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MRK

Merck

$82.92

-0.95 (-1.13%)

, AZN

AstraZeneca

$45.29

-0.2 (-0.44%)

15:31
09/29/19
09/29
15:31
09/29/19
15:31

Merck, AstraZeneca announced detailed results from Phase 3 PAOLA-1 trial

AstraZeneca (AZN) and Merck (MRK) announced detailed positive results from the Phase 3 PAOLA-1 trial showing LYNPARZA added to bevacizumab demonstrated a statistically significant and clinically meaningful improvement in progression-free survival in women with newly-diagnosed advanced ovarian cancer who had a complete or partial response to first-line treatment with platinum-based chemotherapy and bevacizumab. The trial compared LYNPARZA when added to standard-of-care (SoC) bevacizumab versus bevacizumab alone in women in the first-line maintenance setting, irrespective of their genetic biomarker status or outcome from previous surgery. Investigator-assessed results showed LYNPARZA added to bevacizumab reduced the risk of disease progression or death by 41% and improved PFS to a median of 22.1 months versus 16.6 months for those treated with bevacizumab alone. The sensitivity analysis of blinded independent central review of PFS was consistent, showing a similar improvement with a median of 26.1 months for LYNPARZA added to bevacizumab versus 18.3 months for bevacizumab alone. The safety and tolerability profile of LYNPARZA and bevacizumab were consistent with those known from previous trials for each medicine. The trial also included exploratory sub-group analyses including BRCA-mutated and broader homologous recombination deficiency populations. In the BRCAm-positive sub-group, LYNPARZA added to SoC bevacizumab vs. bevacizumab alone resulted in median PFS of 37.2 months versus 21.7 months and 18.9 months versus 16 months in the non-BRCAm sub-group. For the HRD-positive sub-group, median PFS for LYNPARZA added to bevacizumab was 37.2 months versus 17.7 months with bevacizumab alone. In the HRD-positive, non-BRCAm sub-group, there was a median PFS of 28.1 months with LYNPARZA added to bevacizumab versus 16.6 months on bevacizumab alone. The HRD-negative/unknown sub-group results showed a median PFS of 16.9 months for LYNPARZA added to bevacizumab vs. 16 months for bevacizumab alone. LYNPARZA, which is being jointly developed and commercialized by Merck and AstraZeneca, is currently approved in 64 countries, including those in the EU, for the maintenance treatment of platinum-sensitive relapsed ovarian cancer regardless of BRCA status. It is approved in the U.S. as first-line maintenance treatment in BRCAm advanced ovarian cancer following response to platinum-based chemotherapy. It is also approved in 38 countries, including the U.S., countries in the EU, and Japan, for germline BRCAm HER2-negative metastatic breast cancer previously treated with chemotherapy; in the EU this includes locally advanced breast cancer. LYNPARZA has been used to treat over 25,000 patients worldwide.

MRK

Merck

$82.92

-0.95 (-1.13%)

AZN

AstraZeneca

$45.29

-0.2 (-0.44%)

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MRK Merck
$82.92

-0.95 (-1.13%)

08/07/19
ARGS
08/07/19
NO CHANGE
Target $105
ARGS
Buy
Merck price target raised to $105 from $95 at Argus
Argus analyst David Toung raised his price target on Merck to $105 and kept his Buy rating after its "strong" Keytruda-driven Q2 earnings beat, also boosting his FY19 and FY20 EPS view by 16c and 10c to $4.89 and $5.35 respectively. The analyst sees Merck's "blockbuster" Keytruda drug on track for additional indications in the U.S., Japan, China and Europe, with additional growth drivers coming from its Gardasil, Bridion, Lynparza, and Lenvima programs.
08/15/19
LEER
08/15/19
INITIATION
Target $103
LEER
Outperform
Merck initiated with an Outperform at SVB Leerink
SVB Leerink analyst Daina Graybosch initiated Merck with an Outperform rating and $103 price target.
08/16/19
08/16/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Merck (MRK) initiated with an Outperform at SVB Leerink. 2. DocuSign (DOCU) initiated with a Buy at DA Davidson. 3. iQIYI (IQ) initiated with an Underweight at JPMorgan. 4. Goodyear Tire (GT) initiated with an Outperform at Exane BNP Paribas. 5. BlackBerry (BB) initiated with a Neutral at Macquarie. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/18/19
RHCO
09/18/19
NO CHANGE
Target $14
RHCO
Hold
Lannett price target raised to $14 from $10 at SunTrust
SunTrust analyst Gregg Gilbert raised his price target on Lannett (LCI) to $14, adjusting his model to reflect its potentially significant opportunity with the recent launch of posaconazole - a generic version of Merck's (MRK) Noxafil. The analyst notes that he now models sales and EBITDA at the higher end of the company's FY20 targets while also raising his FY20 EPS view by 19c to $1.33. Gilbert still keeps his Hold rating on the stock, citing the uncertainty around Lannett's capital structure and limited pipeline visibility as well as the challenging environment for generics.
AZN AstraZeneca
$45.29

-0.2 (-0.44%)

08/13/19
BOFA
08/13/19
DOWNGRADE
Target $7
BOFA
Neutral
Clovis downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill Tazeen Ahmad downgraded Clovis (CLVS) to Neutral and lowered his price target to $7 from $13 after last week's release of positive topline results for its PARP inhibitor Lynparza to treat prostate cancer by the company's competitor AstraZeneca (AZN). The analyst notes that the Lynparza update alters his expectations in the prostate cancer market to assume a two-player landscape from day one, reducing his expectations for Clovis's Rubraca peak sales to $250M from $406M with peak U.S. BRCA penetration of 15%.
08/14/19
ARGS
08/14/19
NO CHANGE
Target $50
ARGS
Buy
AstraZeneca price target raised to $50 from $46 at Argus
Argus analyst John Eade raised his price target on AstraZeneca to $50 and kept his Buy rating, saying the stock has outperformed over the past quarter thanks to the pipeline developments that are returning the company to growth. The analyst notes that the company's future growth should be driven by its checkpoint inhibitor Imfinzi, and he sees the program tracking toward a billion-dollar blockbuster status from $338M reported in Q2. Eade further notes that AstraZeneca management has made efforts to address the ongoing pricing pressure and generic threats to its former blockbusters Nexium and Crestor by reducing costs and assembling a new drug pipeline.
09/03/19
DZBN
09/03/19
DOWNGRADE
DZBN
Sell
AstraZeneca downgraded to Sell from Hold at DZ Bank
DZ Bank analyst Elmar Kraus downgraded AstraZeneca to Sell from Hold with a price target of 66 pounds.
09/03/19
09/03/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Boston Beer (SAM) downgraded to Underperform from Hold at Jefferies with analyst Kevin Grundy saying his consumer survey and web scrapes point to the potential for greater competitive intensity in the "rapidly growing" spiked seltzer category. He views Boston Beer's valuation as "stretched" given its competitive risk in hard seltzers. 2. Spirit Airlines (SAVE) downgraded to Outperform from Strong Buy at Raymond James with analyst Savanthi Syth now expecting a delay in the inflection of sentiment to early 2020. 3. AstraZeneca (AZN) downgraded to Sell from Hold at DZ Bank. 4. Heico (HEI) downgraded to Sell from Neutral at UBS with analyst Louis Raffetto citing valuation. 5. Hilton (HLT) downgraded to Neutral from Outperform at Macquarie with analyst Chad Beynon saying he believes the stock's current valuation with near-peak EBITDA multiples prices in the positives while the company faces a lack of catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CMG

Chipotle

$824.48

-27.4 (-3.22%)

15:04
10/22/19
10/22
15:04
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15:04
Options
Chipotle options imply 10.7% move in share price post-earnings »

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HOG

Harley-Davidson

$40.65

3.515 (9.47%)

15:02
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TTD

Trade Desk

$189.94

-10.99 (-5.47%)

, ROKU

Roku

$127.31

-5.63 (-4.24%)

15:02
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Recommendations
Trade Desk, Roku analyst commentary  »

SunTrust reiterates a Buy…

TTD

Trade Desk

$189.94

-10.99 (-5.47%)

ROKU

Roku

$127.31

-5.63 (-4.24%)

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$300.08

0.03 (0.01%)

14:58
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General news
U.K. government not ruling out seeking short Brexit delay, Bloomberg says »

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S&P 500

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SNAP

Snap

$14.04

-0.54 (-3.70%)

, FB

Facebook

$183.72

-6.1 (-3.21%)

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On The Fly
Fly Intel: What to watch in Snap earnings report »

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SNAP

Snap

$14.04

-0.54 (-3.70%)

FB

Facebook

$183.72

-6.1 (-3.21%)

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SERV

ServiceMaster

$45.81

-10.26 (-18.30%)

14:54
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WFC

Wells Fargo

$50.82

0.37 (0.73%)

14:54
10/22/19
10/22
14:54
10/22/19
14:54
Downgrade
Wells Fargo rating change  »

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SNAP

Snap

$14.08

-0.5 (-3.43%)

14:49
10/22/19
10/22
14:49
10/22/19
14:49
Options
Snap Inc. options imply 26.3% move in share price post-earnings »

Pre-earnings options…

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GILD

Gilead

$66.32

1.11 (1.70%)

14:45
10/22/19
10/22
14:45
10/22/19
14:45
Options
Gilead call volume above normal and directionally bullish »

Bullish option flow…

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SPY

SPDR S&P 500 ETF Trust

$300.58

0.53 (0.18%)

, SPX

S&P 500

$0.00

(0.00%)

14:41
10/22/19
10/22
14:41
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14:41
General news
U.K. Parliament rejects timetable bill for exit from EU »

U.K. lawmakers rejected a…

SPY

SPDR S&P 500 ETF Trust

$300.58

0.53 (0.18%)

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S&P 500

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BA

Boeing

$340.23

9.11 (2.75%)

14:34
10/22/19
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14:34
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14:34
On The Fly
Fly Intel: What to watch in Boeing's earnings report »

Boeing (BA) is scheduled…

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FB

Facebook

$183.45

-6.37 (-3.36%)

, GOOG

Alphabet

$1,246.51

0.28 (0.02%)

14:25
10/22/19
10/22
14:25
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14:25
Periodicals
U.S antitrust chief says breakup of 'Big Tech' is 'on the table,' WSJ reports »

Makan Delrahim, the U.S.…

FB

Facebook

$183.45

-6.37 (-3.36%)

GOOG

Alphabet

$1,246.51

0.28 (0.02%)

AMZN

Amazon.com

$1,769.36

-15.37 (-0.86%)

AAPL

Apple

$242.10

1.61 (0.67%)

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GME

GameStop

$6.30

0.37 (6.24%)

14:25
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Options
GameStop call volume above normal and directionally bullish »

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SPY

SPDR S&P 500 ETF Trust

$300.50

0.45 (0.15%)

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S&P 500

$0.00

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14:17
10/22/19
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General news
Brexit withdrawal agreement bill passes by 329-299 vote, Bloomberg reports »

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SPDR S&P 500 ETF Trust

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

14:17
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14:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

14:16
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NYSE market internals summary »

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14:10
10/22/19
10/22
14:10
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14:10
Conference/Events
Senate Commerce, Science & Transportation Committee to hold a hearing »

The Subcommittee on…

UTX

United Technologies

$141.32

3.08 (2.23%)

, BA

Boeing

$339.38

8.26 (2.49%)

14:09
10/22/19
10/22
14:09
10/22/19
14:09
Periodicals
United Tech sees no extra cut in Boeing 737 MAX production in 2019, Reuters says »

United Technologies (UTX)…

UTX

United Technologies

$141.32

3.08 (2.23%)

BA

Boeing

$339.38

8.26 (2.49%)

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LLY

Eli Lilly

$109.84

1.9 (1.76%)

14:09
10/22/19
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14:09
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14:09
Earnings
Fly Intel: What to watch in Eli Lilly earnings report »

Eli Lilly (LLY) is…

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FCX

Freeport McMoRan

$9.95

0.13 (1.32%)

14:05
10/22/19
10/22
14:05
10/22/19
14:05
Options
Freeport McMoRan call volume above normal and directionally bullish »

Bullish option flow…

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  • 23

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WBS

Webster Financial

$44.80

-2.51 (-5.31%)

14:01
10/22/19
10/22
14:01
10/22/19
14:01
Downgrade
Webster Financial rating change  »

Compass Point cuts…

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WBS

Webster Financial

$44.69

-2.62 (-5.54%)

13:58
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13:58
Downgrade
Webster Financial rating change  »

Webster Financial…

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13:55
10/22/19
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13:55
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13:55
Conference/Events
House Financial Services Committee to hold a hearing »

The Subcommittee on…

SYMC

Symantec

$23.19

0.11 (0.48%)

13:55
10/22/19
10/22
13:55
10/22/19
13:55
Conference/Events
House Committee on Homeland Security to hold a hearing »

The Cybersecurity,…

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LYFT

Lyft

$44.73

3.87 (9.47%)

, UBER

Uber

$33.79

2.375 (7.56%)

13:47
10/22/19
10/22
13:47
10/22/19
13:47
Recommendations
Lyft, Uber analyst commentary  »

Lyft profit call…

LYFT

Lyft

$44.73

3.87 (9.47%)

UBER

Uber

$33.79

2.375 (7.56%)

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