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MRK

Merck

$76.10

0.14 (0.18%)

, GILD

Gilead

$68.17

0.09 (0.13%)

10:20
01/09/19
01/09
10:20
01/09/19
10:20

HHS Secretary Azar says 'need to see more' drug price 'good behavior'

Secretary of the U.S. Department of Health & Human Services Alex Azar tweeted: "We've seen some good behavior from companies such as Merck, Gilead, and Amgen, who announced lower prices for their drugs. We need to see more. @POTUS and I won't stop until American patients see the lower prices they deserve." Azar called out Merck (MRK), Gilead (GILD) and Amgen (AMGN) by name in his tweet. Other publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Reference Link

MRK

Merck

$76.10

0.14 (0.18%)

GILD

Gilead

$68.17

0.09 (0.13%)

AMGN

Amgen

$201.28

0.68 (0.34%)

AZN

AstraZeneca

$38.17

0.05 (0.13%)

BMY

Bristol-Myers

$47.26

-0.7 (-1.46%)

LLY

Eli Lilly

$117.71

1.43 (1.23%)

GSK

GlaxoSmithKline

$39.35

0.29 (0.74%)

JNJ

Johnson & Johnson

$129.55

-0.44 (-0.34%)

NVS

Novartis

$87.00

0.26 (0.30%)

PFE

Pfizer

$43.60

0.15 (0.35%)

RHHBY

Roche

$0.00

(0.00%)

SNY

Sanofi

$42.73

-0.04 (-0.09%)

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MRK Merck
$76.10

0.14 (0.18%)

11/19/18
WELS
11/19/18
NO CHANGE
WELS
Pfizer price hikes may bring industry scrutiny, says Wells Fargo
Pfizer's (PFE) plans to raise prices on a host of medicines may put the drug industry "further in the crosshairs of an administration and Congress that is set on lowering drug prices," Wells Fargo analyst David Maris tells investors in a research note. The analyst points out that Pfizer earlier this year was criticized by the Trump administration for drug price increases, and as a result, it rolled the price increases back. However, Pfizer's new price increases "are not egregious" and its advance warning may be an attempt to see if minor price increases will also bring the administration's rebuke, says Maris. Nonetheless, given how public the administration's previous rebuke was, the analyst thinks Pfizer's confirmation Friday could "enflame the debate around drug pricing, especially since it comes less than two weeks following an election that resulted in Democrat control of the House with many having run on a drug-price-controls/Medicare-for-All platforms." Other large drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Roche (RHHBY) and Sanofi (SNY).
10/25/18
WELS
10/25/18
NO CHANGE
WELS
Wells Fargo says Trump speech today won't be end of drug pricing proposals
Wells Fargo analyst David Maris notes that Politico and other media outlets are reporting that President Donald Trump will propose several new initiatives to address high drug prices when he speaks later today at the U.S. Department of Health and Human Services. Maris thinks Trump's focus will be on how other countries are "freeloading" on U.S. innovation with lower negotiated pricing, stating that news reports make it appear that the administration is targeting the industry for action, rather than other countries to raise their spending. While Maris acknowledges the timing of the speech being near the mid-term elections, he believes these proposals are simply the follow-though of earlier promises. He also expects this is not the end of proposals to address the issue of U.S. drug pricing. Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
10/31/18
SBSH
10/31/18
NO CHANGE
Target $84
SBSH
Buy
Merck price target raised to $84 from $79 at Citi
Citi analyst Andrew Baum raised his price target for Merck to $84 and reiterates a Buy rating on the shares. The analyst says his 20%-plus above consensus non-GAAP earnings estimates beyond 2022 are driven by a continued view that the market underestimates Merck's market share in the PDx and PARP spaces with Keytruda and Lynparza respectively.
11/06/18
PIPR
11/06/18
NO CHANGE
Target $3
PIPR
Overweight
OncoSec price target lowered to $3 from $5 at Piper Jaffray
After OncoSec (ONCS) reported preliminary Phase 2b KEYNOTE-695 data for Tavo combined with Merck's (MRK) Keytruda in PD-1 refractory melanoma patients, Piper Jaffray analyst Edward Tenthoff said the data, while early, show evidence of clinical activity, adding that he believes duration of response data will be important. However, OncoSec shares are down 52% today, which Tenthoff attributes to the lower response rate compared to prior data in different patients. The analyst keeps an Overweight rating on OncoSec shares, but lowered his price target on the stock to $3 from $5 as he pushed out his approval projections for Tavo by one year in the U.S. and Europe.
GILD Gilead
$68.17

0.09 (0.13%)

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

Outperform
Gilead upgraded to Outperform at Oppenheimer as strong clinical data approaches
As previously reported, Oppenheimer analyst Hartaj Singh upgraded Gilead to Outperform from Perform, with a $85 price target. The analyst believes that in 2019 the addition of CEO Daniel O'Day, year-on-year sales growth, and important mid/late-stage clinical readouts for budding franchises in inflammation and NASH could start to re-rate a biotech bellwether, a name that is among the cheapest in large-cap biotech. After a 3-year stretch where the company lost almost 1/3 of its top line with slowing HCV sales, Singh thinks Gilead is poised to get its "mojo back," delivering on P&L fundamentals, mid/late-stage pipeline progression and a burgeoning acquisition/licensing heightened by O'Day's previous experience.
AMGN Amgen
$201.28

0.68 (0.34%)

12/18/18
HCWC
12/18/18
DOWNGRADE
HCWC
Neutral
Advaxis downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright analyst Swayampakula Ramakanth downgraded Advaxis (ADXS) to Neutral without a price target. Amgen's (AMGN) termination of a development and collaboration agreement puts ADXS-NEO in limbo, Ramakanth tells investors in a research note. The analyst believes Amgen's withdrawal has "considerably increased" the development risk on ADXS-NEO and potentially ADXS-HOT as well. He steps to the sidelines "until the viability of the programs can be assured."
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.
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."
11/19/18
CANT
11/19/18
NO CHANGE
Target $68
CANT
Overweight
Tesaro could be worth $89-$97 per share in buyout, says Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young believes Tesaro (TSRO) could be valued at $89-$97 per share in a takeout scenario. The stock closed Friday up 31%, or $8.37, to $34.96 after Bloomberg reported that the company was exploring a sale after receiving some interest. The press article could be a way of garnering interest for the company beyond potentially initial interest, Young tells investors in a research note. In the past, she thinks Tesaro has been a potential takeout interest from biopharmaceutical companies. Companies like Amgen (AMGN), Gilead (GILD), and Celgene (CELG) have cancer platforms that could add a PARP inhibitor and benefit from Tesaro's various immuno-oncology pipeline assets, Young writes. She reiterates an Overweight rating on Tesaro with a $68 price target.
AZN AstraZeneca
$38.17

0.05 (0.13%)

12/13/18
RHCO
12/13/18
INITIATION
Target $48
RHCO
Buy
AstraZeneca initiated with a Buy at SunTrust
SunTrust analyst John Boris started AstraZeneca with a Buy rating and $48 price target.
12/13/18
RHCO
12/13/18
INITIATION
RHCO
SunTrust sees oncology fueling growth for AstraZeneca through 2022
SunTrust analyst John Boris initiated AstraZeneca with a Buy rating and $48 price target, saying oncology should fuel growth through 2022 -- supported by label expansion of its in-line products and new launches -- as well as growth accelerated by 2019 pipeline catalysts.
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.
BMY Bristol-Myers
$47.26

-0.7 (-1.46%)

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
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
EDJN
01/04/19
DOWNGRADE
EDJN
Hold
Bristol-Myers downgraded to Hold from Buy at Edward Jones
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.
LLY Eli Lilly
$117.71

1.43 (1.23%)

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.
01/08/19
SBSH
01/08/19
DOWNGRADE
Target $235
SBSH
Neutral
Loxo Oncology downgraded to Neutral from Buy at Citi
Citi analyst Yigal Nochomovitz downgraded Loxo Oncology (LOXO) to Neutral saying the company is unlikely to receive a competing takeover bid. The analyst raised his price target for the shares to $235 from $201 to reflect the takeover agreement by Eli Lilly (LLY). He believes Mirati Therapeutics (MRTX) is another potential takeover candidate in the oncology space.
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.
01/07/19
PIPR
01/07/19
NO CHANGE
Target $235
PIPR
Overweight
Piper Jaffray views price paid for Loxo by Eli Lilly as fair
Piper Jaffray analyst Tyler Van Buren views the price of $235 per share paid by Eli Lilly (LLY) for Loxo Oncology (LOXO) as fair. The analyst says the price is near the $250-plus he previously thought was achievable in an acquisition scenario for Loxo. Other names in the precision medicine/oncology space that could be up today as a result of the buyout are Agios Pharmaceuticals (AGIO), ArQule (ARQL), Array BioPharma (ARRY), Blueprint Medicines (BPMC), Kura Oncology (KURA), Mirati Therapeutics (MRTX) and others, Van Buren tells investors in a research note. He raised his price target for Loxo Oncology to $235 from $200 and keeps an Overweight rating on the shares.
GSK GlaxoSmithKline
$39.35

0.29 (0.74%)

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
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.
JNJ Johnson & Johnson
$129.55

-0.44 (-0.34%)

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.
12/20/18
WELS
12/20/18
NO CHANGE
WELS
Outperform
No change in talc litigation risk for Johnson & Johnson, says Wells Fargo
Wells Fargo analyst Larry Biegelsen notes that the NY Times reported that Johnson & Johnson has lost its bid to overturn the $4.7B in a talc trial in St. Louis in July 2018. After checking with the company, the analyst is "able to confirm" that the decision relates to the trial judge denying Johnson & Johnson's post trial motion to set aside the $4.7B verdict. Biegelsen understands that the company had to file this motion in order to file its actual appeal of the decision with the appellate court. As such, he believes the judge's decision should not materially affect the overall talc situation for Johnson & Johnson. Wells Fargo has an Outperform rating on the shares.
01/04/19
BTIG
01/04/19
NO CHANGE
Target $17
BTIG
Buy
Veracyte price target raised to $17 from $15 at BTIG
BTIG analyst Sung Ji Nam raised his price target on Veracyte (VCYT) to $17 and kept the Buy rating on the shares after its announced long term partnership with Johnson & Johnson (JNJ) yesterday. The analyst says the collaboration aims to accelerate the development of the first nasal swab test for early lung cancer detection and involve the two companies sharing existing data and samples from clinical studies. Sung Ji Nam states that the deal should lead to acceleration of next -gen Percepta launch, adding that the nasal swab test development could quadruple the company's total addressable market value in the U.S. alone.
NVS Novartis
$87.00

0.26 (0.30%)

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."
12/18/18
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.
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.
PFE Pfizer
$43.60

0.15 (0.35%)

01/03/19
01/03/19
INITIATION

Pfizer initiates Phase 2b/3 clinical trial for PF-06651600
Pfizer announced the initiation of a Phase 2b/3 clinical trial for its oral JAK3 inhibitor, PF-06651600, for the treatment of patients with moderate to severe alopecia areata, a chronic autoimmune skin disease that causes hair loss on the scalp, face, or body, and currently has no approved therapies. Based on the totality of the data and the emerging clinical profile, PF-06651600 was granted Breakthrough Therapy designation from FDA for the treatment of alopecia areata in September 2018. PF-06651600 will also continue to be evaluated for rheumatoid arthritis, Crohn's disease and ulcerative colitis.
12/28/18
BTIG
12/28/18
NO CHANGE
Target $190
BTIG
Buy
Sarepta's recent weakness represents 'buying opportunity', says BTIG
BTIG analyst Timothy Chiang kept his Buy rating and $190 price target on Sarepta (SRPT), noting that while the stock was among the best performing biotech names this year, its recent weakness represents a "potential buying opportunity". The analyst believes that the company's AAVrh74 micro-dystrophin gene therapy for the treatment of Duchenne Muscular Dystrophy program leads those of Pfizer (PFE) and Solid Biosciences (SLDB) and expects Sarepta to reach about $2B in peak U.S. sales by 2024.
RHHBY Roche
$0.00

(0.00%)

12/20/18
PIPR
12/20/18
NO CHANGE
Target $400
PIPR
Overweight
Survey shows 'solid fundamentals' for Biogen MS franchise, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on Biogen (BIIB) with a $400 price target after surveying 100 neurologists. The survey feedback shows "solid fundamentals" for the company's multiple sclerosis portfolio, Raymond tells investors in a research note. He admits, however, that many investors are preoccupied with Tecfidera's intellectual property situation. Nonetheless, neurologists reported meaningful share gains for Tecfidera and Tysabri this quarter, says the analyst. Raymond believes worries over the impact to Biogen's multiple sclerosis franchise from Roche's (RHHBY) Ocrevus launch "may be behind us."
12/17/18
PIPR
12/17/18
NO CHANGE
PIPR
Proteostasis deal with Genentech strenghtens balance sheet, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff reiterated an Overweight rating and $14 price target on Proteostasis (PTI), noting the company announced an agreement with Roche's (RHHBY) Genentech to license small molecule modulators of an undisclosed target that lie outside of Cystic Fibrosis, which makes the company eligible for $100M in upfront and milestone payments plus royalties. Tenthoff sees this deal strengthening Proteostasis' balance sheet. Additionally, Tenthoff is optimistic on Proteostasis' TripleRx combo, and expects full Phase I TripleRx data in Q1 of 2019. Longer term, the analyst anticipates TripleRx approval in 2021, with global sales of $2.0B by 2026.
01/02/19
JPMS
01/02/19
NO CHANGE
JPMS
JPMorgan adds Novo Nordisk to Analyst Focus List, removes Roche
JPMorgan analyst Richard Vosser added Novo Nordisk (NVO) to his firm's European Analyst Focus List while removing Roche (RHHBY).
12/18/18
BERN
12/18/18
NO CHANGE
Target $288
BERN
Market Perform
Biogen drops after Bernstein sees potential downside of $100 on Q1 risks
Bernstein analyst Aaron Gal earlier today lowered his price target for Biogen (BIIB) to $288 from $341 while keeping a Market Perform rating on the shares. The Biogen "debate" revolves primarily around three elements: the durability of the existing franchises, the value of the company's Alzheimer's opportunity, and the potential of the pipeline to generate new drugs, Gal wrote in a research note. He believes the stock's current risk/reward balance "captures these dynamics." In Q1 of 2019, however, Biogen is facing "two significant risks," says the analyst. These are the inter partes review institution decision on its biggest drug, Tecfidera, and futility analyses of amyloid beta drugs - Roche's (RHHBY) crenezumab and potentially Biogen's own aducanumab, according to Gal. The analyst views Biogen's near-term risk/reward as "sharply negative." If a review of Tecfidera is instituted and one of the amyloid beta trials is stopped for futility, the stock "can easily" trade $100 per share lower, Gal believes. Even if one of these events goes against the company, the analyst thinks the Biogen can drop $30-$80 per share. On the other hand, passing both risks will likely only have "moderate upside" of around $30 per share as "both are assumed to be positive in sell-side consensus," Gal writes. He keeps a Market Perform rating on Biogen, which is down 7%, or $21.45, to $291.66 in afternoon trading.
SNY Sanofi
$42.73

-0.04 (-0.09%)

12/11/18
GABE
12/11/18
NO CHANGE
GABE
Buy
Gabelli sees Clovis as likely takeout target, top biotech pick in 2019
Gabelli analyst Jing He highlights Clovis (CLVS) as his top biotech pick in 2019. With the Tesaro (TSRO) acquisition by GlaxoSmithKline (GSK), Clovis will become the only standalone PARP, which the analyst believes makes it the most likely takeout target in 2019. He continues to believe Bristol-Myers (BMY), Sanofi (SNY) and Roche (RHHBY) to be the most interested buyers. The analyst reiterates a Buy rating on Clovis' shares.
12/11/18
12/11/18
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. AT&T (T) upgraded to Buy from Neutral at Citi with analyst Michael Rollins saying he expects AT&T to further benefit from the "measured" promotional environment in wireless, while improving its competitive position from FirstNet and the marketing of its network enhancements, branded 5G Evolution. 2. Sanofi (SNY) upgraded to Buy from Hold at Jefferies with analyst Peter Welford saying he believes European large-cap pharmaceuticals are entering a period of sustained earnings momentum which should justify valuations above the historic average for the sector. 3. Total (TOT) upgraded to Buy from Neutral at BofA/Merrill. 4. Zynga (ZNGA) upgraded to Outperform from Neutral at Macquarie. 5. Allstate (ALL) upgraded to Hold from Sell at Edward Jones. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/19
MSCO
01/03/19
NO CHANGE
Target $70
MSCO
Overweight
MyoKardia shares oversold on Sanofi collaboration end, says Morgan Stanley
Morgan Stanley analyst Jeffrey Hung said MyoKardia (MYOK) management emphasized that Sanofi (SNY) wanted greater economics and maintained that efficacy and safety did not factor into Sanofi's decision to end their collaboration. His base case assumption is that MyoKardia will find another partner after more mature data are reported and he thinks the shares have been oversold following yesterday's announcement, Hung tells investors. He trimmed his price target on the stock to $70 from $72, but keeps an Overweight rating, stating that he believes the Phase 2 mavacamten data were promising and sees multiple catalysts over the next year.
01/03/19
SBSH
01/03/19
NO CHANGE
Target $70
SBSH
Buy
Citi calls MyoKardia 'more interesting long term play' after Sanofi news
Citi analyst Mohit Bansal says that while some might see Sanofi (SNY) giving back all rights back to MyoKardia (MYOK) as a negative, he sees "significant strategic implications in longer term." The move gives MyoKardia more freedom to employ its "Divide and Conquer" precision strategy, Bansal tells investors in a research note titled "Full control makes MYOK an interesting long term play." The analyst also points out that Sanofi's decision was related to wanting U.S. control over Mavacamten, and is not related to the profile of the products. Bansal lowered his price target for MyoKardia to $70 from $90 and keeps a Buy rating on the shares.

TODAY'S FREE FLY STORIES

UTX

United Technologies

$126.33

-2.07 (-1.61%)

06:53
02/22/19
02/22
06:53
02/22/19
06:53
Initiation
United Technologies initiated  »

United Technologies…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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TVPT

Travelport

$15.70

-0.01 (-0.06%)

06:51
02/22/19
02/22
06:51
02/22/19
06:51
Earnings
Travelport reports Q4 adj. EPS 31c, consensus 25c »

Reports Q4 revenue…

03/08/13
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03/08/13
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  • 25

    Feb

  • 15

    Mar

  • 15

    Mar

ITT

ITT

$56.41

-0.25 (-0.44%)

06:51
02/22/19
02/22
06:51
02/22/19
06:51
Hot Stocks
ITT to acquire Rheinhutte Pumpen Group for approximately $91.5M in cash »

ITT announced that it has…

03/08/13
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  • 22

    Feb

  • 28

    Feb

ROKU

Roku

$51.47

-2.16 (-4.03%)

06:50
02/22/19
02/22
06:50
02/22/19
06:50
Downgrade
Roku rating change  »

Roku downgraded to…

03/08/13
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ITT

ITT

$56.41

-0.25 (-0.44%)

06:50
02/22/19
02/22
06:50
02/22/19
06:50
Hot Stocks
ITT announces new $25M share repurchase program »

The company is also…

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  • 22

    Feb

  • 28

    Feb

FIT

Fitbit

$6.62

-0.03 (-0.45%)

06:50
02/22/19
02/22
06:50
02/22/19
06:50
Downgrade
Fitbit rating change  »

Fitbit downgraded to…

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  • 25

    Feb

  • 27

    Feb

FSLR

First Solar

$51.91

0.23 (0.45%)

06:49
02/22/19
02/22
06:49
02/22/19
06:49
Recommendations
First Solar analyst commentary  »

First Solar price target…

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ITT

ITT

$56.41

-0.25 (-0.44%)

06:49
02/22/19
02/22
06:49
02/22/19
06:49
Hot Stocks
ITT raises quarterly dividend 10% to 14.7c per share »

The ITT Board of…

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  • 22

    Feb

  • 28

    Feb

NVRO

Nevro

$47.27

-1.12 (-2.31%)

06:49
02/22/19
02/22
06:49
02/22/19
06:49
Downgrade
Nevro rating change  »

Nevro downgraded to…

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ITT

ITT

$56.41

-0.25 (-0.44%)

06:48
02/22/19
02/22
06:48
02/22/19
06:48
Earnings
ITT sees FY19 adjusted EPS $3.42-$3.66, consensus $3.57 »

Sees FY19 total revenue…

03/08/13
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03/06/13
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  • 22

    Feb

  • 28

    Feb

ITT

ITT

$56.41

-0.25 (-0.44%)

06:47
02/22/19
02/22
06:47
02/22/19
06:47
Earnings
ITT reports Q4 adjusted EPS 82c, consensus 74c »

Reports Q4 revenue $678M,…

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03/06/13
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  • 22

    Feb

  • 28

    Feb

ITT

ITT

$56.41

-0.25 (-0.44%)

06:46
02/22/19
02/22
06:46
02/22/19
06:46
Hot Stocks
Breaking Hot Stocks news story on ITT »

ITT to acquire Rheinhutte…

03/08/13
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03/06/13
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  • 22

    Feb

  • 28

    Feb

CWST

Casella Waste

$33.55

-1.47 (-4.20%)

06:45
02/22/19
02/22
06:45
02/22/19
06:45
Downgrade
Casella Waste rating change  »

Casella Waste downgraded…

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  • 22

    Feb

  • 26

    Mar

CODX

Co-Diagnostics

$1.17

-0.015 (-1.27%)

06:45
02/22/19
02/22
06:45
02/22/19
06:45
Hot Stocks
Co-Diagnostics regains compliance with Nasdaq listing standards »

Co-Diagnostics announced…

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  • 28

    Feb

  • 01

    Mar

06:45
02/22/19
02/22
06:45
02/22/19
06:45
General news
FX Update: The dollar has been trading mixed »

FX Update: The dollar has…

SALT

Scorpio Bulkers

$4.00

-0.215 (-5.10%)

06:44
02/22/19
02/22
06:44
02/22/19
06:44
Hot Stocks
Scorpio Bulkers refinances Kamsarmax vessel »

Scorpio Bulkers announced…

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MNTA

Momenta

$13.91

-0.16 (-1.14%)

06:42
02/22/19
02/22
06:42
02/22/19
06:42
Hot Stocks
Breaking Hot Stocks news story on Momenta »

Momenta sees quarterly…

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  • 22

    Feb

TNK

Teekay Tankers

$1.06

(0.00%)

06:42
02/22/19
02/22
06:42
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06:42
Downgrade
Teekay Tankers rating change  »

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CDE

Coeur Mining

$5.59

0.04 (0.72%)

06:41
02/22/19
02/22
06:41
02/22/19
06:41
Downgrade
Coeur Mining rating change  »

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MNTA

Momenta

$13.91

-0.16 (-1.14%)

06:41
02/22/19
02/22
06:41
02/22/19
06:41
Earnings
Momenta reports Q4 EPS (10c), may not compare to consensus (51c) »

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  • 22

    Feb

KHC

Kraft Heinz

$48.19

-0.05 (-0.10%)

06:39
02/22/19
02/22
06:39
02/22/19
06:39
Downgrade
Kraft Heinz rating change  »

JPMorgan downgrades Kraft…

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RCM

R1 RCM

$9.61

-0.1 (-1.03%)

06:39
02/22/19
02/22
06:39
02/22/19
06:39
Earnings
R1 RCM sees FY19 revenue $1.15B-$1.25B, consensus $1.19B »

Sees FY19: GAAP operating…

03/08/13
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  • 22

    Feb

MGLN

Magellan Health

$70.81

-1.6 (-2.21%)

06:39
02/22/19
02/22
06:39
02/22/19
06:39
Initiation
Magellan Health initiated  »

Magellan Health initiated…

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  • 28

    Feb

FB

Facebook

$160.07

-2.54 (-1.56%)

, GOOG

Alphabet

$1,096.93

-16.98 (-1.52%)

06:39
02/22/19
02/22
06:39
02/22/19
06:39
Periodicals
Facebook to shut down Onavo VPN app following backlash, TechCrunch reports »

Facebook (FB) will…

FB

Facebook

$160.07

-2.54 (-1.56%)

GOOG

Alphabet

$1,096.93

-16.98 (-1.52%)

GOOGL

Alphabet Class A

$1,103.86

-16.74 (-1.49%)

03/08/13
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03/06/13
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03/06/13
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  • 25

    Feb

  • 03

    Mar

  • 18

    Mar

COG

Cabot Oil & Gas

$24.54

-0.41 (-1.64%)

06:38
02/22/19
02/22
06:38
02/22/19
06:38
Hot Stocks
Breaking Hot Stocks news story on Cabot Oil & Gas »

Cabot Oil & Gas sees…

03/08/13
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03/08/13
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03/06/13
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  • 22

    Feb

  • 04

    Mar

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