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INVA

Innoviva

$15.45

0.02 (0.13%)

, TKPYY

Takeda Pharmaceutical Co. Ltd.

$27.88

0.385 (1.40%)

11:42
02/13/18
02/13
11:42
02/13/18
11:42

Sarissa Capital reconstitutes Innoviva board following termination of CEO Aguiar

Sarissa Capital Management LP announced that Sarissa Capital has entered into an agreement with Innoviva, Inc. (INVA) to reconstitute the entire board of directors as follows: Effective immediately Jules Haimovitz, Sarah Schlesinger, M.D. and Mark DiPaolo will be added to the Innoviva board, joining recently added Sarissa designees George Bickerstaff, III and Odysseas Kostas, M.D. Effective as of the upcoming stockholder meeting, the Innoviva board will consist of five directors: Jules Haimovitz, Sarah Schlesinger, M.D., Mark DiPaolo, George Bickerstaff, III and Odysseas Kostas, M.D. Mark DiPaolo and Odysseas Kostas, M.D. are principals of Sarissa Capital. Jules Haimovitz, Sarah Schlesinger, M.D. and George Bickerstaff, III served together on the board of directors of ARIAD Pharmaceuticals (TKPYY) and were instrumental in the turnaround efforts at ARIAD which culminated in the sale of the company for over $5B last year. Sarissa Capital was one of ARIAD's largest shareholders and Alex Denner, Ph.D., Sarissa Capital's founder and Chief Investment Officer, was the chairman of ARIAD at the time of its sale. This outcome is the result of a proxy contest Sarissa Capital waged in connection with Innoviva's 2017 annual stockholder meeting and Sarissa Capital's necessary subsequent litigation against Innoviva. In December 2017, Sarissa Capital prevailed in its litigation when the Delaware Court ruled that Innoviva breached its agreement with Sarissa Capital to add George Bickerstaff and Odysseas Kostas, M.D. to the board and ordered Innoviva to add them to the board immediately. Following that ruling, Sarissa engaged in discussions with Innoviva that resulted in the termination of CEO Mike Aguiar and this reconstitution of the board of directors.

INVA

Innoviva

$15.45

0.02 (0.13%)

TKPYY

Takeda Pharmaceutical Co. Ltd.

$27.88

0.385 (1.40%)

INVA Innoviva
$15.45

0.02 (0.13%)

12/18/17
MSCO
12/18/17
NO CHANGE
MSCO
Morgan Stanley sees opportunities in biotech amid 'limited' investor conviction
With clinical catalysts in large-cap Biotechnology limited to only five key Phase III readouts - three of which are from Alexion (ALXN) - investors are describing their 2018 picks in the space as the "least worst" of the group, according to Morgan Stanley analyst Matthew Harrison. However, he believes this lack of conviction creates real opportunity for outsized moves in 2018, with Amgen (AMGN) identified by Harrison as the biggest potential beneficiary of M&A given "its likely newfound access" to about $39B in offshore cash. Other biotech names the analyst highlights on the up side include Biogen (BIIB), BioMarin (BMRN), Biohaven (BHVN) and Sarepta (SRPT). Meanwhile, Harrison highlights his concerns about potential downside for BioVerativ (BIVV) and Innoviva (INVA), on both of which he keeps Underweight ratings.
11/20/17
11/20/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Innoviva (INVA) initiated with a Hold at Deutsche Bank. 2. National Vision (EYE) was initiated with an Overweight at Morgan Stanley, an Outperform at Wells Fargo, a Buy at Jefferies and Citi, as well as a Neutral at Goldman Sachs, UBS, and BofA/Merrill. 3. Ablynx (ABLX) was initiated with an Overweight at JPMorgan, an Outperform at Baird, and a Buy at Ladenburg. 4. Blue Apron (APRN) initiated with a Sector Weight at KeyBanc. 5. BP Midstream (BPMP) was initiated with an Overweight at JPMorgan, a Buy at UBS and Citi, an Equal Weight at Morgan Stanley and Barclays, as well as a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/20/17
DBAB
11/20/17
INITIATION
Target $13
DBAB
Hold
Innoviva initiated with a Hold at Deutsche Bank
Deutsche Bank analyst Esther Rajavelu started Innoviva (INVA) with a Hold rating and $13 price target. The analyst is concerned about revenue concentration and sees no near-term growth opportunities outside of the GlaxoSmithKline (GSK) partnership.
05/01/17
COWN
05/01/17
NO CHANGE
Target $16
COWN
Outperform
Innoviva weakness a buying opportunity, says Cowen
Cowen analyst Tyler Van Buren said the recent earnings miss at Innoviva was largely non-fundamental and impacted by pressures that he expects will reverse in Q2. He said prescriptions look great and he views the weakness in Innoviva shares as a buying opportunity. Van Buren reiterated his Outperform rating and $16 price target on Innoviva shares.
TKPYY Takeda Pharmaceutical Co. Ltd.
$27.88

0.385 (1.40%)

01/16/18
BTIG
01/16/18
DOWNGRADE
BTIG
Neutral
TiGenix downgraded at BTIG to Neutral on valuation
As noted earlier, BTIG analyst Timothy Chiang downgraded TiGenix (TIG) to Neutral from Buy, saying the run-up of 81% year to date in the stock price has exceeded his target and warrants a move to the sidelines. Chiang believes that the acquisition offer by Takeda (TKPYY) will pass the required regulatory review of TiGenix lead product Alofisei in the E.U., adding that there is now less than 5% difference in the stock price relative to the Takeda offer.
10/03/17
JMPS
10/03/17
NO CHANGE
Target $25
JMPS
Outperform
Myovant Phase 3 results further de-risk ongoing trials, says JMP Securities
After Myovant Sciences (MYOV) and partner Takeda (TKPYY) announced a Japanese study evaluating the efficacy and safety of relugolix to treat uterine fibroids met its primary endpoint, JMP Securities analyst Jason Butler said the results represent a "best case outcome" and have a clear positive read through to ongoing international Phase 3 trials in uterine fibroids and endometriosis. The analyst, who increased his view of the probability of success in UF and EM, raised his price target on Myovant shares to $25 from $23 and keeps an Outperform rating on the stock.

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