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CELG

Celgene

$86.05

19.4 (29.11%)

, BMY

Bristol-Myers

$46.01

-6.01 (-11.55%)

09:54
01/03/19
01/03
09:54
01/03/19
09:54

Baird calls Bristol-Myers buyout a 'very good deal' for Celgene

While admitting he was surprised as anyone to the news, Baird analyst Brian Skorney views the buyout by Bristol-Myers Squibb (BMY) as a "very good deal" for Celgene (CELG). The deal's success hinges on the outcome of Revlimid patent litigation, but for Celgene shareholders today, "its a big win," Skorney tells investors in a research note titled "Mega Mergers Are Back?" All told, the deal could be worth over $95 per share for Celgene, the analyst points out. With a contingent value right of $9.00 due in 2021, the analyst thinks the probability adjusted net present value of the CVR is around $5 to $6 per share. Skorney has a Neutral rating on Celgene with a $92 price target.

CELG

Celgene

$86.05

19.4 (29.11%)

BMY

Bristol-Myers

$46.01

-6.01 (-11.55%)

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CELG Celgene
$86.05

19.4 (29.11%)

01/03/19
PIPR
01/03/19
NO CHANGE
PIPR
Piper sees Alexion, Biogen as potential targets after Celgene buyout
Piper Jaffray analyst Christopher Raymond remains "bullish on biotech" in the wake the announced acquisition of Celgene (CELG) by Bristol-Myers Squibb (BMY) for $74B in cash and stock, representing a 54% premium from yesterday's close. In a research note titled "Bristol for CELG - In Retrospect, it Makes Perfect Sense," Raymond says the market is likely to ask "who's next?" Among large-caps, Alexion Pharmaceuticals (ALXN) and Biogen (BIIB) would seem to make sense as potential targets, as well as BioMarin (BMRN), Raymond writes. And while any smid cap could likely be seen as a take-out candidate, Aimmune Therapeutics (AIMT), Deciphera Pharmaceuticals (DCPH) and Rigel Pharmaceuticals (RIGL) "in particular could make sense to any strategic buyer," adds the analyst.
01/03/19
PIPR
01/03/19
NO CHANGE
Target $23
PIPR
Overweight
Bristol acquisition of Celgene a positive for Fate, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff believes Bristol-Myers Squibb's (BMY) agreement to acquire Celgene (CELG) is in part driven by the long-term potential of cellular therapies to treat cancer. The analyst sees the deal announced this morning as a positive for Fate Therapeutics (FATE), which he notes is developing a pipeline of allogeneic and induced pluripotent stem cell natural killer and T-cell therapies. Fate is a potential acquisition target for its "rich cell therapy pipeline and platform," Tenthoff tells investors in a research note. Fate remains a top pick for Piper in 2019 and the analyst reiterates an Overweight rating on the shares with a $23 price target.
12/21/18
BTIG
12/21/18
INITIATION
BTIG
Neutral
Celgene assumed with a Neutral at BTIG
BTIG analyst Thomas Shrader last night assumed coverage of Celgene with a Neutral rating. Revlimid will face full generic competition in 2026 and possibly sooner, Shrader tells investors in a research note. He adds that while Celgene has been building a pipeline, he believes only luspatercept and Otezla have a high chance of blockbuster potential.
12/20/18
BTIG
12/20/18
INITIATION
BTIG
Neutral
Celgene resumed with a Neutral rating at BTIG
BMY Bristol-Myers
$46.01

-6.01 (-11.55%)

12/11/18
GABE
12/11/18
NO CHANGE
GABE
Buy
Gabelli sees Clovis as likely takeout target, top biotech pick in 2019
Gabelli analyst Jing He highlights Clovis (CLVS) as his top biotech pick in 2019. With the Tesaro (TSRO) acquisition by GlaxoSmithKline (GSK), Clovis will become the only standalone PARP, which the analyst believes makes it the most likely takeout target in 2019. He continues to believe Bristol-Myers (BMY), Sanofi (SNY) and Roche (RHHBY) to be the most interested buyers. The analyst reiterates a Buy rating on Clovis' shares.
12/06/18
12/06/18
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. Activision Blizzard (ATVI) upgraded to Overweight from Neutral at JPMorgan with analyst Alexia Quadrani saying the stock is down 45% from an all-time high in early October, and now trades at 16.5 times forward consensus earnings, compared to 25.5 times and 23.0 times on average over the prior one and three year periods. 2. Bristol-Myers (BMY) upgraded to Outperform from Market Perform at BMO Capital with analyst Alex Arfaei saying the risk-reward on the stock at current price "seems attractive." 3. Hostess Brands (TWNK) upgraded to Overweight from Neutral at JPMorgan analyst Ken Goldman saying by this time next year, today's two major headwinds - lost business with Walmart (WMT) and the "EBITDA-hemorrhaging" Cloverhill acquisition - will be lapped and potentially become tailwinds. 4. Spirit Airlines (SAVE) upgraded to Outperform from Neutral at with analyst Jose Caiado De Sousa saying after a "massive" Q4 unit revenue guidance boost last week, the analyst sees further upside in the equity into H1 of 2019, with expected continued momentum in non-ticket revenue production amid a lower oil environment and a benign competitive backdrop. 5. Synopsys (SNPS) upgraded to Buy from Hold at Benchmark with analyst Gary Mobley citing slightly better than expected Q4 results and in-line FY19 guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

BA

Boeing

$371.03

3.73 (1.02%)

, UAL

United Airlines

$92.97

0.43 (0.46%)

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BA

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UAL

United Airlines

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0.43 (0.46%)

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APDN

Applied DNA Sciences

$4.50

-0.38 (-7.79%)

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TSLA

Tesla

$349.70

0.19 (0.05%)

, VWAGY

Volkswagen

$0.00

(0.00%)

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TSLA

Tesla

$349.70

0.19 (0.05%)

VWAGY

Volkswagen

$0.00

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TLRD

Tailored Brands

$5.17

0.03 (0.58%)

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Options
Tailored Brands call volume above normal and directionally bullish »

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NVDA

Nvidia

$206.25

-3.63 (-1.73%)

, AMZN

Amazon.com

$1,750.30

-4.41 (-0.25%)

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NVDA

Nvidia

$206.25

-3.63 (-1.73%)

AMZN

Amazon.com

$1,750.30

-4.41 (-0.25%)

MSFT

Microsoft

$149.59

1.53 (1.03%)

UAA

Under Armour

$17.82

0.69 (4.03%)

UA

Under Armour

$16.04

0.48 (3.08%)

AMRN

Amarin

$22.89

1.4 (6.51%)

RH

RH

$188.04

12.85 (7.33%)

BRK.A

Berkshire Hathaway

$329,640.00

545 (0.17%)

BRK.B

Berkshire Hathaway

$219.62

0.26 (0.12%)

FTCH

Farfetch

$9.69

2.2 (29.37%)

AMAT

Applied Materials

$62.33

5.44 (9.56%)

ACB

Aurora Cannabis

$3.00

-0.29 (-8.81%)

OXY

Occidental Petroleum

$38.90

1.14 (3.02%)

TORC

resTORbio

$1.16

-6.77 (-85.37%)

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TORC

resTORbio

$1.14

-6.79 (-85.62%)

12:21
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11/15
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12:21
Downgrade
resTORbio rating change  »

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WE

We Company

$0.00

(0.00%)

12:18
11/15/19
11/15
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We Company facing SEC probe into possible rule breaches, Bloomberg says »

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FCBP

First Choice Bank

$22.49

-0.01 (-0.04%)

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AXP

American Express

$120.92

-0.03 (-0.02%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
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Technical Analysis
NYSE market internals summary »

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AMGN

Amgen

$219.62

1.07 (0.49%)

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Amgen treatment of multiple myeloma granted FDA orphan designation »

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AXGT

Axovant

$4.71

-0.05 (-1.05%)

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LYFT

Lyft

$43.75

1.85 (4.42%)

, FB

Facebook

$194.64

1.49 (0.77%)

12:05
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Recommendations
Lyft, Facebook, Amazon.com, Netflix, Twitter, IAC analyst commentary  »

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LYFT

Lyft

$43.75

1.85 (4.42%)

FB

Facebook

$194.64

1.49 (0.77%)

AMZN

Amazon.com

$1,747.79

-6.92 (-0.39%)

NFLX

Netflix

$293.25

3.57 (1.23%)

TWTR

Twitter

$29.38

0.49 (1.70%)

IAC

IAC

$223.02

2.85 (1.29%)

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AUPH

Aurinia Pharmaceuticals

$5.37

0.23 (4.47%)

12:05
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Options
Aurinia Pharmaceuticals call volume above normal and directionally bullish »

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12:05
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General news
Fed Q4 Nowcasts revised lower. »

Fed Q4 Nowcasts revised…

ENVA

Enova International

$22.15

-1.895 (-7.88%)

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CANG

Cango

$6.24

-0.6 (-8.77%)

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CTRA

Contura Energy

$8.50

-0.88 (-9.38%)

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ITCB

Itau Corpbanca

$8.63

1.12 (14.91%)

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I

Intelsat

$14.89

2.76 (22.75%)

12:00
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    Dec

FTCH

Farfetch

$9.68

2.19 (29.24%)

12:00
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BLD

TopBuild

$107.78

-1.78 (-1.62%)

, FBHS

Fortune Brands

$63.13

-0.01 (-0.02%)

11:57
11/15/19
11/15
11:57
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11:57
Downgrade
TopBuild, Fortune Brands rating change  »

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BLD

TopBuild

$107.78

-1.78 (-1.62%)

FBHS

Fortune Brands

$63.13

-0.01 (-0.02%)

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ANGI

Angi Homeservices

$7.55

-0.03 (-0.40%)

11:55
11/15/19
11/15
11:55
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11:55
Options
Angies List put volume heavy and directionally bearish »

Bearish flow noted in…

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