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CELG

Celgene

$84.92

4.4 (5.46%)

, CAH

Cardinal Health

$44.90

0.75 (1.70%)

08:10
01/07/19
01/07
08:10
01/07/19
08:10

JPMorgan to hold a conference

37th Annual Healthcare Conference will be held in San Francisco on January 7-10.

CELG

Celgene

$84.92

4.4 (5.46%)

CAH

Cardinal Health

$44.90

0.75 (1.70%)

MDT

Medtronic

$88.15

2.76 (3.23%)

RUBY

Rubius Therapeutics

$18.51

0.54 (3.01%)

AMAG

Amag Pharmaceuticals

$16.21

0.62 (3.98%)

BDX

Becton Dickinson

$217.03

5.99 (2.84%)

MASI

Masimo

$106.02

3.33 (3.24%)

LLY

Eli Lilly

$114.65

3.36 (3.02%)

BIO

Bio-Rad

$225.81

1.04 (0.46%)

ALLO

Allogene Therapeutics

$26.40

0.36 (1.38%)

DOVA

Dova Pharmaceuticals

$8.82

0.37 (4.38%)

BLUE

Bluebird Bio

$106.50

6.57 (6.57%)

OMCL

Omnicell

$60.56

1.51 (2.56%)

NVDA

Nvidia

$136.20

8.19 (6.40%)

AUPH

Aurinia Pharmaceuticals

$6.65

0.09 (1.37%)

MGNX

MacroGenics

$13.28

0.69 (5.48%)

AFMD

Affimed N.V.

$3.27

0.19 (6.17%)

IOVA

Iovance Biotherapeutics

$9.52

0.62 (6.97%)

ACAD

Acadia

$17.57

1.41 (8.73%)

HQY

HealthEquity

$58.06

3.25 (5.93%)

NKTR

Nektar

$33.96

2.39 (7.57%)

BMY

Bristol-Myers

$46.88

1.76 (3.90%)

BAX

Baxter

$66.47

2.04 (3.17%)

MOH

Molina Healthcare

$109.71

3.69 (3.48%)

WAT

Waters

$179.68

3.23 (1.83%)

NVS

Novartis

$85.88

1.1 (1.30%)

HUM

Humana

$276.89

7.19 (2.67%)

ENTA

Enanta

$72.49

2.77 (3.97%)

GSK

GlaxoSmithKline

$38.62

0.76 (2.01%)

ABT

Abbott

$68.10

1.87 (2.82%)

MCK

McKesson

$114.41

1.59 (1.41%)

UHS

Universal Health

$118.59

2.72 (2.35%)

BOLD

Audentes Therapeutics

$23.05

1 (4.54%)

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CELG Celgene
$84.92

4.4 (5.46%)

01/04/19
01/04/19
DOWNGRADE

Outperform
BeiGene downgraded to Outperform at CLSA as Celgene goes 'from friend to foe'
As previously reported, CLSA analyst David Li downgraded BeiGene to Outperform from Buy following the news yesterday of Bristol-Myers' (BMY) proposed acquisition of Celgene (CELG) in a note titled "From friend to foe." He thinks Celgene is unlikely to continue to cooperate with BeiGene on its PD-1 after the deal goes through and also worries about the three commercialized products licensed from Celgene and about the company selling out of its BeiGene stake, he tells investors. He lowered his price target on BeiGene shares to HK$89.86 from HK$121.34.
01/04/19
BARD
01/04/19
UPGRADE
Target $92
BARD
Outperform
Baird upgrades Celgene to Outperform, says deal discount looks high
As reported previously, Baird analyst Brian Skorney upgraded Celgene (CELG) to Outperform from Neutral. The analyst believes the current price discount to the Bristol-Myers (BMY) deal price does not makes sense based on the probability of the deal closing in the high $90's. He attributes a 35-40% probability of the deal falling through, but he is more bullish on the deal as management is now shown to be willing sellers. Skorney has a $92 price target on Celgene shares, which are up about 2% in pre-market trading to $82 per share.
01/04/19
WELS
01/04/19
NO CHANGE
Target $84
WELS
Market Perform
Celgene price target cut to $84 from $90 at Wells Fargo
Wells Fargo analyst Jim Birchenough maintained a Market Perform rating on Celgene (CELG) but cut his price target to $84 following yesterday's proposed acquisition by Bristol-Myers (BMY). In a research note to investors, Birchenough says he continues to see fundamental risk to both Celgene value and deal closing with poor visibility on long-term growth for the combined company and risk to ongoing Revlimid patent litigation. With the debate on Revlimid generic timing and impact likely to remain on overhang, the analyst believes that the proposed acquisition gives greater leverage to generics, reduces the likelihood of a reasonable settlement and complicates any settlement process.
01/04/19
CANT
01/04/19
NO CHANGE
Target $100
CANT
Overweight
Cantor Fitzgerald analysis suggests others could bid for Celgene
Cantor Fitzgerald analyst Alethia Young reiterates an Overweight rating on Celgene (CELG) with a $100 price target after the company reached an agreement to be acquired by Bristol-Myers Squibb (BMY). Bristol "likely got a good deal, although Celgene has intellectual property and pipeline uncertainties that are key moving pieces," Young tells investors in a research note. Her estimated net present value for Celgene is $80B, assuming some cost synergies, versus the $74B equity valuation in the Bristol deal, excluding the contingent value rights. Young's analysis indicates that companies like Amgen (AMGN) and Johnson & Johnson (JNJ) "could potentially achieve greater commercial synergies." However, the analyst thinks Celgene shareholders "may be satisfied with the current deal after quite a roller-coaster over the past 18 months."
CAH Cardinal Health
$44.90

0.75 (1.70%)

11/16/18
LEER
11/16/18
DOWNGRADE
LEER
Market Perform
Cardinal Health downgraded to Market Perform from Outperform at Leerink
09/21/18
RBCM
09/21/18
NO CHANGE
Target $60
RBCM
Sector Perform
Cardinal Health price target raised to $60 from $56 at RBC Capital
RBC Capital analyst George Hill raised his price target on Cardinal Health to $60 on slight adjustment of his rolled-forward model related to the timing of the company's earnings. The analyst keeps his Sector Perform rating however and warns that operational issues in its Medical business will weight on the results while its brand drug business also proves to be "optimistic". Hill further contends that Cardinal Health's brand drug pricing increase may come in below expectations, lowering FY19 EPS view to $4.79 from $4.87 which is below its current guidance range of $4.90-$5.15.
11/16/18
11/16/18
DOWNGRADE
Target $55

Market Perform
Cardinal Health downgraded to Market Perform from Outperform at Leerink
Leerink analyst David Larsen downgraded Cardinal Health to Market Perform from Outperform and lowered his price target to $55 from $60. In a research note to investors, Larsen says that a recent MEDACorp survey shows that the level of distributor RFP activity may be increasing, which could lead to more pricing pressure, and that survey data shows that a significant portion of Cardinal clients do not view Cardinal as being the most competitively priced. In addition, Larsen believes that Cardinal is heavily dependent on January price increases which may disappoint, the company's Medical Division continues to face major persistent challenges from Cordis, and the core Medical business itself also seems to have slowed.
06/28/18
JPMS
06/28/18
NO CHANGE
JPMS
Amazon deal creates significant overhang on Rx channel sentiment, says JPMorgan
JPMorgan Analyst Lisa Gill said Amazon's (AMZN) agreement to acquire PillPack is expected to drive a "significant overhang" on sentiment across the prescription channel, even though she doesn't expect PillPack to capture a material share of the market in the near term. While the deal establishes an initial foothold for Amazon in the mail pharmacy space, she thinks it will take time to scale up and she does not believe PillPack's unit dose packaging technology is unique. Gill also noted that Express Scripts (ESRX) said it would remove PillPack from its pharmacy network in 2016 on allegations it had misrepresented itself as a retail pharmacy and not a mail pharmacy, though within weeks PillPack was added back by the PBM. Shares of retail pharmacy operators CVS Health (CVS), Walgreens (WBA) and Rite Aid (RAD) have all been pressured by the news of Amazon's deal, as have the shares of drug distributors AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK). Diplomat Pharmacy (DPLO), an operator of a specialty pharmacy, is also sharply lower following the announcement from Amazon.
MDT Medtronic
$88.15

2.76 (3.23%)

01/04/19
PIPR
01/04/19
NO CHANGE
PIPR
Piper insulin delivery survey shows Tandem gaining market share
Piper Jaffray conducted an insulin delivery survey in November consisting of 140 patients, physicians and certified diabetes educators, analysts led by JP McKim tell investors in a research note. The firm's top three takeaways from the survey are that the introduction of automated insulin delivery systems will increase pump penetration from ~30% today up into the 40%-45% range, Tandem Diabetes (TNDM) is gaining market share from Medtronic (MDT) though both are going to benefit from the Animas exit, and smart pens are more attractive to current multiple daily injection users compared to those already on a pump. Piper keeps Overweight ratings on both Insulet (PODD) and Tandem given this backdrop. It believes near term upside remains the highest for Tandem.
01/02/19
DBAB
01/02/19
INITIATION
Target $99
DBAB
Buy
Medtronic initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Pito Chickering started Medtronic with a Buy rating and $99 price target. Deutsche had a Buy rating on the shares under analyst Kristen Stewart before going restricted on the name in June of 2018.
01/02/19
SBSH
01/02/19
NO CHANGE
SBSH
Citi makes four rating changes in Medical Devices, 'warning up' to J&J
Citi analyst Amit Hazan issued his 2019 preview for Medical Devices, which included four rating changes. The analyst upgraded both Zimmer Biomet (ZBH) and Baxter International (BAX) to Buy from Neutral, downgraded Medtronic (MDT) to Neutral from Buy and downgraded Abbott Laboratories (ABT) to Sell from Neutral. He also kept Buy ratings on Intuitive Surgical (ISRG) and Boston Scientific (BSX), but adds he's "relatively more cautious." Further, Hazan kept a Sell rating on Edwards Lifesciences (EW) and says he's "warming up" to Neutral-rated Johnson & Johnson (JNJ). The analyst expects "fairly stable" fundamentals for the group in 2019, with "modest slowdowns" in organic sales and earnings growth.
01/02/19
01/02/19
DOWNGRADE
Target $49

Equal Weight
Morgan Stanley cuts Globus to Equal Weight, sees consensus as too aggressive
As previously reported, Morgan Stanley analyst Jonathan Demchick downgraded Globus Medical (GMED) to Equal Weight from Overweight, contending that consensus expectations have become too aggressive and need to be reset. The analyst argues that pent-up demand may have elevated 2018 robotic sales and that Medtronic's (MDT) Mazor X Stealth approval and bundling efforts may pressure Globus sales in 2019. Demchick lowered his price target on Globus shares to $49 from $64.
RUBY Rubius Therapeutics
$18.51

0.54 (3.01%)

08/13/18
08/13/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GOLDMAN SACHS CUTS ALNYLAM TO BUY: Goldman Sachs analyst Terence Flynn downgraded Alnylam (ALNY) to Buy from Conviction Buy. The analyst also lowered his price target for the shares to $155 from $193. Flynn said the lack of cardio data in the approved U.S. label for Onpattro is disappointing and could represent a disadvantage versus Pfizer's (PFE) competitor drug Tafamadis. Piper Jaffray analyst Edward Tenthoff recommended buying shares of Alnylam Pharmaceuticals on weakness following the approval of Onpattro. Morgan Stanley analyst David Lebowitz lowered his price target to $93, Nomura Instinet analyst Christopher Marai lowered his price target to $73, and Stifel analyst Paul Matteis maintained a Buy rating but cut his price target to $123 from $125 and slightly lowered his revenue ramp for the drug based on modestly reduced share in mixed-phenotype haTTR patients and lower share in cardiac-only haTTR patients. B. Riley FBR analyst Madhu Kumar raised his price target to $230. RUBIUS THERAPEUTICS INITIATED AT MULTIPLE FIRMS: Rubius Therapeutics (RUBY) was initiated with an Outperform at Leerink, an Overweight at JPMorgan and Morgan Stanley, as well as a Buy at Jefferies. PIPER JAFFRAY SAYS AMAZON AD BUSINESS GROWING INTO PROFIT DRIVER: Amazon's (AMZN) advertising business "has been quietly growing into a massive driver of current and future profitability," Piper Jaffray analyst Michael Olson told investors in a research note. Applying an advertising comp multiple of 16 times to estimated 2020 Amazon advertising operating income suggests an ad business that should be valued at $150B-$190B, Olson contended. IMPERIAL CAPITAL CUTS NETFLIX PRICE TARGET TO $494: Imperial Capital analyst David Miller lowered his price target for Netflix (NFLX) to $494 after he slightly reduced his global subscriber estimates. The analyst said that in the "interest of being conservative," he decreased his fiscal 2018 global subscriber estimate to 141.2M from 141.4M and fiscal 2019 global subscriber estimate to 164.4M from 166.3M. DISH DOWNGRADED TO SELL AT MOFFETTNATHANSON: MoffettNathanson analyst Craig Moffett downgraded Dish (DISH) to Sell from Neutral with a price target of $29 and noted that while the reported Q2 business conditions in the core satellite TV business were "genuinely better" amid reduced churn and slower subscriber losses, the Spectrum segment -- which holds "all" of the company's equity value -- is worse.
08/13/18
08/13/18
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. Crinetics (CRNX) was initiated with an Outperform at Leerink, an Overweight at Piper Jaffray, and a Neutral at JPMorgan. 2. Hasbro (HAS) was initiated with an Overweight at Consumer Edge while Mattel (MAT) initiated with an Equal Weight. 3. Allakos (ALLK) initiated with an Outperform at William Blair, a Buy at Jefferies, and a Neutral at Goldman Sachs. 4. Constellation Pharmaceuticals (CNST) was initiated with an Overweight at JPMorgan as well as an Outperform at BMO Capital and Oppenheimer. 5. Rubius Therapeutics (RUBY) initiated with an Outperform at Leerink, an Overweight at JPMorgan and Morgan Stanley, as well as a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/13/18
JEFF
08/13/18
INITIATION
Target $40
JEFF
Buy
Jefferies starts Rubius Therapeutics with Buy rating, $40 target
Jefferies analyst Michael Yee initiated coverage of Rubius Therapeutics with a Buy rating and $40 price target. The company's platform technology could broadly address a number of blockbuster markets, Yee tells investors in a research note. He sees an "asymmetric risk/reward over time" for the shares.
08/13/18
LEER
08/13/18
INITIATION
Target $30
LEER
Outperform
Rubius Therapeutics initiated with an Outperform at Leerink
Leerink analyst Jonathan Chang started Rubius Therapeutics with an Outperform rating and $30 price target as he has a positive long-term view on the stock. While the analyst acknowledges that any valuation method has significant shortcomings at this early stage, he believes that Rubius is "a swing for the fences type of play" with an approach that is uniquely differentiated and could be potentially transformative for the cell therapy field, if successful. Additionally, he views it as well positioned to execute on its strategy with a highly experienced management team and strong financial position.
AMAG Amag Pharmaceuticals
$16.21

0.62 (3.98%)

11/06/18
JPMS
11/06/18
DOWNGRADE
Target $18
JPMS
Underweight
JPMorgan downgrades Amag to Underweight on product uncertainties
JPMorgan analyst Jessica Fye downgraded Amag Pharmaceuticals to Underweight from Neutral and lowered her price target for the shares to $18 from $20. The analyst sees "uncertainties across multiple product lines" that she believes will lead the stock to underperform following Amag's Q3 results and preliminary negative 2019 profit view. Supply issues add a wrinkle in the Makena outlook, Fye tells investors in a research note. The analyst admits, however, that the company's ultimate 2019 financial results "may not be quite as bad as feared" and that the stock is "fairly washed out." Nonetheless, Fye views Amag as a "show me" story with 2019 set up as an investment year.
11/13/18
PIPR
11/13/18
NO CHANGE
Target $20
PIPR
Neutral
Piper remains 'cautious' on Amag following Vyleesi timeline delay
Piper Jaffray analyst Christopher Raymond keeps a Neutral rating on Amag Pharmaceuticals after the company's disclosure of a delay to Vyleesi timelines as a result of an FDA request for additional clinical safety data. The analyst says that while management has touted this drug's potential as a major contributor, he remains "skeptical," given the uncertainty around the female sexual dysfunction market and the drug's side effect and convenience profile. Raymond is keeping Vyleesi out of his model and remains "cautious" on Amag shares with a $20 price target.
12/13/18
PIPR
12/13/18
NO CHANGE
Target $20
PIPR
Neutral
Piper stays Neutral on Amag following Perosphere acquisition
Piper Jaffray analyst Christopher Raymond keeps a Neutral rating on Amag Pharmaceuticals following this morning's announcement that the company will acquire Perosphere Pharmaceuticals and global rights to its anticoagulant reversal agent, ciraparantag. The acquisition seems to be a good strategic fit with Feraheme, though whether the profile is sufficiently differentiated to drive adoption over other novel oral anticoagulant reversal agents "remains to be seen," Raymond tells investors in a research note. The analyst thinks a deal outside of women's health is a good move for Amag, but he continues to have concerns on Makena, Intrarosa and the rest of the company's women's health portfolio.
11/06/18
JPMS
11/06/18
DOWNGRADE
Target $18
JPMS
Underweight
Amag Pharmaceuticals downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Jessica Fye downgraded Amag Pharmaceuticals to Underweight and lowered her price target for the shares to $18 from $20. The analyst calls 2019 an investment year for the company.
BDX Becton Dickinson
$217.03

5.99 (2.84%)

12/06/18
DBAB
12/06/18
INITIATION
Target $280
DBAB
Buy
Becton Dickinson initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Dan Leonard initiated Becton Dickinson with a Buy rating and a price target of $280, saying the company's growth trajectory of over 5% appears to be "durable" and its multiple "defensible". The analyst cites the company's "ability to leverage its global scale and footprint to improve international penetration of recently acquired products". Leonard is also positive on Becton Dickinson's opportunity to generate double-digit growth in emerging markets across its product portfolio as well as modestly grow its market share.
12/07/18
12/07/18
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. Zendesk (ZEN) initiated with an Outperform at Wedbush. 2. Skyworks (SWKS) and Qorvo (QRVO) were initiated with a Neutral at Susquehanna. 3. Western Union (WU) initiated with a Market Perform at Keefe Bruyette. 4. Becton Dickinson (BDX) initiated with a Buy at Deutsche Bank. 5. Keurig Dr Pepper (KDP) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/08/18
KEYB
11/08/18
NO CHANGE
Target $273
KEYB
Overweight
Becton Dickinson price target raised to $273 form $264 at KeyBanc
KeyBanc analyst Matthew Mishan raised his price target for Becton Dickinson to $273 from $264 and reiterated an Overweight rating on the shares. While the analyst acknowledges that various headwinds are weighing on near-term EPS, he believes the company is positioned to continue to win long-term in its end markets. Mishan points out that initial FY19 organic growth guidance of 5%-6% is in line with what he considers to be the new normal for Becton Dickinson, headwinds to near-term margins/EPS are incorporated in guidance, with potential upside if they subside, and the timeline of debt pay down appears ahead of schedule with flexibility for some M&A in FY19.
11/27/18
UBSW
11/27/18
INITIATION
UBSW
Neutral
Becton Dickinson initiated with a Neutral at UBS
UBS analyst Matthew Taylor initiated Becton Dickinson with a Neutral rating and $260 price target.
MASI Masimo
$106.02

3.33 (3.24%)

12/19/18
12/19/18
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Medtronic (MDT) upgraded to Overweight from Neutral at JPMorgan with analyst Robert Marcus saying that over the past year he's seen a "significant turnaround in performance" at Medtronic. 2. Masimo (MASI) upgraded to Overweight from Neutral at Piper Jaffray with analyst William Quirk saying management, during recent meetings, was upbeat about their near- and longer-term prospects of driving 8%-10% sales growth, at least 100 basis points of operating margin improvement and the company's 30% operating profit goal. 3. Darden (DRI) upgraded to Buy from Hold at Maxim and to Buy from Neutral at BTIG. 4. Best Buy (BBY) upgraded to Neutral, risks priced in, says MoffettNathanson with analyst Greg Melich saying sales and margin risks are reflected in valuation. 5. General Electric (GE) upgraded to Buy from Hold at Vertical Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/27/18
UBSW
11/27/18
INITIATION
UBSW
Buy
Masimo initiated with a Buy at UBS
UBS analyst Matthew Taylor initiated Masimo with a Buy rating and $137 price target, calling the stock a Top Buy for Growth/Momentum. Taylor said "analysis of Masimo's business and new product drivers suggest the upper end of this range (and cons) are a near term growth floor."
12/19/18
PIPR
12/19/18
UPGRADE
Target $120
PIPR
Overweight
Masimo upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst William Quirk upgraded Masimo to Overweight with an unchanged price target of $120. Management, during recent meetings, was upbeat about their near- and longer-term prospects of driving 8%-10% sales growth, at least 100 basis points of operating margin improvement and the company's 30% operating profit goal, Quirk tells investors in a research note. The analyst believes Masimo can drive leverage in excess of that in 2019 based on several existing and new initiatives started in 2018. The company is "set for a period of sustainable top- and bottom-line growth," says Quirk.
11/01/18
PIPR
11/01/18
NO CHANGE
Target $120
PIPR
Neutral
Masimo price target raised to $120 from $105 at Piper Jaffray
Piper Jaffray analyst William Quirk raised his price target for Masimo to $120 saying the company reported "another solid quarter." The analyst introduced his 2022 model, which calls for low double-digit product growth driven by the Philips relationship and new product introductions as well as ongoing pulse oximetry share gains. He keeps a Neutral rating on shares of Masimo, but would be "opportunistic with any pullbacks."
LLY Eli Lilly
$114.65

3.36 (3.02%)

12/31/18
CANT
12/31/18
NO CHANGE
Target $53
CANT
Overweight
Doctors impressed by tanezumab data, says Cantor Fitzgerald
Cantor Fitzgerald analyst Louise Chen says that investors she's spoken with are expecting the data for Pfizer (PFE) and Eli Lilly's (LLY) tanezumab in the first half of 2019 to be similar to or worse than what was seen in the first Phase 3 data set reported on October 23. However, physicians are impressed by the data and do not believe the rapidly progressive osteoarthritis imbalance would impact their desire to prescribe tanezumab if it is approved, Chen tells investors in a research note. The analyst believes the safety for tanezumab will be better than expected and that the drug could replace opioids for the treatment of pain. If that is right, peak sales potential of tanezumab could be billions of dollars, and drive upside to modest expectations for the drug, says the analyst. She keeps an Overweight rating on Pfizer with a $53 price target.
12/27/18
ARGS
12/27/18
NO CHANGE
Target $135
ARGS
Buy
Argus sees volume growth, expanded indications as 2019 catalysts for Eli Lilly
Argus analyst David Toung kept his Buy rating and $135 price target on Eli Lilly, saying its 2019 catalysts for upside include anticipated volume growth and expanded indications for existing drugs, along with "potential regulatory approvals". The analyst notes that while the company's mature products are seeing slower sales and face patent expiration and the loss of exclusivity, he also expects Eli Lilly to generate earnings growth from margin expansion. Toung is also confident in 2019 contribution of Eli Lilly's recently launched Olumiant for rheumatoid arthritis, Verzenio for the second-line treatment of breast cancer, and Taltz for active psoriatic arthritis.
12/24/18
BMOC
12/24/18
NO CHANGE
Target $132
BMOC
Outperform
Eli Lilly price target raised to $132 from $124 at BMO Capital
BMO Capital analyst Alex Arfaei raised his price target on Eli Lilly to $132 from $124 and kept his Outperform rating, saying that unlike its peers, the company offers "multiple growth drivers and several pipeline assets that could provide meaningful upside." The analyst anticipates Eli Lilly's annualized revenue and earnings growth of 5% and 16% with "significant upside potential" coming from Tanezumab and Alzheimer's program. Araeil further believes that the company's growth, strong R&D and commercial execution prospects "support its premium valuation."
12/20/18
LEHM
12/20/18
NO CHANGE
Target $120
LEHM
Overweight
Eli Lilly update 'bolsters bullish outlook,' says Barclays
Barclays analyst Geoff Meacham believes Eli Lilly's update yesterday bolstered its bullish outlook. The company's new product growth underscores an attractive investment case, Meacham tells investors in a research note. While the initial 2019 guidance was "solidly ahead of expectations," what is more impressive is the underlying quality, with new products set to drive 45% of 2019's growth outlook, says the analyst. He keeps an Overweight rating on Eli Lilly with a $120 price target.
BIO Bio-Rad
$225.81

1.04 (0.46%)

10/17/18
GSCO
10/17/18
INITIATION
Target $350
GSCO
Buy
Bio-Rad initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Patrick Donnelly started Bio-Rad Laboratories with a Buy rating and $350 price target. The analyst sees above-average earnings growth for the company and thinks its margin expansion story is in the early stages.
01/03/19
LEHM
01/03/19
UPGRADE
Target $315
LEHM
Overweight
Bio-Rad upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Jack Meehan upgraded Bio-Rad Laboratories to Overweight with a price target of $315. The analyst sees an attractive entry point following the recent pullback in the shares.
01/03/19
LEHM
01/03/19
NO CHANGE
LEHM
Barclays upgrades Bio-Rad, designates Thermo Fisher as Top Pick
Barclays analyst Jack Meehan upgraded Bio-Rad Labratories to Overweight from Equal Weight while designating Thermo Fisher (TMO) as his Top Pick in U.S. Life Science Tools & Diagnostics for 2019. The analyst keeps a $315 price target on the former and raised his price target on the latter to $280 from $275. Looking into 2019, Life Science Tools & Diagnostics should continue to be a relative safe haven in healthcare, Meehan tells investors in a research note.
09/24/18
JEFF
09/24/18
NO CHANGE
Target $420
JEFF
Buy
Jefferies boosts Bio-Rad target to $420, adds to Franchise Picks List
Jefferies analyst Brandon Couillard raised his price target for Bio-Rad Laboratories to $420 and added the shares to his firm's Franchise Picks List. The analyst sees "substantial hidden value" in Bio-Rad's droplet digital PCR franchise that he believes is underappreciated by investors. ddPCR is a disruptive technology that can grow at 20%-plus annually, capable of driving a sustained organic growth acceleration for the company thru 2021, Couillard tells investors in a research note. Further, he believes base Bio-Rad business trades at only 6.3 times estimated 2020 EBITDA, or a 60% discount to peers. The analyst keeps a Buy rating on the shares.
ALLO Allogene Therapeutics
$26.40

0.36 (1.38%)

11/05/18
11/05/18
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. Immunomedics (IMMU) initiated with an Overweight at Morgan Stanley. 2. Livent (LTHM) initiated with an Outperform at Credit Suisse and a Buy at Citi, Credit Suisse, BofA/Merrill, Goldman Sachs, and Nomura Instinet. 3. Allogene Therapeutics (ALLO) was initiated with an Outperform at Cowen, a Buy at Jefferies and Goldman Sach, as well as a Buy at Jefferies. 4. Linde plc (LIN) initiated with an Underperform at Bernstein and an Equal Weight at Barclays. 5. EnLink Midstream (ENLC) initiated with a Hold at Tudor Pickering. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/05/18
GSCO
11/05/18
INITIATION
Target $41
GSCO
Buy
Goldman starts Allogene with Buy rating, $41 price target
Goldman Sachs analyst Salveen Richter initiated coverage of Allogene Therapeutics with a Buy rating and $41 price target. The company is the leading clinical-stage company focused on genetically-engineered allogeneic T cell therapies, a potentially "curative" approach for cancer, Richter tells investors in a research note. He projects peak sales of ~$5B across Allogene's three programs, which include ALLO-501 in non-Hodgkin lymphoma and ALLO-715 in multiple myeloma. Richter believes allogeneic CAR Ts are likely to replace the current autologous versions.
11/05/18
JPMS
11/05/18
INITIATION
Target $29
JPMS
Neutral
Allogene Therapeutics initiated with a Neutral at JPMorgan
JPMorgan analyst Cory Kasimov started Allogene Therapeutics with a Neutral rating and $29 price target. Given the 54% post-initial public offering rally, combined with the relatively early-stage nature of Allogene's key candidates, the analyst anticipates the stock may trade more in line with his broader universe in the interim. He believes, however, that the company's off-the-shelf CAR-T platform "has broad and disruptive potential" in oncology.
11/05/18
COWN
11/05/18
INITIATION
COWN
Outperform
Allogene Therapeutics initiated with an Outperform at Cowen
Cowen analyst Phi Nadeau initiated Allogene Therapeutics with an Outperform rating, calling it the leading company in the development of allogenic Car T therapies for the treatment of cancer. He expects the company to create much long-term shareholder value as its pipeline advances.
DOVA Dova Pharmaceuticals
$8.82

0.37 (4.38%)

12/18/18
LTCO
12/18/18
NO CHANGE
Target $32
LTCO
Buy
Dova Pharmaceuticals price target lowered to $32 from $65 at Ladenburg
Ladenburg Thalmann analyst Matthew Kaplan lowered his price target for Dova Pharmaceuticals to $32 saying the launch of Doptelet is slower than expected. The analyst removed from his valuation the surgery indication since Dova does not plan to file a supplemental new drug application for avatrombopag in patients with thrombocytopenia scheduled for a surgery. He also increased the discount rate from 35% to 55% to reflect the "uncertainty associated with the launch and the change in management." Kaplan keeps a Buy rating on Dova Pharmaceuticals.
08/29/18
RAJA
08/29/18
INITIATION
Target $44
RAJA
Outperform
Dova Pharmaceuticals initiated with an Outperform at Raymond James
Raymond James analyst Laura Chico initiated Dova Pharmaceuticals with an Outperform and $44 price target. Chico's physician survey indicates suggest a need for novel treatments like Dova's Droptelet and said investor expectations are modest, providing a favorable setup for shares.
09/17/18
JEFF
09/17/18
NO CHANGE
Target $40
JEFF
Buy
Physician poll positive for Dova Pharmaceuticals' Doptelet, says Jefferies
Jefferies analyst Eun Yang says her physician poll results on Dova Pharmaceuticals' Doptelet are "highly encouraging." The analyst sees high awareness and more favorable rates upon use of Doptelet versus current standard of care, or platelet transfusion, three months into launch as positives. Further, Doptelet preference among the polled doctors surpasses competitor Mulpleta despite a higher list pricing, Yang tells investors in a research note. She keeps a Buy rating on Dova with a $40 price target.
12/20/18
HCWC
12/20/18
INITIATION
Target $18
HCWC
Buy
Dova Pharmaceuticals initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis started Dova Pharmaceuticals with a Buy rating and $18 price target. The analyst sees a "valuable disconnect for investors currently in the face of the current tumultuous markets." The current therapeutic targets for Doptelet represent an opportunity for Dova to establish itself as a thrombocytopenic franchise leader with a global market opportunity of approximately $4.2B, Pantginis tells investors in a research note.
BLUE Bluebird Bio
$106.50

6.57 (6.57%)

12/19/18
RAJA
12/19/18
INITIATION
Target $165
RAJA
Strong Buy
Bluebird Bio initiated with a Strong Buy at Raymond James
Raymond James initiated Bluebird Bio with a Strong Buy and $165 price target.
12/06/18
PIPR
12/06/18
DOWNGRADE
Target $120
PIPR
Neutral
Bluebird Bio downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Tyler Van Buren downgraded Bluebird Bio to Neutral and cut his price target for the shares to $120 from $240. The stock closed Tuesday down $2.85 to $113.65. The company is "incredibly innovative" company and bb2121 and LentiGlobin are essentially curing some patients, but the benefits "are not without serious risks," Van Buren tells investors in a research note. And while these are risks worth taking for octorefractory multiple myeloma patients with just days to live, the proposition for beta thalassemia and sickle cell patients "is much more difficult," says the analyst. Further, Van Buren believes that as LentiGlobin launches next year, the "exuberance and hope" of clinical development will soon transition to "high expectations for commercial performance." Key opinion leaders agree that broad uptake of LentiGlobin will be challenging, admits the analyst. He lowered his estimates for LentiGlobin and downgraded Bluebird Bio to Neutral.
12/03/18
ADAM
12/03/18
NO CHANGE
ADAM
Canaccord has positive expectations for Bluebird after bb 21217 data released
Canaccord analyst John Newman maintained a Buy rating and $250 price target on Bluebird Bio, after the company recently released bb 21217 data. Newman has continued positive expectations for the active programs, and for bb2121's clinical progression. He added that "given the previous bb2121 dose response data, we continue to expect strong response data from the ongoing Phase 2 KarMMa trial, the ongoing Phase 1 CRB-401 trial in RRMM, and future Phase 3 trial." The analyst also noted that Bluebird reported cash and marketable securities of ~$2B, which he believes should be able to fund the company to profitability.
12/06/18
12/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying Facebook has made too many enemies, including politicians, regulators, technology leaders, consumers, and employees, to not experience "long-term negative ramifications on its business." 2. Conatus (CNAT) downgraded to Hold from Buy at Stifel with analyst Stephen Willey saying the Encore-PH trial missed its pre-specified primary endpoint but post-hoc analyses demonstrated a trend towards statistically significant/emricasan-mediated improvements in patients with compensated cirrhosis and elevated baseline hepatic venous pressure gradient values. 3. BHP Billiton (BHP) downgraded to Neutral from Overweight at JPMorgan with analyst Lyndon Fagan saying the stock has outperformed Rio Tinto (RIO) by 10% year-to-date, and is now trading "within range of our valuation." 4. Toll Brothers (TOL) downgraded to Sector Perform from Outperform at RBC Capital with analyst Michael Dahl citing a "sharper than expected weakness in orders and likelihood of further near-term declines," with softer margin assumptions attributed to a weaker outlook for orders. 5. Bluebird Bio (BLUE) downgraded to Neutral from Overweight at Piper Jaffray with analyst Tyler Van Buren saying the company is "incredibly innovative" company and bb2121 and LentiGlobin are essentially curing some patients, but the benefits "are not without serious risks." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
OMCL Omnicell
$60.56

1.51 (2.56%)

01/04/19
OPCO
01/04/19
NO CHANGE
Target $31
OPCO
Outperform
Healthcare IT pullbacks create 'great' opportunities, says Oppenheimer
Oppenheimer analyst Mohan Naidu says that recent pullbacks are creating some "great" opportunities in Healthcare IT and believes, in particular, Evolent Health (EVH), Omnicell (OMCL), Tabula Rasa HealthCare (TRHC) and Teledoc (TDOC) stand out. In a research note to investors, Naidu contends that Evolent will gain from the finalized CMS regulations and increased push to risk-based models, and says Omnicell's story is significantly de-risked with traction in XT implementations. He also adds that Tabula Rasa should deliver on multiple growth drivers brewing in 2019 including PACE. and that despite the near-term distractions, Teledoc's story remains intact with significant telehealth adoption and utilization focus.
12/07/18
OPCO
12/07/18
NO CHANGE
Target $86
OPCO
Outperform
Omnicell price target raised to $86 from $73 at Oppenheimer
Oppenheimer analyst Mohan Naidu reiterated an Outperform rating on Omnicell and raised his price target to $86 following discussions with management and new product reviews at an industry conference. In a research note to investors, Naidu says the Performance Center is gaining traction and has the potential to save 2-3% of annually on Rx spend. Management also noted that XT is in the early innings of the conversion cycle, while XR2 can handle greater than 90% of Rx vs. competitive models ~50-60% and installations are on track for Q4.
10/26/18
CANT
10/26/18
NO CHANGE
Target $70
CANT
Overweight
Omnicell price target raised to $70 from $63 at Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper raised his price target for Omnicell to $70 and reiterates an Overweight rating on the shares following the company's Q3 results. The analyst remain bullish on Omnicell's long-term growth outlook and believes it fundamentals are improving.
12/07/18
CANT
12/07/18
NO CHANGE
Target $80
CANT
Overweight
Omnicell price target raised to $80 from $70 at Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper raised his price target for Omnicell to $80 and reiterates an Overweight rating on the shares after attending the mid-year meeting of the American Society of Health-System Pharmacists. It appears Omnicell is making good progress with its XR2 and IVX automation products, Halper tells investors in a research note. He believes the company is "certainly creating more value for its health system customers."
NVDA Nvidia
$136.20

8.19 (6.40%)

12/14/18
MZHO
12/14/18
NO CHANGE
Target $30
MZHO
Buy
Mizuho cuts AMD target to $30 from $33, Nvidia target to $230 from $245
Mizuho analyst Vijay Rakesh lowered his price target for AMD (AMD) to $30 from $33 and for Nvidia (NVDA) to $230 from $245. The analyst, who keeps Buy rating on both stocks, is taking an updated look at graphics processing unit trends post his November 28 note highlighting the first pricing stabilization and rebound since the peak of the crypto-related bubble earlier this year. Rakesh admits that he's not seeing "any further significant uptick in pricing" since that note. However, he believes price stabilization remains in AMD and Nvidia GPUs. Revenue at Taiwan GPU component suppliers such as Gigabyte/MSI, while declining, are trending better than last year with Chinese New Year ahead, Rakesh tells investors in a research note. Further, he believes a potential launch and pricing of a mid-range ray tracing RTX 2060 could drive better gaming sales.
12/27/18
RBCM
12/27/18
NO CHANGE
Target $200
RBCM
Outperform
Nvidia, AMD estimates lowered at RBC Capital on more cautious gaming view
RBC Capital analyst Mitch Steves lowered his price target on Nvidia (NVDA) to $200 from $230 and also lowered his FY19 revenue forecast on Advanced Micro Devices (AMD) to $7.29B from $7.41B. The analyst says the revisions reflect his observation of a reduction in average selling prices for GPUs of both companies in the secondary market, particularly for Nvidia's GTX 1070 gaming chip. Steves warns that the company may not be able to discern whether the lower prices come as a result of reduced demand in gaming or cryptocurrency related activity, but states that his expectations for Gaming sector are "conservative". The analyst also expects both Nvidia and AMD stocks to remain range bound until the air-pocket in gaming has passed over the near term. Longer term, Steves keeps his Outperform rating on Nvidia amid the sales mix shift toward Data Center revenues, which is seeing traction with the expected annualized growth. For AMD, the analyst also maintains an Outperform rating stating that its long-term investment story remains unchanged. In Q1, Steves sees AMD catalysts in the form a new server product with competitive performance and price relative to the current Intel (INTC) offerings.
12/13/18
SBSH
12/13/18
UPGRADE
Target $19
SBSH
Buy
Citi upgrades Marvell, adds Nvidia to 'Semis Christmas Shopping list'
Citi analyst Atif Malik upgraded Marvell Technology Group (MRVL) to Buy from Neutral and raised his price target for the shares to $19 from $17.30. The stock closed yesterday up 5c to $15.35. With the stock down 28% year-to-date, the risk/reward looks attractive in next 12-18 months, Malik tells investors in a research note. The analyst expects increasing sales diversification and gross margin expansion from Cavium's networking business should help expand stock's historical storage weighted price-to-earnings multiple over time. Malik also added adding Nvidia (NVDA) to the "Citi Semis Christmas Shopping list on bottom picking." Gaming expectations have been de-risked in the January quarter, the analyst writes. He keeps a Buy rating on the shares with a $244 price target. Nvidia closed yesterday up 71c to $148.90.
12/19/18
SUSQ
12/19/18
NO CHANGE
SUSQ
Neutral
Susquehanna sees Mellanox as top Semiconductors M&A target for 2019
Susquehanna analyst Christopher Rolland said he likes secular themes for the semiconductor group in 2019. He prefers themes like A.I. as well as industry M&A targets. The analyst noted handset unit growth is slowing heading into 2019 and there are automotive headwinds, tariffs, and risks to PC shipments, which are causing a shift in interest. Rolland said he considers Mellanox (MLNX) his top takeout candidate in the space, also identifying Lattice Semiconductor (LSCC), Cypress Semiconductor (CY) and ON Semiconductor (ON) "attractive" targets.
AUPH Aurinia Pharmaceuticals
$6.65

0.09 (1.37%)

02/08/18
RBCM
02/08/18
INITIATION
Target $9
RBCM
Outperform
Aurinia Pharmaceuticals initiated with an Outperform at RBC Capital
RBC Capital analyst Douglas Miehm initiated Aurinia Pharmaceuticals with an Outperform rating and a price target of $9. The analyst says the stock represents an "attractive opportunity with upside" based on the Phase 3 study of its lupus nephritis drug voclosporin, which "has potential to become the first FDA-approved treatment for the disease".
08/13/18
HCWC
08/13/18
NO CHANGE
Target $15
HCWC
Buy
Aurinia Pharmaceuticals price target raised to $15 from $12 at H.C. Wainwright
H.C. Wainwright analyst Ed Arce raised his price target for Aurinia Pharmaceuticals to $15 after the company announced its pivotal Phase 3 study of voclosporin in lupus nephritis patients is running ahead of schedule. The analyst view the progress as a reflection of the high level of interest and motivation in the trial, by both patients and investigators. He keeps a Buy rating on Aurinia shares.
03/16/18
CANT
03/16/18
NO CHANGE
Target $16
CANT
Overweight
Aurinia price target raised to $16 from $14 at Cantor Fitzgerald
Cantor Fitzgerald analyst Elemer Piros raised his price target for Aurinia Pharmaceuticals to $16 citing a reduction of the company's estimated tax rate to 21% from 35% following its Q4 results. Aurinia remains on track to enroll its Phase 3 Aurora study in Q4 and to initiate studies to advance its pipeline indications for voclosporin in Q2, Piros tells investors in a research note. He reiterates an Overweight rating on the shares.
MGNX MacroGenics
$13.28

0.69 (5.48%)

12/10/18
MSCO
12/10/18
NO CHANGE
MSCO
Equal Weight
MacroGenics hold doesn't impact other B7-H3 therapies, says Morgan Stanley
After MacroGenics announced the FDA has place a partial clinical hold on MGD009, Morgan Stanley analyst David Lebowitz noted that the hold is said to not impact other B7-H3 targeted therapies, including enoblituzumab and MGC018. Given MacroGenic's prior experience with flotetuzumab, he expects to see weakness in the shares on the open this morning, but Lebowitz points out that modifications for flotetuzumab allowed for better management of cytokine related AEs and that it continues to be studied. He keeps an Equal Weight rating on MacroGenics with a $21 price target. In pre-market trading, the stock is down $2.71, or 16.5%, to $13.70.
12/04/18
RHCO
12/04/18
DOWNGRADE
Target $75
RHCO
Hold
Tesaro downgraded to Hold from Buy at SunTrust
SunTrust analyst Peter Lawson downgraded Tesaro (TSRO) to Hold from Buy and raised his price target to $75 from $65 after its announcement of being acquired by Glaxo SmithKline (GSK). The analyst believes that the $75 per share offer price is "fair" and expects the deal, which he views as potentially positive for peers and for the biotech tape, to be completed in Q1 of 2019. Lawson anticipates that other companies with DNA damage response targeting drugs such as Sierra Oncology (SRRA), as well as immunoefficiency pipeline peers including MacroGenics (MGNX), Array Biopharma (ARRY), and Deciphera Pharmaceuticals (DCPH) could benefit from the announcement.
12/10/18
RAJA
12/10/18
DOWNGRADE
RAJA
Underperform
MacroGenics downgraded to Underperform from Outperform at Raymond James
09/10/18
BTIG
09/10/18
INITIATION
Target $30
BTIG
Buy
MacroGenics assumed with a Buy at BTIG
BTIG analyst Thomas Shrader assumed MacroGenics with a Buy rating and a price target if $30, saying he is positive on its DART and TRIDENT multi-functional antibodies programs and its Fc Optimization technology that "allows antibodies to interact more strongly with immune effector cells that resolve antibody-antigen complexes". The analyst contends that while the company's monoclonal antibodies, or mAb, development space is "crowded", MacroGenics offers "nearly two decades of tough won experience" and over two years of cash runway to give its "deep pipeline" multiple opportunities to "turn heads".
AFMD Affimed N.V.
$3.27

0.19 (6.17%)

10/09/18
RHCO
10/09/18
NO CHANGE
Target $5
RHCO
Buy
Affimed N.V. price target lowered to $5 from $7 at SunTrust
SunTrust analyst Peter Lawson lowered his price target on Affirmed to $5 after the FDA placed a clinical hold on its T cell engager AFM11 phase 1 trial. The analyst keeps his Buy rating on the shares however, saying he sees no read-through to the company's NK cell engager platform or any impact on the recent NK cell engager Genentech deal. Lawson adds that commentary from the management indicates that the "series adverse events" in the study hold are "likely drug-related and from a CD19-related neurotoxicity" and should not impact the ongoing development of AFM13.
08/28/18
08/28/18
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. RH (RH) upgraded to Accumulate from Hold at Gordon Haskett. 2. Estee Lauder (EL) and Coty (COTY) upgraded to Overweight from Equal Weight at Morgan Stanley. 3. First Business Financial (FBIZ) upgraded to Buy from Neutral at DA Davidson with analyst Kevin Reevey saying the current trading level on the stock presents an attractive entry point after its 10% month-to-date decline and a 19% retreat from its 52-week highs. 4. Regency Centers (REG) upgraded to Buy from Hold at Deutsche Bank with analyst Derek Johnston saying "clear signs" of a retail recovery has fueled the rally in strip real estate investment trusts in recent weeks. 5. Affimed N.V. (AFMD) upgraded to Buy from Hold at Jefferies with analyst Maury Raycroft saying its collaboration with Roche Group's (RHHBY) Genentech to develop and commercialize novel NK cell engagers indicate the intrinsic value in Affimed's platform and approach. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/11/18
WELS
09/11/18
NO CHANGE
WELS
Amgen's AMG420 risk overstated, says Wells Fargo
Wells Fargo analyst Jim Birchenough believes shares of Bluebird Bio (BLUE) have been under pressure on concerns regarding potential competitive risk to BCMA CAR T therapeutic bb2121 from Amgen's (AMGN) bispecific T cell engager AMG420. The analyst highlights that AMGN420 is a continuous IV infusion and in his opinion not a viable competitor to a single bb2121 cell therapy dose, particularly given long-term durability of response with bb2121. Further, he notes that Amgen's approved first generation CD19 bispecific engager, BLINCYTO, is dosed as a continuous IV for 4 weeks out of every 6 and achieved only $175M in sales in 2017 following 2015 approval. He does not view this dose schedule for first generation bispecific T cell engagers as commercially viable in a more chronic cancer. Additionally, the analyst points out that Affimed (AFMD) also has a preclinical BCMA engager AFM26, established proof-of-concept data for CD30 bispecific AFM13, and upcoming proof-of-concept data for CD19 bispecific AFM11.
10/09/18
BMOC
10/09/18
NO CHANGE
Target $5
BMOC
Outperform
Affimed N.V.'s clinical trial hold on AFM11 'likely temporary', says BMO Capital
BMO Capital analyst Do Kim kept his Outperform rating and $5 price target on Affirmed N.V., saying the clinical hold placed on its AFM11 phase 1 trial is likely to be "temporary" since the three "serious adverse events" cited were identified as neurotoxicities. While he lowers his probability of success in acute lymphoblastic leukemia to 25% from 30% and keeps his probability in non-Hodgkin lymphoma at a "low" 15%, Kim calls for investors to buy Affirmed shares on weakness since the clinical hold is not likely to become "program ending".
IOVA Iovance Biotherapeutics
$9.52

0.62 (6.97%)

12/31/18
RILY
12/31/18
INITIATION
Target $24
RILY
Buy
Iovance Biotherapeutics resumed with a Buy at B. Riley FBR
B. Riley FBR analyst George Zavoico resumed coverage of Iovance Biotherapeutics and kept his firm's Buy rating and $24 price target on the shares.
11/12/18
RILY
11/12/18
NO CHANGE
Target $24
RILY
Buy
Iovance lifileucel data support melanoma optimism, says B. Riley FBR
B. Riley FBR analyst Madhu Kumar reiterates a Buy rating on Iovance Biotherapeutics with a $24 price target after the company presented Phase II lifileucel melanoma data this weekend. The analyst views the 30% confirmed overall response rate and early duration of response as "impressive" for the highly refractory post-PD-1 patients studied. The analyst says these results validate his optimism for the potentially registrational cohort 4 of lifileucel in melanoma, guided to start in early 2019.
10/12/18
HCWC
10/12/18
NO CHANGE
HCWC
Iovance Biotherapeutics price target raised to $26 from $22 at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Iovance Biotherapeutics and raised his price target on shares to $26 from $22, following the outcome of the end-of-Phase 2 meeting with the FDA regarding lead candidate LN-144. Pantginis called the interactions with the FDA "successful," and believes that Iovance will "further pursue its discussion with the agency in order to find the best path forward for LN-144 followed by assets across multiple indications." Additionally, the analyst reiterated his belief that Iovance is a compelling takeout candidate, and added that the company's cash resources provide strong leverage in any discussions.
11/06/18
WELS
11/06/18
NO CHANGE
WELS
Outperform
Iovance data supportive of potential approval, says Wells Fargo
The 38% response rate and duration greater than six months seen in this morning's abstract data for tumor-infiltrating lymphocyte therapeutic lifleucel in PD1 experienced metastatic melanoma are "highly differentiated from other cell therapies in solid tumors and supportive of potential approval if confirmed by pivotal study," Wells Fargo analyst Jim Birchenough tells investors in a research note. The analyst keeps an Outperform rating on shares of Iovance Biotherapeutics. The stock in morning trading is down 10%, or 99c, to $8.46.
ACAD Acadia
$17.57

1.41 (8.73%)

11/12/18
LEER
11/12/18
INITIATION
Target $21
LEER
Market Perform
Acadia initiated with a Market Perform at Leerink
Leerink Partners analyst Marc Goodman started Acadia Pharmaceuticals with a Market Perform rating and $21 price target.
11/07/18
HCWC
11/07/18
NO CHANGE
Target $60
HCWC
Buy
Acadia poised to outperform in 2019, says H.C. Wainwright
H.C. Wainwright analyst Andrew Fein expects to see Nuplazid regain momentum following Acadia Pharmaceuticals' Q3 results. As the overhang of the safety concerns around Nuplazid was cleared by the FDA's statement in September, the key commercial question is now whether the company will be able to regain the growth momentum through a number of promotional activities, Fein tells investors in a research note. He expects to see the "normalization of growth in the months ahead" and says Acadia is poised to outperform in 2019. Fein keeps a Buy rating on the shares with a $60 price target.
12/10/18
ADAM
12/10/18
INITIATION
Target $23
ADAM
Hold
Acadia initiated with a Hold at Canaccord
Canaccord analyst Sumant Kulkarni initiated Acadia Pharmaceuticals with a Hold rating and $23 price target. In a research note to investors, Kulkarni says that while he believes Acadia is a core holding for investors seeking exposure to central nervous system, or CNS, companies with commercial assets, he believes the risk/reward on the stock is balanced ahead of potential issuance of the company's initial 2019 outlook for Nuplazid in Parkinson's Disease psychosis, or PDP, and views his sales estimate for Nuplazid as "reasonable," though he admits he has low visibility heading into the event.
11/13/18
LEER
11/13/18
INITIATION
Target $21
LEER
Market Perform
Acadia initiated with a Market Perform at Leerink
Leerink analyst Marc Goodman started Acadia with a Market Perform and $21 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 Acadia, Goodman believes Nuplazid will rebound following the negative publicity regarding its safety profile based on his proprietary MEDACorp physician survey work, but consensus now assumes a rebound.
HQY HealthEquity
$58.06

3.25 (5.93%)

12/17/18
CANT
12/17/18
UPGRADE
Target $82
CANT
Overweight
HealthEquity upgraded to Overweight from Neutral at Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper upgraded HealthEquity to Overweight with an $82 price target. The stock closed the trading day down 4%, or $2.46, to $59.63. Despite the recent pullback in the shares, HealthEquity's fundamentals remain strong as the company continues to benefit from adoption of health savings accounts, Halper tells investors in a research note. The analyst believes the recent pullback in the stock is overdone and creates an attractive entry point.
12/06/18
RHCO
12/06/18
DOWNGRADE
Target $90
RHCO
Hold
HealthEquity downgraded to Hold at SunTrust on fewer catalysts
As reported earlier, SunTrust analyst Sandy Draper downgraded his rating on HealthEquity to Hold from Buy and lowered his price target to $90 from $105. The analyst cites reduced tailwinds from the interest rate environment over the next 12 months based on the recent comments from the Fed, tough assets under management comps in Q4, and his expected lower number of upward earnings revisions as "the high visibility and scale of the business limit the upside surprise potential".
12/06/18
RHCO
12/06/18
DOWNGRADE
RHCO
Hold
HealthEquity downgraded to Hold from Buy at SunTrust
09/06/18
09/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Histogenics (HSGX) downgraded to Neutral from Buy at BTIG with analyst Ryan Zimmerman citing Histogenics announcement that its Phase 3 trial comparing NeoCart to microfracture surgery missed its primary endpoint. 2. Chevron (CVX) and ConocoPhillips (COP) were downgraded to Neutral from Buy at BofA/Merrill. 3. Franklin Resources (BEN) downgraded to Underweight from Neutral at JPMorgan with analyst Kenneth Worthington saying he believes the more recent weakness in emerging markets, and in particular in emerging market debt, will weigh on both Franklin's organic growth and earnings potential. 4. HealthEquity (HQY) downgraded to Neutral from Buy at BofA/Merrill with analyst Allen Lutz saying recent share strength fully discounts upside from interest rates and potential upside from a proposed Senate HSA bill that could add 10-15% to industry AUM. 5. Rio Tinto (RIO) downgraded to Hold from Buy at Investec. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NKTR Nektar
$33.96

2.39 (7.57%)

11/12/18
MZHO
11/12/18
NO CHANGE
Target $81
MZHO
Buy
Nektar updated data in melanoma patients encouraging, says Mizuho
Mizuho analyst Difei Yang views Nektar Therapeutics' updated data in melanoma patients over the weekend as encouraging. While the data did not meet the analyst's base-case scenario, as overall response rate remained roughly in-line with the prior data update, Yang says she's encouraged to see a deepening of responses evidenced by an increase in the number of complete responses since the last data update. She continues to see merit in the NKTR-214/Opdivo combo. Yang expects continued data updates in various tumor settings over the coming months to drive Nektar shares and keeps a Buy rating on the name with an $81 price target.
11/11/18
PIPR
11/11/18
NO CHANGE
Target $125
PIPR
Overweight
Piper Jaffray bullish on Nektar, more confident in Phase III study success
Following Nektar's updated data from the melanoma cohort at SITC, Piper Jaffray analyst Tyler Van Buren says it is clear that everyone has been "too myopic" by solely focusing on overall response rates. Despite this, the analyst says that it was "encouraging to see" it actually increase to 53% following independent central radiology, and compares well to nivo monotherapy. More importantly, a 24% CR rate is "impressive" at this stage, he contends. The analyst argues that the more durable responses appear to be translating to improved mPFS as it is not nearly reached with the study having about 8 months of median follow-up. Van Buren reiterates an Overweight rating and $125 price target on the shares as he is now incrementally more confident in Phase III study success.
01/02/19
JEFF
01/02/19
INITIATION
Target $21
JEFF
Buy
Jefferies starts Synthorx with Buy rating, $21 price target
Jefferies analyst Biren Amin initiated coverage of Synthorx (THOR) with a Buy rating and $21 price target. Based on preclinical data, the analyst believes THOR-707 could have differentiated properties compared to other IL-2 therapies and may drive monotherapy efficacy. He thinks THOR-707 will have a fast follower clinical development strategy to Nektar's (NKTR) NKTR-214. Further, Amin believes Synthorx's early pipeline offers additional upside.
12/13/18
GSCO
12/13/18
INITIATION
Target $62
GSCO
Buy
Nektar initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Paul Choi started Nektar Therapeutics with a Buy rating and $62 price target. The analyst thinks data readouts over the next 12-24 months should help to rebuild the case for NKTR-214's commercial potential across an array of tumor types. Choi, whose thesis does not assume the likelihood of Nektar being acquired, sees the readouts driving a "positive reassessment of the stock."
BMY Bristol-Myers
$46.88

1.76 (3.90%)

01/04/19
EDJN
01/04/19
DOWNGRADE
EDJN
Hold
Bristol-Myers downgraded to Hold from Buy at Edward Jones
BAX Baxter
$66.47

2.04 (3.17%)

01/02/19
SBSH
01/02/19
UPGRADE
Target $76
SBSH
Buy
Baxter upgraded to Buy from Neutral at Citi
Citi analyst Amit Hazan upgraded Baxter International to Buy and raised his price target for the shares to $76 from $69.
12/17/18
FBCO
12/17/18
INITIATION
Target $77
FBCO
Outperform
Baxter initiated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic initiated Baxter with an Outperform rating and a price target of $77 as part of his broader research note on Medical Supplies and Devices partially titled "No Disruption, No Alpha". The analyst believes that the company can get back on track in 2019 and that the stock is attractively priced, also forecasting over 600bps of margin improvement since 2015. Miksic also cites the company's plans to launch over 50 new products in multiple geographies over the next 5 yeas.
01/02/19
01/02/19
UPGRADE
Target $77

Overweight
Baxter upgraded to Overweight from Underweight at Morgan Stanley
Morgan Stanley analyst David Lewis double upgraded Baxter to Overweight from Underweight, stating that the company has the most flexible balance sheet in traditional large cap devices and he believes the company should focus on growth oriented deployment of its resources for multiple transactions, not a transformational deal that would bring significant execution risk and could express a lack of confidence in underlying business recovery. He also believes the stock's current valuation largely reflects the company's 3-4% weighted average market growth rate but not the acceleration by 2020 that he believes could drive Baxter's growth rate back up. Lewis raised his price target on Baxter shares to $77 from $66.
MOH Molina Healthcare
$109.71

3.69 (3.48%)

11/13/18
JEFF
11/13/18
UPGRADE
Target $169
JEFF
Buy
Molina Healthcare upgraded to Buy from Hold at Jefferies
Jefferies analyst David Windley upgraded Molina Healthcare to Buy and raised his price target for the shares to $169 from $152.
12/28/18
PIPR
12/28/18
NO CHANGE
PIPR
Piper says buy Centene, sell Community Health if recession were to occur
After performing a recession risk/reward for Hospitals and Managed Care Organizations, Piper Jaffray analyst Sarah James recommends buying Centene (CNC) and selling Community Health Systems (CYH) if a recession were to occur. The analyst says that with some economists calling for a recession in 2019, she dug into the potential impacts across the hospital and insurance sector. For hospitals, consumer surveys point to economic outlook impacting decisions to receive services, James tells investors in a research note. On the other hand, insurers are a "natural defensive sector in a recession," adds the analyst. As such, in a recession James would be adding exposure to insurers and lightening hospitals.
11/13/18
JEFF
11/13/18
UPGRADE
Target $169
JEFF
Buy
Jefferies upgrades Molina to Buy on confidence in earnings stability
Jefferies analyst David Windley upgraded Molina Healthcare to Buy from Hold and raised his price target for the shares to $169 from $152. Despite raising earnings guidance, concern about earnings sustainability has pulled the stock down 14% from recent highs, Windley tells investors in a research note. The analyst says that while Healthcare Exchange margin pressure and reduced revenue in Florida and New Mexico are risks, Molina's cost initiatives plus organic growth "will more than offset headwinds." He views the stock's valuation as attractive at current share levels and has increased coincidence in the company's earnings stability.
01/03/19
WOLF
01/03/19
DOWNGRADE
WOLF
Peer Perform
Molina Healthcare downgraded to Peer Perform from Outperform at Wolfe Research
WAT Waters
$179.68

3.23 (1.83%)

01/03/19
BOFA
01/03/19
UPGRADE
BOFA
Neutral
Waters upgraded to Neutral on buyback support at BofA/Merrill
As previously reported, BofA/Merrill upgraded Waters to do to Neutral from Underperform and raised its price target to $193 from $180. Analyst Derik de Bruin raised Waters estimates citing an aggressive share buyback program that offers earnings support.
01/02/19
NEED
01/02/19
INITIATION
Target $177
NEED
Hold
Waters initiated with a Hold at Needham
Needham analyst Stephen Unger started Waters Corp. with a Hold rating and $177 fair value estimate.
01/03/19
BOFA
01/03/19
UPGRADE
BOFA
Neutral
Waters upgraded to Neutral from Underperform at BofA/Merrill
01/03/19
01/03/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) upgraded to Neutral from Reduce at New Street with analyst Pierre Ferragu saying the news is as bad as can be and the thesis is "fully played out." 2. Alphabet (GOOG, GOOGL) upgraded to Buy from Hold at Canaccord with analyst Michael Graham saying revenue growth should continue in the 15-20% range for 2-3 years which coupled with abating margin pressure and share buybacks, should lead to over 15% earnings growth between 2020-2022. 3. First Solar (FSLR) upgraded to Buy from Neutral at Goldman Sachs with analyst Brian Lee saying solar stocks underperformed in 2018 as tariffs, China policy and oversupply drove a cyclical correction. 4. Stryker (SYK) upgraded to Outperform at Evercore ISI with analyst Ross Muken saying 2019 guidance has been de-risked following management commentary and said recent macro survey work suggests 7% organic growth is achievable. 5. Waters (WAT) upgraded to Neutral from Underperform at BofA/Merrill with analyst Derik de Bruin citing an aggressive share buyback program that offers earnings support. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NVS Novartis
$85.88

1.1 (1.30%)

01/02/19
JPMS
01/02/19
DOWNGRADE
JPMS
Underweight
Novartis downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Richard Vosser downgraded Novartis to Underweight with a price target of CHF 89. The analyst has concerns over the company's pipeline and believes the shares are close to fair value.
12/18/18
COWN
12/18/18
NO CHANGE
COWN
Outperform
Cowen sees Sandoz deal as reinforcing Tilray's competitive positioning
Tilray's (TLRY) expanded global partnership with Novartis (NVS) division Sandoz can not only help expand its reach with pharmacists, physicians and distributors, it can also help Tilray capture early share in new medical cannabis markets as they come online, Cowen analyst Vivien Azer tells investors in a research note. Further, the analyst believes the partnership also helps legitimize cannabis in international markets, which could help influence countries considering medical cannabis legalization. Azer estimates international will represent 15% of Tilray's revenue in fiscal 2020 and 22% in fiscal 2021. Not only does the deal allow Tilray to expand geographic reach, but also to grow at scale, says Azer. And most notably, the Sandoz deal reinforces Tilray's competitive positioning, adds the analyst, who keeps an Outperform rating on the shares with a $150 price target. The stock in morning trading is up 9%, or $5.98, to $71.87.
12/11/18
JEFF
12/11/18
INITIATION
Target $105
JEFF
Buy
Novartis assumed with a Buy at Jefferies
Jefferies analyst Peter Welford assumed coverage of GNovartis with a Buy rating and $105 price target. The analyst is positive on the European large-cap Pharma space "as it enters a period of sustained earnings momentum."
12/20/18
WELS
12/20/18
NO CHANGE
WELS
Drug industry facing 'brave new world' with drug price scrutiny, says Wells
After Reuters reported that nearly 30 drugmakers are planning to raise the prices of their medicines in the U.S. starting in January, including Novartis (NVS), Bayer (BAYRY), GlaxoSmithKline (GSK), Amgen (AMGN), AstraZeneca (AZN), Biogen (BIIB) and Allergan (AGN), Wells Fargo analyst David Maris told investors in a research note that he has repeatedly highlighted how the practice of drug price increases is a risk for the industry, and believes the latest actions by these manufacturers will be "front and center" for the Trump administration heading towards an election year. He also expects to see increased political and legislative pressure on drug prices as Democrats take over the House in January, and continues to believe that the drug industry is facing a "brave new world" with greater scrutiny of drug prices, lower price increases vs. historical levels, and as a result potentially lower profit margins.
HUM Humana
$276.89

7.19 (2.67%)

12/20/18
12/20/18
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Humana (HUM) upgraded to Overweight from Neutral at JPMorgan with analyst Gary Taylor saying the upgrade reflects the "significant" recent pullback in the shares, Humana's accelerating market share gains, its "attractive" Medicare Advantage exposure, and "conservative" balance sheet. 2. Ericsson (ERIC) upgraded to Market Perform from Underperform at Raymond James. 3. Patterson-UTI (PTEN) and Halliburton (HAL) were upgraded to Buy from Hold at Societe Generale. 4. PPG (PPG) upgraded to Outperform from Sector Perform at RBC Capital with analyst Arun Viswanathan citing the potential tailwind coming from more favorable pricing in raw materials like oil and titanium dioxide. 5. Synovus (SNV) upgraded to Outperform from Neutral at Baird with analyst Garrett Holland saying core trends should remain solid with better relative loan growth, rising capital return and further efficiency improvement. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/20/18
JPMS
12/20/18
UPGRADE
Target $333
JPMS
Overweight
Humana upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Gary Taylor upgraded Humana to Overweight while lowering his price target for the shares to $333 from $354.
12/20/18
JPMS
12/20/18
UPGRADE
Target $333
JPMS
Overweight
JPMorgan upgrades Humana to Overweight, calls a best idea for 2019
JPMorgan analyst Gary Taylor upgraded Humana to Overweight from Neutral while lowering his price target for the shares to $333 from $354. The analyst also named the company one of his best ideas for 2019. The upgrade reflects the "significant" recent pullback in the shares, Humana's accelerating market share gains, its "attractive" Medicare Advantage exposure and "conservative" balance sheet, Taylor tells investors in a Heracles note.
ENTA Enanta
$72.49

2.77 (3.97%)

08/08/18
OPCO
08/08/18
DOWNGRADE
OPCO
Perform
Enanta downgraded to Perform from Outperform at Oppenheimer
08/08/18
08/08/18
DOWNGRADE
Target $100

Perform
Enanta downgraded to Perform on HCV headwinds at Oppenheimer
As previously reported, Oppenheimer analyst Jay Olson downgraded Enanta to Perform from Outperform following quarterly results and in the face of HCV headwinds. The analyst lowered his price target on the shares to $100 from $135.
12/13/18
BREN
12/13/18
INITIATION
Target $80
BREN
Hold
Enanta initiated with a Hold at Berenberg
Berenberg analyst Patrick Trucchio initiated Enanta with a Hold rating and $80 price target.
12/13/18
12/13/18
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. Alibaba (BABA) assumed with a Buy at Mizuho. 2. Molson Coors (TAP) and Keurig Dr Pepper (KDP) were initiated with a Buy at UBS, while PepsiCo (PEP) and Constellation Brands (STZ) were initiated with a Neutral, and Monster Beverage (MNST) and Boston Beer (SAM) were initiated with a Sell. 3. SeaSpine (SPNE) initiated with an Outperform at Wells Fargo. 4. XPO Logistics (XPO) initiated with a Buy at SunTrust. 5. Enanta (ENTA) initiated with a Hold at Berenberg. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
GSK GlaxoSmithKline
$38.62

0.76 (2.01%)

12/27/18
ARGS
12/27/18
NO CHANGE
Target $47
ARGS
Buy
GlaxoSmithKline's high dividend yield 'attractive', says Argus
Argus analyst John Eade kept his Buy rating and $47 price target on GlaxoSmithKline (GSK) with a positive view on its planned joint venture with Pfizer (PFE) combining the companies' consumer businesses. The analyst expects the transaction to boost GlaxoSmithKline shares in the next 2-3 years. Eade also cites the company's 5.2% dividend yield, which he sees as "attractive in a low-interest-rate environment."
12/14/18
12/14/18
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. Tesla (TSLA) initiated with an Outperform at Wedbush and a Hold at Deutsche Bank. 2. New York Times (NYT) initiated with an Outperform at Evercore ISI. 3. Ford (F) and General Motors (GM) were initiated with a Buy at Deutsche Bank, while Autoliv (ALV) was initiated with a Sell. 4. AstraZeneca (AZN) initiated with a Buy at SunTrust while GlaxoSmithKline (GSK) was initiated with a Hold. 5. DaVita (DVA) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/14/18
LEER
12/14/18
NO CHANGE
LEER
Outperform
Tesaro proxy documents point to interest in PARP economics, says Leerink
Leerink analyst Andrew Berens noted that GlaxoSmithKline (GSK) and Tesaro (TSRO) disclosed background details for their deal agreement in a filing this morning. The documents show several parties were interested in a strategic transaction with Tesaro at various points over the last year, though the strategic interest appears to have been driven by Glaxo and one additional company, identified as "Party A", Berens said. It is not clear why the six other contacted parties were not interested in pursuing a strategic transaction, but he thinks Party A's co-promote proposal and the initial interest of other potential acquirers indicates strategic interest in the economics surrounding a PARP. Berens, who continues to see Clovis (CLVS) being well-positioned as the remaining stand-alone PARP-focused company, keeps an Outperform rating on Clovis and Market Perform rating on Tesaro.
ABT Abbott
$68.10

1.87 (2.82%)

01/02/19
SBSH
01/02/19
DOWNGRADE
Target $68
SBSH
Sell
Abbott downgraded to Sell from Neutral at Citi
Citi analyst Amit Hazan downgraded Abbott Laboratories to Sell and lowered his price target for the shares to $68 from $72.
12/17/18
FBCO
12/17/18
INITIATION
Target $82
FBCO
Outperform
Abbott initiated with an Outperform at Credit Suisse
Credit Suisse initiated Abbott with an Outperform and $82 price target.
12/17/18
FBCO
12/17/18
INITIATION
Target $82
FBCO
Outperform
Abbott initiated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic initiated Abbott with an Outperform rating and a price target of $82 as part of his broader research note on Medical Supplies and Devices partially titled "No Disruption, No Alpha", saying the stock offers "best exposure" to Diabetes medicine. The analyst contends that Abbott is "firing on all cylinders" with improving organic growth, sales mix, and investor returns, having produced organic revenue growth of about 8% over the last 4 quarters.
MCK McKesson
$114.41

1.59 (1.41%)

07/20/18
BARD
07/20/18
DOWNGRADE
BARD
Neutral
McKesson downgraded to Neutral from Outperform at Baird
07/20/18
BARD
07/20/18
DOWNGRADE
BARD
Neutral
Express Scripts, AmerisourceBergen, McKesson cut to Neutral at Baird
As previously reported, Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC) and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against PBMs and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment, stating that visibility has deteriorated further across the supply chain.
07/20/18
07/20/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Philip Morris (PM) downgraded to Neutral from Overweight at JPMorgan and to Market Perform from Outperform at Cowen. 2. Skechers (SKX) downgraded to Neutral from Positive at Susquehanna and to Market Perform from Outperform at Wells Fargo. 3. McKesson (MCK), AmerisourceBergen (ABC), and Express Scripts (ESRX) downgraded to Neutral from Outperform at Baird. 4. Five Below (FIVE) downgraded to Neutral from Outperform at Credit Suisse with analyst Judah Frommer saying he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. 5. Yum China (YUMC) downgraded to Underperform from Neutral at BofA/Merrill with analyst Chen Luo saying he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/20/18
07/20/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA CUTS YUM CHINA TO UNDERPERFORM: BofA Merrill Lynch analyst Chen Luo downgraded Yum China (YUMC) to Underperform from Neutral and cut its price target to $34 from $44.30. Luo said he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. Yum China is down 4.8% in late morning trading. CREDIT SUISSE CUTS FIVE BELOW TO NEUTRAL: Credit Suisse analyst Judah Frommer downgraded Five Below (FIVE) to Neutral from Outperform, telling investors that he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. Frommer keeps his $110 price target and says Five Below remains one of the most differentiated concepts in retail. Five Below is down 4.4% in late morning trading. BAIRD MORE CAUTIOUS ON DRUG SUPPLY CHAIN: Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC), and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against pharmacy benefit managers and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment. SUNTRUST STARTS VIKING WITH A BUY: SunTrust analyst Edward Nash initiated Viking Therapeutics (VKTX) with a Buy rating and a price target of $14, saying its VK2809 drug for lipid disorders "has the potential to become a promising treatment by addressing multiple metabolic issues" associated with the non-alcoholic steatohepatitis disease, or NASH. Viking is up 8.3% in late morning trading. JPMORGAN SAYS BUY GM, SELL TESLA INTO EARNINGS: JPMorgan analyst Ryan Brinkman forecast lower than consensus Q2 earnings for Ford (F) and higher than consensus earnings for General Motors (GM). The analyst is also concerned about the potential for a "large loss and accompanying large cash outflow" at Tesla (TSLA) in Q2 to "make the bridge" to GAAP profitability and positive cash generation in the second half of the year. Brinkman maintained Overweight ratings on GM and Ford, with a preference for GM shares. He also kept his cautious Underweight rating on Tesla shares, seeing 44% downside to his $180 December 2018 price target.
UHS Universal Health
$118.59

2.72 (2.35%)

12/14/18
12/14/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Walgreens Boots Alliance (WBA) downgraded to Sell from Neutral at Goldman Sachs with analyst Robert Jones saying he struggles to make a "compelling fundamental case" for the Americas Healthcare Services Supply Chain heading into 2019 as "issues facing core growth drivers do not seem to be abating." 2. Cisco (CSCO) downgraded to Neutral from Buy at Nomura Instinet with analyst Jeffrey Kvaal saying strengthening information technology spending, an innovation-led refresh cycle, and a rising software mix have lifted Cisco's multiple and its shares to post-recession highs. 3. Universal Health (UHS) downgraded to Sell from Neutral at Goldman Sachs with analyst Stephen Tanal saying a "healthy" macro environment helps acute hospitals' commercial mix, but behavioral health providers like Universal Health over-index to Medicaid and Medicare, "leaving them less exposed to the supportive backdrop." 4. Beacon Roofing (BECN) downgraded to Neutral from Outperform at Wedbush with analyst Jay McCanless saying that yesterday's investor day did not provide any new catalysts to raise EPS estimates or price target. 5. Kaman (KAMN) downgraded to Underweight from Neutral at JPMorgan with analyst Seth Seifman saying he values the stock at 14 times his 2020 earnings per share estimate of $4.05 while adding 15c for potentially accretive M&A, given the company's balance sheet capacity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/13/18
GSCO
12/13/18
DOWNGRADE
Target $125
GSCO
Sell
Goldman downgrades Universal Health to Sell on behavioral pressure
Goldman Sachs analyst Stephen Tanal downgraded Universal Health Services to Sell from Neutral while raising his price target for the shares to $125 from $120. A "healthy" macro environment helps acute hospitals' commercial mix, but behavioral health providers like Universal Health over-index to Medicaid and Medicare, "leaving them less exposed to the supportive backdrop," Tanal tells investors in a research note. He expects continued pressure on average length of stay for inpatient behavioral facilities amid growing managed care penetration of Medicaid and Medicare admissions. Inpatient behavioral facilities have fewer levers to offset these pressures, says the analyst. He believes shares of Universal Health have "dislocated from softening fundamentals in its key behavioral segment."
01/03/19
DBAB
01/03/19
INITIATION
Target $140
DBAB
Buy
Universal Health initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Pito Chickering started Universal Health Services with a Buy rating and $140 price target. The analyst initiated coverage on Healthcare Facilities with a constructive view saying the sector is "relatively defensive" in slowing business cycles and that company cash flows "provide downside protection in volatile markets."
BOLD Audentes Therapeutics
$23.05

1 (4.54%)

11/26/18
JPMS
11/26/18
INITIATION
Target $35
JPMS
Overweight
Audentes Therapeutics initiated with an Overweight at JPMorgan
JPMorgan analyst Anupam Rama started Audentes Therapeutics with an Overweight rating and $35 price target. The stock has pulled 40% since early October, which represents an attractive long-term entry point, Rama tells investors in a research note. He believes the "de-risked nature" of the known clinical data for gene therapy lead assets AT132 in X-Linked Myotubular Myopathy and AT342 in Crigler-Najjar Syndrome "goes underappreciated" at current share levels.
10/12/18
HCWC
10/12/18
NO CHANGE
Target $33
HCWC
Buy
Audentes Therapeutics price target lowered to $33 from $40 at H.C. Wainwright
H.C. Wainwright analyst Debjit Chattopadhyay lowered his price target for Audentes Therapeutics to $33 after the company closed another secondary offering at $29 per share, which he notes represents a 17% discount to the January offering, which diluted shareholders by about 14%. The latest offering "leaves more than a sour taste in our mouths," Chattopadhyay tells investors in a research note. He believes Audentes had "no dire need to access the capital markets" and finds the timing and pricing of the offering "to be a little suspect." However, Chattopadhyay keeps a Buy rating on Audentes Therapeutics.
11/07/18
WBLR
11/07/18
DOWNGRADE
WBLR
Market Perform
Audentes downgraded to Market Perform from Outperform at William Blair
William Blair analyst Raju Prasad downgraded Audentes Therapeutics to Market Perform following the company's Q3 results. The analyst says increased competition in Pompe disease is giving him pause.
11/07/18
11/07/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Freeport McMoRan (FCX) downgraded to Underperform from Sector Perform at RBC Capital with analyst Stephen Walker saying he points to the company's premium valuation ahead of what he expects to be a decline in 2019 production. 2. Zillow (Z, ZG) downgraded to Sell from Hold at Zelman and to Negative from Neutral at Susquehanna. 3. Mindbody (MB) downgraded to Neutral from Buy at UBS and Roth Capital as well as to Neutral from Overweight at JPMorgan. 4. Frontier Communications (FTR) downgraded to Sell from Neutral at UBS with analyst Batya Levi saying Frontier's free cash flow remains under pressure. 5. Audentes downgraded to Market Perform from Outperform at William Blair with analyst Raju Prasad saying increased competition in Pompe disease is giving him pause. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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$31.57

-1.18 (-3.60%)

07:40
01/24/19
01/24
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07:40
Hot Stocks
American Airlines sees Q1 TRASM flat to up approximately 2.0% y/y »

American expects its…

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  • 24

    Jan

ASND

Ascendis Pharma

$73.16

-0.47 (-0.64%)

07:40
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01/24
07:40
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07:40
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Ascendis Pharma rating change  »

Ascendis Pharma upgraded…

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THLEF

Thales

$0.00

(0.00%)

07:40
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01/24
07:40
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07:40
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Thales rating change  »

Thales downgraded to…

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DUAVF

Dassault Aviation

$0.00

(0.00%)

07:40
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01/24
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07:40
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Dassault Aviation rating change  »

Dassault Aviation…

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:39
01/24/19
01/24
07:39
01/24/19
07:39
Earnings
Breaking Earnings news story on American Airlines »

American Airlines sees…

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  • 24

    Jan

TXN

Texas Instruments

$95.49

-1.05 (-1.09%)

07:38
01/24/19
01/24
07:38
01/24/19
07:38
Recommendations
Texas Instruments analyst commentary  »

Citi sees 'multiple…

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  • 25

    Feb

CSFL

CenterState Bank

$24.09

0.32 (1.35%)

07:36
01/24/19
01/24
07:36
01/24/19
07:36
Recommendations
CenterState Bank analyst commentary  »

Brean Capital says…

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  • 12

    Feb

HUBS

HubSpot

$152.02

0.36 (0.24%)

07:36
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01/24
07:36
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07:36
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HubSpot rating change  »

HubSpot downgraded to…

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  • 25

    Feb

MCHP

Microchip

$74.31

-0.9 (-1.20%)

07:36
01/24/19
01/24
07:36
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07:36
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Microchip rating change  »

Microchip downgraded to…

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  • 25

    Feb

VIVO

Meridian Bioscience

$16.77

0.2 (1.21%)

07:36
01/24/19
01/24
07:36
01/24/19
07:36
Earnings
Meridian Bioscience reports Q4 EPS 20c, consensus 17c »

Reports Q4 revenue…

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  • 24

    Jan

  • 24

    Jan

AAXN

Axon

$48.06

-0.61 (-1.25%)

07:36
01/24/19
01/24
07:36
01/24/19
07:36
Hot Stocks
Axon receives Taser 7 orders from Florida Police Departments »

Axon received significant…

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  • 25

    Feb

CHCO

City Holding

$69.91

-0.09 (-0.13%)

07:35
01/24/19
01/24
07:35
01/24/19
07:35
Earnings
City Holding reports Q4 EPS 68c, consensus $1.24 »

Highlights of the…

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AAL

American Airlines

$31.57

-1.18 (-3.60%)

07:34
01/24/19
01/24
07:34
01/24/19
07:34
Earnings
American Airlines reports Q4 adj. EPS $1.04, consensus $1.01 »

Reports Q4 revenue…

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  • 24

    Jan

MMYT

MakeMyTrip

$24.36

(0.00%)

07:34
01/24/19
01/24
07:34
01/24/19
07:34
Earnings
MakeMyTrip reports Q3 adjusted EPS (14c), consensus (37c) »

Reports Q3 adjusted…

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  • 24

    Jan

EVRI

Everi Holdings

$6.94

0.04 (0.58%)

07:34
01/24/19
01/24
07:34
01/24/19
07:34
Hot Stocks
Everi Holdings extends employment agreement of President and CEO Michael Rumbolz »

Everi Holdings, announced…

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GRUB

GrubHub

$74.46

-0.12 (-0.16%)

07:34
01/24/19
01/24
07:34
01/24/19
07:34
Recommendations
GrubHub analyst commentary  »

GrubHub price target…

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  • 24

    Jan

FANH

Fanhua

$23.74

1.22 (5.42%)

07:33
01/24/19
01/24
07:33
01/24/19
07:33
Hot Stocks
Fanhua completes extended repurchase program, reports new issuance »

Fanhua announced the…

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HBAN

Huntington Bancshares

$13.56

0.05 (0.37%)

07:33
01/24/19
01/24
07:33
01/24/19
07:33
Earnings
Huntington Bancshares sees FY19 revenue up approximately 4%-7% »

FY19 consensus $4.77B.…

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  • 24

    Jan

WBS

Webster Financial

$54.34

0.19 (0.35%)

07:32
01/24/19
01/24
07:32
01/24/19
07:32
Earnings
Webster Financial reports Q4 EPS $1.05, consensus 98c »

Reports Q4 revenue…

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  • 24

    Jan

BLPH

Bellerophon

$0.68

-0.2007 (-22.79%)

07:32
01/24/19
01/24
07:32
01/24/19
07:32
Initiation
Bellerophon initiated  »

Bellerophon initiated…

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  • 23

    Jan

NBIX

Neurocrine

$89.22

-2.11 (-2.31%)

07:32
01/24/19
01/24
07:32
01/24/19
07:32
Downgrade
Neurocrine rating change  »

Neurocrine downgraded to…

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  • 05

    Feb

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