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MDGL

Madrigal Pharmaceuticals

$306.24

6.23 (2.08%)

, BMY

Bristol-Myers

$53.65

-1.155 (-2.11%)

07:54
06/19/18
06/19
07:54
06/19/18
07:54

Madrigal cut to In Line at Evercore ISI following run-up in price, expectations

As previously reported, Evercore ISI analyst Josh Schimmer downgraded Madrigal Pharmaceuticals (MDGL) to In Line from Outperform, stating that he has no real incremental reason to raise his $300 price target, which the stock has achieved following the company's encouraging Phase 2 results for MGL-3196 and a Bloomberg report that has driven takeover speculation. Given current investor sentiment, anything short of either an acquisition or a "massive" collaboration like Bristol-Myers' (BMY) with Nektar (NKTR) will fall short of expectations, Schimmer tells investors.

MDGL

Madrigal Pharmaceuticals

$306.24

6.23 (2.08%)

BMY

Bristol-Myers

$53.65

-1.155 (-2.11%)

NKTR

Nektar

$58.40

0.545 (0.94%)

  • 26

    Jun

  • 10

    Jul

MDGL Madrigal Pharmaceuticals
$306.24

6.23 (2.08%)

06/14/18
HCWC
06/14/18
NO CHANGE
Target $15
HCWC
Buy
H.C. Wainwright says don't forget about Viking with Madrigal in play
After Bloomberg reported that Madrigal Pharmaceuticals (MDGL) is exploring a sale after receiving takeover interest, H.C. Wainwright analyst Joseph Pantginis tells investors to not forget about Viking Therapeutics (VKTX). The latter's potential treatment for non-alcoholic steatohepatitis, VK2809, could be even better than Madrigal's, Pantginis contends. The analyst believes that with Madrigal in play, it continues to bring "deserved focus to VK2809, which should garner significant business development interest as well." The analyst thinks VK2809 is "just starting to realize its underlying value from an investment standpoint." Citing the market potential for VK2809 and VK5211, the analyst highlights the value disconnect when comparing Madrigal's market capitalization of $4.8B with Viking's at $652M. Pantginis keeps a Buy rating on Viking Therapeutics with a $15 price target.
06/12/18
MAXM
06/12/18
NO CHANGE
Target $30
MAXM
Buy
Galmed price target raised to $30 from $14 at Maxim
Maxim analyst Jason McCarthy raised his outyear estimates for Aramchol and reduced his risk adjustment to 15% from 30% following the announcement of Galmed's (GLMD) Phase 2b data for Aramchol in NASH. Given the changes, he raised his price target on Galmed shares to $30 from $14, which he notes implies a market capitalization of $450M. That valuation may be viewed as "conservative" given the rise in valuations of others in the NASH space, including Madrigal (MDGL), which McCarthy said completed a Phase 2 study that was "smaller and shorter" than Galmed. He maintains a Buy rating on Galmed shares, which are up $13, or 185% to about $20 per share in afternoon trading.
06/19/18
EVER
06/19/18
DOWNGRADE
EVER
In Line
Madrigal Pharmaceuticals downgraded to In Line from Outperform at Evercore ISI
06/07/18
EVER
06/07/18
NO CHANGE
Target $300
EVER
Outperform
Evercore ISI 'comfortable' with $300 price target on Madrigal after secondary
Evercore ISI analyst Josh Schimmer said he remains "comfortable" with his $300 price target on Madrigal Pharmaceuticals despite the stock trading off following the company's secondary offering of stock. After fielding calls from investors, Schimmer thinks a lack of catalysts "is probably the number one concern," as the company hopes to be able to start a Phase 3 NASH trial by year-end, which "probably means a 2-3 year void of news flow." Schimmer also listed long-term safety and efficacy and competitive dynamics as concerns voiced by investors he spoke with. He maintains an Outperform rating on Madrigal, which dropped over 10% in today's trading to about $281 per share.
BMY Bristol-Myers
$53.65

-1.155 (-2.11%)

06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
HHS 'smoke signals' worth noting for drugmakers, says Morgan Stanley
After HHS Secretary Alex Azar spoke at a two-hour Senate hearing, Morgan Stanley analyst David Risinger noted that Azar suggested that U.S. drug pricing needs to move to a system without rebates and said payments from drugmakers to PBMs should be eliminated. In listing four HHS actions that could hurt manufacturers, Risinger pointed out that Azar said he is interested in removing 100% cap on Medicaid rebates; he would like to adjust the Part D protected drug classes so that plans can extract rebates from manufacturers; HHS wants to require manufacturers to disclose drug list prices in TV ads; and HHS is focused on transitioning Part B to lower-priced private sector management. In summary, the analyst said that for drugmakers there was "no fire, but smoke signals worth noting." Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
05/24/18
MZHO
05/24/18
NO CHANGE
Target $103
MZHO
Buy
Nektar is Bristol-Myers' best chance in immuno-oncology, says Mizuho
Nektar Therapeutics' (NKTR) NKTR-214 asset is the best shot Bristol-Myers Squibb (BMY) has to retain its footing in the competitive immuno-oncology space, Mizuho analyst Difei Yang tells investors in a research note. The analyst says that recent data in non-small cell lung cancer presented by Merck (MRK) on Keytruda saw the company jump ahead of Bristol's Opdivo in this key indication. Upcoming data of the Opdivo/NKTR-214 combo at ASCO on June 2 will be key on 100 patients across multiple indications, Yang contends. She believes Bristol stands at risk of losing significant market share in the growing immuno-oncology space. Ahead of the data, the analyst reiterates a Buy rating on Nektar with a $103 price target.
05/21/18
05/21/18
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. Bristol-Myers (BMY) downgraded to Neutral from Buy at UBS. 2. Campbell Soup (CPB) downgraded to Underperform from Neutral at BofA/Merrill with analyst Bryan Spillane saying he expects 2019 to be a transition year and for operating profits and earnings to decline modestly. 3. American Eagle (AEO) downgraded to Hold from Buy at SunTrust with analyst Pamela Quintilliano saying the fundamentals are not catching up to the continued advance in the stock price. 4. Andeavor Logistics (ANDX) downgraded to Neutral from Overweight at JPMorgan with analyst Jeremy Tonet citing the new drop outlook following the parent merger announcement as well as lower than expected Q1 estimates. 5. Williams Partners (WPZ) downgraded to Hold from Buy at Stifel and to Outperform from Strong Buy at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/18
UBSW
05/21/18
DOWNGRADE
Target $57
UBSW
Neutral
Bristol-Myers downgraded to Neutral from Buy at UBS
UBS analyst Marc Goodman downgraded Bristol-Myers to Neutral from Buy. Goodman lowered his price target to $57 from $67 on Bristol-Myers shares.
NKTR Nektar
$58.40

0.545 (0.94%)

06/11/18
06/11/18
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. SemGroup (SEMG) downgraded to Market Perform from Outperform at Wells Fargo with analyst Michael Blum saying he believes its growth trajectory is mostly reflected in valuation. 2. Host Hotels (HST) and Park Hotels (PK) were downgraded to Sell from Neutral at Goldman Sachs, Host Hotels was also downgraded to In Line from Outperform at Evercore ISI. 3. NXP Semiconductors (NXPI) downgraded to Hold from Buy at SunTrust with analyst William Stein saying the current stock price is above fair value and demands "an explicit view" that the Qualcomm (QCOM) bid will receive approval from China regulators. 4. Nektar (NKTR) downgraded to Neutral from Buy at H.C. Wainwright with analyst Debjit Chattopadhyay saying an updated cut of NKTR-214 data presented at an investor conference on June 06, does not assuage fears on the outlook of NKTR-214 in the post ECHO-301, immuno-oncology combination therapy landscape. 5. DDR Corp. (DDR) downgraded to Underperform from In Line at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/15/18
MZHO
06/15/18
NO CHANGE
Target $103
MZHO
Buy
Nektar's 214 still 'the most promising agent in I-O today,' says Mizuho
Mizuho analyst Difei Yang still views NKTR-214 as "the most promising agent in I-O today" and contends that the recent correction in Nektar shares following data presented at ASCO was overdone. Yang keeps a Buy rating and $103 price target on Nektar shares.
06/05/18
ADAM
06/05/18
NO CHANGE
Target $94
ADAM
Buy
Nektar data suggests it could play pivotal role in cancer, says Canaccord
Canaccord analyst Arlinda Lee said data for Nektar's NKTR-214+Opdivo continues to show promise and she believes it is indicative of having a central role in cancer therapy with its broad mechanism of expanding and activating T-effector cells and efficacy. She reiterated her Buy rating and $94 price target on Nektar shares, which fell nearly 42% to $52.57 yesterday.
06/11/18
HCWC
06/11/18
DOWNGRADE
Target $54
HCWC
Neutral
Nektar downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright analyst Debjit Chattopadhyay downgraded Nektar Therapeutics to Neutral and cut his price target for the shares to $54 from $97. The stock closed Friday up $1.17 to $54.14. An updated cut of NKTR-214 data presented at an investor conference on June 06, does not assuage fears on the outlook of NKTR-214 in the post ECHO-301, immuno-oncology combination therapy landscape, Chattopadhyay tells investors in a research note. This has been "further punctured by the lack of meaningful updates" in non-small-cell lung carcinoma, the primary driver of NKTR-214's valuation in an environment where competition is better positioned, the analyst contends. Chattopadhyay now has a "less than sanguine read of the emerging data" from Nektar.

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TSLA

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CSX

CSX

$72.25

1.39 (1.96%)

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FCB

FCB Financial

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

15:17
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
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MAXR

Maxar Technologies

$30.30

0.89 (3.03%)

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IBM

IBM

$144.76

3.64 (2.58%)

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IBM options imply 7.1% move in share price post-earnings, above median historical move »

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BA

Boeing

$367.17

8.36 (2.33%)

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CLDR

Cloudera

$15.68

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MNKD

MannKind

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Crown Holdings

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ONDK

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$7.28

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, JPM

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DWDP

DowDuPont

$60.29

1.36 (2.31%)

14:50
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NFLX

Netflix

$341.60

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H

Hyatt

$72.79

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  • 31

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ALLY

Ally Financial

$25.87

-0.22 (-0.84%)

14:40
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CDNS

Cadence Design

$40.13

0.74 (1.88%)

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