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ABBV

AbbVie

$78.69

-0.27 (-0.34%)

, INCY

Incyte

$77.76

1.385 (1.81%)

04:55
06/16/19
06/16
04:55
06/16/19
04:55

European Hematology Association to hold a conference

24th EHA Congress 2019 will be held in Amsterdam, The Netherlands on June 13-16.

ABBV

AbbVie

$78.69

-0.27 (-0.34%)

INCY

Incyte

$77.76

1.385 (1.81%)

ARQL

ArQule

$8.17

1.88 (29.89%)

AMGN

Amgen

$176.09

-0.74 (-0.42%)

ALXN

Alexion

$117.94

0.65 (0.55%)

AGIO

Agios Pharmaceuticals

$47.97

-1.78 (-3.58%)

AZN

AstraZeneca

$39.68

-0.23 (-0.58%)

BLUE

Bluebird Bio

$117.57

-6.33 (-5.11%)

BMY

Bristol-Myers

$47.57

0.25 (0.53%)

CELG

Celgene

$96.49

0.07 (0.07%)

NVS

Novartis

$89.52

-0.07 (-0.08%)

NSTG

NanoString

$25.96

0.45 (1.76%)

KPTI

Karyopharm

$5.71

-0.04 (-0.70%)

JAZZ

Jazz Pharmaceuticals

$130.43

0.28 (0.22%)

GSK

GlaxoSmithKline

$40.12

0.015 (0.04%)

GILD

Gilead

$66.38

-0.62 (-0.93%)

DSNKY

Daiichi Sankyo

$0.00

(0.00%)

PFE

Pfizer

$42.75

0.24 (0.56%)

PTLA

Portola Pharmaceuticals

$25.78

-0.31 (-1.19%)

QGEN

Qiagen

$39.52

-0.07 (-0.18%)

RHHBY

Roche

$0.00

(0.00%)

RIGL

Rigel Pharmaceuticals

$2.06

-0.06 (-2.83%)

SNY

Sanofi

$42.46

-0.225 (-0.53%)

SGEN

Seattle Genetics

$68.67

-0.33 (-0.48%)

STML

Stemline

$14.20

0.12 (0.85%)

VSTM

Verastem

$1.39

0.125 (9.88%)

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ABBV AbbVie
$78.69

-0.27 (-0.34%)

05/14/19
LEHM
05/14/19
NO CHANGE
Target $25
LEHM
Overweight
Myovant Sciences selloff overdone after report of relugolix data, says Barclays
Barclays analyst Geoffrey Meacham said he thinks the selloff in shares of Myovant Sciences (MYOV) is overdone after the release of relugolix phase 3 uterine fibroids data. He believes investors are "selling the news" and he still believes relugolix has a comparable profile to AbbVie (ABBV) and Neurocrine's (NBIX) elagolix and will find a place in the market given what he sees as positive data reported this morning, Meacham tells investors. He keeps an Overweight rating and $25 price target on Myovant shares, which are down 26% to $12.67 in early afternoon trading.
05/28/19
GSCO
05/28/19
INITIATION
Target $84
GSCO
Neutral
AbbVie initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Terence Flynn started AbbVie with a Neutral rating and $84 price target. The analyst projects sales from the company's marketed cancer portfolio and new immunology drugs to ultimately generate sufficient revenue to offset Humira erosion. However, he does not expect "significant visibility" on the uptake of the new immunology launches until 2020, which he thinks is likely to keep AbbVie shares range bound.
05/28/19
GSCO
05/28/19
DOWNGRADE
Target $60
GSCO
Sell
Goldman sees negative sales growth for Gilead, downgrades shares to Sell
Goldman Sachs analyst Terence Flynn downgraded Gilead Sciences (GILD) to Sell from Neutral and lowered his price target for the shares to $60 from $70. The analyst expects Gilead's sales growth to decelerate saying the Truvada/Atripla loss of exclusivities in Sept ember 2020 represents a $3B headwind. Further, Biktarvy can only protect about half of the company's $16B HIV franchise from generic competition, Flynn tells investors in a research note. As a result, the analyst models annual revenue growth for Gilead through 2022 as negative 5%, which he notes is among the lowest in his coverage universe. Meanwhile, the stock trades at a slight premium to other stocks such as Bristol-Myers (BMY) and AbbVie (ABBV), says Flynn.
06/13/19
PIPR
06/13/19
NO CHANGE
Target $90
PIPR
Neutral
AbbVie rheumatology franchise feedback incrementally positive, says Piper
Piper Jaffray analyst Christopher Raymond says he sees "incrementally positive feedback" for AbbVie's rheumatology franchise. A new Rheumatologist survey indicates "strong expectations" for the upadacitinib launch, which has an FDA action date of August 19, Raymond tells investors in a research note. The analyst is "compelled" to raise his upadacitinib numbers ahead of approval. However, he keeps a Neutral rating on AbbVie sahres with a $90 price target saying his broader Humira competitive concerns remain in place.
INCY Incyte
$77.76

1.385 (1.81%)

05/03/19
LEHM
05/03/19
DOWNGRADE
Target $82
LEHM
Equal Weight
Incyte downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Geoffrey Meacham downgraded Incyte to Equal Weight from Overweight and lowered his price target for the shares to $82 from $90. With the stock up 27% year-to-date, the analyst does not see enough upside optionality from the company's graft-versus-host disease opportunity or its early-stage pipeline.
05/21/19
05/21/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Uber (UBER) initiated with an Equal Weight at Consumer Edge and a Neutral at Susquehanna. 2. Incyte (INCY) initiated with a Neutral at Credit Suisse. 3. Hillenbrand (HI) initiated with a Neutral at DA Davidson. 4. Target Hospitality (TH) initiated with a Buy at Deutsche Bank. 5. Jack in the Box (JACK) reinstated with an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/20/19
FBCO
05/20/19
INITIATION
Target $75
FBCO
Neutral
Incyte initiated with a Neutral at Credit Suisse
Credit Suisse analyst Evan Seigerman started Incyte with a Neutral rating and $75 price target. The analyst wants to see more clinical evidence and trial execution in the company's its pipeline following last year's failure of epacadostat before coming more positive on the stock.
05/15/19
PIPR
05/15/19
NO CHANGE
Target $95
PIPR
Overweight
Incyte price target raised to $95 from $85 at Piper Jaffray
Piper Jaffray analyst Tyler Van Buren raised his price target for Incyte to $95 from $85 and reiterates an Overweight rating on the shares. The analyst models a U.S. atopic dermatitis and vitiligo launch in 2021 and 2023, respectively, with combined global sales surpassing $1B by the late 2020s. Incyte is "fully capable" of launching topical Jakafi in these indications with a specialty sales force of a couple hundred people, Van Buren tells investors in a research note. Further, the analyst notes that a key opinion leader Piper hosted was "very bullish" on topical Jakafi. The doctor believes that the efficacy of topical Jakafi exceeds that of the currently available non-steroidals, says Van Buren.
ARQL ArQule
$8.17

1.88 (29.89%)

06/14/19
ROTH
06/14/19
NO CHANGE
Target $13
ROTH
Buy
ArQule price target raised to $13 from $10 at Roth Capital
Roth Capital analyst Tony Butler said he is optimistic about the efficacy and safety profile of ARQ 531 following the company's presentation of trial data, investor call and his talk with management. However, he thinks the key uncertainty now is durability of responses, which he highlights as important given the refractory population and the fact that ibrutinib was also based on survival data. He has raised his view of the probability of success for ARQ 531 to 50% from 33% previously and increased his price target to $13 on ArQule shares, on which he keeps Buy rating.
05/29/19
RILY
05/29/19
NO CHANGE
Target $11
RILY
Buy
ArQule price target raised to $11 from $6.75 at B. Riley FBR
B. Riley FBR analyst George Zavoico raised his price target for ArQule to $11 from $6.75 ahead of what he expects will be "positive" Phase I safety and efficacy results for ARQ531 at the European Hematology Association conference in June. The analyst reiterates a Buy rating on the shares.
04/11/19
RBCM
04/11/19
INITIATION
Target $9
RBCM
Outperform
ArQule initiated with an Outperform at RBC Capital
RBC Capital analyst Gregory Renza initiated ArQule with an Outperform rating and a price target of $9. The analyst is positive on the company's "unique clinical portfolio of precision-based kinase inhibitors in oncology and orphan disease." Renza also expects that portfolio to appreciate over the year with additional clinical data for ARQ '531 inhibitor and progress on miransertib further de-risking the investment story.
01/16/19
EAMC
01/16/19
INITIATION
Target $7
EAMC
Buy
ArQule initiated with a Buy at Empire
Empire initiated ArQule with a Buy and $7 price target.
AMGN Amgen
$176.09

-0.74 (-0.42%)

06/07/19
GUGG
06/07/19
DOWNGRADE
GUGG
Neutral
Guggenheim downgrades Mirati to Neutral following near-tripling of stock
As previously reported, Guggenheim analyst Michael Schmidt downgraded Mirati Therapeutics (MRTX) to Neutral from Buy, noting that the shares have nearly tripled since data were presented at the European Society for Medical Oncology, or ESMO, meeting in October. While Schmidt said Amgen's (AMGN) KRAS inhibitor Phase I data presented at the American Society of Clinical Oncology meeting validates MRTX849's potential mechanism of action, he sees a "lot of upside" priced in at the current valuation despite the remaining development risks. He also believes investor expectations have significantly increased ahead of Mirati's own Phase I data presentation in the second half of the year.
06/05/19
HCWC
06/05/19
NO CHANGE
Target $117
HCWC
Buy
Mirati Therapeutics price target raised to $117 from $84 at H.C. Wainwright
H.C. Wainwright analyst Edward White raised his price target for Mirati Therapeutics (MRTX) to $117 from $84 saying the positive data for Amgen's (AMGN) AMG 510 bode well for Mirati's MRTX849. The analyst believes the AMG 510 data "somewhat derisks" the development of MRTX849/ He raised his estimate for probability of success for MRTX849 to 20% from 10% and keeps a Buy rating on Mirati Therapeutics.
06/05/19
LEHM
06/05/19
NO CHANGE
Target $123
LEHM
Overweight
Mirati Therapeutics price target raised to $123 from $85 at Barclays
Barclays analyst Gena Wang raised her price target for Mirati Therapeutics (MRTX) to $123 from $85 saying Amgen's (AMGN) AMG510 data support KRAS G12C as a validated target, and the "impressive" data provide proof of concept for potentially single agent activity in non-small cell lung cancer. The analyst continues to believe that Mirati's MRTX849 could have a more favorable profile based on the preclinical results, including "longer half-life and good tissue penetration." She reiterates an Overweight rating on Mirati Therapeutics.
06/04/19
RHCO
06/04/19
NO CHANGE
Target $120
RHCO
Buy
Mirati Therapeutics price target raised to $120 from $85 at SunTrust
SunTrust analyst Peter Lawson raised his price target on Mirati Therapeutics (MRTX) to $120 and kept his Buy rating following yesterday's "encouraging" ASCO presentation by Amgen (AMGN) regarding its KRAS G12C inhibitor AMG 510. The analyst notes that the side effect profile and response to the treatment's lowest dose in AMG 510 are positive for Mirati's MRTX849, raising his probability Adjusted Peak Sales for the latter to $1.65B from $1.33B with probability of success little changed at 52%.
ALXN Alexion
$117.94

0.65 (0.55%)

05/22/19
WEDB
05/22/19
INITIATION
Target $173
WEDB
Outperform
Alexion initiated with an Outperform at Wedbush
Wedbush analyst Laura Chico started Alexion with an Outperform rating and $173 price target.
05/23/19
05/23/19
INITIATION
Target $173

Outperform
Alexion initiated with an Outperform at Wedbush
As previously reported, Wedbush analyst Laura Chico started Alexion with an Outperform rating and $173 price target, saying its launch of Utomiris "marks a new chapter" in the company's history amid its "conversion process" away from the flagship therapy Soliris. The analyst further contends that Ultomiris "raises the competitive bar" to offset the competition threat for Soliris, noting that the company's rich pipeline of 14 different programs and the attractive valuation add to her positive outlook on Alexion shares.
05/23/19
GSCO
05/23/19
DOWNGRADE
Target $142
GSCO
Neutral
Alexion assumed with a Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Salveen Richter assumed coverage of Alexion Pharmaceuticals with a Neutral rating and $142 price target. The firm previously had a Buy rating on the shares. While the analyst sees pipeline optionality for the company, he notes a lack of definitive clinical data to date and emerging competition in gene therapy.
05/22/19
05/22/19
UPGRADE

Citi assumes coverage of large-cap biotech, upgrades Amgen and Gilead
Citi analyst Mohit Bansal assumed coverage of large-cap biotech stocks, assuming coverage with five Buy ratings -- Amgen (AMGN), Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX), Gilead Sciences (GILD), and BioMarin Pharmaceutical (BMRN) -- and two Neutral ratings -- Biogen (BIIB) and Regeneron Pharmaceuticals (REGN). Both Amgen and Gilead were upgraded to Buy from Neutral as part of the assumption of coverage. The analyst said he is "more optimistic" on the sector as a whole as he sees many biotechs going "back to basics" by investing in their internal pipelines and filling their pipelines with early stage assets. He suggests looking at large caps again, as many are returning to stability and growth. Bansal does not favor large M&A, suggesting discipline due to "realizing value with big M&As."
AGIO Agios Pharmaceuticals
$47.97

-1.78 (-3.58%)

05/03/19
PIPR
05/03/19
NO CHANGE
Target $85
PIPR
Overweight
Agios Pharmaceuticals price target lowered to $85 from $100 at Piper Jaffray
Piper Jaffray analyst Tyler Van Buren lowered his price target for Agios Pharmaceuticals to $85 from $100 after Tibsovo sales came in below expectations for Q1. However, the analyst says this appears to be due to seasonality and that the strength of the underlying commercial efforts gives him confidence that the launch will return to its original trajectory. Van Buren keeps an Overweight rating on Agios shares.
02/20/19
02/20/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kodiak Sciences (KOD) initiated with a Buy at Chardan. 2. Veeva (VEEV) initiated with an Equal Weight at Barclays. 3. Agios Pharmaceuticals (AGIO) assumed with a Perform at Oppenheimer. 4. OrthoPediatrics (KIDS) initiated with an Outperform at JMP Securities. 5. Homology Medicines (FIXX) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/23/19
GSCO
05/23/19
INITIATION
Target $55
GSCO
Neutral
Agios Pharmaceuticals assumed with a Neutral at Goldman Sachs
Goldman Sachs analyst Salveen Richter assumed coverage of Agios Pharmaceuticals with a Neutral rating and $55 price target. The firm previously had a Neutral rating on the shares.
05/16/19
RBCM
05/16/19
NO CHANGE
Target $90
RBCM
Outperform
Agios Pharmaceuticals price target raised to $90 from $85 at RBC Capital
RBC Capital analyst Kennen MacKay raised his price target on Agios Pharmaceuticals to $90, saying the company's "successful" results in Phase 3 ClarIDHy trial for Tibsovo in cholangiocarcinoma have de-risked that indication and removed the overhang on the stock. The analyst contends that the findings set up the stock for upside in the back half of the year, adding that Agios Pharma's Phase 3 Mitapivat data in 2020 also position Tibsovo as an "underappreciated potentially blockbuster rare-disease drug."
AZN AstraZeneca
$39.68

-0.23 (-0.58%)

05/29/19
HCWC
05/29/19
NO CHANGE
HCWC
Buy
AstraZeneca decision does not impact MEDI0457, says H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju says AstraZeneca's (AZN) decision to discontinue activities related to two new DNA-based cancer vaccine candidates from Inovio (INO) does not affect MEDI0457. AstraZeneca continues to pursue the development of MEDI0457, which is being evaluated in combination with durvalumab in multiple Phase 2 studies in HPV-related cancers, Selvaraju tells investors in a research note. Inovio is eligible to receive up to $700M potential milestone payments, including $250M related to MEDI0457, says the analyst. He reiterates a Buy rating on Inovio with a $13 price target.
05/29/19
CANT
05/29/19
NO CHANGE
Target $12
CANT
Overweight
Inovio milestones from Astra still worth up to $250M, says Cantor Fitzgerald
Inovio (INO) announced that it received notification from MedImmune, a subsidiary of AstraZeneca (AZN), that it plans to discontinue research collaboration programs except for the MEDI0457/ durvalumab combo studies that are in multiple Phase 2 trials in patients with HPV associated cancers, Cantor Fitzgerald analyst Charles Duncan tells investors in a research note. Despite "strained optics," the collaboration change makes sense, says the analyst. He estimates Inovio's MEDI0457 milestones are worth up to $250M and keeps an Overweight rating on the shares with a $12 price target.
05/30/19
GUGG
05/30/19
NO CHANGE
GUGG
Buy
Array BioPharma could be seen as target after 'de-risking' data, says Guggenheim
Guggenheim analyst Michael Schmidt said Array Biopharma (ARRY) may be perceived by investors as a theoretical acquisition target following the disclosure of Phase 3 interim results of Braftovi/Mektovi in BRAF+ colorectal cancer, which he views as positive and a "de-risking event." 67% of announced acquisitions in oncology with a comparable market cap to Array had what he would consider major pipeline de-risking events in the 6 months prior to their deal announcements, Schmidt tells investors. Merck (MRK) and Pfizer (PFE) "seem to have most bandwidth for a deal," said Schmidt, who added that those two along with Bristol-Myers (BMY), AstraZeneca (AZN) and Roche (RHHBY) scored highest as possible large cap theoretical acquirers of Array in his analysis. Schmidt raised his price target on Array Biopharma shares to $38 from $37, though his analysis suggests a potential $40-$50 acquisition price if the company were to be bought.
05/30/19
SBSH
05/30/19
NO CHANGE
Target $7
SBSH
Buy
Inovio risk/reward attractive into data readouts, says Citi
Citi analyst Joel Beatty lowered his price target for Inovio Pharmaceuticals (INO) to $7 from $10 after AstraZeneca (AZN) decided to discontinue activities with respect to its rights to co-develop up to two new DNA-based cancer vaccine product candidates. The analyst, however, says this is a good time to buy shares of Inovio. The company has three phase 1/2 immuno-oncology combo trials expected to readout in the second half of 2019, and the stock's risk/reward is attractive into the news, Beatty tells investors in a research note.
BLUE Bluebird Bio
$117.57

-6.33 (-5.11%)

06/14/19
COWN
06/14/19
NO CHANGE
COWN
Bluebird Bio launch of Zynteglo delayed in EU, says Cowen
Cowen analyst Yaron Werber said Bluebird Bio reported data at the EHA meeting that was "highly encouraging" for Zynteglo and announced EU pricing that was higher than he expected. However, the comapny also unexpectedly said the EMA has requested amendments that will delay the launch of the drug in the EU out to early 2020, according to Werber. Additionally, the manufacturing process changes requested add some new risk, said the analyst. In afternoon trading, Bluebird Bio shares have slid to their worst levels of the session, down $7.06, or 5.7%, to $116.88.
06/14/19
PIPR
06/14/19
NO CHANGE
Target $120
PIPR
Neutral
Price tag of Bluebird's Zynteglo 'hard to justify,' says Piper Jaffray
The $1.8M price tag of Bluebird Bio's Zynteglo is "hard to justify" given the $2.1M comp of Novartis' (NVS) Zolgensma, which treats children with a certain outcome of death, as opposed to a population where the majority of patients are adequately maintained on transfusions, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. In Zynteglo clinical trials, only 60 beta-thal patients have been enrolled and 16 sickle cell patients have ever been infused, the analyst points out. Yet, says Van Buren, the Street is modeling that Bluebird transplants thousands of patients with Zynteglo. He continues to believe uptake of the gene therapy will be challenging and keeps a Neutral rating on Bluebird Bio with a $120 price target.
05/17/19
JPMS
05/17/19
NO CHANGE
Target $195
JPMS
Overweight
Bluebird Bio 20% pullback since early April brings opportunity, says JPMorgan
JPMorgan analyst Cory Kasimov thinks investors should use times of share weakness to buy or add to longer-term positions in Bluebird Bio. With the stock off nearly 20% since early April, "this could be one of those times," Kasimov tells investors in a research note. He believes Bluebird has a relatively high likelihood of going four-for-four with its initial late-stage shots on goal. The analyst maintains an Overweight rating on the shares with a $195 price target.
05/16/19
RHCO
05/16/19
NO CHANGE
Target $174
RHCO
Buy
Bluebird Bio price target lowered to $174 from $184 at SunTrust
SunTrust analyst Edward Nash lowered his price target on Bluebird Bio to $174 to reflect the changes in his model after the company's Analyst Day presentation. The analyst is pushing back his expected Lenti-D start year to 2020 from 2019 and also raising his assumed R&D and SG&A expenses while also removing the revenue projections for the company's B-thalassemia patients aged below 12 in the U.S. and E.U. Nash is also keeping his Buy rating on Bluebird Bio, saying he sees the company as "best positioned" in transforming gene therapy from a "scientific endeavor" to a "successful proposition."
BMY Bristol-Myers
$47.57

0.25 (0.53%)

05/20/19
05/20/19
DOWNGRADE

Hold
Bristol-Myers downgraded to Hold from Buy at Argus
As previously reported, Argus analyst David Toung downgraded Bristol-Myers (BMY) to Hold from Buy, saying he has "serious concerns" about the company's growth prospects after its announced acquisition of Celgene (CELG). The analyst contends that Celgene's pipeline is not sufficient to offset the expected decline in revenues from its Revlimid, which will lose exclusivity in 2026. Toung adds that Bristol-Myers' "patent cliff" is also notable with loss of exclusivity expected for Opdivo in 2028, Eliquis in 2026, and Orencia in 2021. While the stock trades at 10.5-times forward earnings multiple - a discount to the 12-times peer group average - the analyst believes the valuation is appropriate.
05/28/19
GSCO
05/28/19
INITIATION
Target $54
GSCO
Buy
Bristol-Myers initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Terence Flynn started Bristol-Myers Squibb with a Buy rating and $54 price target. Bristol-Myers is trading at a "significant discount to the group," Flynn tells investors in a research note. The analyst says his call is based on valuation, and he sees potential for multiple expansion whether or not the Celgene (CELG) acquisition closes.
CELG Celgene
$96.49

0.07 (0.07%)

05/07/19
PIPR
05/07/19
NO CHANGE
Target $23
PIPR
Overweight
Sutro regaining U.S. rights from Celgene a 'clear positive,' says Piper Jaffray
The FDA has cleared the investigational new drug application for Sutro Biopharma's Celgene-partnered BCMA ADC, which is on track to enter the clinic in 2019, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. In addition, Celgene not exercise an option on a second program, meaning Sutro has regained U.S. rights, adds the analyst. He views this as a "clear positive" for Sutro, saying the company has regained the U.S. rights to "another exciting preclinical program." Importantly, there is no impact on Sutro's wholly-owned clinical programs, Tenthoff adds. He reiterates an Overweight rating on Sutro Biopharma with a $23 price target.
05/03/19
JPMS
05/03/19
INITIATION
Target $62
JPMS
Overweight
Bristol-Myers reinstated with an Overweight at JPMorgan
Following a period of restriction, JPMorgan analyst Chris Schott reinstated coverage of Bristol-Myers Squibb (BMY) with an Overweight rating and $62 price target. The analyst had an Overweight rating on the shares and price target of $70 prior to restriction. While the company's proposed acquisition of Celgene (CELG) has been controversial, the shares are "too inexpensive to ignore," Schott tells investors in a research note. He sees the combined company generating 2020 earnings of $6.50 per share and 3% sales/6% earnings growth off of this base through 2025.
NVS Novartis
$89.52

-0.07 (-0.08%)

05/20/19
FBCO
05/20/19
INITIATION
Target $336
FBCO
Neutral
Regeneron initiated with a Neutral at Credit Suisse
Credit Suisse analyst Evan Seigerman started Regeneron Pharmaceuticals (REGN) with a Neutral rating and $336 price target. The analyst is concerned that Eylea could face "increasing headwinds" with the upcoming launch of Novartis' (NVS) brolucizumab. Further, he believes consensus estimates for the Sanofi (SNY) collaboration may be too high.
06/03/19
06/03/19
DOWNGRADE

Perform
Aduro Biotech downgraded to Perform on lack of catalysts at Oppenheimer
As previously reported, Oppenheimer analyst Mark Breidenbach downgraded Aduro Biotech (ADRO) to Perform from Outperform given the company's lack of near-term catalysts. The analyst notes that Aduro's partner Novartis (NVS) presented initial clinical results from an ongoing Phase 1b trial of ADU-S100 in combination with spartalizumab in advanced tumors at ASCO. Given the pretreatment history of these patients, he cannot state with confidence that the responses observed were dependent on ADUS100, and the trial data suggests dosing has not yet been fully optimized. As Novartis continues to evaluate the STING agonist, Breidenbach anticipates an extended development timeline.
05/24/19
FBCO
05/24/19
NO CHANGE
FBCO
Underperform
Zolgensma label breadth on higher end of expectations, says Credit Suisse
Credit Suisse analyst Evan Seigerman noted that the FDA announced approval for Novartis' (NVS) Zolgensma for the treatment of Spinal Muscular Atrophy, or SMA, in patients with bi-allelic mutations in the SMN1 gene under 2 years of age. The current wholesale acquisition cost for Biogen's (BIIB) Spinraza equates to a per-year treatment cost of $500,000 for the first year loading phase and $250,000-$375,000 per year for maintenance thereafter, which compares to a WAC of $2.125M for Zolgensma, which is administered just once, noted Seigerman. While investors generally expected Zolgensma would be approved, the breadth of the label was on the higher end of expectations, Seigerman tells investors. The pricing and label support his below consensus view of Spinraza, as he continues to expect that Zolgensma will become the preferred first option for infant-onset type 1 SMA, said the analyst, who reiterates his $198 price target and Underperform rating on Biogen shares.
NSTG NanoString
$25.96

0.45 (1.76%)

10/09/18
UBSW
10/09/18
INITIATION
Target $23
UBSW
Buy
NanoString initiated with a Buy at UBS
UBS analyst Daniel Brennan initiated NanoString with a Buy rating and $23 price target.
09/13/18
JPMS
09/13/18
NO CHANGE
Target $20
JPMS
Overweight
NanoString price target raised to $20 from $17 at JPMorgan
JPMorgan analyst Tycho Peterson raised his price target for NanoString to $20 after hosting a dinner with management. The analyst came away "impressed" at the degree of customer interest in digital spatial profiling, now branded GeoMx, ahead of commercial launch in the first half of 2019. He cites management's "bullish tone around the launch" for his target bump and keeps an Overweight rating on NanoString.
03/08/19
JPMS
03/08/19
NO CHANGE
Target $35
JPMS
Overweight
NanoString price target raised to $35 from $20 at JPMorgan
JPMorgan analyst Tycho Peterson raised his price target for NanoString to $35 saying the company reported "strong" Q4 results. The analyst remains encouraged by signs of continued stabilization in the core portfolio over the last few quarters and "extremely robust" early customer interest in GeoMx. He reiterates an Overweight rating on NanoString shares.
10/09/18
UBSW
10/09/18
NO CHANGE
UBSW
UBS initiates coverage of Life Sciences and Diagnostics Tools sector
UBS analyst Daniel Brennan initiated coverage of the Life Sciences and Diagnostics Tools sector. He said demand is accelerating across his universe but valuations are extended. He expects strong fundamentals to continue into 2019 but he said selectivity is the key. In the group, his Buy ratings include Exact Sciences (EXAS), Iqvia (IQV), NanoString (NSTG), Syneos Health (SYNH) and Thermo Fisher (TMO).
KPTI Karyopharm
$5.71

-0.04 (-0.70%)

03/01/19
JPMS
03/01/19
DOWNGRADE
Target $7
JPMS
Neutral
Karyopharm downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Eric Joseph downgraded Karyopharm Therapeutics to Neutral and lowered his price target for the shares to $7 from $21. The analyst sees a "rocky regulatory road" forward for the company.
06/14/19
HCWC
06/14/19
NO CHANGE
Target $29
HCWC
Buy
Karyopharm EHA Phase 1b/2 combination data 'encouraging,' says H.C. Wainwright
H.C. Wainwright analyst Edward White maintained a Buy rating and $29 price target on Karyopharm, saying the company presented "encouraging" early Phase 1b/2 selinexor combination data from the STOMP trial in relapsed or refractory multiple myeloma patients at the European Hematological Association 2019 Annual Meeting. In a research note to investors, White says the updated selinexor with Darzalex data "continues to look good," with efficacy results showing an overall response rate of 73% in Darzalex naive patients versus the EHA abstract data published last month with an ORR of 77%. Looking ahead, White projects revenues of $189M and $241M for selinexor in penta-refractory multiple myeloma and DLBCL, respectively, in 2026. For selinexor in combination multiple myeloma treatment, he forecasts revenues of $332M in 2026, and for selinexor in solid tumors he sees revenues of $241M in 2026.
03/15/19
WEDB
03/15/19
NO CHANGE
WEDB
Wedbush views Karyopharm 's PDUFA date extension as a positive
Wedbush analyst David Nierengarten maintained an Outperform rating and $6 price target on Karyopharm. In a note titled "FDA Extends PDUFA by Three Months," he said he is inclined to view the extension as a positive for the company "given the negative sentiment on the name and general belief that an April 6, 2019 approval was unlikely."
02/28/19
HCWC
02/28/19
NO CHANGE
Target $30
HCWC
Buy
H.C. Wainwright says selinexor expectations not changed by ODAC recommendation
After the FDA's Oncologic Drugs Advisory Committee, or ODAC, voted on February 26 to recommend that the FDA wait for the Phase 3 BOSTON trial results before deciding on selinexor's NDA application, H.C. Wainwright analyst Edward White noted that the decision was not unanimous and said "the FDA typically but does not always follow the ODAC panel's recommendations." It is possible that a delay to wait for the BOSTON data could push out a selinexor launch by one year or more, but the ODAC recommendation is "not changing our expectations," stated White, who keeps a Buy rating and $30 price target on shares of Karyopharm.
JAZZ Jazz Pharmaceuticals
$130.43

0.28 (0.22%)

06/11/19
LEHM
06/11/19
INITIATION
Target $164
LEHM
Overweight
Jazz Pharmaceuticals initiated with an Overweight at Barclays
Barclays analyst Balaji Prasad started Jazz Pharmaceuticals with an Overweight rating and $164 price target. The analyst launched coverage of 20 U.S. Specialty Pharmaceuticals with a Neutral industry view. He placed importance on cash flows and companies' ability to manage leverage and improve balance sheets.
05/28/19
PIPR
05/28/19
NO CHANGE
Target $202
PIPR
Overweight
Jazz Pharmaceuticals risk/reward attractive, says Piper Jaffray
After traveling with management, Piper Jaffray analyst David Amsellem reiterates an Overweight rating on Jazz Pharmaceuticals with a $202 price target. The analyst continues to believe that visibility into "durable longer-term" cash flows for Jazz is high, given what in he views will be significant contribution from JZP-258 and Sunosi. He sees an attractive risk/reward profile at current share levels.
03/27/19
MZHO
03/27/19
NO CHANGE
Target $147
MZHO
Buy
Jazz Pharmaceuticals price target raised to $147 from $137 at Mizuho
Mizuho analyst Irina Koffler raised her price target for Jazz Pharmaceuticals to $147 from $137 to reflect the recent approval of Sunosi and last night's positive data in the Phase III trial of JZP-258. However, both of these events were largely expected, Koffler tells investors in a research note. She reiterates a Neutral rating on Jazz Pharmaceuticals.
03/21/19
WELS
03/21/19
NO CHANGE
Target $154
WELS
Outperform
Jazz appoval expected but still 'nice win' for shares, says Wells Fargo
Wells Fargo analyst David Maris says FDA approval of solriamfetol for excessive sleepiness associated with narcolepsy or obstructive sleep apnea, while largely expected by investors, is still a "nice win" for shares of Jazz Pharmaceuticals. The analyst estimates sales for solriamfetol of approximately $12M in 2019, ramping to $371M by 2023. Maris reiterates an Outperform rating on Jazz with a $154 price target. Additional potential catalysts for the stock include the Xyrem launch for pediatric indication in late Q1, JZP258 topline results for a Phase 3 study in narcolepsy in Spring 2019, and any update on the business development front, Maris tells investors in a research note. Jazz in midday trading is up 3%, or $3.45, to $137.02.
GSK GlaxoSmithKline
$40.12

0.015 (0.04%)

05/13/19
JEFF
05/13/19
NO CHANGE
Target $95
JEFF
Buy
Gilead shares reflect 'undue bearish outlook,' says Jefferies
Gilead Sciences (GILD) is trading at a 10 times price-to-earnings multiple, which reflects an "undue bearish outlook," Jefferies analyst Michael Yee tells investors in a research note. He thinks the company's base HIV business growing to 2025 and then eroding is worth $60-$65 per share, and the rest of business -- HCV, filgotinib, Yescarta -- is worth $15-$20 per share. This implies the stock should be at $80-$85, says Yee. A bear case on the HIV business is $35-$40 per share, which assumes a full cliff post 2025 or GlaxoSmithKline (GSK) taking "massive" share with doublets and long-acting, adds the analyst. Yee keeps a Buy rating on Gilead with a $95 price target.
02/22/19
UBSW
02/22/19
DOWNGRADE
UBSW
Neutral
GlaxoSmithKline downgraded to Neutral from Buy at UBS
UBS analyst Laura Sutcliffe downgraded GlaxoSmithKline to Neutral and lowered her price target for the shares to 1,650p from 1,700p. Concerns around the company's HIV franchise are likely to keep a lid on the shares, Sutcliffe tells investors in a research note. Further, she believes consensus estimates for 2019 are "slightly too high."
02/01/19
WELS
02/01/19
NO CHANGE
Target $46
WELS
Market Perform
Perrigo's ProAir opportunity 'may be vaporizing,' says Wells Fargo
Wells Fargo analyst David Maris noted that GlaxoSmithKline (GSK) launched an authorized generic of Ventolin on January 15 and he has now learned that Teva (TEVA) may have "surprisingly launched" an authorized generic of ProAir in response to the generic Ventolin pressure prior to Perrigo's (PRGO) approval. Pricing pressure from generic Ventolin, in addition to the launch of an authorized generic well ahead of Perrigo's own generic ProAir launch, seem to have significantly diminished Perrigo's generic ProAir opportunity, Maris tells investors. He keeps a Market Perform rating and $46 price target on Perrigo shares.
01/31/19
WELS
01/31/19
NO CHANGE
WELS
Outperform
FDA approval of Mylan's Advair 'overdue,' says Wells Fargo
Wells Fargo analyst David Maris believes that while "overdue," FDA's approval of Mylan's (MYL) generic Advair is good news. Many investors were expecting this to be further delayed, he notes, adding that he currently has $50M generic Advair in his model for Q1. The analyst believes GlaxoSmithKline (GSK) will launch an authorized generic, and with Advair's already declining revenue, the generic Advair opportunity may turn out to be a great-to-have since it shows Mylan's ability to get complex generics approved, but may not be a game changer. Maris reiterates an Outperform rating on Mylan's shares.
GILD Gilead
$66.38

-0.62 (-0.93%)

05/24/19
PIPR
05/24/19
NO CHANGE
Target $11
PIPR
Overweight
Alpine Immune Sciences Kite pact termination 'a win,' says Piper Jaffray
Last week's new collaboration and license agreement between Alpine Immune Sciences (ALPN) with Adaptimmune (ADAP) essentially replaced the old deal between Kite Pharma and Gilead (GILD), termination of which was announced in a regulatory filing earlier today and is driving Alpine shares lower, Piper Jaffray analyst Edward Tenthoff tells investors in a research note to investors. Tenthoff says he sees this as a win for Alpine, who received $2M upfront and is eligible for an additional $288M in milestones, adding that he is a buyer of Alpine Immune Sciences on today's weakness ahead of ALPN-101 safety and biomarker data this quarter. Tenthoff maintains an Overweight rating and $11 price target on Alpine Immune Sciences shares.
05/28/19
05/28/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Gilead (GILD) downgraded to Sell from Neutral at Goldman Sachs with analyst Terence Flynn saying he expects Gilead's sales growth to decelerate saying the Truvada/Atripla loss of exclusivities in September 2020 represents a $3B headwind. 2. Teva (TEVA) downgraded to Neutral from Buy at UBS with analyst Navin Jacob saying he sees larger potential litigation expense following the company's settlement with Oklahoma as well as later than expected launches on its generic pipeline assets. 3. Weibo (WB) downgraded to Neutral from Overweight at JPMorgan with analyst Binbin Ding sayin ghe sees a worsening advertising outlook in the near-term with "no clear visibility" into the second half of 2019 and 2020. 4. Nutanix (NTNX) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Katy Huberty saying the combination of slowing industry demand and competition from Dell (DELL) will slow down a full recovery in its business. 5. Roku (ROKU) downgraded to Equal Weight from Overweight at Stephens with analyst Kyle Evans saying though he remains "very positive" on Roku over the long-term, he believes the stock's recently increased valuation combined with raised expectations creates increased near-term risk. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/28/19
GSCO
05/28/19
DOWNGRADE
Target $60
GSCO
Sell
Gilead downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Terence Flynn downgraded Gilead Sciences to Sell from Neutral and lowered his price target for the shares to $60 from $70. The analyst sees limited growth and pipeline expansion opportunities.
DSNKY Daiichi Sankyo
$0.00

(0.00%)

PFE Pfizer
$42.75

0.24 (0.56%)

06/04/19
MSCO
06/04/19
INITIATION
Target $48
MSCO
Overweight
Pfizer resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst David Risinger resumed coverage of Pfizer with an Overweight rating and $48 price target, stating that he sees Ibrance and pipeline products driving accelerating growth starting next year. Risinger estimates Pfizer will see 3-yr revenue CAGR of 6% from FY20-23 and EPS growth of 11% over the same period, he tells investors.
06/04/19
06/04/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Uber (UBER) was initiated with an Overweight at Barclays and Morgan Stanley, an Outperform at Oppenheimer, Cowen, William Blair, and JMP Securities, a Buy at Canaccord, SunTrust, Deutsche Bank, Loop Capital, Mizuho, BTIG, Needham, and BofA/Merrill, and a Neutral at Citi. 2. Lyft (LYFT) was initiated with a Buy at BTIG, SunTrust, and Citi, a Hold at Loop Capital, and an Equal Weight at Barclays. 3. Alibaba (BABA), JD.com (JD), and Twitter (TWTR) were initiated with a Buy at Loop Capital, while Alphabet (GOOG, GOOGL) was initiated with a Hold. 4. Pfizer (PFE) was resumed with an Overweight at Morgan Stanley. 5. Neon Therapeutics (NTGN) was initiated with a Buy at Mizuho. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/19
MAXM
06/14/19
INITIATION
Target $6
MAXM
Buy
Achieve Life Sciences initiated with a Buy at Maxim
Maxim analyst Jason McCarthy initiated Achieve Life Sciences (ACHV) with a Buy rating and a price target of $6, citing the company's development of a "de-risked" smoking cessation aid cytisinicline. The analyst notes that cytisinicline has been in the Eastern European market since the 1970's but has also recently gained "proof of concept" data with a positive phase 2b study of 54% abstinence following 3mg daily intake vs. 16% for placebo. McCarthy adds that Pfizer's (PFE) competing Chantix generated $838M in revenue in FY18 but covered only about 3% of the U.S. smoking population.
PTLA Portola Pharmaceuticals
$25.78

-0.31 (-1.19%)

03/29/19
SBSH
03/29/19
NO CHANGE
SBSH
Buy
Citi says own Portola for Andexxa launch after doctor survey
Citi analyst Yigal Nochomovitz says his 100 physician survey spanning indicates consensus estimates for Andexxa are too low and that shares of Portola Pharmaceuticals remain a buy. The analyst believes the launch can beat 2019 consensus by a "substantive margin," or up to $40M. He tells investors to "own the launch" and keeps a Buy rating on Portola Pharmaceuticals.
04/24/19
SBSH
04/24/19
NO CHANGE
Target $50
SBSH
Buy
CMS document yesterday bullish for Portola Pharmaceuticals, says Citi
The Centers for Medicare and Medicaid Services' fiscal 2020 Medicare inpatient hospital document released yesterday includes two bullish data points on Portola Pharmaceuticals' Andexxa, Citi analyst Yigal Nochomovitz tells investors in a research note. The first is the announcement that CMS is proposing to raise the Inpatient Hospital New Technology Add-On Payment from 50% to 65%, which would raise CMS's reimbursement for Andexxa in 2020 from $14,062.50 to $18,281.25, says the analyst. The second data point, according to Nochomovitz, is the phrase on page 1,717 that reads, "Based on the applicant's estimate from FY 2019, we currently estimate that new technology add-on payments for AndexXa would increase overall FY 2020 payments by $98,755,313 (maximum add-on payment of $18,281.25 * 5,402 patients)". The reference to 5,402 patients appears to provide insight into market uptake for 2019, says the analyst. He believes the figure points to $145M in 2019 revenue, assuming a $28,125 average price and 95% gross-to-net, which he notes is well above the consensus of $115M. Nochomovitz keeps a Buy rating on Portola with a $50 price target.
01/02/19
WBLR
01/02/19
NO CHANGE
WBLR
William Blair sees blockbuster opportunity for Portola following approval
William Blair analyst Matt Phipps believes Monday's FDA approval of Portola Pharmaceuticals' second-generation manufacturing process of Andexxa opens up a blockbuster opportunity for the company. Given the new supply source, Portola is now on track to significantly broaden the launch of Andexxa in 2019, Phipps told investors in a research note on Monday night. He believes "solid execution" on the commercial front will drive Andexxa sales and shareholder value. He sees additional upside from approval of Andexxa in patients requiring emergency surgery and acute major bleeding on additional anticoagulants, such as edoxaban and enoxaparin, creating a blockbuster opportunity. The analyst keeps an Outperform rating on Portola Pharmaceuticals.
03/04/19
OPCO
03/04/19
NO CHANGE
Target $42
OPCO
Outperform
Portola Pharmaceuticals price target raised to $42 from $30 at Oppenheimer
Oppenheimer analyst Jay Olson raised his price target for Portola Pharmaceuticals to $42 from $30 as the company's update highlights increased focus on the U.S. Andexxa launch, positive CHMP opinion for andexanet in Europe, feedback from end of Phase 2 meeting with FDA for cerdulatinib, and $125M debt financing agreement. The analyst views all of these items as positives for Portola Pharmaceuticals' shareholders and reiterates an Outperform on the stock.
QGEN Qiagen
$39.52

-0.07 (-0.18%)

03/15/19
UBSW
03/15/19
INITIATION
Target $42
UBSW
Neutral
Qiagen initiated with a Neutral at UBS
UBS analyst Daniel Brennan started Qiagen with a Neutral rating and $42 price target. Both consensus and the company's long-term guidance call for revenue growth acceleration in 2019 and 2020 with growth sustained at 8.5% in 2021, Brennan tells investors in a research note. With Qiagen trading near 10-year high multiples, the stock's valuation reflects achievement of these targets, says the analyst. However, Brennan believes "this is certainly not assured," given the company's dependency upon several new diagnostic products.
05/30/19
WOLF
05/30/19
INITIATION
Target $44
WOLF
Peer Perform
Qiagen initiated with a Peer Perform at Wolfe Research
Wolfe Research started Qiagen with a Peer Perform rating and $44 price target.
02/05/19
PIPR
02/05/19
NO CHANGE
Target $36
PIPR
Neutral
Qiagen's 2020 revenue guidance appears 'reasonable,' says Piper Jaffray
Piper Jaffray analyst William Quirk maintained a Neutral rating on Qiagen after the company's Q4 EPS was in line with lower than expected revenue. In a research note to investors, Quirk says given core business trends, he feels 2020 revenue guidance of 8%-10% appears "reasonable." The analyst lowered his multiple to 22x from 26x shifting to 2020E but says he "appreciates" Qiagen's long-term growth drivers.
RHHBY Roche
$0.00

(0.00%)

05/23/19
RBCM
05/23/19
NO CHANGE
Target $143
RBCM
Outperform
RBC sees 'interesting parallels' between Intercept and Roche-acquired InterMune
RBC Capital analyst Brian Abrahams said in a new note to investors that he sees "a number of interesting parallels" between Intercept (ICPT) and InterMune, which he notes was acquired by Roche (RHHBY) for $8.3B in 2014. While he admits that "it is not a perfect apples-to-apples comparison," he highlights that both companies' lead drugs had tolerability questions and finite exclusivity periods and that competitive risks have been "overly hyped" for Intercept's obeticholic acid and InterMune's Esbriet. The analyst, who contends that the similarities "further highlight the significant valuation disconnect" for Intercept, keeps an Outperform rating and $143 price target on the shares.
06/11/19
JANY
06/11/19
NO CHANGE
JANY
Buy
uniQure weakness a buying opportunity, says Janney Montgomery Scott
Janney Montgomery Scott analyst Yun Zhong said he does not see any fundamental reason for today's weakness in shares of uniQure (QURE), attributing the pullback as likely due to profit taking following some recent strong performance. Roche's (RHHBY) deal to buy Spark Therapeutics (ONCE) in February had a positive impact on the overall gene therapy sector and investor speculation has contributed to an over 30% increase in uniQure shares over the past two weeks, noted Zhong, who said his valuation does not include any acquisition assumption or premium. The analyst, who sees uniQure having the first FDA approval for an AAV gene therapy for hemophilia B and the first AAV gene therapy program in the clinic for Huntington's disease, keeps a Buy rating on the stock and would be a buyer amid today's weakness.
06/11/19
PIPR
06/11/19
NO CHANGE
Target $39
PIPR
Overweight
Roche approval has positive read through for MorphoSys, says Piper Jaffray
Roche's (RHHBY) accelerated approval of Polivy two months ahead of its FDA action date has a positive read through to MorphoSys' (MOR) MOR208, Piper Jaffray analyst Danielle Brill tells investors in a research note. While not a perfect comparison, the approval further signifies progression free survival data are not the most important efficacy measure for MOR208, adds the analyst. Further, she still thinks MOR208's efficacy and safety profile "appears distinctively better" than Polivy's. Brill remains confident for accelerated approval of MOR208 and believes that it could warrant a premium price-tag to Polivy's estimated average of $90,000 every four months. She reiterates an Overweight rating on MorphoSys shares with a $39 price target.
RIGL Rigel Pharmaceuticals
$2.06

-0.06 (-2.83%)

02/28/19
PIPR
02/28/19
NO CHANGE
Target $8
PIPR
Overweight
Rigel Pharmaceuticals's Tavalisse seeing continued uptake, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond kept his Overweight rating and $8 price target on Rigel Pharmaceuticals after Q4 results indicated "continued uptake of Tavalisse". The analyst says the company is benefiting from the "improvements in physician awareness and an expanding sales force serving as growth levers that will continue into 2019." Raymond adds that the pipeline efforts of Rigel Pharmaceuticals are on track with its Phase 3 wAIHA trial set to start in the first half of this year.
01/23/19
HCWC
01/23/19
NO CHANGE
Target $8
HCWC
Buy
H.C. Wainwright boosts Rigel target to $8 on European partnership
H.C. Wainwright analyst Joseph Pantginis raised his price target for Rigel Pharmaceuticals to $8 from $7.50 saying the company checked an "important box" by signing a partnership for Europe with Grifols (GRFS). The analyst is "pleased" with the Grifols partnership and the terms, "especially the royalty." He's confident Rigel is working on different fronts to boost fostamatinib's clinical and commercial potential outside the U.S. and reiterates a Buy rating on the shares.
01/23/19
PIPR
01/23/19
NO CHANGE
PIPR
Overweight
Piper says Grifols deal brings Rigel a 'step closer' to positive cash-flow
After Rigel (RIGL) announced an agreement with Grifols (GRFS) to market Tavalisse in Europe and Turkey, Piper Jaffray analyst Christopher Raymond said he believes the $30M upfront payment and $20M on EU approval should enable Rigel to reach cash flow positivity without additional financings. Citing this, and continued traction in the U.S. for Tavalisse, Raymond keeps an Overweight rating on Rigel shares.
01/07/19
PIPR
01/07/19
NO CHANGE
Target $8
PIPR
Overweight
Rigel update points to 'another beat' for Tavalisse revenue, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond calculates from the update disclosed by Rigel Pharmaceuticals that the company shipped 903 bottles of Tavalisse in Q4, which he noted represents about a 39% quarter-over-quarter increase. Assuming consistent gross to net in Q3 and Q4, this implies Q4 revenue in the range of $6.8M, according to Raymond, whose revenue estimate for Rigel had been $5.2M. He also noted that the FactSet consensus revenue estimate of $35M includes a $30M upfront payment from Kissei. Raymond keeps an Overweight rating on Rigel, stating that he remains "encouraged" by the Tavalisse ITP launch.
SNY Sanofi
$42.46

-0.225 (-0.53%)

02/26/19
JEFF
02/26/19
NO CHANGE
JEFF
The Medicines Co. may have only PCSK9 not infringing Amgen, says Jefferies
Following yesterday's patent win over Sanofi (SNY) and Regeneron (REGN), Amgen (AMGN) now possesses broad patents which will be difficult for most competitors to circumvent, Jefferies analyst Biren Amin tells investors in a research note. The Medicines Co.'s (MDCO) inclisiran, which falls outside of the claims as a purely RNA-directed agent, could be the only PCSK9 mechanism which does not infringe Amgen's Repatha, Amin contends. He believes that should Sanofi and Regeneron's Praluent be hit with a permanent injunction, inclisiran is "well positioned to carve out market share in a growing PCSK9 class."
03/20/19
SBSH
03/20/19
NO CHANGE
SBSH
Bayer shares likely to remain 'depressed' pending trial success, says Citi
While sentiment will "clearly take a knock" at the second Roundup trial going against Bayer (BAYRY), both verdicts were delivered by juries in California and EUR 22B of litigation risk is already priced into the shares, Citi analyst Peter Verdult tells investors in a research note. The analyst says his legal checks continue to instruct him to be more focused on the upcoming Hall vs. Monsanto trial being held in St Louis from April 1. He says that verdict will better determine whether his estimate of a potential settlement liability of $1B-$6B needs to be refined. However, Bayer shares will "likely remain depressed" until there is evidence of the company prevailing in one or more of the six cases to go to trial in 2019, Verdult contends. He keeps a Buy rating on the stock but prefers other Pharma plays AstraZeneca (AZN), Sanofi (SNY), Novartis (NVS) and Merck (MRK).
05/08/19
BMOC
05/08/19
NO CHANGE
Target $375
BMOC
Market Perform
Regeneron price target lowered to $375 from $412 at BMO Capital
BMO Capital analyst Matthew Luchini lowered his price target on Regeneron (REGN) to $375 after its "uninspiring" Q1 driven by higher R&D costs and lower collaboration revenue with Sanofi (SNY). The analyst notes that while the company's Dupixent is "showing progress" and Eylea's 8% revenue growth is a positive, he is also concerned with higher discounting for the latter along with the potential for a more competitive vascular endothelial growth factor, or VEGF, landscape. Luchini keeps his Market Perform rating on Regeneron.
SGEN Seattle Genetics
$68.67

-0.33 (-0.48%)

04/10/19
STFL
04/10/19
INITIATION
Target $70
STFL
Hold
Seattle Genetics initiated with a Hold at Stifel
Stifel analyst Stephen Willey initiated Seattle Genetics with a Hold rating and a price target of $70, saying that while the company "commands a leadership position in the development of antibody-drug conjugate technology", the current ADCETRIS estimates as "much-too-optimistic" in suggesting trajectory to sales of over $1B. The analyst adds that although the "recently-announced phase data for enfortumab vedotin will initiate Seattle Genetics' transition to a multi-product commercial company", he sees the "presumption of clinical/commercial success to be appropriately risk-adjusted in the stock at these levels."
03/27/19
BREN
03/27/19
INITIATION
Target $95
BREN
Buy
Seattle Genetics initiated with a Buy at Berenberg
Berenberg analyst Shanshan Xu initiated Seattle Genetics with a Buy and $95 price target saying he sees further appreciation following strong performance over the past 12 months. Xu believes several assets are undervalued at current levels including tucatinib in Phase III development for breast cancer, and enfortumab in Phase III development for urothelial carcinoma. Further, the analyst believes the receipt of a Complete Response Letter for the Biologics License Application for lead product candidate IMMU-132 for breast cancer may be resolved following an inspection by the FDA in second half 2019.
03/28/19
PIPR
03/28/19
NO CHANGE
PIPR
Neutral
Seattle Genetics' ORR 'impressive' for third-line UBC, says Piper Jaffray
After Seattle Genetics (SGEN) reported topline results from the first cohort of patients in a phase 2 trial evaluating enfortumab vedotin for the treatment of patients with locally advanced or metastatic urothelial cancer who have received two prior lines of treatment, Piper Jaffray analyst Joseph Catanzaro said the 44% objective response rate, or ORR, was "impressive" in this population of patients. While he thinks there may be room for upward revisions to his assumptions, he prefers to wait for the full data set before making any changes. Catanzaro keeps a Neutral rating on Seattle Genetics, citing his concerns about the growth of Adcetris.
04/25/19
PIPR
04/25/19
NO CHANGE
Target $64
PIPR
Neutral
Seattle Genetics Q1 marks third quarter of 'sluggish growth', says Piper Jaffray
Piper Jaffray analyst Joseph Catanzaro is keeping his Neutral rating and $64 price target on Seattle Genetics after its Q1 results that saw Adcetris sales of $135M missing consensus of $141M. The analyst notes that this marks the 3rd consecutive quarter of "sluggish growth", also lowering his FY19 EPS outlook to ($1.05) from (94c) and FY20 outlook to (14c) from 12c. Catanzaro lowers his FY19 Adcetris sales forecast to $611M from $633M, adding that the company's Adcentris revenue outlook of $610M-$640M for this year may "prove difficult."
STML Stemline
$14.20

0.12 (0.85%)

05/13/19
WEDB
05/13/19
DOWNGRADE
WEDB
Neutral
Stemline downgraded to Neutral from Outperform at Wedbush
03/18/19
PIPR
03/18/19
NO CHANGE
Target $23
PIPR
Overweight
Stemline sees positive physician feedback in all categories, says Piper Jaffray
Piper Jaffray analyst Joseph Catanzaro kept his Overweight rating and $23 price target on Stemline, saying his conversations with the management after the company's Q4 results reflected "very positive" feedback from physicians with patient enrollments "in all major sales territories." The analyst believes that the company's Elzonris sales may reach $1.9M, and "expansion opportunities in subsets of CMML and MF" could take shape by mid-2019.
03/11/19
PIPR
03/11/19
NO CHANGE
Target $23
PIPR
Overweight
Stemline's Elzonris to become BPDCN standard of care, says Piper Jaffray
After speaking with a key opinion leader, Piper Jaffray analyst Joseph Catanzaro says he continues to have no doubt that Stemline Therapeutics' Elzonris will become standard of care for blastic plasmacytoid dendritic cell neoplasm. The analyst remains "very comfortable" with his 500 patient annual U.S. incidence estimate. He models for $300M in peak U.S. sales for Elzonris and maintains an Overweight rating on Stemline with a $23 price target.
05/13/19
05/13/19
DOWNGRADE
Target $18

Neutral
Stemline downgraded to Neutral on valuation at Wedbush
As previously reported, Wedbush analyst David Nierengarten downgraded Stemline to Neutral from Outperform, while keeping $18 price target on the shares, as he believes the positive launch trajectory of ELZONRIS and expectations for label expansion are fully valued at these levels. Next up, the analyst looks forward to additional ELZONRIS clinical updates in chronic myelomonocytic leukemia and myelofibrosis at ASCO May 29-June 4, as well as a potential regulatory update regarding the indications following the company's planned registration discussions with the FDA mid-2019.
VSTM Verastem
$1.39

0.125 (9.88%)

04/03/19
CANT
04/03/19
INITIATION
Target $5
CANT
Overweight
Cantor Fitzgerald starts Verastem with Overweight, $5 price target
Cantor Fitzgerald analyst Alethia Young started Verastem Oncology with an Overweight rating and $5 price target. The launch of the company's first drug, Copiktra, is in the early days and investor expectations remain very low for commercial potential, Young tells investors in a research note. The analyst sees an opportunity for Copiktra, due to unmet need in the 20,000 relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma and follicular lymphoma patients. The market underappreciates the commercial potential for Copiktra, says the analyst.
05/10/19
RAJA
05/10/19
DOWNGRADE
RAJA
Market Perform
Verastem downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Reni Benjamin downgraded Verastem to Market Perform from Outperform citing the company's "lackluster" launch and guidance.
05/10/19
BTIG
05/10/19
NO CHANGE
Target $8
BTIG
Buy
Verastem price target lowered to $8 from $17 at BTIG
BTIG analyst Robert Hazlett lowers his price target on Verastem to $8 after its Q1 results featured a more modest 2019 sales guidance for Copiktra at $10M-$12M - below his estimate of $50M. The analyst contends that the guidance suggests overcoming the challenges of Copiktra launch will take longer than anticipated, adding that he is also removing the possibility of M&A from his model. Hazlett keeps his Buy rating on the stock however and still believes in Copiktra's potential to "materially disrupt the tumor microenvironment."
05/14/19
ROTH
05/14/19
NO CHANGE
Target $4
ROTH
Buy
Verastem price target lowered to $4 from $14 at Roth Capital
Roth Capital analyst Jotin Marango lowered his price target for Verastem to $4 from $14 as the company's Q1 update leaves him uncertain about the strategy and extra time that Verastem may need to eventually unlock that commercial value. The analyst reiterates a Buy rating on the shares.

TODAY'S FREE FLY STORIES

WOPEY

Woodside Petroleum

$0.00

(0.00%)

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CCLAY

Coca-Cola Amatil

$0.00

(0.00%)

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UNH

UnitedHealth

$247.78

-2.47 (-0.99%)

19:29
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UnitedHealth to acquire Equian from New Mountain Capital, WSJ says »

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KFY

Korn/Ferry

$48.61

1.04 (2.19%)

, EXEL

Exelixis

$21.14

0.15 (0.71%)

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KFY

Korn/Ferry

$48.61

1.04 (2.19%)

EXEL

Exelixis

$21.14

0.15 (0.71%)

SEE

Sealed Air

$43.68

-0.13 (-0.30%)

PYPL

PayPal

$118.82

1.66 (1.42%)

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  • 20

    Jun

EXEL

Exelixis

$21.14

0.15 (0.71%)

, RHHBY

Roche

$0.00

(0.00%)

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EXEL

Exelixis

$21.14

0.15 (0.71%)

RHHBY

Roche

$0.00

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INVH

Invitation Homes

$27.68

-0.07 (-0.25%)

18:55
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Syndicate
Invitation Homes 37.5M share Spot Secondary priced at ~$26.67 »

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  • 21

    Jun

MDB

MongoDB

$173.76

-0.33 (-0.19%)

18:44
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MongoDB CEO: Every company is becoming a software company »

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  • 10

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VRML

Vermillion

$0.89

-0.1575 (-15.00%)

18:37
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CAT

Caterpillar

$133.66

2.97 (2.27%)

18:34
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Caterpillar CEO: We take a long-term view »

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UNH

UnitedHealth

$247.78

-2.47 (-0.99%)

18:22
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Breaking Periodicals news story on UnitedHealth »

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  • 20

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BKS

Barnes & Noble

$6.71

0.055 (0.83%)

18:20
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18:20
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18:20
Downgrade
Barnes & Noble rating change at Gabelli »

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CSGP

CoStar Group

$555.39

-0.78 (-0.14%)

18:11
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CoStar Group acquires Off Campus Partners »

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  • 13

    Nov

BDX

Becton Dickinson

$245.32

7.2 (3.02%)

17:55
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Becton Dickinson backs safety of its Lutonix drug-coated balloons in SFA »

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  • 20

    Jun

CPF

Central Pacific

$28.49

-0.13 (-0.45%)

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Central Pacific authorizes buyback of up to $30M in common stock »

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AEL

American Equity

$27.51

0.3 (1.10%)

17:33
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American Equity director Debra Richardson sells almost $2.2M in company shares »

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SEE

Sealed Air

$43.68

-0.13 (-0.30%)

17:28
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Earnings
Sealed Air backs FY19 adjusted EPS view $2.65-$2.75, consensus $2.73 »

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SEE

Sealed Air

$43.68

-0.13 (-0.30%)

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AJRD

Aerojet Rocketdyne

$43.01

1.49 (3.59%)

17:27
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SEE

Sealed Air

$43.68

-0.13 (-0.30%)

17:25
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BBU

Brookfield Business Partners

$41.25

1.28 (3.20%)

, BAM

Brookfield

$48.38

0.29 (0.60%)

17:15
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17:15
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17:15
Syndicate
Brookfield Business Partners announces $795M equity offering »

Brookfield Business…

BBU

Brookfield Business Partners

$41.25

1.28 (3.20%)

BAM

Brookfield

$48.38

0.29 (0.60%)

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  • 08

    Aug

AXLA

Axcella

$10.39

0.27 (2.67%)

17:13
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17:13
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17:13
Earnings
Axcella reports Q1 EPS ($2.43), consensus (49c) »

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LKSD

LSC Communications

$5.83

0.07 (1.22%)

17:11
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QUAD

Quad/Graphics

$9.75

0.09 (0.93%)

, LKSD

LSC Communications

$5.83

0.07 (1.22%)

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Quad/Graphics intends to defend proposed LSC Communications acquisition »

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QUAD

Quad/Graphics

$9.75

0.09 (0.93%)

LKSD

LSC Communications

$5.83

0.07 (1.22%)

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SFM

Sprouts Farmers Market

$19.52

0.14 (0.72%)

17:04
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Sprouts Farmers Market interim co-CEO/CFO Brad Lukow resigns »

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  • 13

    Nov

NAKD

Naked Brand Group

$0.27

0.0025 (0.93%)

17:03
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06/20
17:03
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17:03
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Breaking Syndicate news story on Naked Brand Group »

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