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AGN

Allergan

$173.36

3.095 (1.82%)

, ABT

Abbott

$63.03

0.4 (0.64%)

10:07
06/14/18
06/14
10:07
06/14/18
10:07

Allergan climbs as drugmaker names former Abbott executive to board

Shares of Allergan (AGN) climbed higher on Thursday after the company appointed a former Abbott (ABT) executive to its board of directors. The appointment comes just a week after Carl Icahn built a small position in the company and two other shareholders urged the separation of the chairman and chief executive officer roles. ALLERGAN NAMES FREYMAN TO BOARD: Allergan announced this morning that Thomas Freyman, a former executive vice president of finance and administration at Abbott Laboratories, will join the company's board of directors with immediate effect. Freyman will replace Patrick O'Sullivan, who is retiring in July. Allergan's board will continue to have 12 members, 10 of which are independent, following the changes. ICAHN STAKE: Last week, Bloomberg reported that Carl Icahn has taken a small stake in Allergan as the drugmaker plans to spin off its women's health and antibiotic businesses. While Icahn's motivation and size of the stake had not been learned, he has had a long history with company Chief Executive Officer Brett Saunders. Icahn previously held a stake in the drugmaker, disclosing a holding in 2016, but sold that position in the first quarter of 2017. RECENT SHAREHOLDER CRITICISM: Also last week, David Tepper's Appaloosa and Senator Investment Group issued public a letter to Allergan's Board of Directors, in which they renewed their calls for the company to separate the CEO and chairman roles, saying in a public letter "It is now clear that fresh thinking is absent from the current regime, thus explaining the market's complete loss of confidence in the stock. To that point, we reiterate our strong suggestion that at a minimum the company split the office of CEO and chairman; retain a new chairman or CEO from outside the company; replace at least two additional directors on the current Board; and upgrade management personnel in critical operating units." Appaloosa and Senator's letter followed two previous letters in April and May which raised concerns over the company's "substantial value destruction" and urged Allergan to take immediate steps to correct it. Wells Fargo analyst David Maris said the level of engagement from the two prominent activist funds could be a positive for Allergan and the shares, especially if it results in improved investor confidence in the credibility of the company's future. The analyst said he thinks Allergan will be responsive to the activism and agree to separate the roles of chairman and CEO. ALLERGAN DIVESTING UNITS: In late May, Allergan announced plans to sell its Women's Health Business and Infectious Disease business following its ongoing strategic review is good news, which Wells Fargo's Maris said at the time was "good news." CEO Saunders said the company decided to divest the units after deciding against a company split, deciding instead to prioritize R&D and external investments in four core therapeutic areas. PRICE ACTION: Shares of Allergan are up 1.5% in morning trading to $172.90.

AGN

Allergan

$173.36

3.095 (1.82%)

ABT

Abbott

$63.03

0.4 (0.64%)

AGN Allergan
$173.36

3.095 (1.82%)

06/11/18
PIPR
06/11/18
NO CHANGE
Target $48
PIPR
Overweight
Biohaven molecules remain best in class after Allergan data, says Piper Jaffray
Piper Jaffray analyst Tyler Van Buren says that while today's data for Allergan's (AGN) atogepant "are not bad," Biohaven's (BHVN) molecules are still best in class. Atogepant appears to be effective in preventing migraines for episodic patients and while the incidence of elevated liver enzymes was balanced between the arms, it is a risk that needs to be studied in larger and longer Phase III trials, Van Buren tells investors in a research note. Further, the analyst notes Allergan's data do not cure the observed imbalance in liver toxicity that was seen recently with ubrogepant, the direct competitor to Biohaven's rimegepant for acute migraine, in Phase III trials earlier this year. Van Buren keeps an Overweight rating on Biohaven with a $48 price target.
06/11/18
WELS
06/11/18
NO CHANGE
Target $240
WELS
Outperform
Allergan migraine data on lower end of relative efficiency, says Wells Fargo
Wells Fargo analyst David Maris says his initial review suggests Allergan's (AGN) atogepant's Phase IIb data are "relatively in-line but on the lower end of the efficacy" demonstrated by the calcitonin gene-related peptide migraine treatments in Phase III trials. Atogepant is expected to face competition from Amgen (AMGN)/Novartis (NVS), Eli Lilly (LLY) and Teva (TEVA), which are all developing injectable anti-CGRP treatments, as well as Alder Biopharmaceuticals (ALDR), which has an infusion-administered anti-CGRP in development, Maris tells investors in a research note. He notes that while Allergan will be following these competitors to the market, atogepant will be differentiated in that it is the only oral prophylactic anti-CGRP therapy. The analyst forecasts $75M in sales for atogepant in 2022. He does not believe many investors are giving Allergan credit for atogepant, meaning the "risk to the downside looks limited." Maris keeps an Outperform rating on Allergan shares.
06/12/18
LEER
06/12/18
NO CHANGE
LEER
Too early to see Allergan's atogepant threatening injectables, says Leerink
Leerink analyst Geoffrey Porges notes that Allergan (AGN) announced positive topline data from a phase IIb/III trial of oral CGRP receptor antagonist atogepant in episodic migraine prevention. The analyst believes this data is certainly positive for Allergan and suggests they may eventually have an oral CGRP medicine approval for both acute and preventative treatment of migraines, However, Porges awaits further data disclosure and larger patient numbers to be convinced about comparing the efficacy of atogepant to the more advanced injectable CGRP medicines in development. With regard to Amgen (AMGN) and Alder (ALDR), who both have injectable CGRP antibodies for migraine prevention, potential competitive erosion from orals is still several years away and he continues to see the more severe chronic migraine population as being a more meaningful commercial opportunity for this class.
06/13/18
WELS
06/13/18
NO CHANGE
Target $240
WELS
Outperform
Wells Fargo encouraged by data for Allergan's glaucoma treatment
Wells Fargo analyst David Maris said he was encouraged by the positive topline results reported by Allergan from the first of two Phase 3 studies of its glaucoma treatment Bimatoprost SR, which he believes will eventually strengthen the company's commercial glaucoma franchise. He projects Bimatoprost SR to enter the market in 2020 and grow to sales of $280M in 2022. Maris keeps an Outperform rating on Allergan shares.
ABT Abbott
$63.03

0.4 (0.64%)

05/03/18
LSCM
05/03/18
NO CHANGE
Target $76
LSCM
Buy
Surmodics price target raised to $76 from $38 at Lake Street
Lake Street analyst Brooks O'Neil raised his price target for Surmodics (SRDX) to $76 after reconsidering the way he values the shares. The existing business is worth what the stock is trading for today, and SurVeil, the two other "high potential" products considered in the Abbott (ABT) agreement and the roughly 15 510 (K) products Surmodics is developing are worth about the same, O'Neil tells investors in a research note following the company's Q2 results. He keeps a Buy rating on the shares.
06/08/18
JPMS
06/08/18
UPGRADE
Target $115
JPMS
Overweight
JPMorgan upgrades 'clear market leader' DexCom with $115 price target
JPMorgan analyst Robbie Marcus upgraded DexCom (DXCM) to Overweight from Neutral and raised his price target for the shares to $115 from $80. Glucose measurement is becoming an essential tool for patients and DexCom, with the launch of the G6, is the "clear market leader" from a technological standpoint, Marcus tells investors in a research note. Within two years the company is slated to have a low-cost, fully disposable option to counter Abbott's (ABT) Libre and address the Type 2 patient population, the analyst adds. He sees "significant upside" to both near-term estimates and Dexcom's product pipeline.
06/08/18
PIPR
06/08/18
NO CHANGE
Target $93
PIPR
Overweight
Some Abbott patients switching to DexCom, says Piper Jaffray
Piper Jaffray analyst JP McKim says his analysis of weekly script data suggests the drop-out rate for Abbott's (ABT) Libre is around 40%, or "much higher" than DexCom (DXCM). Further, some of those patients are indeed switching to DexCom's G6, which just launched last week, McKim tells investors in a research note. The analyst views G6 as an important growth driver for DexCom and suspects it will drive accelerating adoption in Type 1 diabetes for continuous glucose monitoring. The McKim has an Overweight rating on the shares with a $93 price target. JPMorgan this morning upgraded DexCom to Overweight.
06/11/18
PIPR
06/11/18
NO CHANGE
Target $32.5
PIPR
Overweight
Piper doesn't see regulatory issues for possible Stryker, Boston Scientific deal
Piper Jaffray analyst Matt O'Brien believes regulatory constraints from Stryker's (SYK) potential acquisition of Boston Scientific (BSX) "should not be much of an issue" given the little overlap between the businesses. The deal structure would be the biggest issue facing Stryker as the company would likely have to lever up heavily to acquire Boston Scientific, O'Brien tells investors in a research note. The analyst believes a transaction could occur in the $52B-$54B range, assuming a typical medtech takeout premium of 20%-30%. Consequently, any transaction would either require a significant level of debt or dilution to Stryker shareholders, the analyst contends. He sees the potential deal as likely being dilutive until 2021. O'Brien has an Overweight rating on Boston Scientific with a $32.50 price target. The stock closed the trading day up 7% to $34.32 after the Wall Street Journal reported that Stryker approached the company regarding a takeover.

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