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NKTR

Nektar

$101.44

-0.41 (-0.40%)

, INCY

Incyte

$83.07

-0.91 (-1.08%)

13:14
04/06/18
04/06
13:14
04/06/18
13:14

Mizuho says failure of Incyte's epacadostat ups chances of Nektar takeover

Mizuho analyst Difei Yang raised her price target on Nektar Therapeutics (NKTR) to $103 from $89 after Incyte (INCY) announced this morning the failure of epacadostat in combination with Merck's (MRK) Keytruda in a phase 3 study in melanoma patients. Recent clinical data presented by Nektar reinforced her view of NKTR-214 as one of the most impressive combo agent for checkpoint inhibitors, said Yang, who believes that the failure of epacadostat raises the possibility of a takeout by Bristol-Myers (BMY) in the coming months. She maintains a Buy rating on Nektar shares, which are down 8.5% to $92.75 in afternoon trading.

NKTR

Nektar

$101.44

-0.41 (-0.40%)

INCY

Incyte

$83.07

-0.91 (-1.08%)

MRK

Merck

$54.08

-0.455 (-0.83%)

BMY

Bristol-Myers

$61.47

-0.84 (-1.35%)

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NKTR Nektar
$101.44

-0.41 (-0.40%)

04/02/18
HCWC
04/02/18
INITIATION
Target $125
HCWC
Buy
Nektar assumed with a Buy at H.C. Wainwright
H.C. Wainwright analyst Debjit Chattopadhyay assumed coverage of Nektar Therapeutics with a Buy rating and $125 price target. The stock has had a "stellar run, but activity in checkpoint refractory patients could be well received," Chattopadhyay tells investors in a research note. The analyst believes available data from NKTR-214 in combination with Opdivo points to "compelling clinical activity." He sees "significant upside to the stock" beyond what his $125 target suggests should the data hold up to scrutiny.
03/02/18
JPMS
03/02/18
NO CHANGE
Target $90
JPMS
Overweight
Nektar announced another positive update on NKTR-214, says JPMorgan
Nektar Therapeutics last night announced another positive update on NKTR-214 from the phase I dose escalation study and reported additional patients converted to responders, JPMorgan analyst Jessica Fye tells investors in a post-earnings research note. The analyst continues to see NKTR-214, along with the company's immunology/immuno-oncology pipeline, driving potential "significant value creation." She keeps an Overweight rating on Nektar with a $90 price target.
03/02/18
MZHO
03/02/18
NO CHANGE
Target $89
MZHO
Buy
Mizuho has increased conviction in Bristol possibly buying Nektar in 2018
Mizuho analyst Difei Yang believes there is a possibility for Bristol-Myers Squibb (BMY) to acquire Nektar Therapeutics (NKTR) in 2018. The analyst says new positive clinical data of NKTR-214 in combo with Bristol-Myers' Opdivo reinforces her conviction. Bristol-Myers "could make a move" prior to the readouts of Propel study, expected in the second half of 2018, where NKTR-214 was tested in combo with competing products, Tecentiq and Keytruda, Yang tells investors in a research note. The analyst keeps a Buy rating on Nektar with an $89 price target following the company's Q4 results.
03/02/18
ADAM
03/02/18
NO CHANGE
Target $94
ADAM
Buy
Nektar price target raised to $94 from $80 at Canaccord
Canaccord Genuity analyst Arlinda Lee raised her price target for Nektar Therapeutics to $94 after the company reported Q4 results. Notable, Nektar provided a second update to Phase 1 Pivot-2 dose-escalation results indicating ongoing and further tumor shrinkage with improved and continuing response, Lee tells investors in a research note. Further, the company reported 60% response rate in 20 patients with PDL1-negative tumors at baseline, the analyst adds. She believes the update "further solidifies the central positioning" for wholly-owned drug candidate NKTR-214 in combination with anti-PD1. The analyst keeps a Buy rating on Nektar.
INCY Incyte
$83.07

-0.91 (-1.08%)

04/06/18
CANT
04/06/18
NO CHANGE
Target $26
CANT
Overweight
Cantor says premature to assume NewLink trial will fail like Incyte's
NewLink Genetics' (NLNK) indoximod, which acts as a tryptophan mimetic rather than an IDO enzymatic inhibitor, has shown differentiated data versus Incyte's (INCY) epacadostat, Cantor Fitzgerald analyst Mara Goldstein tells investors in a research note. NewLink is trading down 37.5%, or $2.75, to $4.57 after Incyte announced that its ECHO-301 study of epacadostat plus Merck's (MRK) Keytruda versus Keytruda alone was unsuccessful in treating advanced melanoma. Goldstein thinks assuming failure of indoximod "may be premature," but she acknowledges that NewLink shares are likely to be pressured with the company's Phase III trial end likely over a year away. If indoximod is truly differentiated, however, NewLink shares will be higher than $26 given the "now likely limited competition," Goldstein contends. She reiterates an Overweight rating on the shares with a $26 price target.
04/06/18
GUGG
04/06/18
DOWNGRADE
GUGG
Neutral
Incyte downgraded to Neutral from Buy at Guggenheim
04/06/18
WBLR
04/06/18
DOWNGRADE
WBLR
Market Perform
William Blair downgrades Incyte after metastatic melanoma study failure
William Blair analyst Katherine Xu downgraded Incyte (INCY) to Market Perform from Outperform after the company and partner Merck (MRK) announced that ECHO-301 did not meet one of the primary endpoints of improving progression-free survival and that overall survival, the other co-primary endpoint, was not expected to be met either. After taking epacadostat out of her model, the analyst's fair value estimate for Incyte drops to $88 from $170. The stock in premarket trading is down 21%, or $17.08, to $65.99. It is unclear whether the biomarker data derived from ECHO-301 could guide other Phase III studies, and whether the other Phase III studies are to continue, Xu tells investors in a research note. She sees the next key catalysts for Incyte shares as the baricitinib advisory panel on April 23, and data from Jakafi Phase II pivotal REACH1 study in steroid-refractory acute graft-versus-host disease in the first half 2018.
04/06/18
04/06/18
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. Incyte (INCY) downgraded to Neutral from Buy at Guggenheim and to Market Perform from Outperform at William Blair. 2. Ormat Technologies (ORA) downgraded to Perform from Outperform at Oppenheimer with analyst Noah Kaye citing valuation. 3. Sprague Resources (SRLP) downgraded to Underweight from Neutral at JPMorgan with analyst Andrew Burd citing the stock's year-to-date outperformance for the downgrade. 4. Banc of California (BANC) downgraded to Underperform from Neutral at BofA/Merrill with analyst Ebrahim Poonwala saying the company's new management team is working towards achieving its long-term strategic targets but is cautious on elevated execution risk given the balance sheet overhaul and lower quality deposit base. 5. Xilinx (XLNX) downgraded to Underweight from Neutral at JPMorgan with analyst Harlan Sur saying he believes multiple compression is likely with basestation deployment in China likely to decline in 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MRK Merck
$54.08

-0.455 (-0.83%)

04/05/18
LEHM
04/05/18
NO CHANGE
LEHM
Barclays upgrades Merck, downgrades Biogen and Pfizer in sector reassessment
Barclays analyst Geoff Meacham made some rating changes while reassessing the Biopharmaceutical sector. Biopharma sentiment has been negative since the start of 2018, despite a modest pick-up in deals and diminished rhetoric on drug pricing, Meacham tells investors in a research note titled "U.S. Biopharmaceuticals: Where to from here?" The analyst believes "more transformative" acquisitions, "clean" Phase 3 wins, and even a relatively strong Q1 earnings season could help "re-rate the sector" and get investors more engaged in the group. Ahead of the Q1 earnings season, Meacham upgraded Merck (MRK) to Overweight from Equal Weight and downgraded to Equal Weight from Overweight shares of Biogen (BIIB), Pfizer (PFE), Biohaven Pharmaceutical (BHVN) and Myovant Sciences (MYOV). The analyst also lowered his price target for Equal Weight-rated AbbVie (ABBV) to $102 from $120, for Equal Weight-rated Amgen (AMGN) to $180 from $180, for Overweight-rated Prothena (PRTA) to $50 from $70 and for Overweight-rated Incyte (INCY) to $135 from $165.
04/05/18
04/05/18
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. Merck (MRK) upgraded to Overweight from Equal Weight at Barclays with analyst Geoffrey Meacham saying he believes the company will continue to take share in first-line lung cancer, driven by positive KN-189 and KN-042 data. 2. Acuity Brands (AYI) upgraded to Outperform from Market Perform at JMP Securities with analyst Joseph Osha saying he believes the stock is finally trading at a "reasonable valuation based on reasonable expectations." 3. AMD (AMD) upgraded to Buy from Hold at Stifel with analyst Kevin Cassidy citing valuation and the company's margin expansion potential. 4. Tiffany (TIF) upgraded to Buy from Hold at Loop Capital with analyst Laura Champine saying her initial meeting with the company's new CEO Alessandro Bogliogo added to her confidence. 5. Citi (C) and Wells Fargo (WFC) were upgraded to Buy from Neutral at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BMY Bristol-Myers
$61.47

-0.84 (-1.35%)

03/20/18
JPMS
03/20/18
NO CHANGE
Target $75
JPMS
Overweight
Bristol-Myers price target raised to $75 from $70 at JPMorgan
JPMorgan analyst Chris Schott raised his price target for Bristol-Myers Squibb to $75 saying the company's opportunity in non-lung tumor types is broad and underappreciated. The analyst sees a number of $1B-plus indications for Opdivo beyond non-small-cell lung carcinoma, including kidney, liver, gastric, small cell lung and melanoma. These indications should represent the majority of Opdivo sales over time, Schott tells investors in a research note. The analyst keeps an Overweight rating on Bristol-Myers.
03/12/18
LEER
03/12/18
UPGRADE
Target $66
LEER
Outperform
Leerink upgrades Merck to Outperform ahead of KN-189 presentation
Leerink analyst Seamus Fernandez upgraded Merck (MRK) to Outperform from Market Perform with an unchanged price target of $66. The shares closed Friday up 38c to $55.14. Keytruda will continue to dominate the first-line non-small cell lung cancer market, Fernandez tells investors in a research note. Following his firm's lung cancer survey, the analyst believes Merck will deliver upside to consensus Keytruda estimates along with positive earnings leverage in the second half of 2018 and 2019. He thinks KN-189 likely will show a clinically meaningful overall survival benefit for the Keytruda plus chemo combo in all patients, including a strong benefit in patients with moderate or low PD-L1 biomarker levels. Fernandez does not believe Bristol-Myers' (BMY) Opdivo and Yervoy combo will supplant Keytruda as the market leader. The analyst thinks now is the time to own shares of Merck.
02/20/18
JEFF
02/20/18
INITIATION
Target $61
JEFF
Buy
Armo BioSciences initiated with a Buy at Jefferies
Jefferies analyst Biren Amin started Armo BioSciences (ARMO) with a Buy rating and $61 price target. The analyst thinks the shares will trade on potential for AM0010, an IL-10 cytokine. The data in non-small-cell lung carcinoma show "encouraging signals" and the pancreatic cancer data suggest better activity than chemo alone, Amin tells investors in a research note. He notes cytokines have recently garnered interest after Nektar Therapeutics (NKTR) inked a partnership with Bristol-Myers (BMY) for a $1.8B upfront.

TODAY'S FREE FLY STORIES

EEM

iShares MSCI Emerging Markets ETF

$41.78

0.26 (0.63%)

06:46
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Technical Analysis
iShares MSCI Emerging Markets ETF: Pivot points, pivot low broken »

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EWW

iShares MSCI Mexico

$49.18

-0.055 (-0.11%)

06:45
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Technical Analysis
iShares MSCI Mexico: Pivot points »

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UUP

PowerShares DB US Dollar Index Up

$25.59

-0.01 (-0.04%)

06:44
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06:44
Technical Analysis
PowerShares DB US Dollar Index Up: Pivot points »

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UDN

PowerShares DB US Dollar Index Down

$21.16

(0.00%)

06:44
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EQM

EQT Midstream Partners

$54.27

-0.07 (-0.13%)

, EQGP

EQT GP

$22.25

0.2 (0.91%)

06:43
08/17/18
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06:43
Recommendations
EQT Midstream Partners, EQT GP analyst commentary  »

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EQM

EQT Midstream Partners

$54.27

-0.07 (-0.13%)

EQGP

EQT GP

$22.25

0.2 (0.91%)

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EQT

EQT Corporation

$49.85

0.61 (1.24%)

06:41
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08/17
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COT

Cott Corp.

$15.64

0.13 (0.84%)

06:37
08/17/18
08/17
06:37
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06:37
Initiation
Cott Corp. initiated  »

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HMNY

Helios and Matheson

$0.03

-0.0172 (-36.44%)

06:36
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Periodicals
MoviePass puts additional restrictions on subscribers, NY Post says »

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SFET

Safe-T

$0.00

(0.00%)

06:36
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08/17
06:36
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06:36
Syndicate
Safe-T raises $7.335M in a registered direct offering »

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TWTR

Twitter

$32.83

0.44 (1.36%)

, FB

Facebook

$174.76

-4.78 (-2.66%)

06:33
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08/17
06:33
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06:33
Periodicals
Twitter CEO criticizes Facebook, YouTube for Alex Jones' removal, BI reports »

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TWTR

Twitter

$32.83

0.44 (1.36%)

FB

Facebook

$174.76

-4.78 (-2.66%)

GOOG

Alphabet

$1,206.00

-7.65 (-0.63%)

GOOGL

Alphabet Class A

$1,223.55

-8.75 (-0.71%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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    Oct

AZRE

Azure Power

$15.95

-0.405 (-2.48%)

06:30
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08/17
06:30
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06:30
Initiation
Azure Power initiated  »

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HNHPF

Hon Hai Precision

$0.00

(0.00%)

, AAPL

Apple

$213.49

3.21 (1.53%)

06:26
08/17/18
08/17
06:26
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06:26
Periodicals
Foxconn to launch semiconductor plant in China's Pearl River Delta, WSJ says »

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HNHPF

Hon Hai Precision

$0.00

(0.00%)

AAPL

Apple

$213.49

3.21 (1.53%)

03/08/13
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03/06/13
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YUMC

Yum China

$35.33

0.29 (0.83%)

06:26
08/17/18
08/17
06:26
08/17/18
06:26
Downgrade
Yum China rating change  »

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  • 10

    Sep

LGND

Ligand

$239.84

-7.88 (-3.18%)

06:25
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08/17
06:25
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06:25
Initiation
Ligand initiated  »

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  • 06

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GOOG

Alphabet

$1,206.00

-7.65 (-0.63%)

, GOOGL

Alphabet Class A

$1,223.55

-8.75 (-0.71%)

06:24
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08/17
06:24
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06:24
Periodicals
Google CEO responds to criticism over plan for search engine in China, WSJ says »

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GOOG

Alphabet

$1,206.00

-7.65 (-0.63%)

GOOGL

Alphabet Class A

$1,223.55

-8.75 (-0.71%)

03/08/13
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03/06/13
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  • 22

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    Oct

BXG

Bluegreen Vacations

$20.39

-0.65 (-3.09%)

06:22
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08/17
06:22
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06:22
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Bluegreen Vacations rating change  »

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DE

Deere

$137.38

1.68 (1.24%)

06:21
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06:21
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06:21
Earnings
Deere reports Q3 EPS 2.78, consensus $2.75 »

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  • 17

    Aug

WMT

Walmart

$98.63

8.39 (9.30%)

, COST

Costco

$223.20

1.55 (0.70%)

06:20
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06:20
Recommendations
Walmart, Costco, Target analyst commentary  »

Walmart price target…

WMT

Walmart

$98.63

8.39 (9.30%)

COST

Costco

$223.20

1.55 (0.70%)

TGT

Target

$82.07

1.38 (1.71%)

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  • 22

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  • 04

    Oct

KORS

Michael Kors

$71.94

0.63 (0.88%)

06:20
08/17/18
08/17
06:20
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06:20
Recommendations
Michael Kors analyst commentary  »

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  • 12

    Sep

ENB

Enbridge

$34.89

-0.19 (-0.54%)

06:18
08/17/18
08/17
06:18
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06:18
Upgrade
Enbridge rating change  »

Enbridge upgraded to Buy…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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PLAY

Dave & Buster's

$53.58

1.24 (2.37%)

06:17
08/17/18
08/17
06:17
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06:17
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DE

Deere

$137.38

1.68 (1.24%)

06:16
08/17/18
08/17
06:16
08/17/18
06:16
Hot Stocks
Deere CEO says 'continue face cost pressures for raw materials and freight' »

"Deere's…

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  • 17

    Aug

FB

Facebook

$174.76

-4.78 (-2.66%)

06:15
08/17/18
08/17
06:15
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06:15
Periodicals
Facebook begins to crack down on opioid dealers, TechCrunch reports »

Facebook's internal…

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  • 22

    Aug

  • 06

    Sep

  • 18

    Sep

TM

Toyota

$122.76

0.9 (0.74%)

06:14
08/17/18
08/17
06:14
08/17/18
06:14
Periodicals
Toyota to boost production capacity in China by 20%, Reuters says »

Toyota will add more…

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DE

Deere

$137.38

1.68 (1.24%)

06:13
08/17/18
08/17
06:13
08/17/18
06:13
Earnings
Deere sees FY18 equipment revenue up about 30%, consensus $33.78B »

Company equipment sales…

03/08/13
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  • 17

    Aug

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