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VRX

Valeant

$13.83

-0.46 (-3.22%)

, DEPO

Depomed

$5.12

-0.28 (-5.19%)

19:54
10/12/17
10/12
19:54
10/12/17
19:54

Wells wonders about Valeant's financial controls amid Depomed lawsuit

On September 7, Depomed (DEPO) filed suit against Valeant Pharmaceuticals (VRX) for failure to pay royalties on Glumetza, Wells Fargo analyst David Maris tells investors in a research note titled "Another Dispute With Another Partner." Depomed claims more than $20M is owed and that its auditor KPMG uncovered that Valeant "failed to maintain full and accurate records of its Glumetza transactions," Maris points out. The analyst, who has a longstanding Underperform rating Valeant shares, says his interest in the case goes beyond the money owed and more to what it might suggest about the current state of the company's financial controls and the use of adjusted versus non-adjusted earnings. In addition to the Depomed lawsuit, Valeant is also in arbitration with Cosmo and Alfa Wasserman over Xifaxan and in litigation with former shareholders of Sprout regarding Addyi, Maris adds. He's interested in how Valeant intends to handle reporting for a potential settlement or payment related to the Depomed suit. Valeant closed today down 47c to $13.83, above Maris' price target of $9.00.

VRX

Valeant

$13.83

-0.46 (-3.22%)

DEPO

Depomed

$5.12

-0.28 (-5.19%)

  • 07

    Nov

VRX Valeant
$13.83

-0.46 (-3.22%)

08/31/17
RAJA
08/31/17
NO CHANGE
RAJA
Market Perform
Investors wrong to think Fosun will acquire Impax, says Raymond James
Raymond James analyst Elliot Wilbur says shares of Impax Laboratories (IPXL) are up 20% after Shanghai Fosun Pharmaceutical disclosed this morning a 5.19% stake in the company. Investors interpreting the investment as strategic, setting up an eventual takeover of Impax, is inaccurate, Wilbur tells investors in a research note. The analyst points out that Shanghai Fosun has a New York-based investment arm with positions in companies including Valeant Pharmaceuticals (VRX), Dova Pharmaceuticals (DOVA) and Nature's Sunshine Products (NATR). The stake is just a passive investment made because the investment arm of Shanghai Fosun believes in the Impax turnaround story "and nothing more," Wilbur contends. He keeps a Market Perform rating on Impax. The stock in afternoon trading is up 20%, or $3.62, to $21.58.
09/25/17
DBAB
09/25/17
NO CHANGE
Target $19
DBAB
Hold
Valeant 2018 consensus estimates look too high, says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert says 2018 consensus estimates for Valeant Pharmaceuticals look too high after he updated his model to reflect a more conservative view. The analyst now assumes more significant erosion for the company's Dermatology segment and more modest growth for Salix in 2018. His 2018 earnings per share estimate of $3.05 is well below the consensus at $3.54. Gilbert, however, continues to see the potential for "solid" growth beyond 2018, which represents a "trough year" in his model. He keeps a Hold rating on Valeant shares with a $19 price target.
09/28/17
WELS
09/28/17
NO CHANGE
WELS
Underperform
Valeant attributes today's selloff to confusion about filing, says Wells Fargo
Valeant Pharmaceuticals suggested the 5% intraday pullback in its shares may be related to confusion about a recent regulatory filing concerning a potential offering, Wells Fargo analyst David Maris tells investors in a research note. The company's private placement exemption application relates to a potential placement of a maximum $1.5B in senior notes, not equity, Maris points out after speaking to Valeant. The company told Maris that some investors may have misread the filing as an exemption for a potential equity raise, which it is not. Valeant, though, previously said equity is not off the table as a means to bring down debt, which could have contributed to today's confusion, Maris writes in a late afternoon research note. He keeps an Underperform rating on Valeant shares, which are down in afternoon trading 4%, or 64c, to $13.75.
10/09/17
DBAB
10/09/17
NO CHANGE
Target $19
DBAB
Hold
Deutsche's gastroenterologist survey bodes well for Valeant
Deutsche Bank analyst Gregg Gilbert says his firm's survey of 25 primary care physicians that frequently prescribe drugs for irritable bowel syndrome bodes well for Valeant Pharmaceuticals (VRX) and less so for Allergan (AGN). The survey found doctors expect their prescribing for IBS with diarrhea to increase over the next year, Gilbert tells investors in a research note. They expect solid share growth for Valeant's Xifaxan and have more modest expectations for Allergan's Viberzi, Gilbert writes. The analyst has a Hold rating on Valeant and Buy rating on Allergan.
DEPO Depomed
$5.12

-0.28 (-5.19%)

08/08/17
JANY
08/08/17
DOWNGRADE
JANY
Neutral
Depomed downgraded to Neutral from Buy at Janney Capital
08/08/17
08/08/17
DOWNGRADE
Target $8

Neutral
Depomed downgraded to Neutral after another guidance cut at Janney Capital
As previously reported, Janney Capital analyst Ken Trbovich downgraded Depomed to Neutral from Buy, saying he reads the company's surprising lowering of its full-year guidance for revenues and raising of its expense guidance as an admission that the challenges facing its business are far greater to overcome than just fixing its sales force alignment. Trbovich, who noted that this was the fifth time in the past six quarters that Depomed has lowered the upper end of its revenue view, cut his fair value estimate on the stock to $8 from $18.
08/08/17
MSCO
08/08/17
DOWNGRADE
MSCO
Underweight
Depomed downgraded to Underweight from Equal Weight at Morgan Stanley
08/08/17
08/08/17
DOWNGRADE
Target $5

Underweight
Depomed downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Depomed to Underweight and slashed its price target to $5 from $12. Analyst David Risinger believes pressures on Nucynta, an opiod for pain, will continue to persist as prescriptions decline.

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10/24/17
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General news
FX Update: The dollar majors have posted relatively narrow ranges »

FX Update: The dollar…

NVS

Novartis

$85.91

0.17 (0.20%)

, MCD

McDonald's

$163.34

-2.96 (-1.78%)

20:25
10/23/17
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20:25
Earnings
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Novartis

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McDonald's

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UTX

United Technologies

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LLY

Eli Lilly

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Lockheed Martin

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Caterpillar

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Biogen

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General Motors

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Sherwin-Williams

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Infosys

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GLW

Corning

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Paccar

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Stanley Black & Decker

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Fifth Third

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CNC

Centene

$97.99

1.49 (1.54%)

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Waters

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IPG

Interpublic Group

$20.63

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WAB

Wabtec

$76.39

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HUBB

Hubbell

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-1.75 (-1.42%)

JBLU

JetBlue

$19.88

-0.47 (-2.31%)

PII

Polaris Industries

$106.92

0.46 (0.43%)

GPK

Graphic Packaging

$14.27

-0.01 (-0.07%)

R

Ryder

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CVLT

Commvault

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PINC

Premier

$34.21

0.04 (0.12%)

20:14
10/23/17
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20:14
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20:14
Downgrade
Premier rating change at KeyBanc »

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VBTX

Veritex

$26.94

-0.17 (-0.63%)

19:29
10/23/17
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19:29
Earnings
Veritex reports Q3 core EPS 28c, consensus 30c »

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  • 24

    Oct

OIBR

Oi S.A.

19:08
10/23/17
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Hot Stocks
Oi: Court postpones general meeting of creditors »

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HAS

Hasbro

$89.75

-8.44 (-8.60%)

18:24
10/23/17
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Hot Stocks
Hasbro CEO: Had a very strong quarter »

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  • 23

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LGF.A

Lionsgate

$29.59

-0.5 (-1.66%)

, LGF.B

Lionsgate

$28.44

-0.6 (-2.07%)

18:07
10/23/17
10/23
18:07
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18:07
Hot Stocks
Lionsgate names Rohit Jain to head new office in Mumbai, India »

Lionsgate (LGF.A, LGF.B)…

LGF.A

Lionsgate

$29.59

-0.5 (-1.66%)

LGF.B

Lionsgate

$28.44

-0.6 (-2.07%)

DISH

Dish

$48.98

-0.32 (-0.65%)

VDTH

Videocon d2h

$8.00

-0.22 (-2.68%)

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ALE

Allete

$78.62

-0.31 (-0.39%)

18:06
10/23/17
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18:06
Hot Stocks
Wisconsin jury delivers verdict in favor of U.S. Water in Novozymes suit »

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SYT

Syngenta

$92.12

0.05 (0.05%)

, ADAM

A.D.A.M.

18:04
10/23/17
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18:04
Hot Stocks
Syngenta and Adama to sell portfolio of crop products to Nufarm for $490M »

Syngenta (SYT) announced…

SYT

Syngenta

$92.12

0.05 (0.05%)

ADAM

A.D.A.M.

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DIS

Disney

$98.70

-0.7 (-0.70%)

17:54
10/23/17
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17:54
Periodicals
Disney sees new 'Thor' movie outpacing earlier ones, Bloomberg says »

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  • 09

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VIVO

Meridian Bioscience

$15.20

-0.6 (-3.80%)

17:31
10/23/17
10/23
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17:31
Hot Stocks
Meridian Bioscience comments on FDA Warning Letter issued to subsidiary »

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APRN

Blue Apron

$5.15

0.07 (1.38%)

17:30
10/23/17
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Hot Stocks
Blue Apron names Lainie Cooney chief HR officer »

Blue Apron announced that…

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  • 02

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WSFS

WSFS Financial

$50.25

-0.5 (-0.99%)

17:29
10/23/17
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Hot Stocks
WSFS Financial raises quarterly dividend 29% to 9c per share »

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CONN

Conn's

$26.85

-0.75 (-2.72%)

17:28
10/23/17
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Hot Stocks
Conn's sees Q3 SSS down 9% to down 5%, provision for bad debts at $56M-$61M »

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WSFS

WSFS Financial

$50.25

-0.5 (-0.99%)

17:27
10/23/17
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Earnings
WSFS Financial reports Q3 EPS 64c, consensus 65c »

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VBTX

Veritex

$26.94

-0.17 (-0.63%)

17:27
10/23/17
10/23
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17:27
Hot Stocks
Veritex names Michael Bryan chief information officer »

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TNDM

TNDM

17:25
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Breaking Hot Stocks news story on TNDM »

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  • 26

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CLB

Core Laboratories

$87.75

-1.74 (-1.94%)

17:21
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Hot Stocks
Core Laboratories sees Q4 free cash flow exceeding net income »

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CLB

Core Laboratories

$87.75

-1.74 (-1.94%)

17:20
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17:20
Earnings
Core Laboratories sees Q4 revenue approximately 58c, consensus 58c »

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CLB

Core Laboratories

$87.75

-1.74 (-1.94%)

17:18
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17:18
Earnings
Core Laboratories reports Q3 GAAP EPS 48c, consensus 44c »

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LKQ

LKQ Corp.

$37.06

-0.28 (-0.75%)

, DOV

Dover

$95.54

0.59 (0.62%)

17:17
10/23/17
10/23
17:17
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17:17
Hot Stocks
LKQ Corp to acquire aftermarket business of Dover subsidiary Warn Industries »

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LKQ Corp.

$37.06

-0.28 (-0.75%)

DOV

Dover

$95.54

0.59 (0.62%)

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KNL

Knoll

$20.00

-0.02 (-0.10%)

, HMST

HomeStreet

$28.60

-0.25 (-0.87%)

17:17
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Hot Stocks
On The Fly: After Hours Movers »

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Knoll

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HomeStreet

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CR

Crane

$83.61

-0.5 (-0.59%)

IPXL

Impax

$20.35

-0.9 (-4.24%)

ICPT

Intercept

$65.60

-1.25 (-1.87%)

SWK

Stanley Black & Decker

$158.19

-1.93 (-1.21%)

NKE

Nike

$53.66

0.6 (1.13%)

HNI

HNI Corporation

$42.29

-0.57 (-1.33%)

WHR

Whirlpool

$182.50

0.04 (0.02%)

ZION

Zions Bancorp

$46.39

-0.37 (-0.79%)

JBT

John Bean Technologies

$104.05

0.1 (0.10%)

IMDZ

Immune Design

CRBP

Corbus Pharmaceuticals

$7.40

-0.375 (-4.82%)

QURE

uniQure

$18.52

-0.75 (-3.89%)

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HBI

Hanesbrands

$22.86

-0.63 (-2.68%)

17:17
10/23/17
10/23
17:17
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17:17
Initiation
Hanesbrands initiated at Deutsche Bank »

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PVH

PVH Corp.

$129.68

1.37 (1.07%)

17:15
10/23/17
10/23
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17:15
Initiation
PVH Corp. initiated at Deutsche Bank »

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NYT

New York Times

$19.55

0.1 (0.51%)

17:15
10/23/17
10/23
17:15
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17:15
Hot Stocks
Breaking Hot Stocks news story on New York Times »

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