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UNH

UnitedHealth

$193.03

-2.18 (-1.12%)

, AET

Aetna

$153.57

0.18 (0.12%)

16:22
09/22/17
09/22
16:22
09/22/17
16:22

On The Fly: Top stock stories for Friday

The major averages finished the day little changed and on a weekly basis they were mixed. The Dow saw a small weekly advance, the S&P was nearly flat and the Nasdaq suffered under the weight of Apple (AAPL), which had a rough week as reviews came out for its new iPhone 8 and Watch and the products hit stores. However, the biggest of Apple's new products, the iPhone X, is still awaited, keeping a lid on any buying frenzy that may be ahead. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing PMI for September edged up 0.2 points to 53.0, matching the consensus forecast. The services PMI fell to 55.1, however, which was down 0.9 points from the last reading and below the 55.8 that was expected. In Europe, the composite PMI hit 56.7, with the manufacturing component reading of 58.2 and services component reading of 55.6 both topping expectations. COMPANY NEWS: Shares of a number of health insurers moved higher after Republican Senator John McCain of Arizona voiced his opposition to the Graham-Cassidy bill to repeal and replace the Affordable Care Act. In his statement, McCain stated: "I believe we could do better working together, Republicans and Democrats, and have not yet really tried." While some of the largest names in the space, including UnitedHealth (UNH), Aetna (AET), Anthem (ANTM) and Cigna (CI), did not see significant gains for the day, they all closed off their earlier session lows as this blow gives the legislation much slimmer chances of passing... Shares of First Solar (FSLR) advanced 5.4% after the International Trade Commission determined that silicon solar power cells being imported into the U.S. present a serious injury, or threat of injury, to the domestic industry. As a result, the ITC's investigation will move to a remedy phase, after which tariffs may be set on imported solar products... Apple slipped another 1% today as the iPhone 8 started appearing on the shelves of the company's retail stores. Compared to prior years, however, this isn't resulting in long lines, presumably because many buyers are still waiting for the company's high-end iPhone X. MAJOR MOVERS: Among the notable gainers was Finish Line (FINL), which gained 5.5% after the company reported quarterly earnings that were in-line with expectations. Also higher was Ascendis Pharma (ASND), which gained 23.4% after its competitor, Versartis (VSAR), reported that its Phase 3 trial testing a long-acting growth hormone as a treatment for pediatric growth hormone deficiency failed. Versartis, whose management reportedly indicated there was no path forward with this trial and no current plans for an additional trial, was downgraded by multiple research firms and the stock plunged 87.62%. Also lower was Intercept Pharmaceuticals (ICPT). Following a 25% decline yesterday, the stock fell another 16.4% to $61.59 today as several more analysts cut their price targets and ratings on the drugmaker in the wake of a "Dear Doctor" last week and an FDA communication yesterday that both contained warnings that Ocaliva could result in increased risk of serious liver injury and death. INDEXES: The Dow fell 9.64, or 0.04%, to 22,349.59, the Nasdaq gained 4.23, or 0.07%, to 6,426.92, and the S&P 500 advanced 1.62, or 0.06%, to 2,502.22.

UNH

UnitedHealth

$193.03

-2.18 (-1.12%)

AET

Aetna

$153.57

0.18 (0.12%)

ANTM

Anthem

$182.86

-0.64 (-0.35%)

CI

Cigna

$182.74

0.61 (0.33%)

AAPL

Apple

$151.89

-1.5 (-0.98%)

FSLR

First Solar

$51.41

2.65 (5.43%)

FINL

Finish Line

$9.73

0.51 (5.53%)

ASND

Ascendis Pharma

$34.24

6.5 (23.43%)

VSAR

Versartis

$2.68

-18.925 (-87.62%)

ICPT

Intercept

$61.59

-12.11 (-16.43%)

  • 22

    Sep

  • 22

    Oct

UNH UnitedHealth
$193.03

-2.18 (-1.12%)

08/29/17
PIPR
08/29/17
NO CHANGE
Target $54.29
PIPR
Neutral
Piper says Advisory Board deal should be marginally accretive to UnitedHealth
Piper Jaffray analyst Sean Wieland said Advisory Board's (ABCO) deal to merge its healthcare business with United Healthcare's (UNH) OptumInsights should be marginally accretive to UnitedHealth and add to his confidence in his FY18 OptumInsights growth estimates. He keeps a Neutral rating on Advisory Board shares and raised his price target on the stock to $54.29 from $51 to reflect the combined estimated amount being paid to shareholders by Optum and Vista Equity, the buyers of Advisory's education business.
08/30/17
ADAM
08/30/17
DOWNGRADE
Target $54
ADAM
Hold
The Advisory Board downgraded to Hold from Buy at Canaccord
Canaccord analyst Richard Close downgraded The Advisory Board (ABCO) to Hold from Buy based on the announced transaction to split the company by selling the Healthcare business to UnitedHealth's (UNH) Optum unit and the Education Business to Vista Equity Partners. Close lowered his price target to $54.29 on Advisory Board shares.
08/16/17
PIPR
08/16/17
NO CHANGE
PIPR
Overweight
UnitedHealth made 'solid choice' in new CEO, says Piper Jaffray
Piper Jaffray analyst Sarah James views UnitedHealth's promotion of David Wichmann as a "solid choice and not a surprise." The analyst expects business as usual for the company as it continues to push into technology including artificial intelligence. She has an Overweight rating on the shares.
08/11/17
COWN
08/11/17
NO CHANGE
Target $220
COWN
Outperform
UnitedHealth price target raised to $220 from $175 at Cowen
Cowen analyst Christine Arnold raised her price target on UnitedHealth to $220 from $175. The analyst believes the company can achieve its long-term growth targets in 2018, citing Medicare Advantage enrollment growth, operating efficiencies, commercial market penetration, and OptumRx and OptumInsight earnings gains. Arnold reiterated her Outperform rating on UnitedHealth shares.
AET Aetna
$153.57

0.18 (0.12%)

07/14/17
PIPR
07/14/17
NO CHANGE
Target $18
PIPR
Overweight
Piper views updated Aetna policy as disappointing for Natera
Piper Jaffray analyst William Quirk views Aetna's (AET) updated non-invasive prenatal testing medical policy, where it decided to continue covering the test only in high risk, as "disappointing." Upside for Natera (NTRA) in the second half of 2017 now falls on Medicaid and microdeletion reimbursement progress, and less so commercial payers flipping to cover average risk, Quick tells investors in a research note. He keeps an Overweight rating on Natera shares with an $18 price target.
06/28/17
06/28/17
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. Altaba (AABA) initiated with an Overweight at JPMorgan. 2. Aetna (AET) and Humana (HUM) were initiated with a Buy at Citi. The firm also added Aetna to its Focus List. 3. CVS Health (CVS) and Walgreens Boots Alliance (WBA) were initiated with a Hold at Needham. 4. Oaktree Capital (OAK) initiated with a Hold at Jefferies. 5. General Motors (GM) resumed with an Overweight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/17
ARGS
09/12/17
NO CHANGE
ARGS
Aetna price target raised to $185 from $165 at Argus
Argus analyst David Toung believes that Aetna reported "strong" Q2 results. The analyst remains upbeat on the company's 2H17 outlook and keeps a Buy rating on the shares.
07/13/17
FBCO
07/13/17
NO CHANGE
Target $165
FBCO
Outperform
Aetna price target raised to $165 from $160 at Credit Suisse
Credit Suisse analyst Scott Fidel raised his price target for Aetna to $165 from $160 ahead of Q2 results. He reiterates an Outperform rating on the shares.
ANTM Anthem
$182.86

-0.64 (-0.35%)

06/23/17
LEER
06/23/17
NO CHANGE
LEER
Outperform
Draft version of Senate healthcare bill better than expected, says Leerink
Leerink analyst Ana Gupte said she views the draft version of the Senate healthcare bill as better than expected, stating that stabilization of the Exchanges and risk stabilization is a direct positive for health insurers and indirect positive for facility operators. The Senate bill maintains the House bill's plan to repeal all "ObamaCare" industry fees and taxes, which is a positive for Managed Care and Medical Technology players, Gupte adds. She keeps Outperform ratings on Anthem (ANTM), UnitedHealth (UNH), Cigna (CI), Humana (HUM), WellCare (WCG), Molina Healthcare (MOH) and acute care hospital operators HCA Holdings (HCA), Tenet (THC) and LifePoint (LPNT).
06/28/17
SBSH
06/28/17
NO CHANGE
Target $205
SBSH
Buy
Anthem removed from Focus List at Citi
Citi analyst Ralph Giacobbe removed Anthem (ANTM) from his firm's Focus List but keeps a Buy rating on the shares with a $205 price target. The analyst believes some of the upside catalysts have played out. He also added Aetna (AET) to the Focus List.
07/12/17
FBCO
07/12/17
INITIATION
Target $195
FBCO
Neutral
Anthem initiated with a Neutral at Credit Suisse
Credit Suisse analyst Scott Fidel started Anthem with a Neutral rating and $195 price target. The company has produced slower earnings growth over the past decade relative to Managed Care peers and its returns on capital are also "sub-par relative to comps," the analyst contends. He believes Anthem is "entering a new chapter" following the failed Cigna (CI) acquisition and "uncertain future" of the Affordable Care Act's exchanges and Medicaid expansion.
09/19/17
RBCM
09/19/17
INITIATION
RBCM
Sector Perform
Express Scripts initiated with a Sector Perform at RBC Capital
RBC Capital analyst George Hill started coverage of Express Scripts (ESRX) with a $68 price target and a Sector Perform rating. The analyst says that the company "faces an uncertain future" in the wake of the loss of its deal with Anthem ( ANTM), as he believes that it will have difficulty generating operating profit growth without Anthem.
CI Cigna
$182.74

0.61 (0.33%)

06/16/17
06/16/17
NO CHANGE

Leerink reiterates view that Cigna could bid for Humana
Leerink analyst Ana Gupte reiterated his views that Cigna (CI) could make a bid Humana (HUM) following Cigna's disclosure that 60% of its Medicare Advantage plans will be in 4-STAR rated plans. The announcement is most positive for Humana (HUM) which is the largest pure play Medicare Advantage name, but also paves the way for Cigna to potentially dievest its legacy HS Medicare Advantage book and bid for Humana.
06/23/17
JEFF
06/23/17
NO CHANGE
JEFF
Jefferies says healthcare rally 'appropriate' after 'toothless' AHCA rewrite
Jefferies analyst David Windley said the rally yesterday in healthcare stocks was appropriate given the "anemic" rewrite of the AHCA healthcare bill by Senate Republicans. The key changes are removal of "pay-for" taxes, a somewhat longer runway for Exchange cost-sharing reduction subsidies, and delayed Medicaid transition to per capita caps, he tells investors. Windley called Cigna (CI) "probably the safest MCO in this noise", adding that Humana (HUM) would benefit most from the proposed removal of the health insurer fee. Other publicly traded healthcare insurers include Aetna (AET), Anthem (ANTM), Centene (CNC), Health Net (HNT), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG).
AAPL Apple
$151.89

-1.5 (-0.98%)

09/22/17
SBSH
09/22/17
NO CHANGE
Target $170
SBSH
Buy
Citi reviews iPhone 8 launches, says customers waiting for iPhone X
In a research note titled "While You Were Sleeping, iPhone 8 Launched in Various Regions," Citi analyst Jim Suva says his firm's s global team reviewed in-store launches and ship times for iPhone 8 and iPhone 8 Plus across Australia, Japan and Asia. His overall conclusion is that customers are likely waiting for iPhone X, which is not expected to be available until November 3. Current ship times are quicker and lines shorter for the iPhone 8 than prior launches, which is not surprising as users will wait to compare to iPhone X before making a final purchase, Suva tells investors in a research note. The analyst remains positive on Apple shares with a Buy rating and $170 price target. The iPhone maker is down 84c to $152.55 in premarket trading after declining 2% yesterday.
09/22/17
NORL
09/22/17
NO CHANGE
NORL
Apple may adopt Sequans CAT M radios, says Northland
Northland analyst Tom Spenzis said Apple (AAPL) is experiencing connectivity issues with its new voice-enables cellular Watch along with battery drain with LTE radios, which could lead to increased adoption of Sequans (SQNS) CAT M radios.
09/22/17
PIPR
09/22/17
NO CHANGE
Target $196
PIPR
Overweight
Piper ups Apple target to $196 after iPhone price analysis
The combination of a higher priced iPhone 8 relative to the iPhone 7 and launch of iPhone X should result in a year-over-year average selling price uplift for Apple, Piper Jaffray analyst Michael Olson tells investors in a research note. The analyst now models an iPhone average selling price in fiscal year 2018 of $710, above the consensus at $696. Despite potential for iPhone 8 to see a short-term negative impact from customers waiting for iPhone X, investors should own Apple on potential for a strong overall iPhone cycle, Olson writes. He raised his price target for the shares to $196 from $190 and maintains an Overweight rating on the name. Apple closed yesterday down $2.68 to $153.39.
09/22/17
KEYB
09/22/17
NO CHANGE
KEYB
Broadcom, Skyworks still 'well represented' in iPhone 8, says KeyBanc
KeyBanc analyst John Vinh said the results of iFixit's teardown of Apple's (AAPL) newly available iPhone 8 were "largely in line" with his expectations. The number of Broadcom (AVGO) RF chips decreased to one from three, but he still anticipates RF content increased as the RF chip appears larger. Also, the Wi-Fi/Bluetooth module likely is using a Broadcom combo chip, he thinks. Skyworks (SWKS) also remains "well represented" in the new device, he added.
FSLR First Solar
$51.41

2.65 (5.43%)

09/15/17
09/15/17
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. Dish (DISH) upgraded to Neutral from Sell at Citi with analyst Jason Bazinet saying the valuation seems fair following the recent weakness in the shares. 2. First Solar (FSLR) upgraded to Buy from Hold at Deutsche Bank with analyst Vishal Shah saying channel checks indicate that "robust" U.S. demand is driving module prices higher. 3. Southwest (LUV) upgraded to Overweight from Neutral at JPMorgan with analyst Jamie Baker saying the recent correction in Southwest shares makes for a "compelling" risk-to-reward profile. 4. Qualcomm (QCOM) upgraded to Outperform from Market Perform at Northland with analyst Tom Sepenzis citing expectations for market share gains in 2018, particularly at the high end, as he sees the company and partner Himax (HIMX) as well positioned to become the "de facto leading 3D sensing solution" with Android manufacturers who follow the lead of Apple's (AAPL) new iPhone X. 5. Harsco (HSC) upgraded to Buy from Hold at Argus with analyst David Coleman saying cost cutting initiatives, returns on prior investments, and improving end market demand have resulted in above Street results in the first half of 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/15/17
DBAB
09/15/17
UPGRADE
Target $65
DBAB
Buy
First Solar upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Vishal Shah upgraded First Solar to Buy and raised his price target for the shares to $65 from $50. The provider of photovoltaic solar energy solutions closed yesterday up $1.60 to $48.43. Channel checks indicate that "robust" U.S. demand is driving module prices higher, Shah tells investors in a research note. He believes First Solor is likely to announce additional 1GW of series 4 capacity extension for next year as well as orders for series 6 modules sooner than most investors expect. He sees upside to near-term estimates for the company.
09/20/17
DBAB
09/20/17
NO CHANGE
Target $65
DBAB
Buy
First Solar shares can hit $110 if ITC finds injury, says Deutsche Bank
Deutsche Bank analyst Vishal Shah sees upside in First Solar shares to $110 should the International Trade Commission's section 201 outcome on Friday find injury. The stock in midday trading is down 66c to $48.20. His bull case includes tariffs and standard multi-module prices staying at mid 40c along with c-Si module prices also remaining high. In this scenario, First Solar can extend an incremental 1GW S4 in 2018 and 2019, making shipments of 3GW and 4.5GW, respectively, Shah tells investors in a research note. The analyst sees downside in the shares to around $40 should the ITC find no injury. He sees First Solar's risk/reward as favorable into Friday's ruling and keeps a Buy rating on the shares with a $65 price target.
09/19/17
COKE
09/19/17
INITIATION
COKE
First Solar initiated with $72 fair value estimate at Coker Palmer
Coker Palmer analyst Brad Meikle initiated First Solar with a fair value estimate of $72 with an upside case of $97 per share and downside case of $32. The International Trade Commission on Friday will release its findings on whether there was damage done to U.S. crystalline solar manufacturers by overseas competitors, the analyst points out. He believes it is "extremely likely" that the ITC finds there were damages and that this is not priced into First Solar shares.
FINL Finish Line
$9.73

0.51 (5.53%)

09/18/17
WELS
09/18/17
NO CHANGE
WELS
Retail seems to be stabilizing, says Wells Fargo
Wells Fargo analyst Ike Boruchow says that while it still seems too early to call for a robust recovery in retail fundamentals, the industry does seem to be stabilizing, with Q2 sales and EPS trends generally better than Q1 across the board. Further, store traffic has improved each month since February and management teams have taken a generally upbeat tone regarding back-to-school in recent public commentary, he adds. So, with solid traffic and favorable weather during the key back-to-school selling season, the analyst believes inventories could find themselves in good shape heading into the holidays and momentum appears to be on retail's side. Boruchow points out that according to his index, PVH Corp. (PVH) continues to be the ''most loved'' retailer in his universe, followed by TJX (TJX), Canada Goose (GOOS), and Steven Madden (SHOO), while Foot Locker (FL), Fossil (FOSL), and Finish Line (FINL) are the ''least loved'' names this month.
09/18/17
09/18/17
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. Finish Line (FINL) downgraded to Underweight from Neutral at Piper Jaffray with analyst Erinn Murphy saying she sees further downside risk to estimates. 2. United Continental (UAL) downgraded to Neutral from Buy at Buckingham with the firm's analyst cutting his 2018 pre-tax earnings forecast by 20% and expects the multiple to contract further as consensus estimates are reset lower. 3. Brooks Automation (BRKS) downgraded to Hold from Buy at Needham with analyst Y. Edwin Mok citing valuation. 4. Wipro (WIT) downgraded to Sell from Neutral at Goldman Sachs with the firm saying earnings growth stays anemic while valuation is rich. 5. Taubman Centers (TCO) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Richard Hill stating that while Taubman owns the highest quality portfolio of malls, its second quarter results showed its smaller portfolio may give it less negotiating leverage with retailers than peers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/17
JEFF
09/19/17
NO CHANGE
JEFF
Jefferies cuts Nike target, says share loss to adidas accelerating
Survey work shows Nike (NKE) is ceding market share to adidas (ADDYY) in both Europe and the U.S. at an accelerating pace, especially in running, Jefferies analyst Randal Konik tells investors in a research note. The analyst's webscrape analysis shows Nike has 35 shoes in the top 60 sellers versus 52 last year, while adidas has risen to 24 styles, versus just 2 last year. Konik expects downward estimate revisions and multiple compression for Nike. He lowered his estimates for the company and cut his price target for the shares to $49 from $60. The shoemaker closed yesterday down 37c to $53.50. The analyst reiterates a Hold rating on the name. Konik also views Nike's eroding market share as negative for both Foot Locker (FL) and Finish Line (FINL).
09/19/17
WELS
09/19/17
DOWNGRADE
Target $13
WELS
Underperform
Under Armour downgraded to Underperform from Market Perform at Wells Fargo
Wells Fargo analyst Tom Nikic downgraded Under Armour (UAA) to Underperform and cut his price target for the shares to $13 from $17. With consumers having filled their closets with athletic wear over the past seven years, the category "appears poised to take a breather for now," Nikic tells investors in a research note. The analyst believes the trend change away from performance has left Under Armour "offsides" from a fashion perspective. Further, he notes that unlike Nike (NKE), Under Armour still generates most of its revenue in North America, where the athletic space is seeing much more pressure. The stock's valuation "still appears quite lofty," Nikic argues. The analyst lowered his estimates for Nike, Under Armour, lululemon (LULU) and Finish Line (FINL), but downgraded only Under Armour.
ASND Ascendis Pharma
$34.24

6.5 (23.43%)

09/22/17
WELS
09/22/17
NO CHANGE
Target $51
WELS
Outperform
Versartis failure bodes well for Ascendis Pharma, says Wells Fargo
Wells Fargo analyst Jim Birchenough reiterates an Outperform rating on Ascendis Pharma (ASND) after its competitor Versartis (VSAR) announced last night that its long-acting recombinant human growth hormone, somavaratan, failed to meet the primary endpoint of non-inferiority in a Phase 3 study in pediatric growth hormone deficiency. The analyst continues to see a "high likelihood of success" for Ascendis Pharma's unmodified TransCon GH, which he says appears superior to both somavaratan and short acting growth hormone. Birchenough has a $51 price target on Ascendis shares. The stock last night in after-hours trading jumped 42%, or $11.66, to $39.40.
09/22/17
JPMS
09/22/17
NO CHANGE
JPMS
Overweight
One less competitor 'clear positive' for Ascendis, says JPMorgan
JPMorgan analyst Jessica Fye expects shares of Ascendis Pharma (ASND) to rally 10%-plus after Versartis (VSAR) reported negative results from the Phase III Velocity study in pediatric growth hormone deficiency. One less competitor in this market is a "clear positive" for Ascendis, Fye tells investors in a research note. She believes Versartis' failure will be viewed as company-specific given the prior Phase II data for somvaratan. The analyst continues to see a "high probability of success" for Ascendis' TransCon hGH in pediatric growth hormone. The analyst has an Overweight rating on the shares.
09/22/17
WEDB
09/22/17
NO CHANGE
Target $65
WEDB
Outperform
Ascendis Pharma price target raised to $65 from $36 at Wedbush
Wedbush analyst Liana Moussatos raised her price target for Ascendis Pharma (ASND) shares to $65 after Versartis (VSAR) said the Phase 3 Velocity trial testing somavaratan long-acting growth hormone as a treatment for pediatric growth hormone deficiency failed to meet its endpoint. Competitor somavaratan is no longer a threat to Ascendis, Moussatos tells investors in a research note. Her new price target reflects increased penetration due to reduced competition. Moussatos reiterates an Outperform rating on Ascendis. The stock in premarket trading is up 39%, or $10.71, to $38.45.
09/22/17
FBCO
09/22/17
NO CHANGE
Target $50
FBCO
Outperform
Ascendis Pharma price target raised to $50 from $30 at Credit Suisse
Credit Suisse analyst Alethia Young said she now believes Ascendis Pharma's (ASND) TransCon hGH can have dominant market share if its Phase 3 trial succeeds after Versartis' (VSAR) non-inferiority study testing somavaratan failed. Ascendis now has the potential to be first to market in pediatric with their weekly growth hormone drug and she has raised her peak sale estimate for TransCon hGH to $1.2B from $820M, she tells investors. Young raised her price target on Ascendis shares to $50 from $30 and keeps an Outperform rating on the stock, which is up nearly 40% to $38.68 in pre-market trading.
VSAR Versartis
$2.68

-18.925 (-87.62%)

09/22/17
09/22/17
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. Versartis (VSAR) was downgraded to Hold from Buy at SunTrust, to Underweight from Overweight at Barclays, to Neutral from Overweight at Piper Jaffray, and to Market Perform from Outperform at Cowen. 2. Tiffany (TIF) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying the company's high-end categories, including engagement, wedding and solitaire jewelry, decelerated in the last two quarters. 3. Airbus (EADSY) downgraded to Hold from Buy at Jefferies with analyst Sandy Morris saying the company's EBIT in fiscal 2018 and fiscal 2019 could track significantly below consensus expectations. 4. Alcoa (AA) downgraded to Hold from Buy at Berenberg with analyst Yuriy Vlasov saying Alcoa shares are up 43% over the past six months and recommends taking profits. 5. U.S. Steel (X) was downgraded to Underperform from Market Perform while ArcelorMittal (MT) was downgraded to Market Perform from Outperform at Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/22/17
MSCO
09/22/17
NO CHANGE
Target $3
MSCO
Equal Weight
Versartis price target lowered to $3, below cash position, at Morgan Stanley
After Versartis reported that the Phase 3 VELOCITY trial in pediatric growth hormone deficiency failed and management indicated there was no path forward with this trial and no current plans for an additional trial, Morgan Stanley analyst Andrew Berens said he believes the company's current cash position of about $4 per share is unlikely to be a floor given investor concerns about a lack of strategic path forward. He cut his price target on Versartis to $3 from $17 and keeps an Equal Weight rating on the shares.
09/22/17
CANT
09/22/17
NO CHANGE
Target $14
CANT
Overweight
Cantor still sees 55% probability of success for Versartis' somavaratan
Cantor Fitzgerald analyst Elemer Piros lowered his price target for Versartis shares to $14 from $34, but keeps an Outperform rating on the name, after the company announced negative Phase 3 Velocity data in pediatric growth hormone deficiency patients. An analysis of the per protocol population did meet non-inferiority criteria, potentially highlighting a path forward with additional optimization, Piros tells investors in a research note. He believes a potential path forward could include increasing the dose and frequency of the drug. The analyst now ascribes an adjusted 55% probability of success for somavaratan and anticipates a more modest and delayed commercial launch. Versartis in premarket trading is down 84%, or $18.10, to $3.50. Four firms this morning downgraded the shares.
09/22/17
RHCO
09/22/17
DOWNGRADE
RHCO
Hold
Versartis downgraded to Hold from Buy at SunTrust
SunTrust analyst Edward Nash downgraded Versartis after the data from the Phase III trial of its somavaratan drug for pediatric growth hormone deficiency was negative.The analyst does not expect the drug to be approved by the FDA. Target to $4 from $25.
ICPT Intercept
$61.59

-12.11 (-16.43%)

09/22/17
OPCO
09/22/17
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades Intercept despite two-day share collapse
Oppenheimer analyst Jay Olson downgraded this afternoon shares of Intercept Pharmaceuticals to Perform from Outperform. Following a 25% decline yesterday, the stock is down 15% to $62.69 in afternoon trading. Both the company's "Dear Doctor" last week and yesterday's FDA communication contain warnings that Intercept's Ocaliva could result in increased risk of serious liver injury and death, Olson tells investors in a research note. The drug's primary biliary cholangitis script growth is below the analyst's prior forecasted trajectory and he believes the warnings "could further attenuate growth." Further, Olson is increasingly concerned with the commercial implications of Ocaliva for nonalcoholic steatohepatitis, which he believes "necessitates a clean safety profile." Citi analyst Joel Beatty earlier today also downgraded Intercept.
09/22/17
SBSH
09/22/17
DOWNGRADE
SBSH
Neutral
Intercept downgraded to Neutral from Buy at Citi
Citi analyst Joel Beatty downgraded Intercept Pharmaceuticals to Neutral and cut his price target for the shares to $92 from $150.
09/22/17
SBSH
09/22/17
DOWNGRADE
Target $92
SBSH
Neutral
Citi downgrades Intercept after FDA safety announcement
Citi analyst Joel Beatty downgraded Intercept Pharmaceuticals to Neutral from Buy and cut his price target for the shares to $92 from $150 after the FDA yesterday issued a safety announcement on Ocaliva. Intercept, after declining 25% yesterday, is down 9% in early trading to $67.26. Beatty reduced his probability of success to 55% from 65% for Ocaliva in nonalcoholic steatohepatitis. The FDA announcement raised concerns beyond those mentioned in Intercept's "Dear Doctor" letter last week, Beatty tells investors in a research note. The FDA communication "is different in that it is worded to imply causation and adds that some patients experienced symptom resolution after discontinuing OCA," the analyst writes. He believes more safety issues could surface longer term and that doctors may be more inclined to stop treating patients who don't respond.
09/22/17
OPCO
09/22/17
DOWNGRADE
OPCO
Perform
Intercept downgraded to Perform from Outperform at Oppenheimer

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Impax

$19.95

-0.85 (-4.09%)

17:55
10/16/17
10/16
17:55
10/16/17
17:55
Hot Stocks
Impax jumps 6% in after-hours after WSJ says Amneal deal near »

Shares of Impax are up…

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  • 09

    Nov

IPXL

Impax

$19.95

-0.85 (-4.09%)

17:51
10/16/17
10/16
17:51
10/16/17
17:51
Periodicals
Impax and Amneal close to merger pact, WSJ says »

Impax Laboratories and…

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  • 09

    Nov

AGII

Argo Group

$62.90

-0.25 (-0.40%)

17:36
10/16/17
10/16
17:36
10/16/17
17:36
Hot Stocks
Argo Group provides preliminary Q3 loss estimate »

Argo Group announced…

03/08/13
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03/06/13
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FDEF

First Defiance Financial

$53.65

-0.25 (-0.46%)

17:34
10/16/17
10/16
17:34
10/16/17
17:34
Earnings
First Defiance Financial reports Q3 EPS 92c, consensus 89c »

Reports Q3 NII $ $25.0M,…

03/08/13
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  • 17

    Oct

BRO

Brown & Brown

$48.97

-0.42 (-0.85%)

17:33
10/16/17
10/16
17:33
10/16/17
17:33
Earnings
Brown & Brown reports Q3 EPS 53c, consensus 50c »

Reports Q3 revenue…

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  • 17

    Oct

ORIG

Ocean Rig UDW

$26.18

0.51 (1.99%)

17:31
10/16/17
10/16
17:31
10/16/17
17:31
Hot Stocks
Ocean Rig holder BlueMountain intends to recommend company hire advisers »

Ocean Rig UDW holder…

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NFLX

Netflix

$202.68

3.19 (1.60%)

, IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

17:31
10/16/17
10/16
17:31
10/16/17
17:31
Hot Stocks
On The Fly: After Hours Movers »

UP AFTER EARNINGS:…

NFLX

Netflix

$202.68

3.19 (1.60%)

IMDZ

Immune Design

$10.10

-0.85 (-7.76%)

SAVE

Spirit Airlines

$33.47

-0.33 (-0.98%)

UNH

UnitedHealth

$193.20

0.68 (0.35%)

BMI

Badger Meter

$50.80

-0.6 (-1.17%)

SONC

Sonic

$24.80

0.42 (1.72%)

ABEO

Abeona Therapeutics

$16.70

0.6 (3.73%)

VICL

Vical

$2.86

0.04 (1.42%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 16

    Oct

  • 16

    Oct

  • 17

    Oct

  • 17

    Oct

  • 17

    Oct

  • 22

    Oct

  • 23

    Oct

  • 08

    Nov

  • 17

    Oct

FDC

First Data

$18.01

0.39 (2.21%)

17:28
10/16/17
10/16
17:28
10/16/17
17:28
Hot Stocks
First Data CAO sells 3,996 common shares »

In a regulatory filing,…

03/08/13
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  • 22

    Oct

  • 30

    Oct

ROSG

Rosetta Genomics

$1.00

-0.0479 (-4.57%)

17:28
10/16/17
10/16
17:28
10/16/17
17:28
Syndicate
Breaking Syndicate news story on Rosetta Genomics »

Rosetta Genomics files to…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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HRS

Harris

$135.90

-0.66 (-0.48%)

17:27
10/16/17
10/16
17:27
10/16/17
17:27
Hot Stocks
Harris awarded $100M government contract modification »

Harris Corp., Clifton,…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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BA

Boeing

$259.75

-0.99 (-0.38%)

17:26
10/16/17
10/16
17:26
10/16/17
17:26
Hot Stocks
Boeing awarded $240.2M government contract »

The Boeing Co., Oklahoma…

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  • 25

    Oct

PI

Impinj

$34.98

-0.71 (-1.99%)

17:22
10/16/17
10/16
17:22
10/16/17
17:22
Hot Stocks
Impinj COO sells 7,000 common shares »

In a regulatory filing,…

03/08/13
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03/06/13
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  • 01

    Nov

  • 14

    Nov

  • 15

    Nov

ADOM

Adomani

$6.50

-0.36 (-5.25%)

17:21
10/16/17
10/16
17:21
10/16/17
17:21
Syndicate
Breaking Syndicate news story on Adomani »

Adomani files to sell…

03/08/13
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SAVE

Spirit Airlines

$33.47

-0.33 (-0.98%)

17:20
10/16/17
10/16
17:20
10/16/17
17:20
Hot Stocks
Spirit Airlines raises Q3 total RASM view to (6.5%) from (8.5%)-(7%) »

Sees Q3 ASMs up 18%. Sees…

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RESN

Resonant

$4.38

-0.08 (-1.79%)

17:16
10/16/17
10/16
17:16
10/16/17
17:16
Hot Stocks
Breaking Hot Stocks news story on Resonant »

Longboard raises stake in…

03/08/13
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03/06/13
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03/06/13
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CZR

Caesars

$11.85

-0.3 (-2.47%)

17:14
10/16/17
10/16
17:14
10/16/17
17:14
Hot Stocks
Breaking Hot Stocks news story on Caesars »

TPG Group reports 14.3%…

03/08/13
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03/06/13
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03/06/13
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  • 08

    Nov

IPSEY

Ipsen

$35.23

1.2 (3.53%)

, EXEL

Exelixis

$29.02

4.26 (17.21%)

17:08
10/16/17
10/16
17:08
10/16/17
17:08
Hot Stocks
Ipsen says Phase 3 Celestial trial of cabozanitinib met primary endpoint of OS »

Before the market opened,…

IPSEY

Ipsen

$35.23

1.2 (3.53%)

EXEL

Exelixis

$29.02

4.26 (17.21%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 20

    Oct

  • 06

    Nov

GOGL

Golden Ocean

$8.50

0.02 (0.24%)

17:06
10/16/17
10/16
17:06
10/16/17
17:06
Syndicate
Golden Ocean files to sell $66M of common stock »

DNB Markets, Arctic…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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TSQ

Townsquare Media

$10.42

0.27 (2.66%)

17:03
10/16/17
10/16
17:03
10/16/17
17:03
Hot Stocks
Townsquare Media appoints Bill Wilson and Dhruv Prasad as co-CEOs »

Townsquare Media has…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
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WPX

WPX Energy

$10.90

0.16 (1.49%)

17:03
10/16/17
10/16
17:03
10/16/17
17:03
Initiation
WPX Energy initiated  »

WPX Energy initiated with…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 02

    Nov

TRQ

Turquoise Hill

$3.36

0.02 (0.60%)

17:02
10/16/17
10/16
17:02
10/16/17
17:02
Hot Stocks
Turquoise Hill sees FY17 Oyu Tolgoi copper production 130K-160K tonnes »

Oyu Tolgoi is expected to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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EGN

Energen

$53.18

0.3 (0.57%)

17:02
10/16/17
10/16
17:02
10/16/17
17:02
Initiation
Energen initiated  »

Energen initiated with a…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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TRQ

Turquoise Hill

$3.36

0.02 (0.60%)

17:02
10/16/17
10/16
17:02
10/16/17
17:02
Hot Stocks
Turquoise Hill reports Q3 Oyu Tolgoi material mined up 9% y/y »

In 3Q17, material mined…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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AHL

Aspen Insurance

$41.40

-0.35 (-0.84%)

17:00
10/16/17
10/16
17:00
10/16/17
17:00
Hot Stocks
Aspen Insurance reports preliminary pre-tax hurricane impact of $310M »

Aspen Insurance reported…

03/08/13
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03/08/13
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  • 26

    Oct

JAG

Jagged Peak Energy

$13.95

0.03 (0.22%)

17:00
10/16/17
10/16
17:00
10/16/17
17:00
Initiation
Jagged Peak Energy initiated  »

Jagged Peak Energy…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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