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AGN

Allergan

$204.08

-2.53 (-1.22%)

, TEVA

Teva

$15.15

-0.61 (-3.87%)

06:55
10/13/17
10/13
06:55
10/13/17
06:55

Allergan settlement leaves three Restasis challengers, say Wells Fargo

Wells Fargo analyst David Maris says three Restasis generic challengers remain after Allergan (AGN) reached a settlement with InnoPharma. The settlement, which allows InnoPharma to launch a generic Restasis in the U.S. beginning February 24, 2024, or six months before the expiration of Allergan's patents, points to the complexity of Restasis and the difficulty of getting a generic version approved, Maris tells investors in a research note. InnoPharma was one of four included in a consolidated lawsuit against Allergan, with Teva (TEVA), Mylan (MYL) and Akorn (AKRX) remaining, Maris points out. He's encouraged that the settlement date reached with InnoPharma is close to the expiration date of the patents. The analyst keeps an Outperform rating on Allergan with a $276 price target.

AGN

Allergan

$204.08

-2.53 (-1.22%)

TEVA

Teva

$15.15

-0.61 (-3.87%)

MYL

Mylan

$37.76

-0.53 (-1.38%)

AKRX

Akorn

$33.16

0.21 (0.64%)

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AGN Allergan
$204.08

-2.53 (-1.22%)

10/02/17
WELS
10/02/17
NO CHANGE
WELS
Outperform
Wells Fargo says Allergan discounting, rebating for Restasis typical of industry
Wells Fargo analyst David Maris noted that Shire (SHPG) filed an antitrust suit against Allergan (AGN) over its discounting and rebating for Restasis. However, what Shire claims is an anti-competitive scheme is no different from the normal course in the industry, said Maris. The analyst keeps an Outperform rating on Allergan shares.
09/26/17
FBCO
09/26/17
NO CHANGE
Target $266
FBCO
Outperform
Allergan price target lowered to $266 from $286 at Credit Suisse
Credit Suisse analyst Vamil Divan lowered his price target for Allergan to $266 from $286 following recent news flow on the name, most notably the Refusal to File letter that the company received from the FDA on the Vraylar label expansion and the new $2B share repurchase program. The analyst reiterates an Outperform rating on the shares.
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.
10/13/17
PIPR
10/13/17
NO CHANGE
Target $227
PIPR
Neutral
Piper sees potential pressure for Allergan's Botox in chronic migraine
Piper Jaffray analyst David Amsellem says his firm's "brief" survey of 25 migraine specialists who use Allergan's Botox in their chronic migraine patients shows a "significant chunk" of respondents perceive an efficacy advantage for the anti-CGRP monoclonal antibodies. The specialists plan to use the anti-CGRP monoclonal agents more frequently than they use Botox, Amsellem tells investors in a research note. He believes the feedback points to the potential for pressure on Botox in chronic migraine. Amsellem believes this dynamic is another reason for his "high level of caution" in Allergan shares. The analyst reiterates a Neutral rating on name with a $227 price target.
TEVA Teva
$15.15

-0.61 (-3.87%)

10/04/17
10/04/17
NO CHANGE

BTIG keeps price target on Teva unchanged despite Mylan news
Mylan analyst Timothy Chiang maintained his previous $24 price target on Teva (TEVA) despite the news that Mylan (MYL) had received approval to market the generic version of Copaxone. The analyst says that "the bulk of the downside" from the launch of generic versions of Copaxone was reflected in Teva's stock before the Mylan news was announced. He remains upbeat on Teva's new CEO and keeps a Buy rating on the shares.
10/04/17
JPMS
10/04/17
NO CHANGE
JPMS
Overweight
JPMorgan says generic Copaxone approval 'meaninful positive' for Mylan
Mylan's (MYL) generic Copaxone approval, 9-12 months ahead of investor expectations, represents a "meaningful positive" for the story and will "substantially derisk/support" upside to 2017 and 2018 estimates, JPMorgan analyst Chris Schott tells investors in a research note. The analyst reiterates an Overweight rating on the shares. For Teva (TEVA), the approval puts further pressure on the company's "already challenged" near-term earnings profile and delevering efforts, Schott writes. The analyst keeps a Neutral rating on the shares. The analyst believes the earlier than expected approval for Mylan represents a setback for Momenta Pharmaceuticals' (MNTA) generic Copaxone opportunity. Schott had assumed the company's Glatopa would be the first generic version of Copaxone 40mg to enter the market, but he notes the product has been delayed due to manufacturing issues at a Pfizer (PFE) plant handling fill/ for the drug. The analyst, however, continues to see a "large and fairly durable" generic opportunity for Glatopa. He keeps an Overweight rating on Momenta shares, which are down 27% in premarket trading to $12.75. Mylan is up 17% to $38.20 while Teva is down 15% to $15.95.
10/04/17
BTIG
10/04/17
NO CHANGE
BTIG
Mylan generic Copaxone sales could reach $450M in first year, says BTIG
BTIG analyst Timothy Chiang estimates that Mylan (MYL) could obtain up to $450M of sales from its generic version of Teva's (TEVA) Copaxone in the first year in which it is marketed. The analyst believes that the approval "validates" the company's status as a "premier" generic drugmaker and shows that one can never assume that it will lose a battle over generic drug rights. The analyst raised his price target on the shares to $45 from $42 and keeps a Buy rating on the stock.
10/04/17
OPCO
10/04/17
NO CHANGE
OPCO
Perform
Mylan generic approval another headwind for Teva, says Oppenheimer
Oppenheimer analyst Derek Archila says Mylan's (MYL) approval of its substitutable generic Copaxone 20mg and 40mg is "clearly another headwind" for Teva (TEVA), though not that unexpected. The analyst believes a 5% move to the downside is an appropriate move for the stock based on the news. Further, Archila thinks Mylan will likely be aggressive in trying to secure meaningful share of both the 20mg and 40mg presentations and noted a patient support service in order to capture new patient starts and switches. The analyst reiterates a Perform rating on Teva's shares.
MYL Mylan
$37.76

-0.53 (-1.38%)

10/05/17
GSCO
10/05/17
NO CHANGE
Target $14
GSCO
Neutral
Momenta price target cut to $14 following Mylan gCopaxone approval at Goldman
Goldman analyst Dana Flanders lowered Momenta (MNTA) estimates and cut its price target on share to $14 from $18 following Mylan's (MYL) generic Copaxone approval. The analyst maintained a Neutral rating on Momenta given uncertainties on how the gCopaxone market will play out and lack of near-term pipeline catalysts.
10/05/17
UBSW
10/05/17
NO CHANGE
Target $46
UBSW
Buy
Mylan Copaxone approval to put upward pressure on consensus estimates, says UBS
UBS analyst Marc Goodman noted the approval for Mylan's generic Copaxone has taken such a long time that many analysts did not have its approval in their earnings model. As a result, the approval is a positive and will put upward pressure on consensus numbers. It will also help the credibility of management around its ability to get high barrier-to-entry products approved. The analyst has these high barrier approvals as part of his thesis and said Mylan remains his favorite generic name. Goodman reiterated his Buy rating and $46 price target on Mylan shares.
10/04/17
10/04/17
DOWNGRADE
Target $15

Hold
Momenta downgraded after Mylan generic Copaxone approval at Stifel
As previously reported, Stifel analyst Thomas Shrader downgraded Momenta (MNTA) to Hold from Buy, saying that Mylan (MYL) receiving FDA approval of its 40 mg/mL and 20 mg/mL generic Copaxone variants is a "clear negative" for Momenta's Glatopa franchise. Based on that news, he has cut his forecast for Glatopa revenue and lowered his price target on Momenta shares to $15 from $22.
AKRX Akorn
$33.16

0.21 (0.64%)

04/25/17
WBLR
04/25/17
DOWNGRADE
WBLR
Market Perform
Akorn downgraded to Market Perform from Outperform at William Blair
William Blair analyst Tim Lugo downgraded Akorn to Market Perform saying that while the price paid by Fresenius Kabi was below his $36-$48 per share expectation, the buyout agreement "represents reasonable value" for long-term shareholders. The analyst believes the transaction will likely close at the negotiated price.
08/29/17
PIPR
08/29/17
NO CHANGE
Target $34
PIPR
Neutral
Piper still sees high likelihood of Akorn deal closing
Piper Jaffray analyst David Amsellem says that while wondering if Fresenius could back out of its planned purchase of Akorn (AKRX) is a fair question given the pressures on the broader generic space, he believes the likelihood of the transaction closing is still high. With that said, Amsellem notes that his analysis suggests a fair valuation for Akorn as a standalone entity is closer to the high-$20's per share. He reiterates a Neutral rating on Akorn with a $34 price target, reflecting the proposed deal price.
08/22/17
GABE
08/22/17
NO CHANGE
GABE
Akorn deal still likely to close, says Gabelli
Gabelli says that Akorn's (AKRX) stock fell below $32 last week on worries that Fresenius (FMS) could restructure or break its deal to acquire the company. However, the firm still expects the deal to close, by early next year, as it does not believe that Fresenius' "disappointing" Q2 results or subpoenas related to the pricing of individual drugs would trigger the deal's material adverse event clause. Gabelli keeps a Hold rating on Akorn.
04/25/17
04/25/17
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. Amazon.com (AMZN) downgraded to Market Perform from Outperform at Raymond James with analyst Aaron Kessler saying the shares are fairly valued after rallying 21% this year and 44% over the last 12 months. The analyst expects Amazon's investment levels to remain elevated in the near-term and he views consensus operating income estimates for the second quarter as aggressive. 2. General Electric (GE) downgraded to Neutral from Buy at BofA/Merrill with analyst Andrew Obin saying he sees headwinds from weaker Oil & Gas margin, Healthcare, and Power and reduced estimates below consensus. 3. Conagra Brands (CAG) downgraded to Sell from Neutral at UBS with analyst Steven Strycula citing expectations the stock's relative valuation premium will contract amid a decelerating rate of margin improvement and "limited room" for positive earnings estimate revisions. Conagra's portfolio is not well positioned for a consolidating merchandise set, the analyst contends. He cut his price target for the shares to $35 from $38. 4. NGL Energy Partners (NGL) downgraded to Market Perform from Outperform at FBR Capital with analyst Robert Balsamo saying the company's guidance reflects underappreciated risks to its cash flows. 5. Akorn (AKRX) was downgraded to Hold from Buy at Jefferies and Craig-Hallum, to Market Perform from Outperform at William Blair, and to Neutral from Overweight at Piper Jaffray. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

TXN

Texas Instruments

$95.18

1.73 (1.85%)

13:10
10/23/17
10/23
13:10
10/23/17
13:10
Options
Texas Instruments calls active as shares see relative strength ahead of earnings »

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EEFT

Euronet

$98.71

1.93 (1.99%)

13:09
10/23/17
10/23
13:09
10/23/17
13:09
Conference/Events
Euronet management to meet with SunTrust »

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NVS

Novartis

$86.19

0.45 (0.52%)

, MCD

McDonald's

$164.22

-2.08 (-1.25%)

13:06
10/23/17
10/23
13:06
10/23/17
13:06
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

NVS

Novartis

$86.19

0.45 (0.52%)

MCD

McDonald's

$164.22

-2.08 (-1.25%)

MMM

3M

$222.12

0.8 (0.36%)

UTX

United Technologies

$120.63

-0.3 (-0.25%)

LLY

Eli Lilly

$87.68

0.45 (0.52%)

LMT

Lockheed Martin

$320.44

0.44 (0.14%)

CAT

Caterpillar

$132.06

0.7 (0.53%)

BIIB

Biogen

$338.10

-4.32 (-1.26%)

GM

General Motors

$45.37

-0.2389 (-0.52%)

SHW

Sherwin-Williams

$389.65

-0.055 (-0.01%)

INFY

Infosys

$14.90

0.34 (2.34%)

GLW

Corning

$30.36

0.295 (0.98%)

PCAR

Paccar

$74.92

1.15 (1.56%)

SWK

Stanley Black & Decker

$159.75

-0.37 (-0.23%)

FITB

Fifth Third

$28.60

0.32 (1.13%)

CNC

Centene

$97.59

1.09 (1.13%)

WAT

Waters

$188.63

0.49 (0.26%)

IPG

Interpublic Group

$20.62

-0.2641 (-1.26%)

WAB

Wabtec

$76.28

-0.59 (-0.77%)

HUBB

Hubbell

$121.43

-1.6355 (-1.33%)

JBLU

JetBlue

$20.35

0.01 (0.05%)

PII

Polaris Industries

$106.55

0.09 (0.08%)

GPK

Graphic Packaging

$14.30

0.02 (0.14%)

R

Ryder

$82.98

-0.67 (-0.80%)

CVLT

Commvault

$58.55

0.5 (0.86%)

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WHR

Whirlpool

$182.85

0.39 (0.21%)

, ARNC

Arconic

$25.05

-2.12 (-7.80%)

13:05
10/23/17
10/23
13:05
10/23/17
13:05
Earnings
Notable companies reporting after market close »

Notable companies…

WHR

Whirlpool

$182.85

0.39 (0.21%)

ARNC

Arconic

$25.05

-2.12 (-7.80%)

ZION

Zions Bancorp

$46.76

0.71 (1.54%)

CR

Crane

$84.02

-0.09 (-0.11%)

OI

Owens-Illinois

$25.35

-0.24 (-0.94%)

RMBS

Rambus

$13.70

0.12 (0.88%)

03/08/13
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03/06/13
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03/06/13
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    Dec

COG

Cabot Oil & Gas

$25.39

-0.14 (-0.55%)

13:05
10/23/17
10/23
13:05
10/23/17
13:05
Options
Cabot Oil & Gas call volume above normal and directionally bullish »

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  • 27

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13:05
10/23/17
10/23
13:05
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13:05
General news
Treasury Action: the markets are quiet as a wait and see stance prevails »

Treasury Action: the…

NKE

Nike

$53.79

0.73 (1.38%)

12:55
10/23/17
10/23
12:55
10/23/17
12:55
Options
Nike put volume heavy and directionally bearish »

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  • 25

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ADP

ADP

$115.93

1.31 (1.14%)

12:54
10/23/17
10/23
12:54
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12:54
Hot Stocks
ADP 'strongly disagrees' with Glass Lewis' recommendation on director election »

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  • 02

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UTX

United Technologies

$120.73

-0.205 (-0.17%)

12:46
10/23/17
10/23
12:46
10/23/17
12:46
Technical Analysis
Technical Earnings Preview: United Technologies in uptrend ahead of news »

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  • 24

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FCX

Freeport McMoRan

$14.78

-0.049 (-0.33%)

12:45
10/23/17
10/23
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12:45
Options
Freeport McMoRan call volume above normal and directionally bullish »

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  • 25

    Oct

AGN

Allergan

$189.61

1.33 (0.71%)

12:45
10/23/17
10/23
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12:45
Periodicals
Allergan has weak balance sheet after large buybacks, WSJ's Grant says »

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SSYS

Stratasys

$23.21

2.26 (10.79%)

12:37
10/23/17
10/23
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12:37
Hot Stocks
Stratasys announces NYU study on treating kidney issues with 3D technology »

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  • 14

    Nov

TAL

TAL Education

$34.05

-0.865 (-2.48%)

12:35
10/23/17
10/23
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12:35
Options
Tal Education Group put volume heavy and directionally bearish »

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  • 26

    Oct

LGL

LGL Group

$5.66

0.1 (1.80%)

12:32
10/23/17
10/23
12:32
10/23/17
12:32
Hot Stocks
LGL Group reports extension of rights offering expiration to November 13 »

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BBW

Build-A-Bear

$8.15

-0.1 (-1.21%)

12:32
10/23/17
10/23
12:32
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12:32
Conference/Events
Build-A-Bear management to meet with Jefferies »

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  • 26

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SYBX

Synlogic

$15.01

-1.46 (-8.86%)

12:28
10/23/17
10/23
12:28
10/23/17
12:28
Conference/Events
Synlogic management to meet with Jefferies »

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  • 26

    Oct

ROIC

Retail Opportunity

$18.76

-0.3 (-1.57%)

12:26
10/23/17
10/23
12:26
10/23/17
12:26
Conference/Events
Retail Opportunity management to meet with Jefferies »

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  • 25

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MCD

McDonald's

$164.42

-1.88 (-1.13%)

12:26
10/23/17
10/23
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12:26
Technical Analysis
Technical Earnings Preview: McDonald's testing support ahead of earnings »

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  • 24

    Oct

XOM

Exxon Mobil

$83.21

0.1 (0.12%)

12:20
10/23/17
10/23
12:20
10/23/17
12:20
Options
11.7K Exxon Mobile Jan 82.5 - Mar 87.5 call spreads bought for $1.40 »

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  • 27

    Oct

$NSD

NASDAQ Market Internals

12:17
10/23/17
10/23
12:17
10/23/17
12:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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$NYE

NYSE Market Internals

12:16
10/23/17
10/23
12:16
10/23/17
12:16
Technical Analysis
NYSE market internals summary »

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12:15
10/23/17
10/23
12:15
10/23/17
12:15
General news
Treasury Option Action: some "call fly" demand »

Treasury Option Action:…

SAGE

Sage Therapeutics

$63.50

0.58 (0.92%)

12:10
10/23/17
10/23
12:10
10/23/17
12:10
Options
Sizable ratio spread in Sage Therapeutics »

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VLKAY

Volkswagen

$35.00

-0.25 (-0.71%)

12:08
10/23/17
10/23
12:08
10/23/17
12:08
Periodicals
Volkswagen receives approval from U.S regulators for SUV fix, Reuters says »

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RMBS

Rambus

$13.70

0.12 (0.88%)

12:05
10/23/17
10/23
12:05
10/23/17
12:05
Technical Analysis
Technical Earnings Preview: Rambus in bullish price channel ahead of news »

The shares have been…

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