2018-04-09 08:34:57AVXS   - $115.91
-3.69 (-3.09%) , NVS - $80.20
-0.86 (-1.06%) … 08:3404/09/18 04/0908:34 04/09/1808:34 | Jefferies ponders other potential suitors for AveXis after Novartis dealJefferies analyst Biren Amin asks who else can jump into the mix after AveXis (AVXS) agreed to be acquired by Novartis (NVS) for $218 per share in an all-cash deal. The analyst, who does not expect anti-trust issues to arise with the deal on the table, notes the speculation that Biogen (BIIB) may need to evaluate AveXis at some point. The Novartis deal could be the "trigger that forces it to do so," Amin writes in a research note. Further, the analyst has always felt Roche (RHHBY) could have an interest in AveXis given its development program with RG7916. He points out that AveXis Chairman Dan Welch was the CEO of Intermune when Roche purchased the company in 2014 for $8.3B. AveXis in premarket trading is up 81%, or $94.14, to $210.05. AVXS - $115.91
-3.69 (-3.09%) NVS - $80.20
-0.86 (-1.06%) BIIB - $257.65
-7.33 (-2.77%) RHHBY - $28.05
-0.27 (-0.95%) | |
|---|
- $115.91
-3.69 (-3.09%) - 02/28/18
- FBCO
02/28/18
NO CHANGETarget $139
FBCO
Outperform AveXis price target raised to $139 from $134 at Credit Suisse Credit Suisse analyst Martin Auster raised his price target for AveXis to $139 from $134 following a "strong" Q4 and as he believes pipeline poised to contribute. The analyst reiterates an Outperform rating on the shares. - 04/09/18
- FBCO
04/09/18
NO CHANGETarget $170
FBCO
Outperform AveXis price target raised to $170 from $139 at Credit Suisse Credit Suisse analyst Martin Auster raised his price target for AveXis to $170 from $139 to reflect his growing confidence in AVXS-101's ability to treat the broader SMA incidence population, which drives an incremental $200M in annual revenue. The analyst reiterates an Outperform rating on the stock. - 04/09/18
- MZHO
04/09/18
DOWNGRADEMZHO
Neutral AveXis downgraded to Neutral from Buy at Mizuho Mizuho downgraded AveXis (AVXS) to Neutral following the acquisition by Novartis (NVS) for $218 per share in cash. - 04/09/18
- BERN
04/09/18
NO CHANGETarget $144
BERN
Outperform Bernstein not too surprised with AveXis sale Bernstein analyst Vincent Chen notes that Novartis (NVS) and AveXis (AVXS) announced an agreement for the former to purchase AveXis for $218 per share, a total of $8.7B. The analyst says he has long suspected he would see acquisitions in gene therapy and that AveXis could be a prime candidate, so he is not too surprised to see it go. However, the analyst acknowledges that he had not pegged Novartis as the top contender. Noting that the announcement should be a positive for others in the space, Chen reiterates an Outperform rating and $144 price target on AveXis shares. - $80.20
-0.86 (-1.06%) - 03/21/18
- WELS
03/21/18
NO CHANGEWELS
Outperform Amphastar court win a 'major' positive, says Wells Fargo Wells Fargo analyst David Maris called the news of Massachusetts' District Court entering a final judgement in favor of Amphastar (AMPH) in the patent lawsuit regarding Lovenox brought by Momenta (MNTA) and Novartis' (NVS) Sandoz division a "major positive" that again demonstrates Amphastar's ability to face down larger, better-funded companies and get difficult products to market. He maintains an Outperform rating on Amphastar shares. - 03/02/18
- OPCO
03/02/18
INITIATIONTarget $16
OPCO
Outperform Conatus initiated with an Outperform at Oppenheimer Oppenheimer analyst Jay Olson initiated Conatus (CNAT) with an Outperform rating and $16 price target based on his view that significant value for shareholders, physicians and patients can be unlocked by the company's "unique" approach to liver disease. In a research note to investors, Olson said he sees emricasan as well positioned to potentially demonstrate efficacy in a broad range of liver diseases, including NASH, adding that the program is viewed as "partially de-risked" through its partnership with Novartis (NVS). - 02/12/18
- LEER
02/12/18
NO CHANGETarget $502
LEER
Outperform Data from Regeneron Eylea competitors should lift some overhang, says Leerink Leerink analyst Geoffrey Porges says that the "confusing and somewhat lackluster data" presented over the weekend for Eylea's theoretical competitors should lift some of the overhang that Regeneron's stock has suffered from over the last 6 months. Novartis' (NVS) brolucizumab pivotal trial is confusing, and the data incomplete, and the analyst has serious doubts about the drug's approvability. Secondly, the addition of Ang2 inhibition to VEGF inhibition, while theoretically intriguing, has so far been of modest benefit despite Roche's (RHHBY) posturing, he contends. Porges reiterates an Outperform rating and $502 price target on Regeneron's shares. - $257.65
-7.33 (-2.77%) - 03/21/18
- RBCM
03/21/18
NO CHANGERBCM
Sector Perform Biogen valuation fairly balances MS franchise with growth risk, says RBC Capital RBC Capital analyst Brian Abrahams writes that while Biogen's MS franchise is expected to perform "solidly" in 2018 thanks to stable treatment dynamics and competitive setbacks, over the longer term the company may be faced with "branded and generic competitive pressures on share and price". Abrahams notes that emerging data around stem cell transplant - SCT - could be worth watching within an evolving landscape, though the complexity and potential side effects are unlikely to pose competitive threats in the short run. Longer term, the analyst keeps his Sector Perform rating on Biogen, stating that its valuation continues to balance the near-term stability in MS with the need for additional pipeline expansion. - 04/05/18
- LEHM
04/05/18
DOWNGRADETarget $295
LEHM
Equal Weight Biogen downgraded to Equal Weight from Overweight at Barclays Barclays analyst Geoffrey Meacham downgraded Biogen to Equal Weight and lowered his price target for the shares to $295 from $395. The analyst sees limited pipeline catalysts before the Alzheimer readouts in the first half of 2020. He believes the data are too far out to support a bullish on the shares. Meacham, however, remains bullish on the probability of success for aducanumab. - 04/05/18
- 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
On The Fly: Top five analyst downgrades Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Hold from Buy at Stifel with analyst Kevin Cassidy citing the peaking server central processing unit cycle and valuation for the downgrade. 2. Johnson Controls (JCI) downgraded to Underperform from Sector Perform at RBC Capital with analyst Deane Dray citing the company's exposure to additional cash flow pressures in fiscal 2018, reduction in fiscal 2020 targets, and a market rotation toward "more defensive names." 3. Ryder (R) downgraded to Underweight from Neutral at JPMorgan with analyst Brian Ossenbeck saying he is making a "longer term call on 2019 expectations," which he believes are too high and embed "significant gains on residual values and used truck sales." 4. Ollie's Bargain Outlet (OLLI) downgraded to Neutral from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying valuation is getting "richer," quarterly comps have been decelerating since 2015, and are now expected to be 1%-2% in 2018. 5. Biogen (BIIB), Pfizer (PFE), Biohaven (BHVN), and Myovant Sciences (MYOV) were downgraded to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. - $28.05
-0.27 (-0.95%) - 02/27/18
On The Fly: Top five analyst upgrades Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Stryker (SYK) upgraded to Neutral from Sell at Citi by analyst Amit Hazan, who believes supply issues at Zimmer Biomet (ZBH) could drive share gains for Stryker. 2. Chipotle (CMG) upgraded to Outperform from Neutral at Baird by analyst David Tarantino, who cited its new CEO and the potential for the company to demonstrate better sales/traffic momentum over the next 12-24 months. He believes it will support investor sentiment given the opportunity for the company to deliver strong earnings power if unit volumes begin to recover. 3. Itron (ITRI) upgraded to Buy from Hold at Cannacord Genuity by analyst Chip Moore, who said he has increased conviction in the company's forward earnings power and finds current share levels a "very compelling" entry point. He notes the stock is down 10% since the SilverSpring Networks deal announcement back in September. Moore's views the combination as compelling and has increased confidence in cost saving potential post close. 4. Winnebago (WGO) upgraded to Outperform from Market Perform at BMO Capital by analyst Gerrick Johnson, who said that the RV market growth -- currently in its 9th year -- will continue at a 10% pace, adding that the company's growth can outgain the competition because of its "operating improvement, enhanced product offering, and emerging trade-up cycle from first time buyers." The analyst also noted that Winnebago will benefit from lower corporate taxes while its stock trades at "significant" valuation discount. 5. Exelixis (EXEL) upgraded to Outperform from Perform at Oppenheimer by analyst Leah Rush Cann. The analyst is now applying a valuation methodology for profitable companies to Exelixis, since the company turned profitable for the full-year 2017. She expects Exelixis will continue to develop its commercial drugs, Cabometyx and Cometriq, while its partner Genentech (RHHBY) will continue to develop Cotellic. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. - 03/09/18
- PIPR
03/09/18
NO CHANGETarget $170
PIPR
Overweight Piper confident in Alexion positioning after Roche trial halt Piper Jaffray analyst Christopher Raymond keeps an Overweight on Alexion Pharmaceuticals (ALXN) following news of a temporary trial halt for Roche's (RHHBY) Soliris/AXLN1210 challenger RO7112689 in Europe. While a bit early to write off RO7112689 as a competitive threat, the halt highlights the strength of the clinical profile for ALXN1210 and Soliris, Raymond tells investors in a research note. He remains remains confident in Alexion's positioning and bullish on the shares with a $170 price target. - 03/27/18
- MSCO
03/27/18
DOWNGRADEMSCO
Underweight Roche downgraded to Underweight from Equal Weight at Morgan Stanley Morgan Stanley analyst Vincent Meunier downgraded Roche to Underweight from Equal Weight, citing the expected impact of biosimilars on margins and increasing competition in lung cancer. The analyst lowered his 2020 sales and earnings estimates and said Roche offers slower growth in terms of both the top and bottom line over 2018-2021 than large pharma peers. He cut his price target on Roche shares to CHF230 from CHF260. |