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CELG

Celgene

$88.53

-1.08 (-1.21%)

, ARNA

Arena Pharmaceuticals

$30.89

-0.62 (-1.97%)

06:37
03/20/18
03/20
06:37
03/20/18
06:37

Arena data looks competitive to Celgene's ozanimod, says Piper Jaffray

Last night's data from Arena Pharmaceuticals' (ARNA) competitor to Celgene's (CELG) ozanimod looks at least comparable to if not slightly advantageous versus ozanimod in previously treated ulcerative colitis, Piper Jaffray analyst Christopher Raymond tells investors in a research note titled "Ozanimod's Competitive Outlook Just a Little Bit Less Clear With New ARNA Data." The analyst says that while there is "no perfect apples to apples comparison," Arena's etrasimod, at the very least, is competitive with ozanimod. He prefers to remain on the sidelines with respect to Celgene shares, noting consensus still models "sizeable uptake" for ozanimod. Raymond has a Neutral rating on Celgene with a $95 price target.

CELG

Celgene

$88.53

-1.08 (-1.21%)

ARNA

Arena Pharmaceuticals

$30.89

-0.62 (-1.97%)

  • 23

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CELG Celgene
$88.53

-1.08 (-1.21%)

02/28/18
RHCO
02/28/18
DOWNGRADE
Target $106
RHCO
Hold
SunTrust downgrades Celgene on refusal to file letter for ozanimod
SunTrust analyst Yatin Suneja downgraded Celgene to Hold from Buy after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. The analyst cut his price target for the shares to $106 from $139. Celgene in premarket trading is down 6%, or $5.79, to $95.78. Suneja says that following pipeline setbacks in late 2017, ozanimod was central to his "bull thesis to re-accelerate growth" and provide "much needed diversification away from myeloma." Given the delay, he lowered his ozanimod peak sales estimate to $3.5B from $5B. The refusal to file letter could result in a 24-month or longer delay for ozanimod's launch in relapsing forms of multiple sclerosis, Suneja tells investors in a research note.
02/28/18
UBSW
02/28/18
NO CHANGE
Target $106
UBSW
Buy
Celgene NDA application denial raises execution questions, says UBS
UBS analyst Carter Gould noted Celgene disclosed the FDA issued a Refusal to File regarding the NDA for ozanimod in multiple sclerosis. He believes this will likely delay its approval until at least 2019 and raise another round of questions on Celgene's execution as the last six months have brought clinical, regulatory, and commercial setbacks. Gould maintained his Buy rating, but lowered his price target to $106 from $120 on Celgene shares.
02/28/18
02/28/18
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. Celgene (CELG) downgraded to Hold from Buy at SunTrust by analyst Yatin Suneja after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. Suneja said that following pipeline setbacks in late 2017, ozanimod was central to his "bull thesis to re-accelerate growth" and provide "much needed diversification away from myeloma." Given the delay, he lowered his ozanimod peak sales estimate to $3.5B from $5B. The refusal to file letter could result in a 24-month or longer delay for ozanimod's launch in relapsing forms of multiple sclerosis, Suneja said. 2. Frontier Communications (FTR) downgraded to Hold from Buy at Jefferies by analyst Scott Goldman. With the dividend now suspended and EBITDA stabilization "still a work in progress," the shares have no near-term catalyst, Goldman said. He believes "significant challenges" remain for Frontier following the dividend suspension. 3. Comcast (CMCSA, CMCSK) downgraded to Neutral from Outperform at Macquarie by analyst Amy Young, who cited uncertainty around the M&A playbook and increased net leverage. Young said Comcast's intention to acquire Sky (SKYAY) diversifies its portfolio and increases international revenues to 25% of total from 9% currently, but exposes it to satellite TV, which faces secular pressures. The analyst views the 12x price tag for Sky as high, questions the synergies, and believes the unpredictability could cap near-term upside. 4. e.l.f. Beauty (ELF) downgraded to Market Perform from Outperform at BMO Capital by analyst Shannon Coyne, who cited the "near-term challenges in the mass category" and heightened competition yielding further pressure on results and the stock in the near term. The analyst also points to the management having lowered its expectations for the 3rd time in 6 months, adding that it may take some time for investor confidence to return. Despite the downgrade, the analyst believes that e.l.f "has material white space in existing and new retailers" as well as an "unmatched strong value proposition." 5. Maxim Integrated (MXIM) downgraded to Neutral from Outperform at Macquarie by analyst Srini Pajjuri, who said shares have significantly outperformed the SOX index year-to-date and believes healthy fundamentals are now backed in, combined with some M&A premium. Pajjuri believes further upside is limited on a fundamental basis and believes comps will get tougher in the second half of 2018 and sees risk of higher volatility in Consumer as Samsung GS9 builds fade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/18
RBCM
03/14/18
NO CHANGE
Target $131
RBCM
Top Pick
Celgene has valuation floor from possibility of going private, says RBC Capital
RBC Capital analyst Brian Abrahams writes that Celgene's strong near-term cash flows and drug pipeline are overshadowed by the "Revlimid goes generic" cliff in the next 4-7 years. Abrahams speculates that a transaction taking Celgene private offers "upside for current shareholders, insulation vs. medium-term volatility (during) transition to a post-Revlimid business model, and appreciation for a buyer". While the deal is not likely, the analyst contends that its economics imply a valuation floor on the stock, keeping his Top Pick rating and $131 price target on Celgene.
ARNA Arena Pharmaceuticals
$30.89

-0.62 (-1.97%)

01/18/18
01/18/18
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. Caterpillar (CAT) initiated with a Buy at Berenberg. 2. Rosehill Resources (ROSE) initiated with an Outperform at Northland. 3. Arena Pharmaceuticals (ARNA) initiated with an Outperform at Credit Suisse. 4. Electronic Arts (EA) was initiated with an Outperform at Bernstein, while Activision Blizzard (ATVI) was initiated with a Market Perform. 5. Brookfield Business Partners (BBU) initiated with a Sector Perform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/20/18
JMPS
02/20/18
NO CHANGE
Target $63
JMPS
Outperform
Arena Pharmaceuticals price target raised to $63 from $36 at JMP Securities
JMP Securities analyst Jason Butler raised his price target on Arena Pharmaceuticals to $63 from $36, stating that he has high conviction in the potential for the company's Phase 2 trial of etrasimod in ulcerative colitis to show success when top-line results are reported next month. He has raised his probability of success for the program to 50% from 25% previously and increased his estimate of peak sales to $4B-$5B from about $3B. Butler keeps an Outperform rating on Arena shares.
02/27/18
SBSH
02/27/18
NO CHANGE
Target $55
SBSH
Buy
Arena Pharmaceuticals price target raised to $55 from $37 at Citi
Citi analyst Joel Beatty raised his price target for Arena Pharmaceuticals to $55 to reflect increased value expectations for etrasimod. The analyst now sees a 60% probability of approval in ulcerative colitis and he also added sales estimates for Crohn's disease. He sees $6-$12 of share upside and $18% of potential downside for the Phase II data for etrasimod in Q1. Beatty keeps a Buy rating on Arena shares.
03/15/18
SBSH
03/15/18
NO CHANGE
SBSH
Buy
Arena heart rate comment not cause for concern, says Citi
Citi analyst Joel Beatty says some investors are asking about a comment made by Arena Pharmaceuticals management on yesterday's earnings call regarding the heart rate effects of S1P modulators being on target effect of the class. The concern seems to be whether this was a change in tone by management that suggests the Phase 2 data expected for etrasimod later this month will show a side effect of slow heart rate, Beatty tells investors in a research note. Beatty asked Arena CEO about this and learned that he has not seen any blinded data from any of the ongoing studies of etrasimod. As such, the analyst believes the comment made on the call doesn't have any direct read-through to the data coming later this month. He keeps a Buy rating on Arena.

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