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AVXS

AveXis

$115.91

-3.69 (-3.09%)

, NVS

Novartis

$81.32

1.12 (1.40%)

12:13
04/09/18
04/09
12:13
04/09/18
12:13

On The Fly: Top stock stories at midday

Stocks opened higher and continued to tack on gains throughout the morning as the Dow works through its 11th triple digit point move in the past 12 sessions. Despite the market's advance today, it is currently experiencing the third longest period without new highs since 2013 as each round of rallying gets followed by a pullback, and vice versa. ECONOMIC EVENTS: In the U.S., no data of note was reported. COMPANY NEWS: Shares of AveXis (AVXS) jumped after the gene therapy researcher announced an agreement to be acquired by Novartis (NVS) for $218 per share, or $8.7B in cash. Commenting on the acquisition, Jefferies analyst Michael Yee noted that Novartis' two large gene therapy deals in four months raises the question of "who's next." Among the mid-late stage gene therapy players remaining in the space are Regenxbio (RGNX), Bluebird Bio (BLUE), Spark Therapeutics (ONCE), BioMarin (BMRN), Abeona Therapeutics (ABEO), Nightstar Therapeutics (NITE) and Voyager Therapeutics (VYGR), Yee noted. MAJOR MOVERS: Among the notable gainers was Jounce Therapeutics (JNCE), which gained 19% following a Financial Times report that suggested the company and Agios Pharmaceuticals (AGIO) could be potential acquisition targets for Celgene (CELG). Also higher was Leucadia (LUK), which gained 12% after announcing strategic transactions involving several of its investee companies, a proposal to change the name of the corporation to Jefferies Financial Group, a new share buyback authorization and preliminary results for its first quarter 2018. Among the noteworthy losers was Menlo Therapeutics (MNLO), which dropped 72% after the company announced its Phase 2 clinical trial of serlopitant did not meet its primary or key secondary endpoints. Also lower were shares of Acadia Pharmaceuticals (ACAD), which fell over 24% after an investigative report from CNN raised questions about FDA data regarding the number of reported deaths seen among patients taking the Parkinson's drug Nuplazid. INDEXES: Near midday, the Dow was up 359.88, or 1.5%, to 24,292.64 , the Nasdaq was up 154.50, or 2.23%, to 7,069.61, and the S&P 500 was up 42.76, or 1.64%, to 2,647.23.

AVXS

AveXis

$115.91

-3.69 (-3.09%)

NVS

Novartis

$81.32

1.12 (1.40%)

RGNX

Regenxbio

$27.20

-1.1 (-3.89%)

BLUE

Bluebird Bio

$162.70

-7.45 (-4.38%)

ONCE

Spark Therapeutics

$62.06

-1.19 (-1.88%)

BMRN

BioMarin

$76.01

-2.69 (-3.42%)

ABEO

Abeona Therapeutics

$14.00

-0.35 (-2.44%)

NITE

Nightstar Therapeutics

$11.70

-0.19 (-1.60%)

VYGR

Voyager Therapeutics

$17.37

-0.76 (-4.19%)

ACAD

Acadia

$21.53

-0.6 (-2.71%)

MNLO

Menlo Therapeutics

$35.22

-1 (-2.76%)

JNCE

Jounce Therapeutics

$18.48

-1.23 (-6.24%)

AGIO

Agios Pharmaceuticals

$73.22

-1.23 (-1.65%)

CELG

Celgene

$86.95

-1.89 (-2.13%)

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AVXS AveXis
$115.91

-3.69 (-3.09%)

04/09/18
JEFF
04/09/18
NO CHANGE
JEFF
Buy
Jefferies ponders other potential suitors for AveXis after Novartis deal
Jefferies 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.
04/09/18
JEFF
04/09/18
NO CHANGE
JEFF
Jefferies highlights other gene theraphy players after AveXis takeover
Novartis' (NVS) deal to acquire AveXis (AVXS) for $8.7B should remind investors about the ongoing attractiveness within smid-cap biotech, Jefferies analyst Michael Yee tells investors in a research note. Novartis' two large gene therapy deals in four months will lead to a question of "who's next," the analyst adds. Yee says other mid-late stage gene therapy players include Bluebird Bio (BLUE), Spark Therapeutics (ONCE), BioMarin (BMRN), Abeona Therapeutics (ABEO), Regenxbio (RGNX), Nightstar Therapeutics (NITE) and Voyager Therapeutics (VYGR).
04/09/18
WBLR
04/09/18
DOWNGRADE
WBLR
Market Perform
AveXis downgraded to Market Perform from Outperform at William Blair
William Blair analyst Raju Prasad downgraded AveXis (AVXS) to Market Perform after the company reached an agreement to be acquired by Novartis (NVS).
04/09/18
MSCO
04/09/18
DOWNGRADE
MSCO
Equal Weight
AveXis downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst David Lebowitz downgraded AveXis (AVXS) to Equal Weight from Overweight following its announcement of an agreement to be acquired by Novartis (NVS) for $218 per share. He added that the buyout premium AveXis garnered should benefit Regenxbio (RGNX) as well.
NVS Novartis
$81.32

1.12 (1.40%)

RGNX Regenxbio
$27.20

-1.1 (-3.89%)

03/12/18
EVER
03/12/18
DOWNGRADE
Target $35
EVER
In Line
Regenxbio downgraded to In Line on valuation at Evercore ISI
As previously reported, Evercore ISI downgraded Regenxbio to In Line from Outperform and raised its price target to $35 from $30. Analyst Josh Schimmer cites the strong run in shares and notes value of the company will depend heavily on Regenxbio's ability to successfully develop and commercialize its own compelling gene therapy products.
03/12/18
EVER
03/12/18
DOWNGRADE
EVER
In Line
Regenxbio downgraded to In Line from Outperform at Evercore ISI
BLUE Bluebird Bio
$162.70

-7.45 (-4.38%)

03/21/18
MSCO
03/21/18
NO CHANGE
Target $209
MSCO
Equal Weight
Bluebird Bio price target to $209 from $152 at Morgan Stanley
Morgan Stanley analyst Matthew Harrison raised his price target on Bluebird Bio (BLUE) to $209 from $152, stating that he now expects BCMA therapies to take 50% of the third line market by 2030 and noting that bb2121 has 50% market share there. The new assumptions increase his peak sales forecast to about $2.6B from about $1B, he pointed out. However, Harrison keeps an Equal Weight rating on Bluebird, stating that he would expect new data to be available at ASCO in June, but would also expect to see competitor data potentially from Celgene's (CELG) Juno, Gilead's (GILD) Kite, Johnson & Johnson's (JNJ) Nanjing Legend and others.
03/28/18
03/28/18
NO CHANGE

Bluebird Bio and Celegene to co-develop bb2121 anti-BMCA therapy
Bluebird Bio (BLUE) and Celgene (CELG) announced that the companies have entered into an agreement to co-develop and co-promote bb2121, an investigational anti-B-cell maturation antigen, or BCMA chimeric antigen receptor, or CAR, T cell therapy for the potential treatment of patients with relapsed/refractory multiple myeloma in the United States.The companies originally entered into a broad, global strategic research collaboration in 2013 to discover, develop and commercialize novel therapies in oncology, which included bb2121.
03/16/18
03/16/18
INITIATION

Bluebird Bio initiated with a Sell at Favus
ONCE Spark Therapeutics
$62.06

-1.19 (-1.88%)

02/21/18
CANT
02/21/18
NO CHANGE
Target $100
CANT
Overweight
Spark could have 'transformative year' in 2018, say Cantor Fitzgerald
Cantor Fitzgerald analyst Elemer Piros anticipates 2018 could become a "transformative year" for Spark Therapeutics with advancement of its hemophilia B program into Phase 3 development, greater clarity on Hemophilia A program in mid-2018, and the commercialization of Luxturna. The analyst lowered his price target for the shares to $100 from $105 following the company's Q4 results and reiterates an Overweight rating on the name.
02/21/18
BERN
02/21/18
NO CHANGE
Target $60
BERN
Outperform
Spark Therapeutics price target lowered to $60 from $71 at Bernstein
Bernstein analyst Vincent Chen lowered his price target for Spark Therapeutics to $60 from $71 saying management's comments bode well for SPK-8011, but RPE65 model update takes down valuation. The analyst reiterates an Outperform rating on the shares.
03/08/18
FBCO
03/08/18
NO CHANGE
Target $75
FBCO
Outperform
Spark Therapeutics price target raised to $75 from $61 at Credit Suisse
Credit Suisse analyst Martin Auster raised his price target for Spark Therapeutics to $75 from $61 as he expects SPK-8011 to re-emerge as a competitive player in Hemophilia A gene therapy in 2018. The analyst reiterates an Outperform rating on the shares.
BMRN BioMarin
$76.01

-2.69 (-3.42%)

03/23/18
RHCO
03/23/18
NO CHANGE
Target $130
RHCO
Buy
SunTrust sees FDA report on children's ACH treatment as positive for BioMarin
SunTrust analyst Edward Nash writes that his review of the latest FDA briefing document released ahead of Adcom meeting discussing the drug development for the treatment of children with achondroplasia may be a positive for Biomarin. Nash notes that the company is "established as a leader in the space" and its current trial design with top-line Phase 3 data expected in late 2019 may exceed FDA expectations. The analyst keeps his Buy rating and a $130 price target on BioMarin.
02/23/18
STFL
02/23/18
NO CHANGE
Target $102
STFL
Buy
Scrutiny of BioMarin's pegvaliase likely to increase, says Stifel
Stifel analyst Stephen Willey said BioMarin's better than consensus forecast for its FY18 revenue keeps him confident in the fundamentals of its base business, though the "increasingly measured" commentary from management around pegvaliase's regulatory path/labeling and subsequent launch trajectory reinforces his lack of confidence in his longer-term pegvaliase estimates. He contends that the May 25, 2018 PDUFA date for pegvaliase has become of "heightened importance for investors," Willey told investors earlier. He lowered his price target on BioMarin shares to $102 from $105, largely to reflect a shallower pegvaliase launch trajectory, but keeps a Buy rating on the stock.
02/23/18
BMOC
02/23/18
NO CHANGE
Target $125
BMOC
Outperform
BMO ups BioMarin target to $125, sees upside from guidance
BMO Capital analyst Ian Somaiya last night raised his price target for shares of BioMarin Pharmaceutical to $125 from $119 following the company's Q4 results. The analyst cites better total revenue guidance, higher pricing of pegvaliase, and the benefit of tax reform for the target bump. He believes BioMarin's 2018 guidance provides upside while its pipeline markets. The analyst kept an Outperform rating on the shares.
ABEO Abeona Therapeutics
$14.00

-0.35 (-2.44%)

01/23/18
RBCM
01/23/18
INITIATION
Target $26
RBCM
Outperform
Abeona Therapeutics assumed with an Outperform at RBC Capital
RBC Capital analyst Kennen MacKay assumed Abeona Therapeutics coverage with an Outperform rating and a price target of $26, removing a Speculative Risk tag from the stock. MacKay says Abeona is an "emerging gene therapy player with a promising diversified pipeline of late- and early-stage assets targeting metabolic and dermatologic rare diseases", and he is positive on 2018 catalysts with anticipated data "validating datasets for MPS and/or RDEB".
01/30/18
JEFF
01/30/18
NO CHANGE
Target $28
JEFF
Buy
Jefferies views RMAT designation as 'underappreciated win' for Abeona
The Regenerative Medicine Advanced Therapy designation for EB-101 in recessive dystrophic epidermolysis bullosa is an "underappreciated win" for Abeona Therapeutics, Jefferies analyst Maury Raycroft tells investors in a research note. The analyst believes RMAT designation nearly ensures an "accelerated approval" path without need for formal post-approval confirmatory studies. He remains a buyer of Abeona shares with a $28 price target.
01/23/18
01/23/18
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. Abeona Therapeutics (ABEO) assumed with an Outperform at RBC Capital. 2. Jack Henry (JKHY) initiated with a Neutral at DA Davidson. 3. Woodward (WWD) re-initiated with a Market Perform at Barrington. 4. Navistar (NAV) initiated with a Neutral at Buckingham. 5. Global Blood Therapeutics (GBT) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
NITE Nightstar Therapeutics
$11.70

-0.19 (-1.60%)

02/27/18
MZHO
02/27/18
INITIATION
Target $20
MZHO
Buy
Nightstar Therapeutics initiated with a Buy at Mizuho
Mizuho analyst Difei Yang started Nightstar Therapeutics with a Buy rating and $20 price target. The analyst believes the company, with a Phase III pivotal trial of NSR-REP1 starting in the first half of 2018, is leading the way in gene therapy for the treatment of choroideremia, a rare inherited retinal disease. Yang sees "strong potential" for NSR-REP1 with additional upside from the company's earlier-stage pipeline products.
01/03/18
CHDN
01/03/18
INITIATION
Target $40
CHDN
Buy
Nightstar Therapeutics initiated with a Buy at Chardan
Chardan analyst Gbola Amusa started Nightstar Therapeutics with a Buy rating and $40 price target, citing the potential for its lead asset, NSR-REP1, for the treatment of choroideremia.
10/23/17
10/23/17
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. Ball Corp. (BLL) initiated with a Buy at UBS. 2. Deciphera (DCPH) was initiated with a Buy at Nomura Instinet, an Outperform at JMP Securities, and an Overweight at JPMorgan. 3. Nightstar Therapeutics (NITE) was initiated with an Outperform at Leerink, BMO Capital, and Wedbush, and a Buy at Jefferies. 4. Roku (ROKU) initiated with an Outperform at William Blair, a Perform at Oppenheimer, a Sector Perform at RBC Capital, an Equal Weight at Morgan Stanley, and a Neutral at Citi. 5. Tableau (DATA) initiated with a Buy at Needham. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
VYGR Voyager Therapeutics
$17.37

-0.76 (-4.19%)

03/12/18
WEDB
03/12/18
DOWNGRADE
WEDB
Neutral
Voyager Therapeutics downgraded to Neutral from Outperform at Wedbush
03/12/18
03/12/18
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. Ranger Energy (RNGR) downgraded to Market Perform from Outperform at Wells Fargo with analyst Judson Bailey saying the growth and margin improvement story he originally forecasted has come in "well below expectations along with disappointing free cash flow." 2. Voyager Therapeutics (VYGR) was downgraded to In Line from Outperform at Evercore ISI and to Neutral from Outperform at Wedbush. 3. HubSpot (HUBS) downgraded to In Line from Outperform at Evercore ISI with analyst Kirk Materne saying he is taking a "few chips off the table" and sees more balanced risk/reward at current levels. 4. XL Group (XL) downgraded to Market Perform from Outperform at JMP Securities with analyst Matthew Carletti saying that he sees low odds of a superior offer following the company's announcement of a deal to be acquired by AXA (AXAHY) for $57.60 per share in cash. 5. Blackbaud (BLKB) downgraded to Underperform from In Line at Evercore ISI with analyst Kirk Materne saying Blackbaud's valuation reflects the current cloud transition and lower tax rate and is full relative to the company's TTM organic growth rate. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/12/18
03/12/18
DOWNGRADE
Target $29

Neutral
Voyager downgraded to Neutral after Parkinson's drug data at Wedbush
As previously reported, Wedbush analyst David Nierengarten downgraded Voyager Therapeutics to Neutral from Outperform, stating that data from its Phase 1 study of VY-AADC were "on the whole positive," though inconsistencies in dose response and variability in L-dopa usage "complicates" the story and raise questions on activity that could complicate the upcoming Phase 2/3 trial. However, Nierengarten raised his price target on Voyager shares to $29 from $22.
ACAD Acadia
$21.53

-0.6 (-2.71%)

10/05/17
BOFA
10/05/17
NO CHANGE
Target $46
BOFA
Buy
Acadia price target raised to $46 from $40 at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad raised Acadia's price target to $46 from $40 based on Nuplazid's opportunity for further expansion and continued positive physician feedback on Nuplazid in PDP. The analyst rates Acadia a Buy.
10/05/17
LEER
10/05/17
NO CHANGE
LEER
Market Perform
Acadia Dementia Psychosis BTD a positive surprise, says Leerink
Leerink analyst Paul Matteis notes that Acadia announced the initiation of a phase III study, HARMONY, assessing pimavanserin in various dementia related psychoses. The analyst says that the breadth of the patient population in this pivotal program - previously expected to focus on Alzheimer's Disease - is a "major surprise." Meanwhile, the FDA has granted Breakthrough Therapy Designation, or BTD, to pimavanserin for dementia-related psychosis, Matteis points out, adding that FDA feedback awarding breakthrough designation and allowing for a single pivotal study is encouraging. Moreover, the analyst says that if the study succeeds, the addressable population could be very large. The analyst reiterates a Market Perform rating on the shares.
11/06/17
LEER
11/06/17
NO CHANGE
Target $35
LEER
Market Perform
Data suggests Acadia pivotal DRP program is high risk, says Leerink
Following full data from Acadia's phase 2 study of pimavanserin in Alzheimer's Disease Psychosis patients at the Clinical Trials on Alzheimer's Disease, Leerink analyst Paul Matteis says his cautious view on the company's phase 3 dementia related psychosis program remains as the statistically significant benefit for pimavanserin seen at the primary endpoint of 6 weeks was in his view helped considerably by a temporary regression in placebo response, this dynamic was also the case in a featured, more severe subgroup, and dementia related psychosis is a chronic condition, and for any new medication a sustained clinical benefit will be important. He reiterates a Market Perform rating and $35 price target on the shares.
10/05/17
JMPS
10/05/17
NO CHANGE
Target $50
JMPS
Outperform
Acadia price target raised to $50 from $47 at JMP Securities
JMP Securities analyst Jason Butler noted that Acadia's Phase 3 HARMONY trial of pimavanserin is a relapse prevention study, which he contends optimizes the timelines and the potential for success. Butler, who increased his probability of success in the indication of dementia-related psychosis to 65% from 50%, raised his price target on Acadia shares to $50 from $47 and keeps a Outperform rating on the stock.
MNLO Menlo Therapeutics
$35.22

-1 (-2.76%)

02/20/18
02/20/18
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. Imax (IMAX) assumed with an Overweight at JPMorgan. 2. Gates Industrial (GTES) was initiated with an Outperform at RBC Capital and Credit Suisse, an Overweight at Morgan Stanley and KeyBanc, as well as a Buy at SunTrust, UBS, and Citi. 3. Menlo Therapeutics (MNLO) was initiated with an Outperform at JMP Securities, an Overweight at Piper Jaffray, and a Buy at Jefferies. 4. PlayAGS (AGS) was initiated with a Buy at SunTrust, BofA/Merrill, and Deutsche Bank. 5. PagSeguro Digital (PAGS) was initiated with a Neutral at JPMorgan, BofA/Merrill, UBS, and Deutsche Bank. 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
INITIATION
Target $44
JMPS
Outperform
Menlo Therapeutics initiated with an Outperform at JMP Securities
JMP Securities analyst Donald Ellis started Menlo Therapeutics with an Outperform rating and $44 price target, nothing that he forecasts launches of treatments of prurigo nodularis, psoriasis and atopic dermatitis in early 2022. Ellis believes the U.S. pruritus market could easily exceed $1B, he tells investors.
04/09/18
PIPR
04/09/18
NO CHANGE
Target $48
PIPR
Overweight
Piper reiterates Overweight on Menlo Therapeutics after Phase II miss
Piper Jaffray analyst David Amsellem calls Menlo Therapeutics' serlopitant missing the primary and secondary endpoints in a Phase IIb study in patients with pruritis associated with atopic dermatitis as "big disappointment." The analyst, however, does not infer that the setback in atopic dermatitis "necessarily raises the risk" surrounding the prurigo nodularis Phase III trials. Prurigo nodularis is an altogether different condition, Amsellem tells investors in a research note. He believes last night's trial miss "should not call into question the overall viability of serlopitant as an anti-pruritic agent." Amsellem reiterates an Overweight rating on Menlo Therapeutics.
04/09/18
JEFF
04/09/18
DOWNGRADE
Target $20
JEFF
Hold
Menlo Therapeutics downgraded to Hold from Buy at Jefferies
Jefferies analyst David Steinberg downgraded Menlo Therapeutics to Hold and cut his price target for the shares to $20 from $41. The analyst is surprised that the Phase 2 clinical trial of serlopitant for the treatment of pruritus in adults and adolescents with a history of atopic dermatitis did not meet its primary or key secondary efficacy endpoints.
JNCE Jounce Therapeutics
$18.48

-1.23 (-6.24%)

AGIO Agios Pharmaceuticals
$73.22

-1.23 (-1.65%)

02/15/18
RHCO
02/15/18
NO CHANGE
Target $101
RHCO
Buy
Agios Pharmaceuticals price target raised to $101 from $80 at SunTrust
SunTrust analyst Yatin Suneja raised his price target on Agios Pharmaceuticals to $101, citing increasing value of AG-348 that is expected to begin in Q2 of this year. The analyst also points to AG-270 trial starting in Q1 of this year and a perioperative "window" study of ivosidenib/AG-881 in glioma as potential catalysts. Suneja concludes that 4 Agios Pharmaceuticals is "making rapid progress on al fronts", keeping his Buy rating on the stock.
02/15/18
FBCO
02/15/18
NO CHANGE
Target $80
FBCO
Outperform
Agios Pharmaceuticals price target raised to $80 from $66 at Credit Suisse
Credit Suisse analyst Alethia Young raised her price target for Agios Pharmaceuticals to $80 from $66 as she sees upside opportunities in her valuation model related to newly diagnosed success in ivosidenib, PKD, AG-270 and DHODH. The analyst reiterates an Outperform rating on the shares.
02/14/18
OPCO
02/14/18
DOWNGRADE
OPCO
Perform
Oppenheimer downgrades Agios on valuation after Q4 results
Oppenheimer analyst Leah Rush Cann downgraded Agios Pharmaceuticals to Perform from Outperform following this morning's Q4 results. The analyst, who rescinded her price target, says that while the company's pipeline programs are moving forward, the shares trade inline with her valuation following the substantial rally over the previous 12 months. Cann adds Agios's recent capital raise resulted in approximately 17% dilution.
02/14/18
OPCO
02/14/18
DOWNGRADE
OPCO
Perform
Agios Pharmaceuticals downgraded to Perform from Outperform at Oppenheimer
CELG Celgene
$86.95

-1.89 (-2.13%)

04/03/18
JMPS
04/03/18
NO CHANGE
JMPS
Market Perform
Celgene COO departure not a surprise, says JMP Securities
JMP Securities analyst Michael King said he was not surprised by the announcement that Celgene COO Scott Smith is exiting given the recent missteps in the company's Inflammation and Immunology franchise. This appears to be the first major step in restructuring Celgene's executive team and he hopes the evolving management structure improves execution and accountability, King tells investors. Although valuation seems to be at extreme lows, King thinks Celgene shares will have a hard time recovering until the company can demonstrate it has regained its ability to drive value, either through execution or an acquisition. He keeps a Market Perform rating on the stock.
03/27/18
EVER
03/27/18
NO CHANGE
Target $155
EVER
Outperform
Evercore sees higher chances of Revlimid patent settlement for Celgene
Evercore ISI analyst Umer Raffat believes the odds of a Revlimid patent settlement between Celgene (CELG) and Dr. Reddy's (RDY) have gone up "considerably" following a recent court filing. The filing, according to the analyst, shows Dr. Reddy's agreed to resolve claims construction issues, which he believes "implies a clear alignment in thought process between both sides." A potential settlement on Revlimid remains the biggest catalyst on Celgene in 2018, and could lead a quick re-rating in the valuation multiple, Raffat tells investors in a research note. He keeps Celgene as his top pick for 2018 with an Outperform rating and $155 price target.
03/28/18
LEER
03/28/18
NO CHANGE
Target $123
LEER
Outperform
Leerink sees 60% upside in Celgene shares under 'base case' scenario
Leerink analyst Geoffrey Porges says his sum-of-the-parts analysis suggests Celgene shares are discounting zero cash flow from Revlimid after 2022 and no approval ever of ozanimod or luspatercept. His "base case" scenario, which includes a slow revenue decline for Revlimid post 2022 and ozanimod's approval in multiple sclerosis during 2019 with a 50% probability of success in all indications, results in a net present value of $140 per share, which is 60% above the current share stock price. Celgene closed yesterday down $1.36 to $85.81. Porges' "worst case" scenario, which assumes no Revlimid contribution post 2022 and neither ozanimod nor luspatercept, has the stock worth $87. Celgene shares discounting "such a bad outlook" is no surprise after the company's "recent missteps and misjudgments," but the stock offers "remarkable upside" to investors willing to step in at the current "distressed" valuation," Porges tells investors in a research note. He keeps an Outperform rating on Celgene with a $123 price target.

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Albemarle

$98.05

-4.35 (-4.25%)

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Breaking Periodicals news story on Albemarle »

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Michael Kors

$47.75

-0.04 (-0.08%)

20:30
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Tapestry

$41.28

-0.71 (-1.69%)

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20:29
Initiation
Tapestry initiated  »

Tapestry initiated with a…

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  • 19

    Nov

AMZN

Amazon.com

$1,636.70

-75.73 (-4.42%)

20:26
11/12/18
11/12
20:26
11/12/18
20:26
Hot Stocks
Amazon.com launches 2nd GovCloud region in the U.S. »

Amazon Web Services…

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    Nov

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FHN

First Horizon

$16.09

-0.22 (-1.35%)

20:08
11/12/18
11/12
20:08
11/12/18
20:08
Upgrade
First Horizon rating change  »

First Horizon upgraded to…

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TI

Telecom Italia

$6.01

0.09 (1.52%)

20:04
11/12/18
11/12
20:04
11/12/18
20:04
Periodicals
Telecom Italia board to meet on Tuesday to consider CEO ouster, Bloomberg says »

The board of Telecom…

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CVX

Chevron

$117.47

-2.065 (-1.73%)

, COP

ConocoPhillips

$65.20

-1.54 (-2.31%)

19:58
11/12/18
11/12
19:58
11/12/18
19:58
Periodicals
Exxon Mobil, Chevron, Conoco considering bid for Endeavor Energy, Bloomberg says »

Chevron (CVX_, Exxon…

CVX

Chevron

$117.47

-2.065 (-1.73%)

COP

ConocoPhillips

$65.20

-1.54 (-2.31%)

XOM

Exxon Mobil

$79.87

-1.01 (-1.25%)

RDS.A

Royal Dutch Shell

$62.16

-0.84 (-1.33%)

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  • 12

    Nov

  • 26

    Nov

ATTO

Atento

$5.96

0.075 (1.28%)

19:00
11/12/18
11/12
19:00
11/12/18
19:00
Earnings
Atento reports Q3 recurring EPS 25c, consensus 20c »

Reports Q3 revenue…

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  • 13

    Nov

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    Nov

VKTX

Viking Therapeutics

$11.73

-0.605 (-4.91%)

18:57
11/12/18
11/12
18:57
11/12/18
18:57
Hot Stocks
Viking Therapeutics says VK2809 study achieves primary, secondary endpoints »

Viking Therapeutics…

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  • 13

    Nov

KEX

Kirby

$74.20

-1.83 (-2.41%)

18:31
11/12/18
11/12
18:31
11/12/18
18:31
Hot Stocks
Kirby to acquire CGBM's inland tank barge fleet, terms not disclosed »

Kirby announced the…

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  • 20

    Nov

HUYA

Huya

$18.50

-0.5 (-2.63%)

, MFIN

Medallion Financial

$6.80

-0.23 (-3.27%)

18:31
11/12/18
11/12
18:31
11/12/18
18:31
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Huya…

HUYA

Huya

$18.50

-0.5 (-2.63%)

MFIN

Medallion Financial

$6.80

-0.23 (-3.27%)

EB

Eventbrite

$30.90

-1.6 (-4.92%)

YRD

Yirendai

$15.47

-1.75 (-10.16%)

KRNT

Kornit Digital

$19.15

-0.88 (-4.39%)

MHLD

Maiden Holdings

$2.40

-1.12 (-31.82%)

SAGE

Sage Therapeutics

$121.50

-9.46 (-7.22%)

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  • 12

    Nov

  • 12

    Nov

  • 12

    Nov

  • 12

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    Nov

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    Dec

OMAB

OMA Airports

$40.18

0.41 (1.03%)

18:18
11/12/18
11/12
18:18
11/12/18
18:18
Hot Stocks
OMA Airports names Ricardo Duenas as new CEO »

The board of OMA approved…

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TEUM

Pareteum

$2.13

-0.09 (-4.05%)

, IPAS

iPass

$1.14

(0.00%)

18:03
11/12/18
11/12
18:03
11/12/18
18:03
Hot Stocks
Pareteum to acquire iPass in all-stock transaction »

Pareteum (TEUM) and iPass…

TEUM

Pareteum

$2.13

-0.09 (-4.05%)

IPAS

iPass

$1.14

(0.00%)

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  • 14

    Nov

  • 15

    Nov

NINE

Nine Energy Services

$33.58

-1.6 (-4.55%)

18:01
11/12/18
11/12
18:01
11/12/18
18:01
Earnings
Nine Energy Service reports Q3 EPS 56c, consensus 56c »

Reports Q3 revenue…

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  • 13

    Nov

TEUM

Pareteum

$2.13

-0.09 (-4.05%)

, IPAS

iPass

$1.14

(0.00%)

18:00
11/12/18
11/12
18:00
11/12/18
18:00
Hot Stocks
Breaking Hot Stocks news story on Pareteum, iPass »

Pareteum to acquire iPass…

TEUM

Pareteum

$2.13

-0.09 (-4.05%)

IPAS

iPass

$1.14

(0.00%)

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  • 14

    Nov

  • 15

    Nov

BMWYY

BMW

$0.00

(0.00%)

17:57
11/12/18
11/12
17:57
11/12/18
17:57
Periodicals
BMW in talks to sell branded credit-card unit, Bloomberg says »

BMW is held talks with…

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NVDA

Nvidia

$189.37

-16.25 (-7.90%)

17:54
11/12/18
11/12
17:54
11/12/18
17:54
Hot Stocks
Nvidia reports record adoption of new Turing T4 GPU »

Nvidia announced that the…

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  • 15

    Nov

  • 26

    Nov

  • 10

    Dec

GLD

SPDR Gold Trust

$113.66

-0.82 (-0.72%)

17:51
11/12/18
11/12
17:51
11/12/18
17:51
Hot Stocks
SPDR Gold Trust holdings rise to 762.00MT from 755.23MT »

This is the highest level…

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TSLA

Tesla

$331.15

-19.54 (-5.57%)

17:45
11/12/18
11/12
17:45
11/12/18
17:45
Periodicals
Tesla legal executive with regulatory experience leaving, Bloomberg says »

Amid a recent fraud…

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  • 14

    Nov

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  • 13

    Dec

HUYA

Huya

$18.50

-0.5 (-2.63%)

17:34
11/12/18
11/12
17:34
11/12/18
17:34
Hot Stocks
Huya reports Q3 average mobile MAUs 49.4M, up 28.2% from last year »

Q3 Average MAUs reached…

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  • 12

    Nov

VLKAY

Volkswagen

$0.00

(0.00%)

, DDAIF

Daimler AG

$0.00

(0.00%)

17:34
11/12/18
11/12
17:34
11/12/18
17:34
Periodicals
Trump close to auto tariffs in a move that may have 'massive' fallout, BI says »

According to Business…

VLKAY

Volkswagen

$0.00

(0.00%)

DDAIF

Daimler AG

$0.00

(0.00%)

NSANY

Nissan

$0.00

(0.00%)

TM

Toyota

$115.48

-1.83 (-1.56%)

F

Ford

$9.49

0.11 (1.17%)

HMC

Honda

$28.16

-0.34 (-1.19%)

GM

General Motors

$35.71

0.01 (0.03%)

FCAU

Fiat Chrysler

$15.78

-0.48 (-2.95%)

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  • 12

    Nov

  • 14

    Nov

  • 13

    Dec

MPVD

Mountain Province Diamonds

$1.42

-0.03 (-2.07%)

17:32
11/12/18
11/12
17:32
11/12/18
17:32
Earnings
Mountain Province Diamonds reports Q3 EPS 8c, one estimate 6c »

Reports Q3 revenue…

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  • 13

    Nov

HUYA

Huya

$18.50

-0.5 (-2.63%)

17:32
11/12/18
11/12
17:32
11/12/18
17:32
Earnings
Breaking Earnings news story on Huya »

Huya sees Q4 revenue up…

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  • 12

    Nov

YY

YY

$61.39

-3.34 (-5.16%)

17:32
11/12/18
11/12
17:32
11/12/18
17:32
Earnings
Breaking Earnings news story on YY »

YY sees Q4 revenue growtn…

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