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VRX

Ticker changed BHC

$15.95

-0.24 (-1.48%)

13:34
03/20/18
03/20
13:34
03/20/18
13:34

Cosmo application represents potential Valeant competition, says Wells Fargo

Cosmo Pharmaceuticals earlier today announced that its New Drug Application for Rifamycin has been submitted to the FDA seeking market authorization for the treatment of traveler's diarrhea under an expedited review process in the U.S. Rifamycin, if approved, would compete with Valeant Pharmaceuticals' largest product, Xifaxan, which is indicated to treat both traveler's diarrhea and irritable bowel syndrome with diarrhea and generated $979M of sales in 2017, Wells Fargo analyst David Maris tells investors in a research note. He expects FDA approval of Rifamycin for traveler's diarrhea in the second half of 2018 and launch in early 2019. Maris continues to believe the market has not considered Cosmo's Rifamycin program as potential competition to Xifaxan. The analyst keeps an Underperform rating on Valeant shares. The stock in afternoon trading is down 21c to $15.98.

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VRX Ticker changed BHC
$15.95

-0.24 (-1.48%)

03/05/18
DBAB
03/05/18
UPGRADE
Target $20
DBAB
Buy
Valeant upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert upgraded Valeant Pharmaceuticals to Buy from Hold with an unchanged price target of $20. The drugmaker closed Friday down 37c to $14.88. With the shares down 20% since the company reported "solid" Q4 results and a "decent" 2018 outlook, the price target suggests "significant upside" over the next year if Valeant continues to execute, Gilbert tells investors in a research note partially titled "That was then, this is now." He applauds new management for managing near-term debt maturities, returning the core franchises to growth, and resolving some legacy legal issues. The company is "doing the right things to strengthen the business," Gilbert argues.
03/05/18
03/05/18
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. Monster Beverage (MNST) upgraded to Buy from Hold at Deutsche Bank with analyst Steve Power saying the selloff since the company's "weak" results on March 1 is an "overly negative reaction," presenting a buying opportunity. 2. Northwest Natural Gas (NWN) upgraded to Market Perform at Wells Fargo with analyst Sarah Akers citing valuation. 3. Valeant (VRX) upgraded to Buy from Hold at Deutsche Bank with analyst Gregg Gilbert saying with the shares down 20% since the company reported "solid" fourth quarter results and a "decent" 2018 outlook, the price target suggests "significant upside" over the next year if Valeant continues to execute. 4. Newpark Resources (NR) upgraded to Buy from Hold at Johnson Rice with analyst George Venturatos citing its improving market share in the core Fluids segment, leverage to recent rig count gains and its strong free cash flow profile. 5. Tractor Supply (TSCO) 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.
03/06/18
PIPR
03/06/18
NO CHANGE
Target $10
PIPR
Underweight
Valeant multiple 'ripe for further contraction,' says Piper Jaffray
Piper Jaffray analyst David Amsellem found Valeant Pharmaceuticals' "bullish commentary" surrounding the extent of contribution from new launches and its dermatology pipeline concerning. Management's longer-term aspirational goals for these products are unrealistic due to a combination of insufficient differentiation, the availability of generics, brand competition, and heavy payer contracting, Amsellem tells investors in a research note. Given this dynamic, coupled with a "mountain range" of debt maturities starting in 2020, the analyst believes Valeant's current multiple is "ripe for further contraction." Amsellem reiterates an Underweight rating on the stock with a $10 price target.
03/12/18
WELS
03/12/18
NO CHANGE
WELS
Underperform
Valeant debt offering likely has 9%-plus coupon, says Wells Fargo
Wells Fargo analyst David Maris says that less than two weeks after filing a shelf offering, Valeant Pharmaceuticals this morning launched a $1.25B offering of unsecured senior notes due 2026. Based on discussions with his firm's high yield debt analyst, Maris estimates the debt likely has a 9%-plus coupon. Valeant is looking to push out 2020 maturities, which may be reflective of its business outlook for the period between now and maturity, Maris tells investors in an intraday research note. Further, swapping 6% debt for 9% debt is an "expensive proposition with less cash flow available to equity holders," the analyst adds. He believes Valeant will likely keep refinancing debt at "higher and higher rates with longer and longer maturities until it can no longer do so." Maris keeps an Underperform rating on Valeant shares. The stock in afternoon trading is up 2.6% to $15.78.

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HYG

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SEMG

SemGroup

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Treasury's $87 B 3- and 6-month bill auction results were generally below average »

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VLGEA

Village Super Market

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TOT

Total

$52.62

0.875 (1.69%)

11:51
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Upgrade
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OCN

Ocwen

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ALDR

Alder Biopharmaceuticals

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MET

MetLife

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-0.8 (-1.65%)

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EQNR

Equinor

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0.72 (3.70%)

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FXI

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BKR

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LYFT

Lyft

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