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BIIB

Biogen

$296.08

-20.91 (-6.60%)

, MRK

Merck

$54.90

(0.00%)

06:47
02/15/18
02/15
06:47
02/15/18
06:47

Biogen selloff yesterday a buying opportunity, says Piper Jaffray

Piper Jaffray analyst Christopher Raymond recommends using the selloff yesterday in shares of Biogen (BIIB) as a buying opportunity. The stock pulled back after management disclosed at a conference plans to up-size the Phase 3 aducanumab program by 510 patients total. While "this is a bit unnerving," particularly on the heels of another Phase 3 Alzheimer's failure for Merck's (MRK) verubecestat, the study remains blinded and variability on the primary endpoint can stem from a host of reasons, not all of them bad, Raymond tells investors in a research note titled "Aducanumab P3 Upsizing Doesn't Tell Us Much." The analyst does not think yesterday's news says much about the chances for an interim analysis or about aducanumab's efficacy profile. He keeps an Overweight rating on Biogen with a $407 price target.

BIIB

Biogen

$296.08

-20.91 (-6.60%)

MRK

Merck

$54.90

(0.00%)

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BIIB Biogen
$296.08

-20.91 (-6.60%)

01/31/18
01/31/18
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. Foot Locker (FL) upgraded to Outperform from Perform at Oppenheimer with analyst Anna Andreeva saying with Nike's (NKE) "onset" of innovation and adidas' (ADDYY) ongoing momentum, Foot Locker is poised to stabilize as 2018 unfolds. 2. American Airlines (AAL) and United Continental (UAL) were upgraded to Outperform from Market Perform at Bernstein. 3. Biogen (BIIB) upgraded to Buy from Neutral at UBS with analyst Carter Gould saying the market is underappreciating Biogen's pipeline opportunity and the potential for additional assets to be added through acquisitions. 4. Autoliv (ALV) upgraded to Outperform from Neutral at Baird with analyst David Leiker saying the core business appears to be at the inflection of delivering on strong market share gains from airbag recalls. 5. Time Warner (TWX) upgraded to Buy from Neutral at MoffettNathanson. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/05/18
JEFF
02/05/18
NO CHANGE
Target $25
JEFF
Hold
Acorda remains takeover candidate after competitor data, says Jefferies
Jefferies analyst Michael Yee believes the positive Phase III topline results from Acorda Therapeutics (ACOR) competitor Sunovion for APL-130277 in Parkinson's patients came in as expected. While APL-130277 data compares favorably over Inbrija's 3.92 point difference at week 12, Yee cautions to compare directly head-to-head since patient baseline characteristics could be different. Acorda remains a "reasonably likely" acquisition candidate in 2018 given its $300M-$500M-plus Parkinson's asset Inbrija, Yee tells investors in a research note. The analyst does not think Biogen (BIIB) should buy the company, but sees other potential suitors in AbbVie (ABBV), Allergan (AGN), Mitsubishi, Roche (RHHBY) and Shire (SHPG). He believes a takeover price could be north of $2B. Yee keeps a Hold rating on Acorda with a $25 price target.
02/07/18
PIPR
02/07/18
NO CHANGE
Target $407
PIPR
Overweight
Biogen should be bought on any weakness, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond recommends buying Biogen on any weakness following news that Tysabri's Action2 study in acute ischemic stroke failed to demonstrate a clinical benefit. Tysabri had failed once before in this setting, and the analyst notes he saw little reason for optimism on this study. Raymond says remains focused on the strength of Biogen's multiple sclerosis franchise, Spinraza, and the positive signals from Phase 1 studies in aducanumab. He keeps an Overweight rating on Biogen with a $407 price target.
02/14/18
JEFF
02/14/18
NO CHANGE
Target $375
JEFF
Hold
Biogen swings back to Alzheimer's uncertainty, says Jefferies
At an industry conference today, Biogen provided some updates to its Phase III Alzheimer's study, including plans to add an additional 510 patients across the two aducanumab studies, Jefferies analyst Michael Yee tells investors in a research note. While these changes do not necessarily dramatically change the probability of success, it does change Wall Street's "sense of confidence," Yee contends. He believes the market will "swing back to uncertainty" on the Alzheimer's pendulum based on trial changes. Yee thinks Biogen needs to acquire de-risked "neuro/orphan companies" to "change the narrative" from being a binary Alzheimer's company to one with products even if Alzheimer's doesn't work. Yee keeps a Hold rating on Biogen shares with a $375 price target. The stock in afternoon trading is down 7% to $295.42.
MRK Merck
$54.90

(0.00%)

01/16/18
RHCO
01/16/18
UPGRADE
RHCO
Buy
Merck upgraded to Buy from Hold at SunTrust
01/16/18
01/16/18
UPGRADE
Target $72

Buy
Merck upgraded on earlier than expected Keytruda trial success at SunTrust
As previously reported, SunTrust analyst John Boris upgraded Merck to Buy from Hold, stating that he had expected positive data from the Keynote-189 trial but that the positive results on Progression Free Survival and Overall Survival came earlier than expected. This timing should enable Merck to maintain its first-mover advantage in first-line non-squamous Non-Small Cell Lung Cancer, or NSCLC, in the U.S. and file in the EU, Boris tells investors. He raised his price target to $72 from $54 on Merck shares, which are up $4.09, or 7%, to $62.75 in morning trading.
01/17/18
BMOC
01/17/18
NO CHANGE
Target $72
BMOC
Outperform
Merck price target raised to $72 from $68 at BMO Capital
BMO Capital analyst Alex Arfaei raised his price target on Merck to $72 from $68, keeping his Outperform rating following a 6% move higher in the stock price yesterday. The analyst says he remains bullish based on a "meaningful upside for Keytruda" and better performance from supporting drug franchises such as Gardasil. Arfaei warns however that while Keytruda has solidified its lead in non-small cell lung cancer market, it remains the company's only major growth driver while immuno oncology becomes increasingly more competitive.
02/14/18
BMOC
02/14/18
NO CHANGE
Target $65
BMOC
Outperform
Merck price target lowered to $65 from $70 at BMO Capital
BMO Capital analyst Alex Arfaei lowered his price target on Merck to $65 after the company discontinued its APECS study. The analyst sees this as "another setback that increases Merck's dependence on Keytruda" and contends that the company needs other meaningful drivers. Arfaei keeps his Outperform rating based on his confidence in Keytruda growth and Merck's Immuno-oncology execution.

TODAY'S FREE FLY STORIES

CBS

CBS

$46.15

-0.66 (-1.41%)

, ORCL

Oracle

$46.19

0.47 (1.03%)

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On The Fly
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CBS

CBS

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ORCL

Oracle

$46.19

0.47 (1.03%)

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Johnson & Johnson

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2.81 (2.18%)

BA

Boeing

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14.17 (4.48%)

TLRY

Tilray

$73.29

7.4 (11.23%)

NVS

Novartis

$85.67

-0.13 (-0.15%)

NAV

Navistar

$26.72

2.88 (12.08%)

RCII

Rent-A-Center

$12.45

-2 (-13.84%)

LXFR

Luxfer

$17.87

-3.55 (-16.57%)

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ALB

Albemarle

$81.65

1.15 (1.43%)

12:57
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12:57
Periodicals
Breaking Periodicals news story on Albemarle »

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VLKAY

Volkswagen

$0.00

(0.00%)

12:56
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RCII

Rent-A-Center

$12.41

-2.04 (-14.12%)

12:52
12/18/18
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Upgrade
Rent-A-Center rating change  »

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MEET

Meet Group

$3.89

0.51 (15.09%)

12:50
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Meet Group jumps almost 16% after rollout of Battles »

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DUK

Duke Energy

$88.17

0.09 (0.10%)

12:46
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Hot Stocks
Duke Energy provides update on progress to close coal ash basins »

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APEN

Apollo Endosurgery

$3.57

0.08 (2.29%)

12:45
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Recommendations
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LOPE

Grand Canyon

$104.20

-1.13 (-1.07%)

12:44
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12/18
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12:44
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LOPE

Grand Canyon

$104.20

-1.13 (-1.07%)

12:43
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12/18
12:43
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12:43
Hot Stocks
Grand Canyon to acquire Orbis Education Services »

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DWDP

DowDuPont

$53.15

1.46 (2.82%)

12:40
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12/18
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12:40
Options
Put spreads in Dow DuPont as shares gain 3% »

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MAXR

Maxar Technologies

$12.33

0.05 (0.41%)

12:32
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12:32
Hot Stocks
Maxar's SSL awarded contract to provide GEO satellite for Ovzon »

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PAYX

Paychex

$64.72

-0.23 (-0.35%)

, GIS

General Mills

$37.18

0.45 (1.23%)

12:30
12/18/18
12/18
12:30
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12:30
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

PAYX

Paychex

$64.72

-0.23 (-0.35%)

GIS

General Mills

$37.18

0.45 (1.23%)

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FDX

FedEx

$185.39

3.19 (1.75%)

, MU

Micron

$34.59

0.7 (2.07%)

12:30
12/18/18
12/18
12:30
12/18/18
12:30
Earnings
Notable companies reporting after market close »

Notable companies…

FDX

FedEx

$185.39

3.19 (1.75%)

MU

Micron

$34.59

0.7 (2.07%)

JBL

Jabil

$22.09

0.53 (2.46%)

03/08/13
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ALV

Autoliv

$73.57

1.8 (2.51%)

12:29
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Downgrade
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XRX

Xerox

$21.25

-0.02 (-0.09%)

12:25
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Options
Xerox call volume above normal and directionally bullish »

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BPMUF

Basilea Pharmaceutica

$0.00

(0.00%)

12:25
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Conference/Events
Cantor Fitzgerald pharma analysts to hold an analyst/industry conference call »

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12:25
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Conference/Events
Federal Reserve Board to hold a closed meeting »

The Federal Reserve holds…

GM

General Motors

$35.20

0.54 (1.56%)

12:23
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Periodicals
GM to cut 50 jobs at Detroit lithium-ion battery assembly plant, Reuters reports »

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PVH

PVH Corp.

$93.27

1.92 (2.10%)

12:21
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Hot Stocks
PVH Corp. CEO Chirico acquires 10,000 shares for $95.51 »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
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12/18
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
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Technical Analysis
NYSE market internals summary »

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XOXO

XO Group

$35.00

0.015 (0.04%)

12:12
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DSW

DSW

$24.00

0.78 (3.36%)

12:05
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Options
DSW call volume above normal and directionally bullish »

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LXFR

Luxfer

$19.06

-2.36 (-11.02%)

12:00
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12/18
12:00
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Hot Stocks
Luxfer falls -10.9% »

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  • 18

    Dec

BPT

BP Prudhoe Bay

$22.75

-2.745 (-10.77%)

12:00
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Hot Stocks
BP Prudhoe Bay falls -11.2% »

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