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TEVA

Teva

$19.27

0.66 (3.55%)

, NVS

Novartis

$84.01

0.76 (0.91%)

09:04
02/13/18
02/13
09:04
02/13/18
09:04

Teva slips after launch of second generic Copaxone

As previously reported, Novartis (NVS) division Sandoz announced the FDA approval and U.S. launch of Glatopa 40 mg/mL. Glatopa 40 mg/mL is FDA-approved as a fully-substitutable, AP-rated generic version of Copaxone and was developed under a collaboration agreement between Momenta Pharmaceuticals (MNTA) and Sandoz. Shares of Teva (TEVA), the maker of branded Copaxone, are down 59c, or 3%, to $18.68 in pre-market trading following the announcement.

TEVA

Teva

$19.27

0.66 (3.55%)

NVS

Novartis

$84.01

0.76 (0.91%)

MNTA

Momenta

$16.30

0.05 (0.31%)

  • 16

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TEVA Teva
$19.27

0.66 (3.55%)

02/12/18
02/12/18
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. Nasdaq (NDAQ) upgraded to Outperform from Market Perform at Wells Fargo by analyst Christopher Harris, who said the company is at an inflection point where both its trading and non-trading segments will begin to generate faster growth. He sees a "pathway to much higher profit margin" over the next two years and believes the stock is "relatively inexpensive" at a discount to the S&P 500 Index. 2. Teva (TEVA) upgraded to Outperform from Neutral at Credit Suisse by analyst Vamil Divan. The analyst sees "early execution" towards the company's restructuring plan and believes its 2018 outlook is achievable. He feels expectations are now reasonable believes the upside path is now clearer. 3. Cisco Systems (CSCO) upgraded to Buy from Neutral at Nomura Instinet by analyst Jeffrey Kvaal to reflect the webscale uptick and believes tax reform and the company's recurring revenue transition provide downside protection. Kvaal believes the recent pullback in Cisco shares provides a buying opportunity. 4. Tallgrass Energy Partners (TEP) upgraded to Overweight from Equal Weight at Barclays by analyst Christine Cho, who lowered her price target to $43 from $50. The analyst said her analysis suggests a Tallgrass Energy GP (TEGP) acquisition of Tallgrass Energy Partners is the most likely scenario. She valued Tallgrass Energy Partner at $43 in this scenario. 5. VF Corp (VFC) upgraded to Buy from hold at Stifel by analyst Jim Duffy, who sees fiscal 2019 consensus estimates rising throughout the year due to fundamental strength, environmental factors, and currency. Duffy believes VF shares can sustain the premium multiple for the "foreseeable future." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/12/18
FBCO
02/12/18
UPGRADE
Target $23
FBCO
Outperform
Credit Suisse upgrades Teva to Outperform amid execution on restructuring
Credit Suisse analyst Vamil Divan upgraded Teva Pharmaceutical to Outperform from Neutral and raised his price target for the shares to $23 from $20. The analyst sees "early execution" towards the company's restructuring plan and believes its 2018 outlook is achievable. He feels expectations are now reasonable believes the upside path is now clearer.
02/11/18
FBCO
02/11/18
UPGRADE
FBCO
Outperform
Teva upgraded to Outperform from Neutral at Credit Suisse
02/09/18
02/09/18
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. Twitter (TWTR) upgraded to Sector Perform from Underperform at RBC Capital with analyst Mark Mahaney saying the fourth quarter revenue and EBITDA were materially better than expected, and while MAU's were below consensus, DAU's grew for the first time at a double-digit rate. 2. iRobot (IRBT) upgraded to Outperform from Market Perform at Raymond James with analyst Mark Strouse saying he sees a more balanced risk/reward following the recent pullback in the shares. 3. Regeneron (REGN) upgraded to Outperform from Neutral at Baird with analyst Brian Skorney noting its selloff since last year and believes its valuation has reached a point where the selloff is overdone. 4. Teva (TEVA) upgraded to Sector Perform from Underperform at RBC Capital with analyst Randall Stanicky saying the 11% sell-off in the stock price following the company's guidance update has removed the debate around 2018 EBITDA target and sees limited downside from the current levels. 5. United Technologies (UTX) upgraded to Buy from Hold at Argus with analyst John Eade saying the company remains a leader in a number of global industries and should continue to benefit from population growth and middle class expansion in developing markets. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NVS Novartis
$84.01

0.76 (0.91%)

02/12/18
LEER
02/12/18
NO CHANGE
Target $502
LEER
Outperform
Data from Regeneron Eylea competitors should lift some overhang, says Leerink
Leerink analyst Geoffrey Porges says that the "confusing and somewhat lackluster data" presented over the weekend for Eylea's theoretical competitors should lift some of the overhang that Regeneron's stock has suffered from over the last 6 months. Novartis' (NVS) brolucizumab pivotal trial is confusing, and the data incomplete, and the analyst has serious doubts about the drug's approvability. Secondly, the addition of Ang2 inhibition to VEGF inhibition, while theoretically intriguing, has so far been of modest benefit despite Roche's (RHHBY) posturing, he contends. Porges reiterates an Outperform rating and $502 price target on Regeneron's shares.
02/08/18
RBCM
02/08/18
INITIATION
Target $65
RBCM
Outperform
Spark Therapeutics assumed with an Outperform at RBC Capital
RBC Capital analyst Kennen MacKay assumed coverage of Spark Therapeutics (ONCE) with an Outperform rating and a price target of $65. MacKay says the FDA approval of Luxturna and "ex-Novartis (NVS) collaboration" helps to de-risk the company's earlier-stage hemophilia and inherited retinal disease assets, calling Spark Therapeutics a "trailblazer in the gene therapy space".
01/25/18
LEER
01/25/18
NO CHANGE
Target $100
LEER
Market Perform
Novartis price target raised to $100 from $93 at Leerink
Leerink analyst Seamus Fernandez raised his price target for Novartis to $100 from $93 following a "strong" quarter and above-consensus 2018 guidance. The analyst reiterates a Market Perform rating on the shares.
01/25/18
CANT
01/25/18
NO CHANGE
Target $105
CANT
Overweight
Cantor reiterates $105 target on Spark Therapeutics after Novartis deal
Cantor Fitzgerald analyst Elemer Piros reiterates an Overweight rating on Spark Therapeutics (ONCE) with a $105 price target after the company announced a licensing and supply agreement with Novartis (NVS). The deal further emphasizes the "significant value" of Luxturna's commercial opportunity, Piros tells investors in a research note. He believes the agreement places the drug with a strong commercial partner outside the U.S. while enabling Spark to remain focused on the domestic launch and development pipeline.
MNTA Momenta
$16.30

0.05 (0.31%)

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.
10/04/17
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.
10/04/17
STFL
10/04/17
DOWNGRADE
STFL
Hold
Momenta downgraded to Hold from Buy at Stifel
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.

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