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AKRX

Akorn

$6.74

0.02 (0.30%)

, TEVA

Teva

$23.78

0.09 (0.38%)

12:18
11/13/18
11/13
12:18
11/13/18
12:18

Court rules Allergan's patents on Restasis are invalid, Bloomberg reports

The U.S. Court of Appeals for the Federal Circuit in Washington has affirmed a trial court decision that said Allergan's (AGN) patents on its Restasis eye drug are invalid, a victory for Teva (TEVA), Mylan (MYL) and Akorn (AKRX), Bloomberg reports. Reference Link

AKRX

Akorn

$6.74

0.02 (0.30%)

TEVA

Teva

$23.78

0.09 (0.38%)

AGN

Allergan

$163.97

0.15 (0.09%)

MYL

Mylan

$36.19

0.25 (0.70%)

  • 13

    Nov

  • 13

    Nov

  • 15

    Nov

AKRX Akorn
$6.74

0.02 (0.30%)

10/04/18
CHLM
10/04/18
UPGRADE
Target $11
CHLM
Buy
Akorn upgraded to Buy from Hold at Craig-Hallum
10/04/18
10/04/18
UPGRADE
Target $11

Buy
Akorn upgraded to Buy after 'overreaction' to court rule at Craig-Hallum
As previously reported, Craig-Hallum analyst Matt Hewitt upgraded Akorn (AKRX) to Buy from Hold saying that while the ruling in favor of Fresenius (FMS) by the Deleware Court of Chancery was a major disappointment for investors, the 50%-plus drop in Akorn's stock price these past few days is unwarranted and values the company well below what it is worth on a standalone basis. The analyst also lowered his price target for Akorn's shares to $11 from $14.
10/17/18
PIPR
10/17/18
UPGRADE
Target $9
PIPR
Overweight
Akorn upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst David Amsellem upgraded Akorn (AKRX) to Overweight and raised his price target for the shares to $9 from $5. After taking a closer look at the company's base generics business in the wake of the lower court decision that sided with Fresenius (FSNUY) in its efforts to terminate its merger with Akorn, Amsellem believes annual EBITDA of no worse than $125M-$135M starting in 2019 is realistic. The analyst says that based on trends associated with a number of its notable products, as well as his recent conversation with management, he believes a picture of sustainable EBITDA is emerging at Akorn that is better than what he had previously envisioned. Assuming Akorn loses its appeal, management "strongly suggested" that it address its cost structure, Amsellem tells investors in a research note.
10/17/18
10/17/18
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. Infosys (INFY) upgraded to Market Perform from Underperform at William Blair WITH analyst Maggie Nolan citing Q2 results. 2. American Airlines (AAL), Delta Air Lines (DAL), and United Continental (UAL) upgraded to Buy from Hold at Deutsche Bank. 3. Akorn (AKRX) upgraded to Overweight from Neutral at Piper Jaffray with analyst David Amsellem saying based on trends associated with a number of its notable products, as well as his recent conversation with management, he believes a picture of sustainable EBITDA is emerging at Akorn that is better than what he had previously envisioned. 4. Workday (WDAY) upgraded to Outperform from Market Perform at Bernstein with analyst Mark Moerdler saying he determined that even if the ERP market moves reasonably slowly to the Cloud, it is large enough and the fact there are only a few vendors with a competitive SaaS solution should allow Workday to continue to gain share. 5. Domino's Pizza (DPZ) upgraded to Buy from Hold at Maxim with analyst Stephen Anderson saying the pullback in the stock price is overdone and expects accelerated cost savings and solid comps to yield higher earnings, raising his FY20 EPS view to $12.01 from $11.72. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
TEVA Teva
$23.78

0.09 (0.38%)

11/01/18
WELS
11/01/18
NO CHANGE
WELS
Market Perform
Fear of missing out helping to push Teva, Mylan higher, says Wells Fargo
Wells Fargo analyst David Maris believes Teva (TEVA) shares are bouncing back to fair value from recent declines after the company reported Q3 earnings that beat his above consensus estimate and hosted a "surprisingly bullish" quarterly call. He also sees a spillover effect occurring with Mylan (MYL) as the generic sector's advance reinforces buyers' belief that the stocks are undervalued and investors' "fear of missing out" drives increased interest. While Maris acknowledges Ajovy, Austedo, cost cuts and tax management are doing well, he believes much of Teva's business continues to show significant challenges and keeps a Market Perform rating on the shares.
11/06/18
WELS
11/06/18
UPGRADE
Target $40
WELS
Outperform
Wells upgrades Mylan to Outperform, sees more upside after today's rally
Wells Fargo analyst David Maris upgraded Mylan (MYL) to Outperform from Market Perform with an unchanged price target of $40. The stock in afternoon trading is up 18%, or $5.76, to $37.13. Mylan shares have underperformed the S&P 500 Index for the year-to-date, one year, two year, and five year periods and the shares trade at a discount to peer Teva (TEVA), Maris tells investors in a research note titled "Concerns Abound, but Valuation Attractive." The analyst, however, believes Mylan is positioned for near-term outperformance after the company maintained its 2018 earnings guidance. Maris previously saw risk to second half of 2018 estimates, but with today's Q3 results, he now believes the risk to the downside to Q4 estimates is lower than previously thought. Further, Mylan's statement that Q4 guidance can be achieved with or without new approvals "provides some upside to sentiment" if generic Advair or other approvals materialize, says the analyst. Maris thinks that even with today's rally, Mylan shares still have more than 10% additional upside potential to reach fair value.
11/05/18
11/05/18
UPGRADE
Target $27

Overweight
Teva upgraded to Overweight on turnaround potential at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger upgraded Teva to Overweight from Equal Weight, citing three main reasons. First, he expects strong cost cutting to drive earnings that top consensus forecasts. Second, he believes new products should deliver sales that top consensus forecasts. Third, he believes the market will assign Teva shares a higher multiple as the company executes and drives net debt /EBITDA down. Risinger, who noted that his adjusted EBITDA estimates for 2019-2020 are 6%-8% above consensus, raised his price target on Teva shares to $27 from $20.
11/05/18
MSCO
11/05/18
UPGRADE
MSCO
Overweight
Teva upgraded to Overweight from Equal Weight at Morgan Stanley
AGN Allergan
$163.97

0.15 (0.09%)

11/13/18
LEER
11/13/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink analyst Marc Goodman started Allergan with an Outperform and $220 price target as he initiates Neuroscience space with a Positive View. The analyst believes the Neuroscience sector is experiencing a "renaissance" as multiple new agents and mechanisms are coming up the pipeline across major therapeutic areas, the number of clinical studies is growing nicely, and the FDA is friendly to innovation in this space, companies are getting smarter about speed-to-market strategies and selecting niche sub-populations to focus on for initial product approvals, payer pushback on usage is much lower than in other categories, and physicians are enthusiastic about new agents. Regarding Allergan, Goodman notes that management has finally rebased numbers and growth expectations to credible levels and the balance sheet is becoming less of a focus. Further, he believes the underlying growth of the base business is underappreciated.
11/12/18
LEER
11/12/18
INITIATION
Target $220
LEER
Outperform
Allergan initiated with an Outperform at Leerink
Leerink Partners analyst Marc Goodman started Allergan with an Outperform rating and $220 price target.
11/01/18
MZHO
11/01/18
NO CHANGE
Target $213
MZHO
Buy
Allergan selloff on 'optimistic' 2019 estimates overdone, says Mizuho
Mizuho analyst Irina Koffler lowered her price target for Allergan shares to $213 from $220 but remains a buyer of the stock with a Buy rating. The analyst attributes the weakness in shares of Allergan to "overly optimistic" 2019 estimates. However, the selloff is overdone, Koffler tells investors in a research note.
10/31/18
FBCO
10/31/18
NO CHANGE
Target $202
FBCO
Outperform
Allergan price target lowered to $202 from $213 at Credit Suisse
Credit Suisse analyst Vamil Divan lowered his price target for Allergan to $202 from $213 following Q3 earnings. The analyst notes that Q3 quarterly performance and 2018 guidance raise was somewhat expected, but comments around the outlook of some important products and operating margins for 2019 highlight new challenges the company must overcome while waiting for the pipeline to deliver. He reiterates an Outperform rating on the shares.
MYL Mylan
$36.19

0.25 (0.70%)

11/06/18
COWN
11/06/18
NO CHANGE
Target $31
COWN
Market Perform
Mylan business model looks broken, says Cowen
Cowen analyst Ken Cacciatore said Mylan's Q3 results confirm his thesis that the current business model looks broken. He said at some point a new product cycle needs to materialize, but in Mylan's case it hasn't happened in a material enough way. Cacciatore recommends avoiding the shares and he reiterated his Market Perform rating and $31 price target on Mylan.
11/06/18
WELS
11/06/18
UPGRADE
WELS
Outperform
Mylan upgraded to Outperform from Market Perform at Wells Fargo
11/06/18
11/06/18
UPGRADE
Target $42

Buy
Mylan upgraded to Buy after 'encouraging' Q3 report at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Jason Gerberry upgraded Mylan to Buy from Neutral, stating that its Q3 report provided encouraging updates regarding several of its business segments. He believes concerns around its broader portfolio look overdone as industry-level generic pricing is showing signs of stabilizing while the company also provided encouraging new product updates. Gerberry added that he views the 20% stock pullback as an attractive opportunity, but trimmed his price target on Mylan shares to $42 from $44 to reflect rebasing of EpiPen and generic Copaxone.

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GLD

SPDR Gold Shares

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ONEXF

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DZSI

DASAN Zhone

$12.10

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REPH

Recro Pharma

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DASAN Zhone

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Catasys

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U.S. Well Services

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ADIL

Adial Pharmaceuticals

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NAVB

Navidea

$0.14

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$362.49

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AAPL

Apple

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RIVE

Riverview Financial

$11.20

(0.00%)

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Riverview Financial

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