humira, approximately $60B over the next five years, and its diversified late stage pipeline are under-appreciated by investors.
RHHBY Roche
$31.41

-0.21 (-0.66%)

03/07/17
LEHM
03/07/17
NO CHANGE
LEHM
European Pharma raised to Positive from Neutral at Barclays
Barclays analyst Emmanuel Papadakis rolled out coverage of the European Pharmaceuticals space and upgraded his sector view to Positive from Neutral. The analyst has "high conviction that the recent transformational era of R&D innovation is set to continue," which he believes will allow the sector to retain pricing power. Papadakis put Overweight ratings on AstraZeneca (AZN), Roche (RHHBY) and Shire (SHPG), with Astra his top pick. The analyst put an Equal Weight rating on GlaxoSmithKline (GSK) and Underweight ratings on Sanofi (SNY), Novartis (NVS) and Novo Nordisk (NVO).
03/02/17
SBSH
03/02/17
NO CHANGE
Target $88
SBSH
Buy
Citi sees 'significant upside' in Puma shares, says buy the selloff
Citi analyst Yigal Nochomovitz recommends using this morning's selloff in shares of Puma Biotechnology (PBYI) as a buying opportunity. The stock in pre-market trading is down 24%, or $9.25, to $28.80. The Roche (RHHBY) press release does not provide any numbers on magnitude of benefit or any details on benefit in subgroups, Nochomovitz tells investors in a research note after the Aphinity trial met its endpoint. The analyst adds that today's press release does not definitively state Roche will be filing on the data, rather noting that, "These data will be discussed with health authorities across the world, including the US FDA with the hope to convert the current US accelerated approval to a full approval." It is hard to ignore the word choice of "hope" as opposed to "expectation," Nochomovitz contends. He continues to expect Puma's neratinib to receive FDA approval by the action date in July for extended adjuvant. The analyst said he sees "significant upside" in the shares. Further, Nochomovitz thinks Puma's breast cancer opportunities outside of adjuvant can justify the current valuation without any extended adjuvant revenue. He has a Buy rating on Puma with an $88 price target.
03/07/17
LEHM
03/07/17
INITIATION
LEHM
Overweight
Roche reinstated with an Overweight at Barclays
After his firm dropped coverage in June 2016, Barclays analyst Emmanuel Papadakis reinstated Roche with an Overweight rating and CHF 310 price target.
SNY Sanofi
$44.36

-0.15 (-0.34%)

02/09/17
02/09/17
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. Viacom (VIA, VIAB) upgraded to Outperform from Market Perform at Wells Fargo with analyst Marci Ryvicker saying the company's first quarter results prove its turnaround is "real and likely to continue." The strategic plan put in place by CEO Bakish makes sense, Ryvicker tells investors in a research note. The analyst raised his price target range for the shares to $48-$50 from $38-$40. 2. Micron (MU) upgraded to Buy from Underperform at BofA/Merrill. 3. Sanofi (SNY) upgraded to Buy from Neutral at Natixis. 4. Hawaiian Holdings (HA) upgraded to Outperform from Peer Perform at Wolfe Research. 5. Baker Hughes (BHI) upgraded to Positive from Neutral at Susquehanna with analyst Charles Minervino citing the selloff in shares and its upside opportunity associated with a US spending upcycle, synergies from its joint-venture with General Electric (GE), and the growth opportunities that could develop from a partnership with a diversified global oilfield services company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/09/17
NTXS
02/09/17
UPGRADE
NTXS
Buy
Sanofi upgraded to Buy from Neutral at Natixis
03/07/17
LEHM
03/07/17
INITIATION
LEHM
Underweight
Sanofi initiated with an Underweight at Barclays
Barclays analyst Emmanuel Papadakis initiated Sanofi with an Underweight rating and EUR 70 price target.
BAYRY Bayer
$113.53

-0.7025 (-0.61%)

01/06/17
JPMS
01/06/17
NO CHANGE
Target $128
JPMS
Overweight
Monsanto shares are mispriced, says JPMorgan
JPMorgan analyst Jeffrey Zekauskas says Monsanto (MON) shares are mispriced and offer an attractive risk/reward proposition. A first catalyst for the shares would be regulatory agreement in the Dow Chemical (DOW)/DuPont (DD) transaction, Zekauskas tells investors in a research note. The analyst thinks a favorable resolution to the Dow/DuPont merger would be seen as improving the probability of the success of the Bayer/Monsanto transaction. He notes that Bayer has agreed to purchase Monsanto for $128 per share in cash, which represents 21% appreciation potential should the deal close by year-end. Zekauskas thinks a "reasonable floor" price for Monsanto shares, should the deal fail, is $102. He keeps an Overweight rating on the name with a $128 price target.
01/04/17
JPMS
01/04/17
UPGRADE
JPMS
Overweight
Bayer upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Richard Vosser upgraded Bayer to Overweight saying the valuation is "cheap" while the company has limited exposure to Pharma sector headwinds.
12/19/16
12/19/16
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. Bristol-Myers (BMY) and Bayer (BAYRY) were upgraded to Buy from Hold at Jefferies. 2. Costco (COST) upgraded to Buy from Neutral at Citi with analyst Kate McShane saying she sees a "clear path" to accelerating same-store-sales growth in fiscal 2017 as gasoline price deflation headwinds abate and benefits arise from the new co-branded credit card. 3. United Technologies (UTX) upgraded to Outperform from Neutral at Credit Suisse with analyst Julian Mitchell saying he believes consensus estimates are poised to move higher after years of heavy investment spending drive an earnings recovery. 4. ASML (ASML) upgraded to Buy from Neutral at BofA/Merrill with analyst Kai Korschelt saying a recent expert's call indicates progress with Extreme Ultraviolet/EUV lightsource optics & ecosystem and sees improving volume visibility from 2018 forward. 5. Gulfport Energy (GPOR) upgraded to Buy from Neutral at Guggenheim and to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/03/17
JPMS
03/03/17
NO CHANGE
Target $128
JPMS
Overweight
EU approvals of other ag deals may narrow Monsanto deal spread, says JPMorgan
JPMorgan analyst Jeffrey Zekauskas said commentary from the CEOs of DuPont (DD) and Syngenta (SYT) and press reports from Europe suggest that their deals with Dow Chemical (DOW) and ChemChina, respectively, are likely to be approved. Approvals from Europe for those deals may "trigger a meaningful closing of the arbitrage spread" in Monsanto (MON) shares versus Bayer's (BAYRY) offer price, Zekauskas tells investors. He recommends buying Monsanto shares at current levels for this reason, adding that he believes the shares would only fall about 2.5%, or down to $112, in the event of the Bayer deal falling through. Zekauskas keeps an Overweight rating and $128 price target on Monsanto shares, which closed yesterday at just below $115 per share.
PFE Pfizer
$34.25

-0.13 (-0.38%)

02/21/17
LEER
02/21/17
NO CHANGE
LEER
Outperform
Warning letter raises concerns on Momenta Copaxone catalyst, says Leerink
Leerink analyst Jason Gerberry notes that Momenta (MNTA) disclosed that its generic Copaxone 40mg ANDA will be delayed by an FDA warning letter at its fill-finish manufacturing partner, Pfizer (PFE). The analyst says that while a short delay to Momenta/Novartis' (NVS) g-Copaxone 40mg is not reason for concern, longer delays could diminish the market opportunity as there are four other generic challengers, but none have been able to prove bioequivalence to Teva's (TEVA) lower strength. He reiterates an Outperform rating on Momenta's shares.
03/14/17
LEER
03/14/17
NO CHANGE
LEER
Monitoring requests put Novartis Kisqali at marketing disadvantage, says Leerink
Leerink analyst Seamus Fernandez notes that Novartis (NVS) announced the FDA approval of its CDK4/6 inhibitor Kisqali in combination with an aromatase inhibitor for the first-line treatment of post-menopausal women with hormone-receptor-positive, human epidermal growth factor receptor 2-negative advanced or metastatic breast cancer. The analyst says that the label contains warnings for QT prolongation as well as liver toxicity, both of which necessitate frequent monitoring. Although Kisqali appears to have similar efficacy to Pfizer (PFE) approved Ibrance, the latter's label does not include these warnings or monitoring requirements, he points out, adding that he continues to see Ibrance maintaining long-term market dominance in the CDK4/6 class.
02/21/17
FBCO
02/21/17
NO CHANGE
Target $42
FBCO
Outperform
Glatopa 40mg delay a 'surprising positive' for Teva, says Credit Suisse
Credit Suisse analyst Vamil Divan says the news that Pfizer (PFE) has received a warning letter at a plant that is involved with the production of Sandoz and Momenta's (MNTA) Glatopa products is a surprising positive for Teva (TEVA), noting that he has viewed Sandoz and Momenta as most likely to have the first generic Copaxone 40mg on the market. The analyst reiterated an Outperform rating on Teva's stock, and raised his price target on the shares to $42 from $41.
NVS Novartis
$74.39

-1.29 (-1.70%)

03/07/17
SOCG
03/07/17
UPGRADE
SOCG
Buy
Novartis upgraded to Buy from Hold at Societe Generale
03/07/17
LEHM
03/07/17
INITIATION
LEHM
Underweight
Novartis reinstated with an Underweight at Barclays
Barclays analyst Emmanuel Papadakis reinstated Novo Nordisk with an Underweight rating.
PTHN Bought by TMO
$26.38

-0.41 (-1.53%)

03/17/17
03/17/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. SeaWorld (SEAS) downgraded to Sell from Neutral at Citi with analyst Jason Bazinet saying strength in the U.S. relative to the Brazilian Real suggests a sharp rebound in Latin American attendance is unlikely. Further, the analyst believes Universal's opening of Volcano Bay in Florida could hurt SeaWorld's 2018 EBITDA by $15M. Bazinet sees risk to consensus EBITDA estimates for SeaWorld. 2. Blue Buffalo Pet Products (BUFF) downgraded to Equal Weight at Morgan Stanley. 3. Patheon (PTHN) was downgraded to Neutral from Outperform at Baird and to Sector Weight from Overweight at KeyBanc. 4. Innocoll (INNL) downgraded to Hold from Buy at Stifel. 5. M/I Homes (MHO) and M.D.C. Holdings (MDC) were downgraded to Sector Perform from Outperform at FBN Securities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/17/17
BARD
03/17/17
DOWNGRADE
Target $28
BARD
Neutral
Patheon downgraded to Neutral from Outperform at Baird
Baird analyst Eric Coldwell downgraded Patheon to Neutral and lowered his price target for the shares to $28 from $34. KeyBanc this morning also downgraded the shares.
03/17/17
KEYB
03/17/17
DOWNGRADE
KEYB
Sector Weight
Patheon downgraded after Q1 miss, lower results at KeyBanc
As noted earlier, KeyBanc downgraded Patheon to Sector Weight from Overweight. The firm downgraded the stock based on the company's weaker than expected Q1 results and its decision to cut its full-year revenue guidance.
03/17/17
LEER
03/17/17
NO CHANGE
Target $31
LEER
Outperform
Patheon fundamentals remains intact, says Leerink
Leerink analyst Puneet Souda notes that Patheon traded lower after guiding down FY17 on the back of 2 planned projects that moved to FY18. One of its customers' major drugs was delayed due to FDA approval, with the launch now expected in FY18 and another customer took too long to agree to the biologic drug production contract, again shifting most of the benefit to 2018 as well, he adds. While the miss and guide down came as a surprise to investors, the analyst believes the fundamentals of the business across its three segments continue to remain strong. Souda reiterates an Outperform rating and $31 price target on the shares.
PM Philip Morris
$113.49

0.52 (0.46%)

02/17/17
WELS
02/17/17
NO CHANGE
WELS
Philip Morris likely to raise iQOS guidance, says Wells Fargo
Wells Fargo expects Philip Morris (PM) to announce on February 22 that it will file an FDA application to commercialize its iQOS smokeless cigarettes in the U.S. The firm predicts that the company will also raise its 2020 iQOS incremental profit target by $0.3B to $1.0-$1.5B. Wells sees a 70% chance of Philip Morris acquiring Altria Group (MO), and it says that such a deal could enable iQOs to obtain an additional $10B in operating income from iQOS by 2025. Wells keeps Outperform ratings on Philip Morris and Altria.
01/18/17
SBSH
01/18/17
DOWNGRADE
Target $60
SBSH
Neutral
Reynolds American downgraded to Neutral from Buy at Citi
Citi analyst Adam Spielman downgraded Reynolds American (RAI) to Neutral from Buy citing its deal to be acquired fully by British American Tobacco (BTI). He adds that he sees the proposed deal putting further pressure on Altria (MO) and Philip Morris (PM) to recombine.
02/08/17
SBSH
02/08/17
NO CHANGE
SBSH
Citi says 'fairly unlikely' Philip Morris buys Altria Group
It is "fairly unlikely," although not impossible, that Philip Morris (PM) acquires Altria Group (MO), Citi analyst Adam Spielman tells investors in a research note. The analyst points out that according to Bloomberg, there is greater speculation that Altria Group will be bid for than for any other major company. Spielman does not believe Philip Morris buying Altria would generate adequate financial returns. He notes the takeover speculation is triggered by British American Tobacco's (BAT) decision to buy Reynolds American (RAI), the number two player in U.S. tobacco.
01/17/17
WELS
01/17/17
NO CHANGE
WELS
Wells sees Reynolds American deal upping chances of Philip Morris, Altria tie-up
After Reynolds American (RAI) announced that it has reached an agreement with British American Tobacco (BTI) under which BAT will acquire the 57.8% of RAI common stock that BAT does not currently own, Wells Fargo analyst Bonnie Herzog said she sees the deal increasing the likelihood of Philip Morris (PM) acquiring Altria (MO) as scale becomes increasingly critical. Applying the deal multiple for Reynolds' deal, Herzog estimates that Altria is worth at least $76 per share in a potential takeover.
RDHL RedHill Biopharma
$10.37

-0.05 (-0.48%)

04/05/16
ROTH
04/05/16
NO CHANGE
Target $26
ROTH
Buy
'Positive momentum' building for RedHill Biopharma, says Roth Capital
Roth Capital analyst Scott Henry sees a continued 'positive momentum' at RedHill Biopharma, with progress toward a Rizaport partnership in Spain and promising proof-of-concept data for RHB-104 to treat multiple sclerosis. Although Henry does not view these as core assets, he believes that this progress validates the company's business model. The analyst reiterates a Buy rating and his $26 price target on the stock.

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