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BIOS

BioScrip

$1.61

-0.105 (-6.12%)

09:04
04/23/19
04/23
09:04
04/23/19
09:04

BioScrip receives early termination of HSR waiting period for Option Care deal

BioScrip provided an update on its proposed merger with Option Care Enterprises. The company received notification on April 8, 2019, that early termination of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 waiting period has been granted for the company's proposed merger with Option Care. The company expects to file the preliminary Option Care merger proxy statement the week of April 29, 2019 with the U.S. SEC. After the proxy statement is filed, management from both BioScrip and Option Care plan to conduct joint analyst and investor meetings. As part of the analyst and investor meetings, the company will file an investor presentation with the SEC that will include a business and merger update. The company will release its first quarter 2019 financial results after the proxy statement filing. The company continues to anticipate that its merger with Option Care will close in the second half of 2019.

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BIOS BioScrip
$1.61

-0.105 (-6.12%)

03/18/19
SPHN
03/18/19
DOWNGRADE
Target $3.5
SPHN
Equal Weight
BioScrip downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Dana Hambly downgraded BioScrip Equal Weight from Overweight and lowered his price target for the shares to $3.50 from $5.00. The company "surprised the market" by announcing a merger with Option Care, Hambly tells investors in a research note. While there are "attractive elements" to the combined entity, these will materialize over "several more years," Hambly tells investors in a research note. Over the nearer term, the analyst does not see many catalysts and is concerned with "levered transformational deals." However, he expects BioScrip shares to move higher this week, with management on the road selling the deal, and settle into the $3.00-$3.50 range.
03/18/19
LSCM
03/18/19
NO CHANGE
Target $3.5
LSCM
Buy
BioScrip outlook positive following 'unexpected' merger, say Lake Street
Lake Street analyst Brooks O'Neil says BioScrip's outlook remains positive despite Friday's "disappointing" Q4 results and "unexpected" all-stock merger with Option Care. The combined company can deliver high single digit revenue growth and in the range of $175M of 2019 adjusted EBITDA pre- synergies, O'Neil tells investors in a research note. Further, while management has committed to $60M of synergies, the analyst thinks "there could be much more, certainly over several years." His analysis can get to a $3.50 per share valuation for BioScrip "without stretching too far." O'Neil keeps a Buy rating on the stock with a $3.50 price target.
03/18/19
03/18/19
DOWNGRADE

Fly Intel: 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 Needham with analyst Laura Martin citing three factors that she sees creating a "negative network effect," namely its strategic pivot toward privacy and encrypted messages, the growing risks of regulation and "horrific" events like those recently in New Zealand that hurt Facebook's brand and are difficult to block from the service at a 100% level. 2. Quest Diagnostics (DGX) downgraded to Neutral from Outperform at Credit Suisse. 3. Aramark (ARMK) downgraded to Neutral from Buy at Nomura Instinet with analyst Dan Dolev saying while the company's "significant scale" in North America should drive consistent 5%-plus organic growth, "execution mishaps and inability to win sufficient new business" resulted in just 2%-3% organic growth versus 7%-8% for main competitor Compass. 4. BioScrip (BIOS) downgraded to Equal Weight from Overweight at Stephens with analyst Dana Hambly saying the company "surprised the market" by announcing a merger with Option Care. 5. PVH Corp. (PVH) assumed with a Neutral from Buy at Citi with analyst Paul Lejuez saying while PVH has two brands with good global growth potential in Tommy Hilfiger and Calvin Klein, the company overall is still heavily dependent on the North America wholesale and outlet channels. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/18/19
ADAM
03/18/19
NO CHANGE
Target $3.5
ADAM
Buy
Canaccord, while disappointed with merger terms, remains buyer of BioScrip
Canaccord Genuity analyst Richard Close lowered his price target for BioScrip to $3.50 from $5.00 while reiterating a Buy rating on the shares. While disappointed with the terms of the Option Care merger agreement as BioScrip shareholders are just 20% shareholders post-transaction, the analyst says he understands the rationale for the merger. The need for scale in healthcare is "increasingly paramount as the provider and payer markets consolidate and reimbursement risk is always present," Close tells investors in a research note titled "Merger: short-term pain but long-term." Longer-term scale matters and the transaction provides an improved capital structure, says the analyst. He remains a buyer of BioScrip shares.

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