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AVID

Avid Technology

$5.79

0.19 (3.39%)

, PRQR

ProQR Therapeutics

$19.00

0.34 (1.82%)

10:12
11/14/18
11/14
10:12
11/14/18
10:12

On The Fly: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Avid (AVID) initiated with a Hold at Jefferies. 2. ProQR Therapeutics (PRQR) initiated with an Overweight at Cantor Fitzgerald. 3. GW Pharmaceuticals (GWPH) initiated with an Outperform at Leerink. 4. Equitrans Midstream (ETRN) initiated with an Overweight at US Capital Advisors. 5. Zymogenetics (ZGEN) and Allergan (AGN) were initiated with an Outperform at Leerink. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

AVID

Avid Technology

$5.79

0.19 (3.39%)

PRQR

ProQR Therapeutics

$19.00

0.34 (1.82%)

GWPH

GW Pharmaceuticals

$132.50

0.37 (0.28%)

ETRN

Equitrans Midstream

$21.73

0.55 (2.60%)

ZGEN

Zymogenetics

$0.00

(0.00%)

AGN

Allergan

$163.54

0.905 (0.56%)

  • 14

    Nov

  • 14

    Nov

  • 27

    Nov

AVID Avid Technology
$5.79

0.19 (3.39%)

11/13/18
JEFF
11/13/18
INITIATION
Target $6
JEFF
Hold
Avid initiated with a Hold at Jefferies
Jefferies analyst Samad Samana started Avid with a Hold rating and $6 price target. Changes in the media industry and in technology have pressured the company's growth and profitability in recent years, Samana tells investors in a research note. While admitting Avid is better positioned today, the analyst believes "there is wood left to chop" before the company returns to revenue growth and meaningfully increases free cash flow.
12/07/17
DOTC
12/07/17
DOWNGRADE
DOTC
Sell
Avid Technology downgraded to Sell from Neutral at Dougherty
Dougherty analyst Steven Frankel downgraded Avid Technology to Sell with a $4.50 price target saying he sees a difficult path to sustainable top line growth, improved profitability, and material free cash flow generation. Frankel believes the balance sheet is "stretched to the limit" with no path to accelerating free cash flow growth.
PRQR ProQR Therapeutics
$19.00

0.34 (1.82%)

11/14/18
CANT
11/14/18
INITIATION
Target $40
CANT
Overweight
Cantor starts ProQR with Overweight despite 500% year-to-date rally
Cantor Fitzgerald analyst Eliana Merle last night initiated coverage of ProQR Therapeutics with an Overweight rating and $40 price target. ProQR is a European RNA-based platform technology company focused on developing therapeutics for inherited blindness, Merle tells investors in a research note. Although shares are up close to 500% year-to-date after positive proof of concept in first ophthalmology drug QR-110, "this could be just the beginning of a major turning point for the company's platform," says the analyst. He thinks QR-110 "could be just the tip of the iceberg" in terms of ProQR's platform potential in inherited forms of blindness. Merle believes its clinical program in Usher's syndrome represents a larger opportunity than QR-110.
11/13/18
CANT
11/13/18
INITIATION
Target $40
CANT
Overweight
ProQR Therapeutics initiated with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald initiated ProQR Therapeutics with an Overweight and $40 price target.
09/18/18
EVER
09/18/18
INITIATION
Target $35
EVER
Outperform
ProQR Therapeutics initiated with an Outperform at Evercore ISI
Evercore ISI analyst Josh Schimmer initiated ProQR Therapeutics with an Outperform rating and $35 price target. The analyst believes the company's recent clinical data for QR-110 for treatment of LCA-10 has transformed the outlook for the company, helping to "establish proof of concept for the lead program, it also helps de-risk the company's broader platform."
04/05/18
CHDN
04/05/18
INITIATION
Target $4.5
CHDN
Buy
ProQR Therapeutics initiated with a Buy at Chardan
Chardan analyst Keay Nakes initiated ProQR Therapeutics with a Buy and $4.50 price target saying the company has the potential to become a significant competitor in the oligonucleotide therapeutic market. ProQR's pipeline currently has 14 compounds which act to repair the targeted defective messenger RNA, to facilitate expression and function of the genetically mutated protein.
GWPH GW Pharmaceuticals
$132.50

0.37 (0.28%)

09/28/18
MSCO
09/28/18
NO CHANGE
Target $240
MSCO
Overweight
GW Pharmaceuticals price target raised to $240 from $197 at Morgan Stanley
Morgan Stanley analyst David Lebowitz raised his price target on GW Pharmaceuticals shares to $240 from $197 following the DEA's assignment of Epidiolex to Schedule V, which he said was a better classification than he expected. Stating that the favorable scheduling should enable a strong launch, Lebowitz increased his Epidiolex estimates and maintains an Overweight rating on GW Pharmaceuticals.
11/05/18
PIPR
11/05/18
INITIATION
Target $180
PIPR
Overweight
GW Pharmaceuticals assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst Danielle Brill assumed coverage of GW Pharmaceuticals with an Overweight rating and $180 price target. Based on discussions with experts, the analyst believes demand for epidiolex in Dravet syndrome and Lennox Gastaut syndrome "appears to be strong enough to meet the high bar currently set by consensus." Further, she thinks adoption of epidiolex for off-label indications may come over time. The commercial success of epidiolex will continue to drive value for investors, says Brill.
11/12/18
LEER
11/12/18
INITIATION
Target $185
LEER
Outperform
GW Pharmaceuticals initiated with an Outperform at Leerink
Leerink Partners analyst Marc Goodman started GW Pharmaceuticals with an Outperform rating and $185 price target.
11/13/18
LEER
11/13/18
INITIATION
Target $185
LEER
Outperform
GW Pharmaceuticals initiated with an Outperform at Leerink
Leerink analyst Marc Goodman started GW Pharmaceuticals with an Outperform and $185 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 GW Pharmaceuticals, Goodman thinks the lead product, Epidiolex, which was just approved in the U.S. should be a blockbuster drug with peak sales of about $1.8B in 2026E, based on positive feedback from his physician survey and KOL interviews
ETRN Equitrans Midstream
$21.73

0.55 (2.60%)

11/09/18
11/09/18
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. RH (RH) initiated with an Overweight at JPMorgan. 2. Ascendis Pharma (ASND) initiated with an Outperform at Credit Suisse. 3. Kura Oncology (KURA) initiated with an Overweight at Piper Jaffray. 4. Equitrans Midstream (ETRN) initiated with a Buy at Jefferies. 5. Instructure (INST) initiated with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, Reference Link
11/14/18
USCA
11/14/18
INITIATION
Target $27
USCA
Overweight
Equitrans Midstream initiated with an Overweight at US Capital Advisors
US Capital Advisors initiated Equitrans Midstream with an Overweight and $27 price target.
11/14/18
11/14/18
DOWNGRADE

Underweight
Morgan Stanley sees structural challenges at EQT, downgrades to Underweight
As previously reported, Morgan Stanley analyst Drew Venker downgraded EQT Corporation (EQT) to Underweight from Equal Weight, as he believes the market is missing EQT's high cost structure and declining production starting in 2020. Given the structural challenges he sees, Venker believes EQT's guidance appears optimistic and will be difficult to achieve, he tells investors. Based on his expectations for higher capex and lower production, his 2020 EBITDA estimate is 10% below what's implied by guidance, the analyst noted. Venker slashed his price target on EQT shares to $12 from $48, which also reflects the spin off of 80.1% of EQT's stake in Equitrans Midstream (ETRN) in November.
11/13/18
WELS
11/13/18
INITIATION
Target $23
WELS
Market Perform
Equitrans Midstream initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Michael Blum started Equitrans Midstream (ETRN) with a Market Perform rating and $23 price target. The analyst notes that the company's only assets are its 91.3% ownership interest in EQGP Holdings (EQGP) and a 12.7% ownership interest in EQT Midstream Partners (EQM). Blum forecasts a 3-year dividend compounded annual growth rate of 9.3%, compared to the median growth rate of 5.7% for its closest peers, and 6.2% for the midstream C-Corp peer group. However, he believes Equitrans Midstream faces several near-term headwinds including uncertainty around EQT Midstream Partners' Mountain Valley Pipeline, simplification risk tied to the likely merger of EQGP and EQT Midstream Partners, and potential selling pressure as shares move from E&P to midstream investors.
ZGEN Zymogenetics
$0.00

(0.00%)

11/14/18
LEER
11/14/18
INITIATION
Target $60
LEER
Outperform
Zymogenetics initiated with an Outperform at Leerink
Leerink initiated Zymogenetics with an Outperform and $60 price target.
AGN Allergan
$163.54

0.905 (0.56%)

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.

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13:25
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