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CELG

Celgene

$85.85

19.2 (28.81%)

, INCY

Incyte

$67.20

3.64 (5.73%)

09:55
01/03/19
01/03
09:55
01/03/19
09:55

Early notable gainers among liquid option names on January 3rd

Notable gainers among liquid option names this morning include Celgene (CELG) $85.29 +18.63, Incyte (INCY) $67.13 +3.57, Gilead (GILD) $66.91 +3.45, Biogen (BIIB) $311.44 +6.80, and Alexion (ALXN) $100.30 +2.15.

CELG

Celgene

$85.85

19.2 (28.81%)

INCY

Incyte

$67.20

3.64 (5.73%)

GILD

Gilead

$65.80

2.36 (3.72%)

BIIB

Biogen

$310.72

5.89 (1.93%)

ALXN

Alexion

$99.59

1.52 (1.55%)

  • 03

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    Jan

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    Jan

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    Feb

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    May

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    May

CELG Celgene
$85.85

19.2 (28.81%)

01/03/19
BARD
01/03/19
NO CHANGE
Target $92
BARD
Neutral
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.
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.
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.
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.
INCY Incyte
$67.20

3.64 (5.73%)

01/03/19
GUGG
01/03/19
UPGRADE
GUGG
Buy
Incyte upgraded to Buy from Neutral at Guggenheim
12/02/18
PIPR
12/02/18
NO CHANGE
Target $85
PIPR
Overweight
Initial Incyte PI3Kdelta combo data 'promising,' says Piper Jaffray
Piper Jaffray analyst Tyler Van Buren notes that Incyte presented an update of the Phase II trial evaluating INCB050465 in MF patients who have had suboptimal response to ruxolitinib monotherapy. While the initial data suggest clinical benefit in these patients, the addition of Cohorts 3 and 4 which incorporate continuous dosing of parsaclisib and will likely report in 2019, will be necessary to assess long-term benefit, he contends. Additionally, as many attempt to compare these data to the previously reported umbralisib combo data, the analyst views the differences in patient enrollment criteria between the parsaclisib and umbralisib combination programs as material, and therefore views any comparison as "futile." Van Buren has an Overweight rating and $85 price target on the shares.
10/30/18
PIPR
10/30/18
NO CHANGE
Target $85
PIPR
Overweight
Incyte Q3 'not great,' but valuation 'very reasonable,' says Piper Jaffray
Although inventory destocking contributed to the Jakafi sales miss in Q3, it is never comforting to see a growth franchise report numbers that are essentially flat quarter-over-quarter, Piper Jaffray analyst Tyler Van Buren tells investors in a post-earnings research note titled "Q3 Results Weren't Great, But Larger 2019 Pipeline Readouts Are The Focus". However, the analyst says this negative impact has already reversed heading into Q4. He continues to believe that Incyte shares are trading at a "very reasonable valuation" based solely on the approved, revenue-generating drug franchise. Van Buren remains focused on the company's pipeline readouts in 2019 and reiterates an Overweight rating on the shares with an $85 price target.
10/22/18
RAJA
10/22/18
UPGRADE
RAJA
Strong Buy
Incyte upgraded to Strong Buy from Outperform at Raymond James
GILD Gilead
$65.80

2.36 (3.72%)

01/03/19
OPCO
01/03/19
UPGRADE
OPCO
Outperform
Gilead upgraded to Outperform from Perform at Oppenheimer
12/17/18
GUGG
12/17/18
INITIATION
Target $86
GUGG
Buy
Gilead resumed with a Buy at Guggenheim
Guggenheim analyst Whitney Ijem resumed coverage of Gilead Sciences with a Buy rating and $86 price target. With management uncertainty "now moving into the rearview mirror," the analyst likes the shares heading into 2019. She thinks Gilead's base business is positioned well and points out the company has several Phase 3 data readouts next year. Ijem calls Selonsertib a "coin-flip" but believes filgotinib data is likely to be positive.
12/19/18
CANT
12/19/18
NO CHANGE
Target $92
CANT
Overweight
Gilead price target raised to $92 from $88 at Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young raised her price target for Gilead Sciences (GILD) to $92 after her firm increased its peak 2027 filgotinib sales estimate from $2.75B to $4.0B. Gilead books revenues in the U.S. and ~20% of sales are outside the U.S., so filgotinib is a key pipeline product not only for Galapagos NV (GLPG), but also for Gilead, Young tells investors in a research note. She reiterates an Overweight rating on the shares.
01/03/19
01/03/19
UPGRADE
Target $85

Outperform
Gilead upgraded to Outperform at Oppenheimer as strong clinical data approaches
As previously reported, Oppenheimer analyst Hartaj Singh upgraded Gilead to Outperform from Perform, with a $85 price target. The analyst believes that in 2019 the addition of CEO Daniel O'Day, year-on-year sales growth, and important mid/late-stage clinical readouts for budding franchises in inflammation and NASH could start to re-rate a biotech bellwether, a name that is among the cheapest in large-cap biotech. After a 3-year stretch where the company lost almost 1/3 of its top line with slowing HCV sales, Singh thinks Gilead is poised to get its "mojo back," delivering on P&L fundamentals, mid/late-stage pipeline progression and a burgeoning acquisition/licensing heightened by O'Day's previous experience.
BIIB Biogen
$310.72

5.89 (1.93%)

01/01/19
PIPR
01/01/19
NO CHANGE
Target $400
PIPR
Overweight
Biogen raised prices on MS drugs meaningfully today, says Piper Jaffray
According to Wolters Kluwer Health, Biogen took "meaningful" price increases across its multiple sclerosis franchise effective January 1, 2019, Piper Jaffray analyst Christopher Raymond tells investors in a research note titled "Starts The New Year Off With Spate of Price Increases." The timing and magnitudes of the increases are consistent with Biogen's established pattern, adds the analyst. Raymond, however, finds the company's increases this year notable, "especially in an environment of increasing drug pricing scrutiny on both the political and policy front." Biogen took a price increase of 6% for Tecfidera, 3.5% for Tysabri and 2% each for Avonex and Plegridy, he explains. Given President Trump's Drug Pricing Blueprint and his willingness to call out individual companies for price increases, the analyst thinks some investors will be surprised by Biogen's 2019 increases. He remains a buyer of Biogen shares with an Overweight rating and $400 price target. The stock closed Monday up $7.40 to $300.92.
12/21/18
12/21/18
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. NXP Semiconductors (NXPI) initiated with an Overweight at Piper Jaffray. 2. Biogen (BIIB) initiated with a Buy at BTIG. 3. Allena Pharmaceuticals (ALNA) assumed with a Buy at B. Riley FBR. 4. WWE (WWE) initiated with a Hold at Loop Capital. 5. Applied Materials (AMAT) initiated with a Buy at Needham. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/18
BTIG
12/21/18
INITIATION
Target $362
BTIG
Buy
BTIG starts Biogen with Buy rating, $362 price target
BTIG analyst Thomas Shrader last night initiated coverage of Biogen with a Buy rating and $362 price target. The analyst sees the company as well positioned with a "history of investing in imaging approaches for R&D, a hard-nosed business culture, a focus on neuroscience, and a cash-cow stable" of multiple sclerosis drugs. Further, Shrader expects "excitement to build over the aducanumab" story as we near the first Phase 3 readouts.
ALXN Alexion
$99.59

1.52 (1.55%)

12/24/18
STFL
12/24/18
NO CHANGE
STFL
Hold
Alexion consensus will need to come down due to Ultimoris pricing, says Stifel
Stifel analyst Paul Matteis said Alexion's U.S. pricing for Ultomiris is below what he had modeled and it does not appear to him that sell-side numbers align with the company's conservative pricing strategy, leading him to tell investors that "Street numbers will need to come down to incorporate a new reality." However, he also sees "two major positives" from the pricing decision: namely that it should provide a "huge" tailwind for Soliris-to-Ultomiris conversions and that the company should earn "valuable brand equity" with payors. Matteis keeps a Hold rating on Alexion shares.
12/21/18
PIPR
12/21/18
NO CHANGE
Target $177
PIPR
Overweight
Piper says Alexion early approval should help continue complement 'dominance'
Piper Jaffray analyst Christopher Raymond notes that expectations were for Ultomiris to be approved in February, meaning today's decision came roughly two months early, which will pull forward the timeline for Alexion's market conversion from Soliris to Ultomiris. The earlier than expected approval, along with the "high bar Ultomiris has set," positions Alexion to "continue its dominance in the complement space," said Raymond. He maintains an Overweight rating and $177 price target on Alexion shares.
12/21/18
RAJA
12/21/18
NO CHANGE
RAJA
Outperform
Alexion's early ultomiris approval 'arrives at perfect time,' says Raymond James
Raymond James analyst Laura Chico noted that FDA approval of Alexion's ultomiris comes nearly two full months before the PDUFA date, stating that the approval "arrives at a perfect time and facilitates a potentially earlier 2019 launch." The approval should help lift an overhang on shares, said Chico, who likes the setup for the stock for 2019 and keeps an Outperform rating on Alexion shares.

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EIDX

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CRM

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$163.20

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CCMP

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$155.89

2.68 (1.75%)

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$155.89

2.68 (1.75%)

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CCMP

Cabot Microelectronics

$155.89

2.68 (1.75%)

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JEF

Jefferies Financial Group

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NIO

NIO Inc.

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GOLD

Barrick Gold

$16.57

-0.095 (-0.57%)

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Esperion

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PG&E

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XRX

Xerox

$38.95

0.295 (0.76%)

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BA

Boeing

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AZN

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LLY

Eli Lilly

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AZN

AstraZeneca

$47.46

0.09 (0.19%)

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BA

Boeing

$371.55

4.25 (1.16%)

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BBIO

BridgeBio

$28.26

0.55 (1.98%)

, EIDX

Eidos Therapeutics

$46.58

1.33 (2.94%)

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BBIO

BridgeBio

$28.26

0.55 (1.98%)

EIDX

Eidos Therapeutics

$46.58

1.33 (2.94%)

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