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JUNO

Acquired by CELG

$45.60

-3.15 (-6.46%)

, CELG

Celgene

$104.82

-1.18 (-1.11%)

20:38
01/16/18
01/16
20:38
01/16/18
20:38

Juno could be worth $110 per share in takeover, says Citi

After the Wall Street Journal reported tonight that Celgene (CELG) is in talks to acquire Juno Therapeutics (JUNO), Citi analyst Robyn Karnauskas says her analysis indicates Juno could be worth $110 per share in a takeover. The stock in after-hours trading jumped 43%, or $19.50, to $65.10. The analyst, however, points that Kite Pharma had more data at the time of acquisition and was acquired by Gilead Sciences (GILD) for an aggregate price of $11.9B. Karnauskas also notes that Celgene already downs 25% of June's revenues.

JUNO

Acquired by CELG

$45.60

-3.15 (-6.46%)

CELG

Celgene

$104.82

-1.18 (-1.11%)

KITE

Acquired by GILD 9/17

$179.79

(0.00%)

GILD

Gilead

$80.25

1.23 (1.56%)

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JUNO Acquired by CELG
$45.60

-3.15 (-6.46%)

11/03/17
RAJA
11/03/17
NO CHANGE
Target $61
RAJA
Outperform
Juno Therapeutics price target raised to $61 from $45 at Raymond James
Raymond James analyst Reni Benjamin raised Juno Therapeutics' price target to $61 from $45 and reiterated his Outperform rating following the Q3 report and update on all ongoing clinical programs. The analyst believes JCAR017 could potentially be a differentiated CAR T product and compete effectively with Yescarta and Kymriah. Further, with key readouts from multiple programs anticipated at upcoming medical conferences, the steady progress of the portfolio of products, including the BCMA CAR-T franchise as well as 5 products targeting solid tumors with data expected in 2018, and a strong cash position, Benjamin continues to recommend shares.
12/12/17
WELS
12/12/17
DOWNGRADE
Target $54
WELS
Market Perform
Juno Therapeutics downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Jim Birchenough downgraded Juno Therapeutics (JUNO) to Market Perform and cut his price target for the shares to $54 from $66. While data for JCAR017 continue to support a potential best-in-class profile in aggressive lymphoma, the current valuation already reflects dominant market positioning over Gilead's (GILD) Yescarta, Birchenough tells investors in a research note. The analyst also sees "some risk" to waning efficacy at six months for JCAR017.
12/12/17
12/12/17
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. Juno Therapeutics (JUNO) downgraded to Market Perform from Outperform at Wells Fargo, with analyst Jim Birchenough saying that while data for JCAR017 continue to support a potential best-in-class profile in aggressive lymphoma, the current valuation already reflects dominant market positioning over Gilead's (GILD) Yescarta. 2. General Dynamics (GD) downgraded to Underweight from Neutral at JPMorgan, with analyst Seth Seifman saying Gulfstream questions are unlikely to be resolved in the near term. Demand for G500/600 is ok for now, but uncertainty about ultimate production levels and the pace of the learning curve mean the transition will remain a near term overhang, the analyst said. Seifman also downgraded Raytheon (RTN) to Neutral from Underweight. 3. Adobe (ADBE), Barracuda (CUDA), GoDaddy (GDDY), Fortinet (FTNT) and Check Point (CHKP) downgraded to Neutral from Overweight and CoStar Group (CSGP), Imperva (IMPV) and Monotype Imaging (TYPE) downgraded to Underweight from Overweight at JPMorgan by analyst Sterling Auty in conjunction with his 2018 annual outlook for Software Technology. The analyst does not expect the "exceptional performance" in Software during 2017 to repeat in 2018. 4. Spark Therapeutics (ONCE) downgraded to Neutral from Buy at UBS, with analyst Carter Gould seeing a "challenging setup" for the shares after the Phase 1/2 SPK-8011 data in hemophilia A fell short of expectations. The analyst removed SPK-8011, or $29 per share, and early-stage pipeline value, or $12 per share, from his model. He finds it difficult to be more constructive on Spark shares in the near-term. 5. Electronic Arts (EA) downgraded to Buy from Conviction Buy at Goldman Sachs by analyst Christopher Merwin to reflect fewer near-term catalysts around in-game monetization of non-sports titles. To see The Fly's full Street Research coverage, click here.
01/05/18
NEED
01/05/18
INITIATION
Target $65
NEED
Buy
Juno Therapeutics initiated with a Buy at Needham
Needham analyst Chad Messer initiated Juno Therapeutics (JUNO) with a Buy rating and a price target of $65. Messer says that while Novartis (NVS) and Gilead (GILD) have reached the CAR-T technology market ahead of Juno, the latter is "developing safer and potentially better products", positioning itself with "best-in-class technology". The analyst believes that the selloff in the stock price since the December ASH conference creates an attractive near-term entry point for investors.
CELG Celgene
$104.82

-1.18 (-1.11%)

01/08/18
ADAM
01/08/18
NO CHANGE
Target $140
ADAM
Buy
Celgene acquisition has 'interesting' upside potential, says Canaccord
After Celgene announced a deal to acquire Impact Biosciences for up to $7B, including an upfront payment of $1.1B, Canaccord analyst John Newman said the latter's JAK2 asset for myelofibrosis, fedratinib, showed an "interesting" 55% response rate in patients resistant or intolerant to Jakafi, which provides an immediately approvable FDA indication. This "carefully structured transaction" provides Celgene with substantial upside, assuming FDA approval, said Newman, who keeps a Buy rating and $140 price target on Celgene shares.
01/08/18
PIPR
01/08/18
NO CHANGE
Target $100
PIPR
Neutral
Celgene guidance 'a bit light' on sales, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond views Celgene's preliminary Q4 results as "solid' but says the company's initial 2018 outlook is "a bit light" on revenue. The better than expected earnings outlook looks to be driven by expense management and lower than modeled share count, Raymond tell investors in a research note. He keeps a Neutral rating on Celgene with a $100 price target.
01/09/18
JEFF
01/09/18
NO CHANGE
Target $125
JEFF
Buy
Celgene likely 'too cheap and oversold,' says Jefferies
Jefferies analyst Michael Yee says that at 12 times earnings estimates, shares of Celgene are "probably too cheap and oversold." After meeting with management, Yee believes the company will do more deals following yesterday's acquisition of Impact. Further, he sees a potential share rebound on more pipeline readouts in 2018-2019. The analyst keeps a Buy rating on Celgene with a $125 price target.
01/09/18
BMOC
01/09/18
NO CHANGE
Target $147
BMOC
Outperform
Celgene 2018 outlook deliberately conservative, says BMO Capital
BMO Capital analyst M. Ian Somaiya says Celgene's 2018 guidance is "deliberately conservative", reflecting the management's decision to reduce the risk to near-term estimates amid investor focus on the company pipeline. Somaiya notes that investor focus is shifting to business development and the potential for more deals in the near-term as well as the data from the company's 12 phase III trials this year. The analyst keeps his Outperform rating and $147 price target on Celgene.
KITE Acquired by GILD 9/17
$179.79

(0.00%)

09/18/17
SBSH
09/18/17
NO CHANGE
Target $180
SBSH
Neutral
Citi does not expect higher bid for Kite Pharma
Citi analyst Robyn Karnauskas expects Kite Pharma's (KITE) takeover by Gilead Sciences (GILD) to get done and does not anticipate a higher bid emerging. The analyst raised her price target for Kite shares to $180 from $87 and keeps a Neutral rating on the name.
09/22/17
STFL
09/22/17
UPGRADE
STFL
Buy
Alpine Immune Sciences upgraded to Buy at Stifel
As previously reported, Stifel analyst Thomas Shrader set a Buy rating and $16 price target on Alpine Immune Sciences (ALPN), the "financial continuation" of Nivalis. That is up from the prior rating of Hold and $3.25 on its predecessor. He sees the company's focus on immune system modulation as a "timely and a powerful approach" to build additional specificity into current immunomodulatory drugs. Shrader adds that the company's collaboration with Kite Pharma (KITE) seems "more important than ever" after Gilead (GILD) comments that they plan to use excess R&D capacity to "keep up" in the evolving CAR-T/TCR space.
10/02/17
10/02/17
DOWNGRADE
Target $105

Underweight
bluebird bio downgraded to Underweight on sickle cell risk at Morgan Stanley
As previously reported, Morgan Stanley analyst Matthew Harrison downgraded bluebird bio (BLUE) to Underweight from Equal Weight, as he believes the risks ahead of the company's presentation of LentiGlobin sickle cell data at December's American Society of Hematology meeting remains underappreciated. The analyst, who notes the stock is up over 40% since Gilead's (GILD) acquisition of Kite Pharma (KITE) set off excitement about the CAR-T space that blue is also in, doesn't believe the ASH data will demonstrate the improvement in hemoglobin production necessary to increase confidence in sickle cell genetherapy, he tells investors. Harrison keeps a $105 price target on bluebird bio shares.
10/03/17
JANY
10/03/17
NO CHANGE
Target $12
JANY
Buy
Cryoport price target raised to $12 from $10 at Janney Capital
Janney Capital analyst Paul Knight raised his revenue and earnings estimates for Cryoport (CYRX) to account for previous announcements that it will be the supplier of logistics and shipping solutions for Novartis (NVS) and Kite (KITE) if their regenerative medicines are approved. The analyst, who raised his fair value estimate on Cryoport shares to $12 from $10, also noted that the company is involved in 172 additional clinical trials. He keeps a Buy rating on Cryoport shares.
GILD Gilead
$80.25

1.23 (1.56%)

12/20/17
FBCO
12/20/17
UPGRADE
Target $385
FBCO
Outperform
Credit Suisse upgrades Biogen with 'significant turnaround' underway
Credit Suisse analyst Alethia Young upgraded Biogen (BIIB) to Outperform from Neutral and raised her price target for the shares to $385 from $321. The stock closed yesterday up $1.07 to $327.02. The analyst this morning also downgraded Gilead Sciences (GILD) to Neutral from Outperform. A "significant turnaround" is underway for Biogen's business, Young tells investors in a research note. With 2017's hires, the company now has a "top notch management back in place" to execute commercially and clinically, the analyst adds. If aducanumab is successful in Phase 3, Young's model puts Biogen shares at $455, versus $250-$280 per share if only giving credit to the base business alone without pipeline.
12/20/17
FBCO
12/20/17
DOWNGRADE
Target $80
FBCO
Neutral
Gilead downgraded to Neutral on high expectations at Credit Suisse
Credit Suisse analyst Alethia Young downgraded Gilead Sciences to Neutral from Outperform and lowered her price target for the shares to $80 from $82. The analyst attributes her cautious stance on the shares to high Street expectations in 2018 for hepatitis C virus sales and the Yescarta launch. She thinks HCV expectations are too high by $1.9B and $2.4B for 2018 and 2019, respectively.
01/16/18
WELS
01/16/18
UPGRADE
Target $96
WELS
Outperform
Gilead upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jim Birchenough upgraded Gilead Sciences to Outperform and raised his price target for the shares to $96 from $84. Following management's update last week at a conference, the analyst expects more stable hepatitis C virus trends in 2018, "trough earnings" in 2019, and multiple expansion on growth beyond 2019.

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$22.10

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Clorox

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BHP Billiton

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Clorox

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AMX

America Movil, also tag AMOV

$17.39

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$17.45

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Amazon.com

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Celanese

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BLK

BlackRock

$504.89

1.14 (0.23%)

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Dicerna

$12.47

0.57 (4.79%)

17:45
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