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LCI

Lannett

$6.01

0.01 (0.17%)

06:58
07/08/19
07/08
06:58
07/08/19
06:58

Lannett enters distribution agreement for Levothyroxine, pays $20M upfront

Lannett announced that it has entered into a future exclusive supply and distribution agreement for the approved Levothyroxine sodium tablets of Cediprof, a wholly owned subsidiary of privately held Neolpharma Pharmaceutical. Under the agreement, Lannett will commence U.S. distribution of the product no later than August 1, 2022. Lannett will make an upfront payment of $20M within the next five business days and will receive a portion of the net profits once it commences distribution of the product. The term of the agreement is 10 years, which begins upon commencement of distribution. Other terms were not disclosed.

LCI Lannett
$6.01

0.01 (0.17%)

08/20/18
08/20/18
DOWNGRADE

Market Perform
Lannett downgraded to Market Perform as JSP walks away from renewal at Raymond James
As previously reported, Raymond James analyst Elliot Wilbur downgraded Lannett to Market Perform from Outperform after Jerome Stevens terminated its strategic distribution agreement with the company, a deal that provided Lannett with several key products but mainly levothyroxine, which is expected to account for 35% of FY18 sales and 44% of gross profit. From a monetary perspective, the analyst believes it makes "zero sense" why JSP would walk away from the deal, inflicting significant damage on its own holdings of Lannett shares. This suggests either JSP has no confidence in the recovery value of its holdings from current levels or has sold down or hedged a substantial portion of its holdings despite prior representations from Lannett management to the contrary, Wilbur contends.
08/20/18
BMOC
08/20/18
NO CHANGE
BMOC
Market Perform
Lannett price target lowered to $8 from $19 at BMO Capital
BMO Capital analyst Gary Nachman said JSP's decision to not renew its agreement with Lannett (LCI) and go with Amneal Pharmaceuticals (AMRX) is an "unfortunate development" that impacts three products, including Levothyroxine, which accounts for about 35-40% of Lannett revenue and is "very profitable." He lowered his estimates "significantly" due to this "major setback" and cut his price target on Lannett shares to $8 from $19 while maintaining a Market Perform rating on the shares.
03/19/19
RHCO
03/19/19
INITIATION
Target $9
RHCO
Hold
Lannett initiated with a Hold at SunTrust
SunTrust analyst Gregg Gilbert started Lannett with a Hold rating and $9 price target. The analyst says that while the stock's most important overhang has been removed with the loss of levothyroxine, he sees the risk/reward as relatively balanced at current share levels.
05/13/19
WELS
05/13/19
NO CHANGE
WELS
Lawsuit against Teva, others to hit generic drug stocks, says Wells Fargo
Wells Fargo analyst David Maris believes the lawsuit by 44 states against 20 generic drugmakers will weigh on generic drug stocks this week and remain an "overhang issue for some time." Actual penalties and damages are impossible to calculate, but could be material, Maris tells investors in a research note. The analyst spoke to the Connecticut attorney general's office this morning and learned they are preparing for trial in these cases. Language the attorney general has used, such as "unprecedented" and his desire to clawback all gains from collusion, should be indicative of the states' intent, Maris writes. He believes that for a sector that is generally highly levered, and with some companies named already facing an overhang from opioid litigation like Teva (TEVA), this is "especially unwelcome news."

TODAY'S FREE FLY STORIES

TGI

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TRQ

Turquoise Hill

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RIO

Rio Tinto

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0.77 (1.27%)

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RIO

Rio Tinto

$61.50

0.77 (1.27%)

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VMW

VMware

$172.22

2.48 (1.46%)

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CGIX

Cancer Genetics

$0.17

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, IDXG

Interpace Diagnostics

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17:55
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Conference/Events
Stephens business services analyst to hold a group dinner »

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EYEN

Eyenovia

$2.89

0.04 (1.40%)

17:51
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ET

Energy Transfer LP

$14.91

0.09 (0.61%)

17:38
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Energy Transfer considering sale of 33% Rover pipeline stake, Bloomberg says »

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INNT

Innovate Biopharmaceuticals

$1.12

0.02 (1.82%)

17:37
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Innovate Biopharmaceuticals gives corporate update, undertakes CEO search effort »

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LAMR

Lamar Advertising

$80.70

-0.31 (-0.38%)

17:36
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Lamar Advertising to acquire Ashby Street Outdoor Holdings »

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  • 07

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LMT

Lockheed Martin

$367.65

-1.81 (-0.49%)

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Lockheed Martin awarded $492.11M Army contract for M142 launchers »

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  • 23

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EGHT

8x8, Inc.

$25.62

-0.24 (-0.93%)

, FIVN

Five9

$48.00

-5.53 (-10.33%)

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EGHT

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$25.62

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FIVN

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LOGM

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RNG

RingCentral

$123.31

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WORK

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TWLO

Twilio

$145.36

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VG

Vonage

$12.79

-0.2 (-1.54%)

ZM

Zoom Video

$99.76

6.465 (6.93%)

GOOG

Alphabet

$1,150.39

5.84 (0.51%)

MSFT

Microsoft

$138.94

0.08 (0.06%)

AMZN

Amazon.com

$2,021.00

10.38 (0.52%)

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WTI

W&T Offshore

$4.83

0.13 (2.77%)

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W&T Offshore CEO buys 100K shares of common stock »

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SRT

StarTek

$7.10

0.04 (0.57%)

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Breaking Syndicate news story on StarTek »

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  • 12

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VTVT

vTv Therapeutics

$1.37

(0.00%)

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JBHT

J.B. Hunt

$92.50

-0.45 (-0.48%)

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ARW

Arrow Electronics

$68.82

-0.15 (-0.22%)

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UBNK

United Financial

$14.02

-0.1 (-0.71%)

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  • 17

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TRWH

Twin River Worldwide

$28.90

-0.08 (-0.28%)

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Standard General to tender 13M shares from Twin River Worldwide »

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HQY

HealthEquity

$70.29

-1.38 (-1.93%)

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HealthEquity director Robert Selander buys 610K in company shares »

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TSS

TSYS

$133.45

1.26 (0.95%)

, GPN

Global Payments

$165.94

1.69 (1.03%)

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TSS

TSYS

$133.45

1.26 (0.95%)

GPN

Global Payments

$165.94

1.69 (1.03%)

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  • 30

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    Nov

ECOR

electroCore

$1.61

0.01 (0.63%)

16:34
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Syndicate
electroCore files registration statement on Form S-3 »

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CFMS

Conformis

$3.40

-0.265 (-7.23%)

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  • 31

    Jul

VIAB

Viacom

$31.72

0.02 (0.06%)

, VIA

Viacom

$36.15

-0.15 (-0.41%)

16:30
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Periodicals
CBS and Viacom set August deadline for merger talks, CNBC reports »

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VIAB

Viacom

$31.72

0.02 (0.06%)

VIA

Viacom

$36.15

-0.15 (-0.41%)

CBS

CBS

$53.37

0.18 (0.34%)

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