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BHC

Bausch Health

$24.20

1.11 (4.81%)

, SGYP

Synergy Pharmaceuticals

$0.15

-0.1925 (-56.62%)

13:52
12/12/18
12/12
13:52
12/12/18
13:52

Bausch purchase of Synergy an 'inconsequential financial deal,' says Wells Fargo

After Bausch Health (BHC) announced plans to acquire certain assets of Synergy Pharmaceuticals (SGYP), which makes irritable bowel syndrome drug Trulance, Wells Fargo analyst David Maris called the acquisition "an inconsequential financial deal that points to a bigger picture of [Bausch] returning to its cost-cutting deal roots and a potential lack of confidence in growth of the core business." He views the $700M of added market value for Bausch in return for a $200M deal as unjustified and probably reflective of short-covering, Maris added. He maintains an Underperform rating and $9 price target on Bausch Health shares.

BHC

Bausch Health

$24.20

1.11 (4.81%)

SGYP

Synergy Pharmaceuticals

$0.15

-0.1925 (-56.62%)

  • 15

    Feb

BHC Bausch Health
$24.20

1.11 (4.81%)

12/04/18
JPMS
12/04/18
NO CHANGE
Target $21
JPMS
Underweight
Bausch Health debt load remains challenging, says JPMorgan
JPMorgan analyst Chris Schott found Bausch Health management's tone positive in recent meetings with CFO Paul Herendeen highlighting the transition of the business away from legacy issues and toward more "normalized" operations. The analyst, however, sees new launch trends as representing a "key unknown in the story" with strong performance needed to drive EBITDA growth over time. Further, Bausch's debt load remains challenging with its leverage at seven times, although the company has successfully pushed out its refinancing needs, Schott tells investors in a research note. While admitting that Bausch may return to sales growth in 2019 as loss of exclusivity headwinds slow, the analyst keeps an Underweight rating on the shares with a $21 price target.
11/30/18
MZHO
11/30/18
NO CHANGE
Target $38
MZHO
Buy
Bausch Health price target raised to $38 from $35 at Mizuho
Mizuho analyst Irina Koffler raised her price target for Bausch Health Companies to $38 and reiterates a Buy rating on the shares following investor conferences with management. The analyst updated her model to include the expected $100M headwind in Q4 from the company's CORE initiative. The analyst views 2019 consensus estimates as too high but thinks Bausch is likely to pursue a near-term tuck-in deal to close the gap.
11/19/18
WELS
11/19/18
NO CHANGE
WELS
Underperform
Wells says Aemcolo approval step toward eventual slowdown for Bausch's Xifaxan
Wells Fargo analyst David Maris noted that Cosmo Pharmaceuticals received approval of Aemcolo for traveler's diarrhea after the close on Friday, November 16. Bausch Health has previously indicated that traveler's diarrhea accounted for less than 10% of Xifaxan sales and they do not see approval of a competing product in TD alone as significant, though Maris said he disagrees with that assessment. He also believes this approval means Aemcolo is more likely to be approved in IBS-D. Maris, who views this news as the first step toward an eventual slowdown, and potentially a decline, in revenues for Xifaxan, keeps an Underperform rating on Bausch Health shares.
SGYP Synergy Pharmaceuticals
$0.15

-0.1925 (-56.62%)

12/12/18
STFL
12/12/18
NO CHANGE
Target $35
STFL
Buy
Synergy's GI assets 'fit squarely' into Bausch Health GI wheelhouse, says Stifel
Stifel analyst Annabel Samimy notes that Bausch Health (BHC) entered into a "stalking horse" bid to acquire through bankruptcy proceedings substantially all of Synergy Pharmaceutical's (SGYP) GI assets, which includes rights to Trulance/plecanotide, dolcanatide and its intellectual property. While still subject to competitive bids, these assets "fit squarely" into Bausch Health's GI wheelhouse, which would immediately leverage the company's sales and payer infrastructure and physician relationships in the space, the analyst contends. Though competitive with Allergan's (AGN) Linzess, Bausch Health has proven a strong player in the GI space and she thinks it is exactly the presence needed to optimize/maximize sales of Trulance, with its strong efficacy and tolerability profile. Samimy reiterates a Buy rating and $35 price target on Bausch Health's shares.
10/26/18
ADAM
10/26/18
DOWNGRADE
Target $2
ADAM
Hold
Synergy Pharmaceuticals downgraded to Hold at Canaccord
As reported previously, Canaccord analyst John Newman downgraded Synergy Pharmaceuticals to Hold from Buy. The analyst cited the company's guidance, which detailed slower than anticipated market growth leading to lower than expected revenues and the potential inability to fulfill the CRG debt covenant of roughly $61M in revenues in 2018. Newman lowered his price target to $2 from $13 on Synergy Pharmaceuticals shares.
10/26/18
BTIG
10/26/18
DOWNGRADE
BTIG
Neutral
Synergy Pharmaceuticals downgraded to Neutral from Buy at BTIG
BTIG analyst Timothy Cheng downgraded Synergy Pharmaceuticals to Neutral after its update on its strategic review indicating that no entity is willing to "make a fair offer for the company". In a "worst case scenario outcome", Cheng added that the company has forecast its net Trulance sales for the treatment of IBS-C and chronic constipation to come in at $42M-$47M - below its $61M threshold set by term loan holder CRG. The analyst states that the near term for Synergy Pharmaceuticals "looks grim" and its options, including a "potential bankruptcy", look limited.
10/26/18
ADAM
10/26/18
DOWNGRADE
ADAM
Hold
Synergy Pharmaceuticals downgraded to Hold from Buy at Canaccord

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BILI

Bilibili

$16.39

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$50.26

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ZS

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$44.46

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OKTA

Okta

$121.21

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