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AGN

Allergan

$177.95

6.025 (3.50%)

, RVNC

Revance

$25.45

-0.5 (-1.93%)

13:18
11/29/17
11/29
13:18
11/29/17
13:18

Before the Move: Watch Allergan into Revance 'better Botox' trial data

Shares of Allergan (AGN) are on the rise after Morgan Stanley analyst David Risinger upgraded the stock to Overweight, a buy-equivalent rating as he believes the shares can outperform over time and fears about a "better Botox" from a competitor may be overdone. BUY ALLERGAN: In a research note this morning, Morgan Stanley's Risinger upgraded Allergan to Overweight from Equal Weight while maintaining a $200 price target on the stock. The analyst told investors that Allergan's risk-reward looks favorable following a significant stock decline due to reductions in out-year estimates, pipeline concerns, competitive threats to Botox, and negative perception associated with licensing of Restasis patent to an Indian tribe. Risinger believes the negatives have largely been priced into the stock, and given investor concerns about the safety of new drug candidates for migraine and eye disease, he sees the risk-reward on 2018 Phase 3 pipeline news flow as skewed to the upside. Additionally, the analyst pointed out that he thinks investor enthusiasm for rapastinel for severe depression will rise as three Phase 3 studies reach their conclusion at the end of 2018. Compelling Phase 2 data indicated that rapastinel may be a blockbuster, he contended. Meanwhile, Risinger believes fears about a "better Botox" may be overdone. While Revance's (RVNC) botulinum toxin RT002 Phase 3 data is expected "any day now," he thinks it could be difficult for the company to demonstrate that RT002 is materially longer-lasting than Botox, which has been a concern for Allergan investors. Further, the analyst pointed out that mechanistically it would be difficult to create a significantly longer-lasting Botox because botulinum toxin gradually loses efficacy over four months due to neuronal regeneration. If he is correct, Allergan shares could benefit, he said. PRICE ACTION: In afternoon trading, shares of Allergan have gained almost 4% to $178.14. "Before the Move" is The Fly's recurring series of exclusive stories that identify potentially market moving events, along with analyst predictions, ahead of the news.

AGN

Allergan

$177.95

6.025 (3.50%)

RVNC

Revance

$25.45

-0.5 (-1.93%)

  • 06

    Dec

AGN Allergan
$177.95

6.025 (3.50%)

11/29/17
11/29/17
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. Wal-Mart (WMT) upgraded to Sector Perform from Underperform at RBC Capital analyst Scot Ciccarelli saying the company's earnings growth will remain suppressed by a multi-year investment cycle, but it will ultimately come out as a "true competitor" to Amazon (AMZN). 2. Allergan (AGN) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying that fears about a "better Botox" from Revance (RVNC) may be overdone. 3. Domino's Pizza (DPZ) upgraded to Buy from Neutral at Nomura Instinet with analyst Mark Kalinowski citing the 21% pullback in the shares from their 52-week high closing price of $218.88 on June 26. 4. Zoetis (ZTS) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger arguing the stock can continue to outperform relative to peers as it continues to benefit from long-term secular trends, including rising livestock protein consumption and the better care of pets. 5. Steven Madden (SHOO) upgraded to Buy from Neutral at Buckingham with analyst Scott Krasik saying he has increased confidence the company will achieve fourth quarter guidance due to an acceleration in boot sales, will guide fiscal 2018 sales at least inline with its long-term sales growth, potential earnings upside from tax reform, and accretion from potential acquisitions. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/29/17
11/29/17
UPGRADE
Target $200

Overweight
Allergan upgraded to Overweight amid 'overdone' Botox fears at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger upgraded Allergan (AGN) to Overweight from Equal Weight, saying that fears about a "better Botox" from Revance (RVNC) may be overdone. Noting that data about Revance's botulinum toxin RT002 Phase 3 trial is expected "any day now," Risinger said he thinks it could be difficult for Revance to demonstrate that RT002 is materially longer-lasting than Botox. While Risinger noted he is not predicting near-term major positive catalysts for Allergan, he thinks that the negatives have largely been priced in as the stock has pulled back 33% since July. The analyst keeps a $200 price target on Allergan, which closed Tuesday at $171.92.
11/29/17
MSCO
11/29/17
UPGRADE
MSCO
Overweight
Allergan upgraded to Overweight from Equal Weight at Morgan Stanley
11/27/17
LEER
11/27/17
INITIATION
Target $237
LEER
Outperform
Allergan resumed with an Outperform at Leerink
Leerink analyst Seamus Fernandez resumed coverage of Allergan with an Outperform rating and $237 price target, citing a fresh look at the company's emerging pipeline, which in the wake of several business issues including potential generic competition versus Restasis in 2018, appears to be almost completely absent in its current valuation.
RVNC Revance
$25.45

-0.5 (-1.93%)

11/27/17
LEHM
11/27/17
INITIATION
Target $31
LEHM
Overweight
Revance initiated with an Overweight at Barclays
Barclays analyst Douglas Tsao started Revance Therapeutics (RVNC) with an Overweight rating and $31 price target. The analyst does not expect the company's longer-acting toxin RT-002 to displace Allergan's (AGN) Botox in aesthetics, but he's "constructive on the opportunity assuming 6-month duration."
11/16/17
MZHO
11/16/17
INITIATION
Target $37
MZHO
Buy
Revance initiated with a Buy at Mizuho
Mizuho initiated Revance with a Buy and $37 price target.
08/22/17
08/22/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on the today's top five analyst initiations with this list compiled by The Fly: 1. Redfin (RDFN) initiated with a Sector Perform at RBC Capital, Hold rating at Stifel, an Outperform at Oppenheimer and Neutral at Goldman Sachs. 2. Energen (EGN) initiated with an Outperform at Imperial Capital. 3. Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital. 4. Revance (RVNC) initiated with an Outperform at JMP Securities. 5. Pacira (PCRX) initiated with a Buy at Needham. 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

NFLX

Netflix

$190.12

0.56 (0.30%)

, DIS

Disney

$111.27

0.7 (0.63%)

20:03
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NFLX

Netflix

$190.12

0.56 (0.30%)

DIS

Disney

$111.27

0.7 (0.63%)

FOXA

21st Century Fox

$34.99

0.11 (0.32%)

FOX

21st Century Fox

MSGN

MSG Networks

$19.80

0.05 (0.25%)

AMCX

AMC Networks

$55.33

1.16 (2.14%)

VIAB

Viacom

$30.24

0.53 (1.78%)

VIA

Viacom

$34.40

0.25 (0.73%)

XOM

Exxon Mobil

$83.03

0.13 (0.16%)

ONCE

Spark Therapeutics

$46.37

1.16 (2.57%)

ALK

Alaska Air

$70.83

1.44 (2.08%)

ORCL

Oracle

$48.30

-1.89 (-3.77%)

HUM

Humana

$253.64

3.03 (1.21%)

KND

Kindred Healthcare

$8.60

0.45 (5.52%)

03/08/13
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03/06/13
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  • 12

    Jan

  • 08

    Feb

  • 08

    Feb

CME

CME Group

$151.07

0.65 (0.43%)

19:31
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12/17
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Periodicals
CME becomes second exchange to launch bitcoin futures, Reuters says »

CME Group became the…

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SPPI

Spectrum

$19.04

0.38 (2.04%)

19:10
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Spectrum Pharmaceuticals terminates Rajesh Shrotriya from CEO position »

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SO

Southern Company

$51.31

-0.21 (-0.41%)

18:58
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Georgia Power expects power to be restored by midnight tonight »

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BHP

BHP Billiton

$43.08

0.74 (1.75%)

, XOM

Exxon Mobil

$83.03

0.13 (0.16%)

18:29
12/17/17
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Periodicals
BHP, Esso to separately market Gippsland Basin gas, Reuters says »

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BHP

BHP Billiton

$43.08

0.74 (1.75%)

XOM

Exxon Mobil

$83.03

0.13 (0.16%)

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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BDRBF

Bombardier

17:48
12/17/17
12/17
17:48
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17:48
Hot Stocks
Bombardier wins contract to provide Melbourne high-capacity signaling system »

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TWX

Time Warner

$90.25

0.6 (0.67%)

, CMCSA

Comcast

$39.71

0.59 (1.51%)

17:38
12/17/17
12/17
17:38
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Hot Stocks
Box Office Battle: 'Star Wars: The Last Jedi'' opens to $220M in U.S. »

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TWX

Time Warner

$90.25

0.6 (0.67%)

CMCSA

Comcast

$39.71

0.59 (1.51%)

CMCSK

Comcast

SNE

Sony

$44.84

0.39 (0.88%)

FOX

21st Century Fox

FOXA

21st Century Fox

$34.99

0.11 (0.32%)

LGF.A

Lionsgate

$32.99

0.49 (1.51%)

DIS

Disney

$111.27

0.7 (0.63%)

VIAB

Viacom

$30.24

0.53 (1.78%)

VIA

Viacom

$34.40

0.25 (0.73%)

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

    Feb

  • 08

    Feb

EQIX

Equinix

$457.85

-2.5 (-0.54%)

17:17
12/17/17
12/17
17:17
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17:17
Hot Stocks
Equinix announces acquisition of Metronode »

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MET

MetLife

$51.41

-1.08 (-2.06%)

17:11
12/17/17
12/17
17:11
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17:11
Periodicals
Metlife failed to pay some pensions, Reuters reports »

Metlife failed to pay…

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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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  • 12

    Jun

GM

General Motors

$40.95

0.14 (0.34%)

17:06
12/17/17
12/17
17:06
12/17/17
17:06
Periodicals
GM facing $1B reckoning in ignition-switch settlement, WSJ reports »

General Motors faces a…

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03/06/13
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  • 09

    Jan

  • 16

    Jan

TCEHY

Tencent

$50.31

-0.231 (-0.46%)

, BABA

Alibaba

$173.55

1.8 (1.05%)

16:58
12/17/17
12/17
16:58
12/17/17
16:58
Periodicals
Tencent to buy stake in supermarket chain, Bloomberg reports »

Tencent (TCEHY) to buy a…

TCEHY

Tencent

$50.31

-0.231 (-0.46%)

BABA

Alibaba

$173.55

1.8 (1.05%)

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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AMZN

Amazon.com

$1,179.14

4.88 (0.42%)

16:50
12/17/17
12/17
16:50
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16:50
Periodicals
Amazon in talks to acquire Sqrrl, Axios reports »

Amazon is said to be in…

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  • 18

    Mar

HUM

Humana

$253.64

3.03 (1.21%)

, KND

Kindred Healthcare

$8.60

0.45 (5.52%)

16:48
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12/17
16:48
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16:48
Periodicals
Humana in talks to acquire Kindred Healthcare, Reuters reports »

Humana (HUM) is in…

HUM

Humana

$253.64

3.03 (1.21%)

KND

Kindred Healthcare

$8.60

0.45 (5.52%)

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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ORCL

Oracle

$48.30

-1.89 (-3.77%)

16:39
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12/17
16:39
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Oracle buys Aconex for $1.2B »

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CSX

CSX

$52.93

-4.38 (-7.64%)

16:35
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CSX announces death of CEO E. Hunter Harrison »

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VRX

Valeant

$19.71

0.03 (0.15%)

16:09
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Valeant, subsidiary announce early tender results »

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  • 27

    Dec

  • 18

    Jun

KMF

Kayne Anderson Midstream/Energy Fund

$13.78

0.09 (0.66%)

16:01
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Kayne Anderson Midstream/Energy Fund announces distribution of 30c per share »

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KYN

Kayne Anderson MLP

15:59
12/17/17
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Hot Stocks
Kayne Anderson MLP announces distribution of 45c per share for Q4 »

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KED

Kayne Anderson Energy

$16.68

-0.01 (-0.06%)

15:56
12/17/17
12/17
15:56
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Kayne Anderson Energy announces distribution 40c per share for Q4 »

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KYE

Kayne Anderson Energy

$10.19

-0.01 (-0.10%)

15:53
12/17/17
12/17
15:53
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Hot Stocks
Kayne Anderson Energy announces distribution of 25c per share for Q4 »

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CSX

CSX

$52.93

-4.38 (-7.64%)

15:18
12/16/17
12/16
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15:18
Hot Stocks
CSX announces death of CEO E. Hunter Harrison »

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CBOE

CBOE Holdings

$126.37

0.31 (0.25%)

11:22
12/16/17
12/16
11:22
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11:22
Periodicals
CBOE should not be treated as 'set and forget,' Barron's says »

Bitcoin futures have…

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DIS

Disney

$111.27

0.7 (0.63%)

, FOXA

21st Century Fox

$34.99

0.11 (0.32%)

11:17
12/16/17
12/16
11:17
12/16/17
11:17
Periodicals
Disney/Fox 'a murky web of deals within deals,' Barron's says »

Walt Disney's (DIS)…

DIS

Disney

$111.27

0.7 (0.63%)

FOXA

21st Century Fox

$34.99

0.11 (0.32%)

FOX

21st Century Fox

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03/06/13
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03/06/13
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ALK

Alaska Air

$70.83

1.44 (2.08%)

10:53
12/16/17
12/16
10:53
12/16/17
10:53
Periodicals
Alaska air should bounce back in 2018, Barron's says »

While shares of Alaska…

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ONCE

Spark Therapeutics

$46.37

1.16 (2.57%)

10:42
12/16/17
12/16
10:42
12/16/17
10:42
Periodicals
Spark Therapeutics selloff may be overdone, Barron's says »

Spark Therapeutics shares…

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  • 12

    Jan

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