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IBB

iShares Nasdaq Biotechnology Index

$299.79

7.06 (2.41%)

, MYL

Mylan

$37.23

0.51 (1.39%)

15:14
06/20/17
06/20
15:14
06/20/17
15:14

Trump order on drug pricing said weaker than feared, CNBC reports

President Trump plans to issue an executive order on drug pricing, but the move could be "weeks away" and weaker than feared, reports CNBC's Meg Tirrell, citing sources. The administration could wait until after the Senate calls a vote on health care reform before issuing the executive order, the sources told CNBC, adding that proposals under consideration don't tackle "major changes" such as giving Medicare negotiation power and instead center on policies such as value-based pricing. The iShares NASDAQ Biotechnology ETF (IBB) is up 1.64% in Tuesday's session. Potential stakeholders in drug price reform include Mylan (MYL), Mallinckrodt (MNK), Teva (TEVA), Perrigo (PRGO), Celgene (CELG), Bristol-Myers (BMY), Eli Lilly (LLY), AbbVie (ABBV), Amgen (AMGN), Valeant (VRX) and Allergan (AGN). Reference Link

IBB

iShares Nasdaq Biotechnology Index

$299.79

7.06 (2.41%)

MYL

Mylan

$37.23

0.51 (1.39%)

MNK

Mallinckrodt

$43.31

-0.33 (-0.76%)

TEVA

Teva

$31.44

0.107 (0.34%)

PRGO

Perrigo

$72.49

-0.65 (-0.89%)

CELG

Celgene

$125.16

2.8 (2.29%)

BMY

Bristol-Myers

$55.87

0.65 (1.18%)

LLY

Eli Lilly

$82.78

0.44 (0.53%)

ABBV

AbbVie

$71.49

0.145 (0.20%)

AMGN

Amgen

$165.09

2.67 (1.64%)

VRX

Valeant

$13.20

-0.2679 (-1.99%)

AGN

Allergan

$238.59

0.92 (0.39%)

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IBB iShares Nasdaq Biotechnology Index
$299.79

7.06 (2.41%)

MYL Mylan
$37.23

0.51 (1.39%)

06/12/17
SBSH
06/12/17
NO CHANGE
Target $38
SBSH
Buy
Citi says CRL for Coherus not worst case scenario
Citi analyst Mohit Bansal says Coherus Biosciences' (CHRS) complete response letter for its biosimilar version of Neulasta, while "clearly a negative outcome," is not the worst case scenario since the FDA did not ask for another study. The analyst sees a one year delay, which impacts his discounted free cash flow model by $5 per share. Coherus in premarket trading is down 30%, or $6.25, to $14.40. A one year delay would mean Coherus' CHS-1701 could still be on markets at the same time as competition from Mylan (MYL) and ahead of Sandoz's approval in 2019, Bansal tells investors in a research note. The analyst has a Buy rating on Coherus with a $38 price target.
05/22/17
LEHM
05/22/17
UPGRADE
Target $50
LEHM
Overweight
Mylan upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Douglas Tsao upgraded Mylan (MYL) to Overweight saying the chances of the company winning approval for its generic version of Copaxone this year are better than current market expectations. The approval come as soon as next month, Tsao tells investors in a research note. The analyst coupled the upgrade with a downgrade of Copaxone maker Momenta Pharmaceuticals to Equal Weight. The selloff in Mylan following the Q1 disclosure of deficiencies to Advair create a buying opportunity, the analyst contends. He raised his price target for the shares to $50 from $47. Mylan closed Friday down 21c to $37.94.
06/16/17
CANT
06/16/17
INITIATION
Target $41
CANT
Neutral
Mylan initiated with a Neutral at Cantor
Cantor Fitzgerald analyst Louise Chen started Mylan with a Neutral rating and $41 price target.
05/31/17
WELS
05/31/17
NO CHANGE
WELS
Market Perform
Pension fund campaign a short-term negative for Mylan, says Wells Fargo
Wells Fargo analyst David Maris believes the campaign by four major pension funds to oppose the re-election of six directors is short-term negative for Mylan but has the potential to be a longer term positive. The campaign may pose a distraction to management, but if successful, it could address some governance concerns regarding compensation and performance at the company, Maris tells investors in a research note. The analyst has a Market Perform rating on Mylan shares.
MNK Mallinckrodt
$43.31

-0.33 (-0.76%)

06/20/17
JEFF
06/20/17
NO CHANGE
Target $70
JEFF
Buy
Jefferies sees $60-$75 per share buyout range for Mallinckrodt
Amid speculation that Mallinckrodt is seeking strategic alternatives, Jefferies analyst Anthony Petrone explored leveraged buyout scenarios in order to gauge the feasibility of a sponsor-led transaction. His work shows that within a $60-$75 per share takeout range, sponsors can clear a 30% internal rate of return hurdle under "modest assumptions" with upside to 45%-plus when engineering scenarios are considered. The largest risks to the LBO assumptions are around stability in Acthar pricing and the competitive landscape, Petrone tells investors in a research note. The analyst keeps a Buy rating on Mallinckrodt with a $70 price target. The specialty pharmaceutical company closed yesterday up 5%, or $1.94, to $43.64.
06/13/17
WELS
06/13/17
NO CHANGE
Target $83.5
WELS
Outperform
Wells says Mallinckrodt exploring all options, including going private
After hosting CEO Mark Trudeau for an open Q&A session, Wells Fargo analyst David Maris says Mallinckrodt (MNK) continues to look at a range of strategic options to deliver shareholder value, and that all options, including going private, are on the table. Management did an "excellent job" in correcting the record following "erroneous" short-seller presentations, Maris tells investors in a research note. Management detailed Mallinckrodt's relationship with Express Scripts (ESRX) and explained that it is not strained, Maris writes. The analyst notes Trudeau spoke with Express Scripts CEO Timothy Wentworth a week ago about the relationship and that it seems "solid and mutually positive," despite recent negative comments about Acthar from the pharmacy benefit manager's Chief Medical Officer. Maris has an Outperform rating on Mallinckrodt with an $83.50 price target. The stock in premarket trading is up 2% to $42.40 as social media passes around Wells Fargo's comments about the company exploring all options, including going private. As the Wall Street Journal's Charley Grant points out on Twitter, Mallinckrodt said last month at a conference that it is exploring options to drive shareholder value.
06/16/17
CANT
06/16/17
INITIATION
Target $52
CANT
Overweight
Mallinckrodt initiated with an Overweight at Cantor
Cantor Fitzgerald analyst Louise Chen started Mallinckrodt with an Overweight rating and $52 price target.
05/31/17
MSCO
05/31/17
NO CHANGE
Target $65
MSCO
Overweight
Mallinckrodt generics unit sale would be a positive, says Morgan Stanley
Morgan Stanley analyst David Risinger believes a potential divestiture of the generics business would be a positive for Mallinckrodt as it would allow the company to exit a declining business and reinvest in new growth franchises. The analyst maintains an Overweight rating and a $65 price target on Mallinckrodt shares.
TEVA Teva
$31.44

0.107 (0.34%)

06/15/17
MZHO
06/15/17
UPGRADE
MZHO
Neutral
Teva upgraded to Neutral from Underperform at Mizuho
Mizuho analyst Irina Koffler upgraded Teva (TEVA) to Neutral and raised its price target to $30 from $25 citing reduced near-term risk of a Mylan's (MYL) generic Copaxone approval, potential asset sale announcements, and encouraging May subscription trends. The analyst said challenging fundamentals have not changed but sees less downside risk over the next year.
05/11/17
WELS
05/11/17
NO CHANGE
WELS
Market Perform
Teva faces 'underappreciated risk' from major generic RFPs, says Wells Fargo
Wells Fargo analyst David Maris noted that Teva's generic drug price erosion came in at 7% in Q1, adding that Teva's management, which previously indicated that they expected price erosion in the U.S. to be 5%, "did not explain well" how the factors that negatively impacted prices were not fully anticipated. Also, there are currently two major generic Request for Proposals out for bid - one from Express Scripts (ESRX), Albertson's and Kroger (KR) and one from Walmart (WMT) and McKesson (MCK) - and the potential price reset from these is an "underappreciated risk" facing Teva, added Maris, who keeps a Market Perform rating on the stock.
06/16/17
CANT
06/16/17
INITIATION
Target $31
CANT
Neutral
Teva initiated with a Neutral at Cantor
Cantor Fitzgerald analyst Louise Chen started Teva with a Neutral rating and $31 price target.
06/16/17
06/16/17
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. Teva (TEVA) upgraded to Neutral from Underperform at Mizuho with analyst Irina Koffler citing reduced near-term risk of a Mylan's (MYL) generic Copaxone approval, potential asset sale announcements, and encouraging May subscription trends. 2. Brookfield Infrastructure (BIP) upgraded to Outperform from Neutral at Credit Suisse with analyst Andrew Kuske saying the potential inclusion of Brookfield Infrastructure into the S&P Index is likely to have a "meaningful impact" on demand around the third quarter index revision. 3. Celgene (CELG) upgraded to Outperform from Market Perform at Leerink with analyst Geoffrey Porges saying he views Celgene's valuation as "discounted." 4. Regency Centers (REG) upgraded to Buy from Hold at Jefferies with analyst George Hoglund saying he believes the recent pullback in the shares creates an attractive entry point. 5. Nanometrics (NANO) upgraded to Buy from Hold at Stifel with analyst Patrick Ho citing valuation, along with his belief that wafer lab equipment spending will be strong next year and that the "elevated spending" level may be sustainable. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
PRGO Perrigo
$72.49

-0.65 (-0.89%)

06/05/17
06/05/17
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. Apple (AAPL) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Andy Hargreaves saying upside from the launch of iPhone 8 is already reflected in the shares. An "extremely strong iPhone 8 cycle" is being priced into the stock while little weight is being given to gross margins, supply issues, or the likelihood for declines beyond the iPhone 8, Hargreaves tells investors in a research note. 2. Perrigo (PRGO) downgraded to Underperform from Sector Perform at RBC Capital with analyst Randall Stanicky saying the growth rate of the company's U.S. consumer business "has structurally re-rated lower" amid pricing headwinds and share losses. 3. Endocyte (ECYT) downgraded to Neutral from Outperform at Wedbush and to Market Perform from Outperform at Cowen. 4. Affiliated Managers (AMG) was downgraded to Neutral from Buy at Citi while Federated Investors (FII) was downgraded to Sell from Neutral. 5. Veeva (VEEV) downgraded to Equal Weight from Overweight at Morgan Stanley with the firm's analyst saying the 60%+ move in shares year-to-date captures much of the near-term upside in the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/16/17
CANT
06/16/17
INITIATION
Target $85
CANT
Overweight
Perrigo initiated with an Overweight at Cantor
Cantor Fitzgerald analyst Louise Chen started Perrigo with an Overweight rating and $85 price target.
06/05/17
RBCM
06/05/17
DOWNGRADE
RBCM
Underperform
Perrigo downgraded to Underperform from Sector Perform at RBC Capital
06/05/17
RBCM
06/05/17
DOWNGRADE
RBCM
Underperform
Perrigo downgraded on multiple headwinds at RBC Capital
As noted earlier, RBC Capital downgraded Perrigo to Underperform from Sector Perform. Analyst Randall Stanicky says that the growth rate of the company's U.S. consumer business "has structurally re-rated lower" amid pricing headwinds and share losses. He adds that the pressures facing the company's generic business will intensify, while its EBITDA growth will be "limited" and it will have difficulty meeting its lowered, 2%-4% revenue growth target. Price target to $60 from $66.
CELG Celgene
$125.16

2.8 (2.29%)

06/16/17
LEER
06/16/17
UPGRADE
Target $150
LEER
Outperform
Leerink upgrades Celgene to Outperform on 'discounted valuation'
Leerink analyst Geoffrey Porges upgraded Celgene to Outperform from Market Perform and raised his price target for the shares to $150 from $146. The biopharmaceutical company closed yesterday down 43c to $120.61. The analyst, who points out his revenue estimates for 2017-2019 are above the consensus, views Celgene's valuation as "discounted." The analyst expects the company's operating results to rebound in Q2 and stock's multiple to recover in Q3 "towards a more growth-appropriate range." He also anticipates "significant upward revisions" to consensus expectations in Q3.
06/16/17
LEER
06/16/17
UPGRADE
Target $150
LEER
Outperform
Celgene upgraded to Outperform from Market Perform at Leerink
Leerink analyst Geoffrey Porges upgraded Celgene to Outperform and raised his price target for the shares to $150 from $146.
06/13/17
06/13/17
NO CHANGE
Target $63

Outperform
FBR keeps $61 target on Acceleron after dalantercept failure
FBR Capital analyst Ed White says that while the dalantercept failed Phase II study is "disappointing," his focus remains on luspatercept, which is being studied in beta-thalassemia and myelodysplastic syndrome. Celgene (CELG) estimates peak sales potential of over $2B for luspatercept, which could translate into more than $400M in revenue for Acceleron Pharma (XLRN), White tells investors in a research note. He thinks luspatercept could be brought to market by 2019. White's price target for Acceleron remains $63 as he had only a 15% probability of approval and a low revenue estimate for dalantercept. The analyst reiterates an Outperform rating on the shares.
BMY Bristol-Myers
$55.87

0.65 (1.18%)

06/06/17
RHCO
06/06/17
NO CHANGE
RHCO
Bristol-Myers data 'encouraging,' says SunTrust
SunTrust analyst John Boris says that the data on a combination utilizing Bristol-Myers' Opdivo in colorectal cancer was "encouraging," although only a small number of patients participated in the trial. He says that FDA action involving Opdivo's use as a treatment for colorectal cancer and hepatic cancer can be catalysts for the stock. However, he keeps a Hold rating on Bristol-Myers.
06/06/17
BMOC
06/06/17
NO CHANGE
BMOC
Incyte should be bought on recent weakness, says BMO Capital
BMO Capital analyst M. Ian Somaiya says that data on the combination of Bristol-Myers' (BMY) Opdivo and Incyte's (INCY) epacadostat "confirmed the benefit" seen in a previous study. The analyst says that the safety of Merck's (MRK) Keytruda in combination with epacadostat is better than the standard of care. He keeps a $166 price target and Outperform rating on Incyte.
06/09/17
FBCO
06/09/17
NO CHANGE
FBCO
Outperform
Credit Suisse sees no impact to Incyte's epacadostat from NewLink IDO news
Credit Suisse analyst Alethia Young said she is not surprised that Roche (RHHBY) returned IDO inhibitor GDC-0919 to NewLink (NLNK) after seeing the "disappointing data" at ASCO. She doesn't see an impact to Incyte's (INCY) own IDO inhibitor, epacadostat, from the news, as she thought the data made GDC-0919 appear clinically inferior to epacadostat in combination with PD-1. She keeps an Outperform rating on Incyte shares, adding that investors may get another update on Bristol-Myers' (BMY) internal IDO, BMS-986205, later this year.
06/06/17
WELS
06/06/17
NO CHANGE
WELS
Amazon may be the next threat to drug pricing, says Wells Fargo
After CNBC recently reported that Amazon (AMZN) is considering going into the prescription pharmacy business in the U.S., Wells Fargo surveyed nearly 2,900 U.S. adults and found that 54% of those polled said they would use or would probably use "Amazon Pharmacy." While the e-commerce giant has not confirmed its U.S. pharmacy interest, if it did enter the market analyst David Maris believes it could see fast adoption and "usher in a new age of price transparency." Maris also wonders if pharmacy "may be just the beginning" and if Amazon eyes the "even larger prize" of fully integrated digital healthcare. Publicly traded large-cap pharmaceuticals companies include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Publicly traded retail pharmacy operators include CVS Health (CVS), Walgreens (WBA), Fred's (FRED) and Rite Aid (RAD).
LLY Eli Lilly
$82.78

0.44 (0.53%)

06/07/17
FBCO
06/07/17
NO CHANGE
Target $38
FBCO
Outperform
ASCO meeting highlights pressure on Pfizer cancer assets, says Credit Suisse
Credit Suisse analyst Vamil Divan said he came away from the ASCO meeting feeling like positive progress by competitors is increasing the pressure on Pfizer's (PFE) cancer assets, specifically pointing to positive data for Roche's (RHHBY) Alecensa, Johnson & Johnson's (JNJ) Zytiga and Eli Lilly's (LLY) abemaciclib. Additionally, competition in the immune-oncology and PARP spaces will make it more challenging for Pfizer to gain traction, added Divan. He keeps an Outperform rating on Pfizer, citing valuation and its dividend yield, but he has concerns about its upcoming patent expirations and growth products.
06/12/17
LEER
06/12/17
NO CHANGE
Target $90
LEER
Outperform
Eli Lilly price target lowered to $90 from $93 at Leerink
Leerink analyst Seamus Fernandez lowered his price target for Eli Lilly (LLY) to $90 to reflect reduced sales forecasts for baricitinib, an oral JAK1/2 inhibitor to treat rheumatoid arthritis which the company collaborates with Incyte (INCY). Following AbbVie's (ABBV) positive Phase 3 data last week for its JAK1 inhibitor upadacitinib, Fernandez dropped his U.S. peak sales estimate for baricitinib by more than 50% to $400M and pushed out his U.S. launch time to 2020 from 2018. The analyst keeps an Outperform rating on Lilly shares.
06/14/17
RHCO
06/14/17
NO CHANGE
RHCO
Eli Lilly has positive read through from J&J data, says SunTrust
SunTrust analyst John Boris says that data for Johnson & Johnson's (JNJ) Invokana for diabetes represented a best-case scenario for Eli Lilly (LLY). J&J's drug "significantly reduced the combined risk of cardiovascular death, myocardial infarction and nonfatal stroke in diabetes patients at risk for or with a history of CV diseases," and its efficacy on CV death is positive for the SGLT-2 class, to which Eli Lilly's Jardiance also belongs, according to the analyst. But the data leaves Jardiance, which reduced CV death by a statistically significant 38% versus Invokana's non-significant 13%, as the best in the class, wrote the analyst, who reiterates a $101 price target and a Buy rating on Eli Lilly.
ABBV AbbVie
$71.49

0.145 (0.20%)

05/25/17
PIPR
05/25/17
NO CHANGE
PIPR
Piper calls AbbVie and Pfizer dividends 'compelling'
In a research note on large-cap Pharma, Piper Jaffray analyst Richard Purkiss calls the dividends of AbbVie (ABBV) and Pfizer (PFE) "compelling." These two dividends "stand out with an unusually compelling combination of high yield alongside a high growth outlook," Purkiss tells investors in a research note, citing his analysis. He reiterates Overweight ratings on both stocks.
06/12/17
RHCO
06/12/17
NO CHANGE
RHCO
AbbVie should be bought on weakness, says SunTrust
SunTrust analyst John Boris says that AbbVie should be bought on weakness after the USPTO invalidated two of the company's patents for Humira. The analyst says that the ruling "makes a small dent" in the company's IP for Humira, as he notes that the company has more than 100 patents for the drug. He thinks that Humira biosimilars will enter the market later than the Street expects. Boris, maintaining that the company has over a dozen pipeline catalysts this year, recommends buying the shares on weakness.
05/17/17
MAXM
05/17/17
NO CHANGE
Target $44
MAXM
Buy
Coherus could beat Humira competitors to market by 4 years, says Maxim
Maxim analyst Jason McCarthy said the invalidation of AbbVie's (ABBV) dosing patent for Humira is a "major victory" for Coherus Biosciences (CHRS) that has reduced its risk profile. The last IP hurdle to launching a Humira biosimilar is formulation, where Coherus has the advantage, said McCarthy, who believes the company could be first to market with a biosimilar by late 2018, which would be four years or more ahead of its competition. He raised his price target on Coherus shares to $44 from $43 and keeps a Buy rating on the stock, which is up $1.95, or 8.8%, to $24 in pre-market trading.
AMGN Amgen
$165.09

2.67 (1.64%)

05/22/17
LEER
05/22/17
NO CHANGE
Target $159
LEER
Market Perform
Leerink sees only 50/50 chance of Amgen's Evenity hitting market
After Amgen (AMGN) and UCB reported an "imbalance of positively adjudicated serious cardiovascular adverse events" in its Phase 3 study of Evenity, Leerink analyst Geoffrey Porges believes the product now has only a 50/50 probability of coming to market at all. The analyst lowered his price target for Amgen shares to $159 from $160 and keeps a Market Perform rating on the name. Radius Health (RDUS), which has a drug that would compete with Evenity, is trading up 16% to $40.58 in the premarket.
05/22/17
ADAM
05/22/17
NO CHANGE
Target $85
ADAM
Buy
CV events 'may kill' Amgen's romosozumab development, says Canaccord
Canaccord analyst John Newman said Amgen (AMGN) and partner UCB's report of a higher rate of cardiovascular Serious Adverse Events for romosozumab in the Phase 3 ARCH study in osteoporosis suggests a much lower chance of FDA approval for the drug and may "kill" romosozumab's development. He notes that Merck's (MRK) cathepsin-K inhibitor was previously discontinued due to increased risk of atrial fibrillation and stroke. In addition to the safety signals, Newman points out that romosozumab was worse than Radius' (RDUS) Tymlos for non-vertebral fracture and for vertebral fracture, suggesting Radius' drug also has much better efficacy, said the analyst, who keeps a Buy rating and $85 price target on Radius Health shares, which are up $4.47, or 12.8%, to $39.40 in pre-market trading.
05/22/17
FBCO
05/22/17
NO CHANGE
Target $177
FBCO
Neutral
Amgen romosozumab U.S. approval in July 'off the table,' says Credit Suisse
After Amgen (AMGN) and UCB (UCBJY) announced that the Evenity "ARCH" study met both primary endpoints but that there was also a newly observed cardiovascular safety signal in the trial, Credit Suisse analyst Alethia Young said any potential U.S. approval by the drug's July 19 PDUFA date is "off the table" and it is unclear as of now what U.S. approval timelines may be. She reduced her probability of success for romosozumab to 80% from 100% and lowered her price target on Amgen to $177 from $178. Young keeps a Neutral rating on Amgen shares.
06/12/17
LEER
06/12/17
NO CHANGE
Target $161
LEER
Market Perform
Amgen price target raised to $161 on Neulasta biosimilar delay at Leerink
Leerink analyst Geoffrey Porges noted that Coherus Biosciences (CHRS) received a complete response letter from the FDA for its biosimilar to Amgen's (AMGN) Neulasta, which he views as likely delaying its launch by at least a year. However, the "windfall" is offset by the Supreme Court decision that "effectively eliminates" the 6-month delay for biosimilars associated with notification, Porges tells investors. Based on his forecast for a six-month delay in the timing of a Neulasta biosimilar launch in the U.S., to the second quarter of 2018 from the fourth quarter of 2017, Porges increased his 2018 Amgen revenue forecast by $500M and raised his price target to $161 from $159, though he keeps a Market Perform rating on the stock.
VRX Valeant
$13.20

-0.2679 (-1.99%)

06/16/17
CANT
06/16/17
INITIATION
Target $18
CANT
Overweight
Valeant initiated with an Overweight at Cantor
Cantor Fitzgerald analyst Louise Chen started Valeant Pharmaceuticals with an Overweight rating and $18 price target. The analyst believes Valeant can reduce its debt to manageable levels over the medium term and thinks new management can post earnings upside in 2019 and beyond. The analyst also thinks the negative media attention placed on the company has reduced significantly from a year ago.
06/14/17
RODM
06/14/17
NO CHANGE
Target $6
RODM
Buy
EyeGate price target lowered to $6 from $10 at Rodman & Renshaw
Rodman & Renshaw analyst Raghuram Selvaraju lowered his price target for EyeGate Pharmaceuticals (EYEG( to $6 after the company granted a subsidiary of Valeant Pharmaceuticals (VRX) exclusive commercial and manufacturing rights to the EyeGate II Delivery System and EGP-437 combination product for treatment of post-operative pain and inflammation in ocular surgery patients. The analyst views the development, along with the top-line data from the first-in-human pilot trial of ocular bandage gel in patients with large corneal epithelial defects, as positive developments and raised his valuation of the company to $112M from $80M. His lowered target reflects higher shares outstanding. Selvaraju reiterates an Outperform rating on EyeGate.
06/19/17
WELS
06/19/17
NO CHANGE
WELS
Underperform
Wells says Paulson joining Valeant board likely a 'signal of dissatisfaction'
Wells Fargo analyst David Maris said that while some shareholders might see John Paulson joining Valeant's board as a vote of confidence, he "cannot help but think" this is a "signal of dissatisfaction of some sort." Maris, who maintains his long-held Underperform rating on Valeant, added that he does not know what new domain experience Paulson will bring to the board that was not already present.
06/09/17
WELS
06/09/17
NO CHANGE
WELS
Outperform
Wells says Valeant's focus on EBITDA ignores rising borrowing costs
After Valeant Pharmaceuticals issued a regulatory filing with financial data for its just sold iNova Pharmaceuticals unit, Wells Fargo analyst David Maris says that while the company is executing deals and reducing absolute debt, "leverage seems to be relatively unchanged." Valeant's focus on EBITDA versus earnings is to have investors "ignore the impact of increased borrowing costs and any impact from potential dilutive equity based financing," Maris tells investors in a research note. Valeant has indicated an equity raise is not off the table, the analyst adds. He has an Underperform rating on the stock with a $9 price target. Valeant in afternoon trading is down 26c to $13.00.
AGN Allergan
$238.59

0.92 (0.39%)

06/16/17
CANT
06/16/17
INITIATION
Target $231
CANT
Neutral
Allergan initiated with a Neutral at Cantor
Cantor Fitzgerald analyst Louise Chen started Allergan with a Neutral rating and $231 price target.
06/08/17
COWN
06/08/17
NO CHANGE
Target $400
COWN
Outperform
Allergan shares at compelling entry point, says Cowen
Cowen analyst Ken Cacciatore met with Allergan's CEO and came away with an increased level of confidence in the core operations and the ongoing integration of the recent aesthetics acquisitions. The analyst views the current share price as a compelling entry point for investors. Cacciatore reiterated his Outperform rating and $400 price target on Allergan shares.
05/19/17
JPMS
05/19/17
NO CHANGE
Target $300
JPMS
Overweight
Allergan recent weakness a buying opportunity, says JPMorgan
JPMorgan analyst Chris Schott recommends using the 8% pullback in Allergan shares since the company's Q1 earnings report as a buying opportunity. While 2016 results were "messy" due to the divestiture of its generics business, Allergan's results will "become increasingly less controversial" throughout 2017, Schott tells investors in a research note. And he sees potential for multiple expansion ahead of "several meaningful pipeline catalysts" in 2018. The analyst has an Overweight rating on Allergan with a $300 price target.
05/16/17
SBSH
05/16/17
DOWNGRADE
Target $31
SBSH
Sell
Pfizer downgraded to Sell from Neutral at Citi
Citi analyst Andrew Baum downgraded Pfizer (PFE) to Sell and cut his price target for the shares to $31 from $38. The biopharmaceutical giant closed yesterday up 11c to $33.12. The analyst says his concern over Pfizer's "rising risk to high price" Medicare Part D covered oncology drugs, namely Xtandi, Ibrance and Xalkori, has intensified. He also believes "major transaction risk" for Pfizer remains high. Bristol-Myers (BMY) and Allergan (AGN) are the most probable takeover targets for Pfizer, Baum tells investors in a research note. The analyst prefers owning Eli Lilly (LLY) and Bristol among the major U.S. Pharmaceuticals.

TODAY'S FREE FLY STORIES

FEYE

FireEye

11:45
06/27/17
06/27
11:45
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11:45
Options
FireEye call volume above normal and directionally bullish »

Bullish option flow…

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  • 12

    Jul

11:45
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11:45
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11:45
General news
Treasury's $40 B 4-week bill sale was poorly subscribed »

Treasury's $40 B…

BT

BT Group

$18.68

0.06 (0.32%)

11:42
06/27/17
06/27
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11:42
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BT Group rating change  »

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11:35
06/27/17
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11:35
General news
Treasury Option Action: a round of call buying in the belly »

Treasury Option Action: a…

OSUR

OraSure

$15.72

0.17 (1.09%)

11:31
06/27/17
06/27
11:31
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11:31
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OraSure analyst commentary  »

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  • 30

    Jul

XLF

Financial Select Sector

$24.19

0.17 (0.71%)

11:30
06/27/17
06/27
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Options
SPDR Financial calls outpace puts nearly 25:1 »

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KITE

Kite Pharma

$100.43

-0.23 (-0.23%)

11:25
06/27/17
06/27
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11:25
Options
Kite Pharma call volume above normal and directionally bullish »

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  • 29

    Nov

ANY

Sphere 3D

$0.20

0.0275 (16.08%)

11:25
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11:25
Conference/Events
Sphere 3D to host special shareholder meeting »

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  • 27

    Jun

MRK

Merck

$66.14

0.215 (0.33%)

11:20
06/27/17
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11:20
Periodicals
Merck confirms computer network 'compromised' by global hack »

Merck stated in a series…

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  • 22

    Sep

11:20
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General news
Fed's Harker still backs another rate hike this year »

Fed's Harker still…

BLK

BlackRock

$425.20

0.51 (0.12%)

11:17
06/27/17
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11:17
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BlackRock to acquire Cachematrix »

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$NSD

NASDAQ Market Internals

11:17
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Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

11:16
06/27/17
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Technical Analysis
NYSE market internals summary »

Volume is average for…

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11:15
06/27/17
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11:15
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General news
Breaking General news story  »

4-Week Bill Auction to be…

PSX

Phillips 66

$80.96

0.72 (0.90%)

, CVX

Chevron

$104.76

0.62 (0.60%)

11:11
06/27/17
06/27
11:11
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11:11
Hot Stocks
Chevron Phillips Chemical names Mark Lashier CEO »

Chevron Phillips Chemical…

PSX

Phillips 66

$80.96

0.72 (0.90%)

CVX

Chevron

$104.76

0.62 (0.60%)

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  • 01

    Aug

11:10
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General news
Today's U.S. reports »

Today's U.S. reports…

ALDR

Alder Biopharmaceuticals

$18.70

-1 (-5.08%)

11:03
06/27/17
06/27
11:03
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11:03
Recommendations
Alder Biopharmaceuticals analyst commentary  »

Piper reiterates…

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  • 27

    Jul

AA

Alcoa

$32.33

1.15 (3.69%)

11:00
06/27/17
06/27
11:00
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11:00
Options
Alcoa attracts call buying »

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11:00
06/27/17
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11:00
General news
FX Action: USD-CAD »

FX Action: USD-CAD fell…

11:00
06/27/17
06/27
11:00
06/27/17
11:00
General news
Breaking General news story  »

Philadelphia Federal…

HCC

Warrior Met Coal

$15.88

-0.31 (-1.91%)

10:58
06/27/17
06/27
10:58
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10:58
Downgrade
Warrior Met Coal rating change  »

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BV

Bazaarvoice

$4.80

-0.1 (-2.04%)

10:56
06/27/17
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10:56
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10:56
Conference/Events
Bazaarvoice management to meet with Needham »

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  • 28

    Jun

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    Jun

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    Jul

CBI

CB&I

$16.50

2.1 (14.58%)

, TOSBF

Toshiba, also use TOSYY

$2.69

0.03 (1.13%)

10:55
06/27/17
06/27
10:55
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10:55
Periodicals
Court rules for Chicago Bridge in Westinghouse case, Reuters says »

The Delaware Supreme…

CBI

CB&I

$16.50

2.1 (14.58%)

TOSBF

Toshiba, also use TOSYY

$2.69

0.03 (1.13%)

TOSYY

Toshiba, also use TOSBF

$15.91

-0.065 (-0.41%)

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10:55
06/27/17
06/27
10:55
06/27/17
10:55
Conference/Events
Federal Reserve Bank of Philadelphia President speaks on economic outlook »

Philadelphia Federal…

LTRX

Lantronix

$2.37

-0.08 (-3.27%)

10:54
06/27/17
06/27
10:54
06/27/17
10:54
Conference/Events
Lantronix management to meet with Needham »

Meeting to be held in New…

03/08/13
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  • 28

    Jun

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