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BHC

Bausch Health

$22.91

-0.26 (-1.12%)

, PGNX

Progenics

$5.38

0.055 (1.03%)

19:52
07/17/19
07/17
19:52
07/17/19
19:52

NJ District Court upholds validity of Relistor patent

Bausch Health (BHC) and Progenics Pharmaceuticals (PGNX) announced that the U.S. District Court of New Jersey upheld the validity and determined Actavis' infringement of a patent protecting RELISTOR tablets, expiring March 2031. Defendant, Actavis Laboratories FL, Inc., a subsidiary of Teva Pharmaceutical Industries (TEVA), had challenged the validity of and had alleged non-infringement of Claims 2 and 5 of U.S. Patent No. 8,524,276, which protects the formulation of RELISTOR tablets. Bausch Health is not aware of any other ANDAs filed with the FDA seeking approval of a generic version of RELISTOR tablets, and will continue to vigorously defend its intellectual property in these and other claims.

BHC

Bausch Health

$22.91

-0.26 (-1.12%)

PGNX

Progenics

$5.38

0.055 (1.03%)

TEVA

Teva

$8.11

-0.07 (-0.86%)

  • 24

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  • 09

    Sep

BHC Bausch Health
$22.91

-0.26 (-1.12%)

07/08/19
LEHM
07/08/19
NO CHANGE
Target $28
LEHM
Overweight
Bausch Health fundamentals continue to strengthen, says Barclays
Barclays analyst Balaji Prasad reiterates an Overweight rating on Bausch Health Companies with a $28 price target saying the company's fundamentals are continuing to improve. The shares have gained nearly 20% in the month of June alone, and "steady" execution on both the balance sheet and business "will sustain this outperformance," Prasad tells investors in a research note. He believes Xifaxan demand remains "healthy" and that the June launches of Duobrii and ULTRA Multifocal Lenses support his longer-term growth forecast.
06/20/19
WELS
06/20/19
NO CHANGE
Target $9
WELS
Underperform
One of Bausch's key new drugs already facing generic challenge, says Wells Fargo
Wells Fargo analyst David Maris noted that an update posted on June 18 by the FDA revealed that a Paragraph IV challenge of Bausch Health's Bryhali was filed on March 20. The analyst, who explained that a Paragraph IV filing is made when a generic filer asserts either non-infringement or invalidity of branded product patents, called Bryhali one of Bausch's "key new drugs," noting that the company included it in what it has dubbed its "Significant Seven" products. A Paragraph IV filing does not mean a generic is imminent, said Maris, who also noted that such filings often result in settlements. The analyst, who said he is awaiting a reply from Bausch about this situation and whether it has sued the filing company, keeps an Underperform rating on Bausch Health shares.
07/15/19
WELS
07/15/19
NO CHANGE
Target $9
WELS
Underperform
Wells says Bausch contribution from EM-100 likely has to come out of guidance
After Eton Pharmaceuticals (ETON) announced on Friday night that partner Bausch Health (BHC) received a Complete Response Letter related to the application for EM-100, an investigational treatment of itchy eyes that Bausch acquired the rights for in February of this year, Wells Fargo analyst David Maris noted that Bausch has not issued a press release or an update related to this CRL and that he has not yet heard back from the company after having reached out for comment. This setback is likely to push the timeline back and any contribution that might have been in 2019 guidance will have to come out, said Maris, who noted that the deal and the potential product "appear to be small." Maris maintains an Underperform rating on Bausch Health shares.
07/17/19
HCWC
07/17/19
NO CHANGE
Target $18
HCWC
Buy
Eton Pharmaceuticals 15% selloff since CRL unwarranted, says H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju views the 15% selloff this week after Eton Pharmaceuticals (ETON) said it received a Complete Response Letter from the FDA on EM-100 as unwarranted. EM-100 is an "extremely minor contributor" to Eton's overall value proposition, since it is destined to be an over-the-counter product in a commodity segment, Selvaraju tells investors in a research note. Further, the CRL did not cite any issues with clinical data, and Bausch Health (BHC) has not wavered in its support of the drug, adds the analyst. He believes that any remaining items to be resolved are probably solely laboratory test-related in nature, which should be addressable within two to three months. Selvaraju views the recent selloff as a buying opportunity and reiterates a Buy rating on Eton Pharmaceuticals with an $18 price target.
PGNX Progenics
$5.38

0.055 (1.03%)

07/31/18
NEED
07/31/18
NO CHANGE
Target $16
NEED
Strong Buy
Progenics price target raised to $16 from $14 at Needham
Needham analyst Chad Messer raised his price target on Progenics to $16 after the FDA approved Azedra for intravenous use for certain types of locally advanced or metastatic pheochromocytoma or paraganglioma who require systemic anticancer therapy. Messer keeps a Strong Buy rating on Progenics shares.
12/07/18
FBCO
12/07/18
INITIATION
Target $6.5
FBCO
Outperform
Progenics initiated with an Outperform at Credit Suisse
Credit Suisse analyst Martin Auster initiated Progenics with an Outperform rating and $6.50 price target. In a research note to investors, Auster says he believes Progenics' royalties and future milestones from Relistor and revenue from Azedra support a core business with an NPV of about $5 per share, and says that as the commercial uptake of Azedra begins to unfold, investor focus is expected to turn to upside opportunities in prostate cancer PSMA-targeting diagnostic and therapeutic approaches. He adds that Novartis' (NVS) recent $2.1B acquisition of Endocyte (ECYT) supports pharma interest and attractive valuations in the space.
09/13/18
09/13/18
DOWNGRADE
Target $12

Buy
Progenics downgraded to Buy on Phase III trial disappointment at Needham
As previously reported, Needham analyst Chad Messer downgraded Progenics to Buy from Strong Buy after its Phase III study of PSMA imaging agent 1404 in prostate cancer missed its co-primary sensitivity endpoint. Although the study did meet the specificity endpoint, the analyst believes these results fall short of expectations set based on strong Phase II results. Additionally, Messer notes that the limitations of 1404 are likely due to the SPECT/CT platform and sees no read through to PyL, Progenic's other PSMA based imaging agent that works on the more sensitive PET imaging platform. The analyst also lowered his price target on the shares to $12 from $16.
09/13/18
NEED
09/13/18
DOWNGRADE
NEED
Buy
Progenics downgraded to Buy from Strong Buy at Needham
TEVA Teva
$8.11

-0.07 (-0.86%)

07/10/19
FBCO
07/10/19
INITIATION
Target $14
FBCO
Neutral
Teva assumed with a Neutral at Credit Suisse
Credit Suisse analyst Uy Ear assumed coverage of Teva with a Neutral rating and $14 price target.
07/15/19
07/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Teva (TEVA) and Endo (ENDP) downgraded to Underweight from Equal Weight at Morgan Stanley. 2. Marriott (MAR) downgraded to Neutral from Buy at Longbow with analyst Alton Stump citing valuation. 3. General Electric (GE) downgraded to Neutral from Buy at UBS with analyst Damian Karas saying that a "notable" decline in interest rates and the continued weakness in the power market combine toward a "more balanced" upside with downside. 4. WageWorks (WAGE) downgraded to Hold from Buy at Stifel with analyst David Grossman saying he does not envision a competing takeover offer for the company. 5. L Brands (LB) downgraded to Neutral from Buy at Citi with analyst Paul Lejuez saying his former view on the stock was based on the belief that a Victoria's Secret turnaround could be successful if the brand adopted a more inclusive approach. However, with management slow to implement meaningful change, and "cultural norms shifting away from them," it may be "too little too late" for a meaningful turnaround at Victoria's Secret. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/15/19
MSCO
07/15/19
DOWNGRADE
MSCO
Underweight
Endo, Teva downgraded to Underweight on underappreciated risks at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger downgraded Endo International (ENDP) and Teva Pharmaceutical (TEVA), both to Underweight from Equal Weight, cut his price target on Endo shares to $3 from $8 and lowered his price target for Teva shares to $6 from $16. In the wake of Amneal's (AMRX) recent 28% EBITDA guidance cut, Risinger noted that Amneal faces company-specific challenges but also said he is concern about potentially worsening U.S. competitive pricing pressure. He is worried that Endo and Teva both face "underappreciated" risks from buying group pressure being worse than expected, increasing competition among generic manufacturers and the fact that opioid litigation is "just getting started" with thousands of lawsuits having been filed. Risinger also cut his earnings estimates for Mylan (MYL) lowered his price target on its shares to $22 from $32, though he maintains an Overweight rating on that generic drugmaker, citing low valuation and the potential for corporate action. Risinger additionally lowered his price target on Amneal shares to $4 from $12.
07/15/19
MSCO
07/15/19
DOWNGRADE
Target $6
MSCO
Underweight
Teva downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst David Risinger downgraded Teva Pharmaceutical to Underweight from Equal Weight and cut his price target for the shares to $6 from $16.

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AEO

American Eagle

$15.40

0.63 (4.27%)

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ANGI

Angi Homeservices

$8.18

-0.18 (-2.15%)

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Match Group

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IAC

$249.17

4.21 (1.72%)

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AAPL

Apple

$206.44

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Mattel

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Avangrid

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JPMorgan

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Bank of America

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Citi

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OAS

Oasis Petroleum

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EE

El Paso Electric

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MBRX

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VIVE

Viveve

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PRGO

Perrigo

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UAL

United Continental

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MBIO

Mustang Bio

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BCLI

BrainStorm

$3.63

0.055 (1.54%)

17:24
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WLK

Westlake Chemical

$61.27

0.66 (1.09%)

17:15
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GIG

GigCapital

$10.30

(0.00%)

17:10
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