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ALPN

Alpine Immune Sciences

$2.55

-0.35 (-12.07%)

, ALNA

Allena Pharmaceuticals

$1.84

-0.17 (-8.48%)

04:55
11/13/19
11/13
04:55
11/13/19
04:55

American College of Rheumatology to hold annual meeting

2019 ACR/ARP Annual Meeting to be held in Atlanta, GA on November 8-13.

ALPN

Alpine Immune Sciences

$2.55

-0.35 (-12.07%)

ALNA

Allena Pharmaceuticals

$1.84

-0.17 (-8.48%)

ABBV

AbbVie

$86.44

0.8 (0.93%)

ALXN

Alexion

$109.40

0.46 (0.42%)

AUPH

Aurinia Pharmaceuticals

$5.00

-0.13 (-2.53%)

AZN

AstraZeneca

$47.08

0.2 (0.43%)

BMY

Bristol-Myers

$58.39

0.215 (0.37%)

CELG

Celgene

$109.99

0.43 (0.39%)

DGX

Quest Diagnostics

$101.93

1.12 (1.11%)

DNA

Bought by RHHBY

$0.00

(0.00%)

EQ

Equillium

$3.39

0.14 (4.31%)

RHHBY

Roche

$0.00

(0.00%)

REGN

Regeneron

$348.26

4.03 (1.17%)

SNY

Sanofi

$46.04

0.2 (0.44%)

GSK

GlaxoSmithKline

$44.52

0.255 (0.58%)

GILD

Gilead

$64.33

-0.33 (-0.51%)

KNSA

Kiniksa

$6.72

-0.62 (-8.45%)

LLY

Eli Lilly

$113.16

0.385 (0.34%)

MCK

McKesson

$144.85

4.53 (3.23%)

MNK

Mallinckrodt

$2.80

-0.06 (-2.10%)

NVS

Novartis

$89.28

0.68 (0.77%)

PFE

Pfizer

$36.98

0.07 (0.19%)

QDEL

Quidel

$59.74

0.32 (0.54%)

CRBP

Corbus Pharmaceuticals

$4.36

-0.04 (-0.91%)

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ALPN Alpine Immune Sciences
$2.55

-0.35 (-12.07%)

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.
05/15/19
PIPR
05/15/19
NO CHANGE
Target $11
PIPR
Overweight
Piper sees broad partnership potential for Alpine after Adaptimmune deal
After Alpine Immune Sciences (ALPN) announced a partnership with Adaptimmune (ADAP) to incorporate its novel Transmembrane and Secreted Immunomodulatory Proteins, or TIPs and SIPs, into CAR-T cells, Piper Jaffray analyst Edward Tenthoff said he sees Alpine having broad potential to partner its TIPs and SIPs for next generation cellular therapies. The analyst, who noted that Alpine is also advancing a platform of novel variant Ig domains, or "vIgDs," to augment T-cell activation, keeps an Overweight rating and $11 price target on Alpine shares.
01/22/19
PIPR
01/22/19
NO CHANGE
Target $11
PIPR
Overweight
Alpine Immune Sciences target lowered to $11 placement dilution at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff lowered his price target for Alpine Immune Sciences to $11 from $12 to reflect dilition from the company's recent private placement. Alpine recently issued 4.7 million units at $5.37 comprised of one share and 0.39 warrants with a $12.74 strike price raising gross proceeds of $25.3M, Tenthoff tells investors in a research note. The analyst estimates Alpine now holds pro forma cash of $86M to advance its pipeline of proprietary variant Ig domains as novel immunotherapies. He reiterates an Overweight rating on the shares.
12/02/18
PIPR
12/02/18
NO CHANGE
Target $12
PIPR
Overweight
Alpine Immune Sciences' ALPN-101 active in GvHD, CTA by YE18, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff notes that Alpine (ALPN) presented two posters at ASH on proprietary variable Immunoglobulin Domain technology. In vivo data at ASH showed single doses enhanced survival in GvHD models compared to Bristol Myer's (BMY) Nujolix, he notes, adding that a CTA for ALPN-101 by YE18 should enable healthy volunteer data and lead to a Phase II GvHD start next year. The analyst also points out that Alpine presented novel Transmembrane ImmuneModulatory Proteins that can be engineered into T cells to enhance response in immunosuppressive environments. Importantly these strategies differ from TIP technology partnered to Kite (GILD) and offer further partnering opportunity, Tenthoff contends. He reiterates an Overweight rating and $12 price target on Alpine's shares.
ALNA Allena Pharmaceuticals
$1.84

-0.17 (-8.48%)

09/06/19
FBCO
09/06/19
NO CHANGE
Target $7
FBCO
Outperform
Allena Pharmaceuticals price target lowered to $7 from $26 at Credit Suisse
Credit Suisse analyst Martin Auster lowered his price target for Allena Pharmaceuticals and maintained an Outperform rating after taking a fresh look at reloxaliase ahead of uriROX-1 Phase 3 results expected in Q4. While Auster thinks this trial has a solid likelihood of being positive and views it as a meaningful catalyst for the name, he lowered his peak sales estimate for reloxaliase to $250M from $900M.
11/08/19
RILY
11/08/19
NO CHANGE
Target $11
RILY
Buy
Allena Pharmaceuticals selloff yesterday overdone, says B. Riley FBR
B. Riley FBR analyst Mayank Mamtani lowered his price target for Allena Pharmaceuticals to $11 from $20 saying clinical meaningfulness of reloxaliase's effect remains to be answered in the second Phase III URIROX-2 study. This increases skepticism around its market opportunity, says Mamtani, who cut his penetration assumption by half, driving his peak sales estimate to $183M from $367M. The analyst, whoever, views yesterday's selloff as overdone and keeps a Buy rating on Allena Pharmaceuticals.
11/07/19
ROTH
11/07/19
NO CHANGE
Target $31
ROTH
Buy
Allena's high placebo result in URIROX-1 a 'red herring,' says Roth Capital
Roth Capital analyst Yasmeen Rahimi tells investors in a research note that she thinks Allena Pharmaceuticals is getting "unnecessarily punished" on Thursday following positive URIROX-1 topline data on the basis of higher placebo response, smaller treatment effect and next steps for securing regulatory approval, saying she thinks URIROX-1 data tees up with URIROX-2 for success. In her view, the higher than expected placebo result is a "complete red herring," and keeps a Buy rating and $31 price target on the shares.
11/07/19
BARD
11/07/19
NO CHANGE
Target $20
BARD
Outperform
Allena Pharmaceuticals selloff today a buying opportunity, says Baird
Baird analyst Madhu Kumar views the selloff today in shares of Allena Pharmaceuticals as a buying opportunity. With reloxaliase meeting the primary endpoint of urinary oxalate reductions versus placebo with an absolute 22.6% urinary oxalate decline from baseline, the analyst believes the URIROX-1 trial reads positively to the second Phase 3 trial, URIROX-2. He reiterates an Outperform rating on Allena with a $20 price target. The analyst believes the market's reaction is wrong with the stock down 47% to $3.08.
ABBV AbbVie
$86.44

0.8 (0.93%)

09/26/19
09/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Square (SQ) upgraded to Outperform from Market Perform at Wells Fargo analyst Timothy Willi saying the company's fundamentals remain strong while investor sentiment is "overly negative and close to inflecting." 2. Whirlpool (WHR) upgraded to Overweight from Neutral at JPMorgan with analyst Michael Rehaut saying he expects U.S. industry shipments to be more stable year-over-year through the end of 2019 and show "modest" growth in 2020. 3. Boston Beer (SAM) upgraded to Outperform from Market Perform at BMO Capital with analyst Amit Sharma saying Truly is "primed to capture" strong consumer demand and higher distribution/shelf space for hard seltzer. 4. AbbVie (ABBV) upgraded to Buy from Neutral at Citi with analyst Andrew Baum saying he believes AbbVie will "extract significant shareholder value" from Allergan's (AGN) franchises given its "strong commercial focus and patient/physician centricity." 5. Hologic (HOLX) upgraded to Buy from Neutral at BofA/Merrill with analyst Ivy Ma saying she sees the company being on "steadier footing with organic growth upside in FY20" thanks to its tuck-in acquisitions. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/19
STFL
10/10/19
NO CHANGE
Target $135
STFL
Buy
Reata Pharmaceuticals 'bold move' should be well received by Street, says Stifel
Stifel analyst Adam Walsh notes that in "a bold move" likely to be well received by the Street, Reata Pharmaceuticals (RETA) reacquired ex-U.S. rights to BARD, OMAV, and other Nrf2 activators from AbbVie (ABBV) for total deal consideration of $330M. Given AbbVie's lack of a significant renal franchise, the reacquisition of ex-U.S. BARD rights restores strategic flexibility to Reata and provides the opportunity to either find a more engaging development partner, go it alone ex-U.S., or sell the company outright, he contends. Further, the analyst believes the deal terms look "highly reasonable" relative to potential ex-U.S. BARD sales. Walsh has a Buy rating and $135 price target on Reata's shares.
11/01/19
PIPR
11/01/19
NO CHANGE
Target $90
PIPR
Overweight
AbbVie price target raised to $90 from $81 at Piper Jaffray
Piper Jaffray analyst Christopher Raymond raised his price target for AbbVie to $90 from $81 saying this morning's Q3 results were stronger than anticipated. The stock in afternoon trading is up 3% to $81.70. While "there were puts and takes across the board," including Humira and Imbruvica upside along with a "big miss" for the hepatitis C virus franchise, AbbVie posted Q3 earnings and sales beats, Raymond tells investors a post-earnings research note. Combined with the announcement of the dividend getting a double-digit increase, the analyst continues to like the setup for the shares and remains a buyer with an Overweight rating.
10/30/19
WELS
10/30/19
UPGRADE
Target $20
WELS
Outperform
Wells Fargo upgrades Revance to Outperform, boosts target to $20
Wells Fargo analyst Jacob Hughes upgraded Revance Therapeutics (RVNC) to Outperform from Market Perform with a price target of $20, up from $12.50. After meeting with management, the analyst likes the setup for shares. Revance has a commercial-focused CEO with a history of shareholder value creation in aesthetics and a "catalyst rich" 12 months, Hughes tells investors in a research note. He believes the stock has "significant upside potential" and likes the cash pay nature of aesthetics. The multi-billion neurotoxins market will continue to expand, and disruption from the Allergan (AGN), AbbVie (ABBV) merger will create opportunities for Revance to take share, contends Hughes.
ALXN Alexion
$109.40

0.46 (0.42%)

11/12/19
RHCO
11/12/19
INITIATION
Target $125
RHCO
Buy
Alexion initiated with a Buy at SunTrust
SunTrust analyst Robyn Karnauskas initiated coverage of Alexion with a Buy rating and $125 price target. The analyst says she sees upside for the stock in 2020 as patent uncertainty dissipates, noting that while her model assumes aggressive impact from biosimilars, competition,and price erosion, she believes that the stock reflects "even worse declines".
10/24/19
SBSH
10/24/19
NO CHANGE
Target $150
SBSH
Buy
Alexion is a growth stock trading like value, says Citi
Citi analyst Mohit Bansal says Alexion Pharmaceuticals is a growth stock trading like value. The company provided "strong" guidance for revenue and underlined its recently expanded pipeline, which may attract incremental investors, Bansal tells investors in a research note. He keeps a Buy rating on Alexion shares.
10/24/19
OPCO
10/24/19
NO CHANGE
Target $150
OPCO
Outperform
Alexion price target lowered to $150 from $165 at Oppenheimer
Oppenheimer analyst Hartaj Singh lowered his price target for Alexion to $150 from $165 after the company reported Q3 sales/earnings and provided an investor update. The analyst reiterates an Outperform rating on the shares.
10/23/19
WBLR
10/23/19
NO CHANGE
WBLR
Outperform
Alexion execution 'remains undervalued,' says William Blair
William Blair analyst Raju Prasad says Alexion Pharmaceuticals' execution "remains undervalued" following the company's Q3 results. The company continues to diversify its pipeline through expansion into new indications and business development deals, resulting in 22 development programs across 11 assets, Prasad tells investors in a research note. He believes Alexion has the potential to address over 15 different indications spanning ultra rare and rare diseases and addressing sizable patient populations. With 10 potential launches by 2023, the next two years are expected to be "catalyst-rich," contends Prasad, who keeps an Outperform rating on Alexion shares.
AUPH Aurinia Pharmaceuticals
$5.00

-0.13 (-2.53%)

05/23/19
HCWC
05/23/19
NO CHANGE
Target $25
HCWC
Buy
Aurinia Pharmaceuticals price target raised to $25 from $15 at H.C. Wainwright
H.C. Wainwright analyst Ed Arce raised his price target for Aurinia Pharmaceuticals to $25 from $15 and reiterates a Buy rating on the shares.
09/09/19
OPCO
09/09/19
INITIATION
Target $14
OPCO
Outperform
Aurinia Pharmaceuticals initiated with an Outperform at Oppenheimer
Oppenheimer analyst Justin Kim initiated Aurinia Pharmaceuticals with an Outperform rating and $14 price target, citing his view that lead asset voclosporin could become the first therapeutic approved for treatment of lupus nephritis.
06/04/19
HCWC
06/04/19
NO CHANGE
Target $25
HCWC
Buy
Aurinia board can defeat proxy challenge, says H.C. Wainwright
H.C. Wainwright analyst Ed Arce noted that Aurinia's largest shareholder, ILJIN SNT Co., announced over the weekend that it has launched a proxy contest to elect at least three directors to the company's eight member board. Arce does not agree with ILJIN's claims of excessive compensation, high operating costs or governance failures and believes the current board and new CEO are "well suited" to commercialize voclosporin to its "full potential," he tells investors. The analyst, who said he is confident the current board can defeat this proxy challenge, keeps a Buy rating and $25 price target on Aurinia shares.
09/10/19
09/10/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. DuPont (DD) initiated with a Buy at Jefferies. 2. Turning Point Therapeutics (TPTX) initiated with an Outperform at Wedbush. 3. Aurinia Pharmaceuticals (AUPH) initiated with an Outperform at Oppenheimer. 4. Banco de Chile (BCH) initiated with a Neutral at Goldman Sachs. 5. McEwen Mining (MUX) initiated with a Buy at B. Riley FBR. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
AZN AstraZeneca
$47.08

0.2 (0.43%)

11/10/19
PIPR
11/10/19
NO CHANGE
PIPR
Piper Jaffray sees approval for FibroGen's roxadustat, but still has concerns
Piper Jaffray analyst Danielle Brill maintained a Neutral rating and $42 price target on FibroGen (FGEN). After getting more color on the MACE data from a meeting with management, speaking to a lead investigator, and listening to AstraZeneca's (AZN) call, Brill continues to expect approval of the drug, but also sees aspects that will drive debate, and a lack of clarity until FDA briefing documents for an Ad Com panel are released next year, which could be 6-10 months from now depending on priority. The analyst also still questions whether the labeling for the drug, if it is approved, will include a black box safety warning.
11/05/19
JEFF
11/05/19
NO CHANGE
Target $75
JEFF
Buy
Jefferies sees nothing new in FibroGen short report
Jefferies analyst Michael Yee does not see "anything really new" in yesterday's short report on FibroGen. The report is all based on earlier small Phase II/III studies that are already known, as well as on studies in China/Japan, where the drug has recently been approved, Yee tells investors in a research note. Moreover, FibroGen partner AstraZeneca (AZN) has publicly stated it is comfortable with the data, adds Yee. He keeps a Buy rating on FibroGen shares with a $75 price target
10/28/19
GUGG
10/28/19
INITIATION
Target $44
GUGG
Buy
Guggenheim starts Viela Bio at Buy, makes stock Best Idea
Guggenheim analyst Seamus Fernandez initiated coverage of Viela Bio with a Buy rating and $44 price target. The analyst makes the stock his Best Idea, seeing a potential path to a three-to-five times return over the next five years. Viela is a "uniquely compelling" biotech investment opportunity for several reasons, including a senior leadership team with deep biopharma roots, the unique spinout origin story from AstraZeneca (AZN), and large total addressable markets across various autoimmune diseases, Fernandez tells investors in a research note. With five biologic assets including inebilizumab already filed with the FDA, Viela "is well on its way to being a fully integrated biotechnology company focused on autoimmune disease," contends the analyst.
11/12/19
JEFF
11/12/19
NO CHANGE
JEFF
Buy
Jefferies doesn't see 'anything new' in latest FibroGen short report
Jefferies analyst Michael Yee addressed some of the takeaways from "another short report" on FibroGen (FGEN), which he doesn't think includes "anything new." He has previously said that he expects ongoing "noise and confusion" about cardiovascular events in various populations, though he has talked to FibroGen, AstraZeneca (AZN) and many doctors and investigators, who "support a clear view of approval and safety here." The newest short report published on FibroGen highlights topics that are "generally known or mentioned in our previous reports," added Yee, who has a Buy rating on the shares.
BMY Bristol-Myers
$58.39

0.215 (0.37%)

08/19/19
MZHO
08/19/19
DOWNGRADE
MZHO
Neutral
Amgen, Celgene downgraded to Neutral on valuation at Mizuho
As previously reported, Mizuho analyst Salim Syed downgraded Amgen (AMGN) and Celgene (CELG), each to Neutral from Buy, "solely" on the stock's current trading prices nearing what the analyst views as appropriate valuations. Amgen has run up over the last week by about 10% following a "very clean Enbrel litigation win," but the stock price now gives full credit for its Enbrel IP, said Syed, who raised his price target on Amgen shares to $212 from $208. He also cut his price target on Celgene shares to $100 from $103, based on a calculation of one Bristol-Myers (BMY) share being worth $47, plus $50 cash per share and $3 for a risk-adjusted CVR valuation.
11/07/19
PIPR
11/07/19
NO CHANGE
Target $35
PIPR
Overweight
Nektar price target lowered to $35 from $50 at Piper Jaffray
Piper Jaffray analyst Tyler Van Buren lowered his price target for Nektar Therapeutics (NKTR) to $35 from $50 citing trial timeline delays following the company's Q3 results. The analyst, however, keeps an Overweight rating on the shares. Three of six planned registrational trials are ongoing with partner Bristol-Myers (BMY), and management on the call updated the timelines for topline readouts in these trials, which are delayed approximately a year, says Van Buren. He looks forward to the melanoma/PIVOT-02 cohort update at SITC this weekend and is "encouraged to see more of the pipeline advance into clinical development," saying Nektar continues to diversify beyond bempeg.
08/27/19
RBCM
08/27/19
NO CHANGE
Target $206
RBCM
Sector Perform
Amgen price target raised to $206 from $192 at RBC Capital
RBC Capital analyst Kennen MacKay raised his price target on Amgen to $206, saying that despite the "sticker shock" of its $13.4B deal for the Otezla franchise, the transaction is expected to be immediately accretive to earnings and fitting well with its existing inflammation and immunology portfolio. The analyst believes that Amgen should be able to grow revenue "majorly" over the next 3 years as it leverages Otezla potential with its legal victory on Enbrel, stating that there is a case for its multiple to re-rate higher. MacKay keeps his Sector Perform rating on Amgen shares as he awaits for its emerging pipeline to also "fill the shoes" of its maturing assets.
10/16/19
BOFA
10/16/19
INITIATION
Target $60
BOFA
Buy
Bristol-Myers reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Bristol-Myers with a Buy rating and $60 price target. The analyst said overall he is bullish on the combined company, citing "several higher-impact catalysts on the horizon" that could result in a re-rating the stock.
CELG Celgene
$109.99

0.43 (0.39%)

11/01/19
STPT
11/01/19
DOWNGRADE
STPT
Hold
Celgene downgraded to Hold from Buy at Standpoint Research
Standpoint Research analyst Ronnie Moas downgraded Celgene to Hold from Buy.
11/01/19
BARD
11/01/19
DOWNGRADE
Target $101
BARD
Neutral
Celgene downgraded d to Neutral from Outperform at Baird
Baird analyst Brian Skorney downgraded d to Neutral from Outperform with a $101 price target.
11/01/19
BARD
11/01/19
DOWNGRADE
Target $101
BARD
Neutral
Celgene downgraded to Neutral at Baird
As reported previously, Baird analyst Brian Skorney downgraded Celgene to Neutral from Outperform. The analyst cited its recent upward move and doesn't see any reason for holding the shares ahead of ASH where any hair out the TRANSCEND data could put the entire CVR at risk. Skorney maintained his $101 price target on Celgene shares.
09/23/19
GUGG
09/23/19
UPGRADE
Target $55
GUGG
Buy
Agios Pharmaceuticals upgraded to Buy following selloff at Guggenheim
Guggenheim analyst Michael Schmidt upgraded Agios Pharmaceuticals (AGIO) to Buy from Neutral following a 20% year-to-date selloff in the shares, stating that the current valuation reflects no value beyond Tibsovo and Idhifa. Even with more conservative estimates, he believes Tibsovo alone is worth $35 per share and Idhifa royalties from Celgene (CELG) are worth $4, giving the stock a one-year "floor valuation" of $39 per share. Meanwhile, feedback from doctors highlights a moderate but "real" commercial opportunity in PKD for Mitapivat, said Schmidt, who set a $55 price target on Agios shares.
DGX Quest Diagnostics
$101.93

1.12 (1.11%)

07/15/19
ROTH
07/15/19
NO CHANGE
Target $7.5
ROTH
Buy
Sharecare liquidity event would help capitalize Remark AI business, says Roth Capital
Roth Capital analyst Darren Aftahi notes that privately-held Sharecare, which he estimates Remark Holdings (MARK) owns about 4.5% of, recently announced Quest Diagnostics (DGX) as its preferred laboratory partner, with Quest also making a strategic investment in the company. The analyst believes this could set the stage for a potential IPO going forward. Based on his current analysis, Aftahi thinks Remark's stake is worth about $150M-$175M, implying about $3.65-$4.31/share, multiples of its current $43M value. A liquidity event in Sharecare would help to much better capitalize Remark's AI business, he contends. The analyst reiterates a Buy rating and $7.50 price target on Remark's shares.
09/03/19
KEYB
09/03/19
NO CHANGE
KEYB
Quest Diagnostics, LabCorp could be impacted by Hurricane Dorian, says KeyBanc
KeyBanc analyst Donald Hooker notes that both Quest Diagnostics (DGX) and LabCorp (LH) operate facilities in Florida and the Southeast that could be negatively impacted by Hurricane Dorian. In prior years, bad hurricane seasons have negatively impacted year over year patient volumes by anywhere from 30-160 bps for both companies, with a more pronounced bottom-line impact given the economies of scale in lab testing, he adds. However, the analyst suspects that the financial impact may be mitigated this year given the significant changes at both Quest and LabCorp. As an initial take, Hooker would ballpark a bad hurricane season for Quest could represent about $20M of revenue headwind and 6c of EPS headwind, while for LabCorp, the headwind could be about $17M and 6c, respectively.
07/24/19
FBCO
07/24/19
NO CHANGE
Target $105
FBCO
Neutral
Quest Diagnostics price target raised to $105 from $99 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright raised her price target for Quest Diagnostics to $105 from $99 following quarterly results. The analyst reiterates a Neutral rating on the shares.
07/15/19
GSCO
07/15/19
DOWNGRADE
Target $85
GSCO
Sell
Goldman Sachs downgrades Quest Diagnostics to Sell, cuts target to $85
Goldman Sachs analyst Patrick Donnelly downgraded Quest Diagnostics (DGX) to Sell from Neutral and lowered his price target for the shares to $85 from $90. The company remains in a flat- to low-single-digit organic growth environment which will constrain operating profit and free cash flow growth, Donnelly tells investors in a research note. Further, the analyst sees "little reason for optimism" in the near term around the UnitedHealth (UNH) Preferred Lab Network. The incentive structure to further narrow lab use is uncertain and "in-network" status is most likely to continue to dominate volume flow, says Donnelly. He sees downside risk to Quest's to out-year estimates "as the lab business struggles to grow organically."
DNA Bought by RHHBY
$0.00

(0.00%)

EQ Equillium
$3.39

0.14 (4.31%)

02/22/19
LEER
02/22/19
INITIATION
Target $16
LEER
Outperform
Equillium initiated with an Outperform at SVB Leerink
SVB Leerink analyst Pasha Sarraf initiated Equillium with an Outperform rating and $16 price target, stating that CD6, which the company is targeting, is a "surprisingly underdeveloped biological pathway" to regulate runaway autoimmunity.
07/02/19
HCWC
07/02/19
INITIATION
Target $14
HCWC
Buy
Equillium initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju started Equillium with a Buy rating and $14 price target. The company's lead asset, itolizumab, that has been "comprehensively de-risked" from a safety and activity perspective by multiple late-stage trials conducted by its partner and licensor, Selvaraju tells investors in a research note. Further, Equillium's differentiated take on the underlying cause of autoimmunity and inflammation in various chronic diseases could allow it to assume a leadership position in targeting conditions driven by effector T cells and neutrophils, adds the analyst.
RHHBY Roche
$0.00

(0.00%)

10/15/19
BOFA
10/15/19
NO CHANGE
BOFA
Europe 1 List changes at BofA/Merrill
BofA/Merrill added Roche (RHHBY) and Sanofi (SNY) to the Europe 1 List and removed AstraZeneca.
10/15/19
CANT
10/15/19
NO CHANGE
Target $65
CANT
Neutral
Cantor keeps Neutral on Ionis after Roche boosts Phase 3 study size
Roche (RHHBY) disclosed yesterday that the size of the RG6042 Phase 3 trial in Huntington's increased from 660 people to 801, Cantor Fitzgerald analyst Eliana Merle tells investors in a research note. Per company comments, this is driven by high patient demand and potential to increase statistical power, particularly for the Q16W dose, adds the analyst. Merle, however, thinks investors might see this change as suggesting the Phase 3 needed more patients for sufficient powering. For her part, the analyst continues to see Huntington's as a challenging indication to study in a clinical trial setting. The higher patient number should improve the likelihood of statistical success, however, says Merle. The analyst, who believes Huntington's is the key stock focus for Ionis Pharmaceuticals investors, keeps a Neutral rating on Ionis shares with a $65 price target.
11/01/19
HCWC
11/01/19
NO CHANGE
Target $22
HCWC
Buy
Dicerna HBV deal earlier, on better terms than expected, says H.C. Wainwright
H.C. Wainwright analyst Ed Arce affirmed his Buy rating on Dicerna Pharmaceuticals (DRNA) shares after the companpy announced a collaboration and licensing agreement with Roche (RHHBY) for the worldwide development and commercialization the company's lead asset for the treatment of hepatitis B virus, or HBV. While he has long anticipated "a large HBV deal," the collaboration with Roche is earlier, and with better economics, than Arce had expected, the analyst tells investors. He maintains a $22 price target on Dicerna shares.
11/01/19
LEER
11/01/19
NO CHANGE
Target $26
LEER
Outperform
Dicerna price target raised to $26 from $22 at SVB Leerink
SVB Leerink analyst Mani Foroohar raised his price target for Dicerna Pharmaceuticals (DRNA) to $26 from $22 saying the terms for the company's partnership with Roche (RHHBY) to develop and commercialize DCR-HBVS are "quite favorable." Dicerna will receive a $200M upfront payment, up to $1.47B in potential milestones, and up to mid-teens royalties on future sales. The transaction is "meaningfully validating" for Dicerna's strategy for large population indications, Foroohar tells investors in a research note. With shares trading at an implied enterprise value "materially below" the pre-deal value, investors should begin to appreciate the scope of the potential partnership opportunities, says the analyst. He keeps an Outperform rating on Dicerna.
REGN Regeneron
$348.26

4.03 (1.17%)

11/11/19
ROTH
11/11/19
NO CHANGE
Target $30
ROTH
Buy
Replimune Group price target raised to $30 from $20 at Roth Capital
Roth Capital analyst Tony Butler increased his price target on Replimune (REPL) shares to $30 from $20 after the company reported Q2 updates and presented data over the weekend at the SITC meeting. Replimune developed a new trial protocol in solid organ transplant patients with CSCC and in melanoma patients who are refractory to prior treatment with anti-PD-1 directed therapy, while it also has initiated a registrational phase 2 trial of RP1 in combination with Regeneron's (REGN) anti-PD-1 antibody cemiplimab versus cemiplimab alone, noted Butler, who keeps a Buy rating on Replimune shares.
11/06/19
SBSH
11/06/19
UPGRADE
Target $420
SBSH
Buy
Citi upgrades Regeneron to Buy, boosts target to $420 from $340
Citi analyst Mohit Bansal upgraded Regeneron Pharmaceuticals to Buy from Neutral with a price target of $420, up from $340. The Libtayo data in 2020 and continuous Dupixent growth will make it easy to keep owning Regeneron shares through near-term Eylea competition, Bansal tells investors in a research note. The analyst remains bullish on Dupixent and sees $10B in peak sales versus the current run rate of $2.5B. With Libtayo's profile "looking very similar to Keytruda," the analyst feels "incrementally confident" and likes Regeneron's risk/reward profile.
11/12/19
RHCO
11/12/19
INITIATION
Target $360
RHCO
Hold
Regeneron initiated with a Hold at SunTrust
SunTrust analyst Robyn Karnauskas initiated coverage of Regeneron with a Hold rating and $360 price target. The analyst contends that the company's base business is "baked into the stock", noting that its "evolving oncology platform" is key to further upside. Karnauskas adds that while Regeneron's Dupixent sales continue to grow, the possibility of biosimilar entry and Part B overhang around its flagship drug EYLEA could cap potential upside on the stock.
11/07/19
11/07/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Regeneron (REGN) upgraded to Buy from Neutral at Citi with analyst Mohit Bansal saying the Libtayo data in 2020 and continuous Dupixent growth will make it easy to keep owning Regeneron shares through near-term Eylea competition. 2. Match Group (MTCH) upgraded to Buy from Neutral at UBS with analyst Eric Sheridan saying Match shares experience a post-earnings selloff yesterday after already being notably down since August on the back of the Facebook (FB) Dating launch and legal proceedings. 3. Sealed Air (SEE) upgraded to Sector Weight from Underweight at KeyBanc with analyst Adam Josephson saying shares have underperformed the S&P 500 by 1,400 bps since its downgrade on July 14. 4. Elanco (ELAN) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying the current valuation on the stock discounts investor concerns regarding the impact on its swine products from African Swine Fever and competitive threats, noting that his rating change reflects an opportunity on the stock following the recent pullback in price. 5. DexCom (DXCM) upgraded to Buy from Neutral at Guggenheim. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
SNY Sanofi
$46.04

0.2 (0.44%)

09/23/19
GUGG
09/23/19
UPGRADE
Target $403
GUGG
Buy
Guggenheim upgrades Regeneron to Buy, says sentiment too negative
As previously reported, Guggenheim upgraded Regeneron (REGN) to Buy from Neutral as analyst Yatin Suneja noted that Eylea has maintained its dominance in the branded anti-VEGF retinal disease market despite "stiff branded competition" from Roche's (RHHBY) Lucentis and off-label use of Roche's Avastin. Eylea's expansion into new indications has resulted in a diversified business and defensible market position, argued Suneja, who also believes the Street is substantially under-appreciating the market opportunity for Dupixent, which is expected to drive significant leverage in the Sanofi (SNY) antibody collaboration that recently became profitable. Suneja raised the price target on Regeneron shares to $403 from $355.
09/23/19
GUGG
09/23/19
UPGRADE
GUGG
Buy
Sanofi upgraded to Buy on Dupixent's accelerating uptake at Guggenheim
Guggenheim analyst Seamus Fernandez upgraded Sanofi (SNY) to Buy from Neutral based on his view that Dupixent's accelerating uptake across Asthma and Atopic Dermatitis, and several other indications, should drive earlier than expected profitability of the Regeneron (REGN) antibody collaboration. He also believes that emerging markets growth should help stabilize the large established products and overall diabetes franchises and thinks that vaccines business growth looks sustainable. Fernandez, who also thinks pipeline expectations seem low, set a EUR96 price target on Sanofi shares.
10/02/19
STFL
10/02/19
NO CHANGE
Target $45
STFL
Buy
Stifel remains buyer of Principia Biopharma into Q4 data readouts
Stifel analyst Derek Archila remains bullish and a buyer of Principia Biopharma (PRNB) shares ahead of the company's two Phase 2 readouts for PRN1008 in immune thrombocytopenia and pemphigus vulgaris. The shares could reach the mid-$50 range if results are positive, Archila tells investors in a research note. He believes the bogey for each study is not that high and keeps a Buy rating on Principia with a $45 price target. The two clinical catalysts, coupled with Phase 2 data expected in the first half of 2020 from the company's partnered program with Sanofi (SNY) in multiple sclerosis, offers "multiple shots for valuation creation" over the next nine months.
GSK GlaxoSmithKline
$44.52

0.255 (0.58%)

09/04/19
COWN
09/04/19
NO CHANGE
Target $48
COWN
Outperform
Pfizer shares remain attractively valued, says Cowen
Cowen analyst Steve Scalia updated his Pfizer (PFE) model following Q2 results, the closing of the Glaxo (GSK) Consumer joint venture, and the announcement that its Upjohn business would be divested and combined with Mylan (MYL). The analyst lowered his estimates to reflect what is left at the company and despite his revision feels the shares remain attractively valued. Scalia reiterated his Outperform rating and $48 price target on Pfizer shares.
10/16/19
NWST
10/16/19
UPGRADE
NWST
Neutral
GlaxoSmithKline upgraded to Hold from Reduce at New Street
10/11/19
CANT
10/11/19
UPGRADE
CANT
Overweight
GlaxoSmithKline upgraded to Buy from Hold at Cantor Fitzgerald
Cantor Fitzgerald analyst Brian White upgraded GlaxoSmithKline to Buy from Hold with a price target of 2,000 pence.
10/11/19
CANT
10/11/19
UPGRADE
CANT
Overweight
Cantor upgrades GSK to Buy on reinvigoration of cancer franchise
Cantor Fitzgerald analyst Brian White upgraded GlaxoSmithKline to Buy from Hold with a price target of 2000 pence, up from 1450 pence. The Novartis transactions bolstered GSK's Vaccines and Consumer businesses at the expense of Pharma, while recent events have served to continue the theme while reinvigorating the cancer franchise, White tells investors in a research note. The analyst believes GSK has access to differentiated oncology products, "which promise to form a cornerstone for future franchise building." Further, consummation of the Consumer business should drive greater profitability "but Pharma has a narrow window to build a sustainable late stage pipeline," he adds.
GILD Gilead
$64.33

-0.33 (-0.51%)

11/12/19
RHCO
11/12/19
INITIATION
Target $70
RHCO
Hold
Gilead initiated with a Hold at SunTrust
SunTrust analyst Robyn Karnauskas initiated coverage of Gilead with a Hold rating and $70 price target. The analyst notes that while the company's HIV portfolio may offer stable revenues for some time, that is not "enough", as Gilead needs more growth catalysts. Karnauskas adds that the market opportunity for Filgotinib may be large, but its uptake could be "slow".
10/29/19
RBCM
10/29/19
NO CHANGE
RBCM
Top Pick
Gilead design of Phase 2 study of GS-6207 'intriguing,' says RBC Capital
RBC Capital analyst Brian Abrahams noted that details on Gilead's Phase 2 study for its capsid inhibitor, GS-6207, were posted today on clinicaltrials.gov. He calls the design of the study "intriguing," telling investors that the dose and duration suggest that the drug's profile "may look even better than previously disclosed." The analyst, who sees potential for a transformation of the HIV treatment paradigm away from orals, maintains Gilead shares as a Top Pick.
10/25/19
MAXM
10/25/19
DOWNGRADE
Target $66
MAXM
Hold
Gilead downgraded to Hold from Buy at Maxim
Maxim analyst Jason McCarthy downgraded Gilead to Hold from Buy with a price target of $66, down from $84. The analyst notes that the company's Q3 results were "in line" with expectations, but he remains concerned about its near-term growth prospects. McCarthy points to a lack of potential catalysts as Gilead's HCV revenue continues to erode and its HIV franchise is not enough to generate a "significant" revenue growth.
10/25/19
OPCO
10/25/19
NO CHANGE
Target $80
OPCO
Outperform
Gilead price target lowered to $80 from $85 at Oppenheimer
Oppenheimer analyst Hartaj Singh lowered his price target for Gilead to $80 from $85 and maintained an Outperform rating following the company's Q3 earnings report and investor update. While the quarter was in line with consensus estimates, it missed his expectations by 2% on the top line and bottom line due to one-offs for the HIV/HCV franchise, Singh tells investors in a research note. As new management slot in, Singh says he expects further updates on commercial execution and the pipeline, but HIV continues to be strong, HCV is stabilizing, Yescarta still has "surprising" quarterly variations while the filgotinib filing timelines have firmed up.
KNSA Kiniksa
$6.72

-0.62 (-8.45%)

08/14/19
JMPS
08/14/19
NO CHANGE
Target $35
JMPS
Outperform
Kiniksa price target lowered to $35 from $44 at JMP Securities
JMP Securities analyst Liisa Bayko lowered her price target on Kiniksa to $35 after its Q2 results, saying the new disclosed data shows its KPL-716 supporting continued development in itch but not in atopic dermatitis. The analyst removed atopic dermatitis from her valuation model but kept her Outperform rating based on her "high conviction in Kiniksa's later-stage pipeline, led by rilonacept" ahead of the 2020 Phase 3 data in recurrent pericarditis.
03/11/19
LEHM
03/11/19
INITIATION
Target $26
LEHM
Overweight
Kiniksa initiated with an Overweight at Barclays
Barclays analyst Geoff Meacham started Kiniksa Pharmaceuticals with an Overweight rating and $26 price target.
LLY Eli Lilly
$113.16

0.385 (0.34%)

09/09/19
PIPR
09/09/19
NO CHANGE
Target $85
PIPR
Neutral
Lilly's 'impressive update' raised bar higher for Blueprint, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond said he thinks Eli Lilly (LLY) issued an "impressive update" on selpercatinib at the World Lung meeting, raising the bar for Blueprint Medicines' (BPMC) pralsetinib "meaningfully higher." While selpercatinib's "best-in-class" ORR was maintained, initial durability data could be upwards of 50% better than that of pralsetinib, according to Raymond. While cautioning that his comparison is highly preliminary, Raymond said he worries that LOXO-292's superiority gap against pralsetinib "may be widening." He keeps a Neutral rating on Blueprint shares, which are down about 3% in morning trading to $75.89.
11/06/19
LEER
11/06/19
NO CHANGE
LEER
Outperform
ArQule data for ARQ 531 'continue to look strong,' says SVB Leerink
SVB Leerink analyst Jonathan Chang said a "positive update" on the Phase 1 study of ARQ 531 in B-cell malignancies was among the abstracts published ahead of the American Society of Hematology, or ASH, annual meeting. The abstract highlights new partial responses achieved in the "short" window between the European Hematology Association update and the ASH abstract submission deadline, noted Chang, who contends that the data "continue to look strong" for the ArQule (ARQL) drug. The analyst, who also thinks that early data reported by Eli Lilly (LLY) will "intensify investor discussion on the competitive landscape for ARQ 531," still believes ArQule remains in the lead and he reiterates an Outperform rating on the shares.
10/16/19
BOFA
10/16/19
INITIATION
Target $133
BOFA
Buy
Eli Lilly reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Geoff Meacham reinstated coverage of Eli Lilly with a Buy rating and $133 price target. The analyst sees the company's "high quality, differentiated growth and modest expectations for added pipeline value" as compelling.
09/25/19
PIPR
09/25/19
NO CHANGE
Target $81
PIPR
Overweight
AbbVie survey supports above-consensus estimates, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on AbbVie (ABBV) shares with an $81 price target following a new rheumatologist survey by his firm's partners Spherix Global Insights. The survey indicates "robust" expectations for the company's oral JAK1 inhibitor Rinvoq, Raymond tells investors in a research note. Rheumatologists project that in six months, Rinvoq will leapfrog Eli Lilly's (LLY) Olumiant to become the second-most prescribed JAK with 5% share, says the analyst, citing the survey. He believes this supports his above-consensus Rinvoq revenue estimates.
MCK McKesson
$144.85

4.53 (3.23%)

10/16/19
JEFF
10/16/19
NO CHANGE
JEFF
Drug distributor settlement would make stocks 'ownable again,' says Jefferies
Reports that the drug distributors, AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK) have proposed an $18B settlement payable over 18 years to broadly settle outstanding lawsuits resulting from the companies' distribution of opioids should eliminate a longstanding overhang on the group, if finalized, Jefferies analyst Brian Tanquilut tells investors in a research note. With investors generally expecting a settlement of $15B-$25B, payable over a five-to-ten year time frame, the reported settlement proposal should be viewed as a positive, says the analyst. Tanquilut says the $18B payable over 18 years would be better than investors' current expectations. As sector fundamentals are improving, "elimination of long-standing overhang should make the group ownable again," he contends. The analyst prefers Buy-rated McKesson over Hold-rated AmerisourceBergen and Cardinal Health.
10/16/19
JEFF
10/16/19
NO CHANGE
JEFF
Drug distributor settlement would make stocks 'ownable again,' says Jefferies
Reports that the drug distributors, AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK) have proposed an $18B settlement payable over 18 years to broadly settle outstanding lawsuits resulting from the companies' distribution of opioids should eliminate a longstanding overhang on the group, if finalized, Jefferies analyst Brian Tanquilut tells investors in a research note. With investors generally expecting a settlement of $15B-$25B, payable over a five-to-ten year time frame, the reported settlement proposal should be viewed as a positive, says the analyst. Tanquilut says the $18B payable over 18 years would be better than investors' current expectations. As sector fundamentals are improving, "elimination of long-standing overhang should make the group ownable again," he contends. The analyst prefers Buy-rated McKesson over Hold-rated AmerisourceBergen and Cardinal Health.
10/16/19
LEHM
10/16/19
NO CHANGE
Target $156
LEHM
Equal Weight
Barclays ups McKesson target on probability of favorable settlement
If the $18B drug distributor opioid settlement, as reported last night by the Wall Street Journal, covers nearly all outstanding cases, and does not include any accelerated upfront payments for the industry, then it would likely be viewed net positive by investors and could lead to multiple expansion from current share levels, Barclays analyst Steve Valiquette tells investors in a research note. The analyst believes the possibility of a settlement is greater over the next week ahead of the start of the Ohio multi-district litigation. To reflect a higher probability of a favorable settlement, Valiquette raised his price target for McKesson (MCK) to $156 from $144 while keeping an Equal Weight rating on the shares.
10/31/19
JPMS
10/31/19
NO CHANGE
Target $169
JPMS
Overweight
McKesson selloff yesterday a buying opportunity, says JPMorgan
JPMorgan analyst Lisa Gill views the selloff yesterday in shares of McKesson as a buying opportunity. The stock traded down 8% yesterday despite a slight fiscal Q4 adjusted earnings beat and reaffirmed fiscal 2020 adjusted operating profit and adjusted earnings guidance, Gill tells investors in a research note. The analyst does not believe there has been a meaningful deterioration in McKesson's underlying fundamentals. She keeps an Overweight rating on the shares with a $169 price target.
MNK Mallinckrodt
$2.80

-0.06 (-2.10%)

09/09/19
STFL
09/09/19
NO CHANGE
Target $8
STFL
Hold
Mallinckrodt price target lowered to $8 from $20 at Stifel
Stifel analyst Annabel Samimy lowered her price target for Mallinckrodt shares to $8 from $20 after she reduced her expected growth of Acthar for 2019 and beyond and factored in more concrete potential litigation cash-calls. She models a $300M potential settlement with CMS related to the Acthar AMP-pricing reversion and has included a $900M potential liability for opioid-litigation payments, calling those her "best, reasonable estimates at this point" but acknowledging there still remains considerable uncertainty around both issues. Mallinckrodt's settlement of Track 1 of the Ohio multi-district litigations is "only a small step in the sprawling opioid litigation," but the settlement buys the company much-needed time to address New York state litigation or a global settlement, said Samimy, who keeps a Hold rating on Mallinckrodt shares.
09/10/19
STFL
09/10/19
NO CHANGE
STFL
Mallinckrodt's sale of BioVectra helps alleviate cash pressure, says Stifel
Stifel analyst Annabel Samimy maintained a Hold rating and $8 price target on Mallinckrodt, but noted that Mallinckrodt announced the sale of its CDMO organization, BioVectra, to HIG Capital for a potential $250M, which the analyst believes is "a positive step to manage and bolster cash and maintain capital allocation priorities." Samimy added that, with the departure of Specialty Generics President Matthew Harbaugh, the company's suspension of the spin-off appears indefinite.
09/05/19
09/05/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. BHP Group (BHP) downgraded to Underperform from Neutral at Exane BNP Paribas. 2. Mallinckrodt (MNK) downgraded to Market Perform from Outperform at BMO Capital analyst Gary Nachman citing yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. 3. Yirendai (YRD) downgraded to Underperform from Neutral at Macquarie with analyst Dexter Hsu saying the company not only reported "disappointing" Q2 results, but also closed the merger with CreditEase on unfavorable terms. 4. Green Dot (GDOT) downgraded to Hold from Buy at Jefferies with analyst John Hecht saying the company's organic revenue growth has been slowing and it is trying to establish share in a new customer target market with well-resourced competitors. 5. Royal Dutch Shell (RDS.A, RDS.B) downgraded to Market Perform from Outperform at Cowen with analyst Jason Gabelman saying the downgrade reflects its peer leading exposure to international gas prices which are forecasted lower through 2020 and as a result could limit its free cash flow growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/05/19
09/05/19
DOWNGRADE
Target $3

Market Perform
Mallinckrodt cut to Market Perform at BMO Capital on opioid restructuring report
As previously reported, BMO Capital analyst Gary Nachman downgraded Mallinckrodt to Market Perform and slashed his price target to $3 from $19 after yesterday's Bloomberg reports that the company hired restructuring firms to help manage through its opioid litigation. The analyst contends that an already challenging situation has "taken a turn for the worse", stating that he previously believed that the company would be able to navigate through these issues. Nachman adds that with the mounting pressures related to the litigation, the possibility of bankruptcy for Mallinckrodt can no longer be ruled out.
NVS Novartis
$89.28

0.68 (0.77%)

11/12/19
COWN
11/12/19
NO CHANGE
Target $100
COWN
Outperform
Novartis remains a top pharma pick, catalysts cited at Cowen
Cowen analyst Steve Scala said Novartis remains his top pick in pharma for 2019 following strong Q3 results and positive insights into many of its drugs. The analyst said there are many upcoming events through year-end including December's R&D update meeting, EU approvals of Zolgensma and Beovu, and key data readouts. Scala reiterated his Outperform rating and $100 price target on Novartis shares.
09/13/19
DBAB
09/13/19
NO CHANGE
DBAB
Hold
Novartis' ofatumumab to be 'strong' competitor to Roche drug, says Deutsche Bank
Deutsche Bank analyst Richard Parkes tells investors in a research note after attending the ECTRIMS conference in Stockholm that data from Novartis' (NVS) ASCLEPIOS trials suggests ofatumumab will be a "strong" competitor for Roche's (RHHBY) Ocrevus in relapsing/remitting multiple sclerosis. Parkes says he expects physicians to view the drugs as having broadly comparable and highly compelling efficacy, with ofatumumab's at-home dosing an attractive option for some patients, suggesting meaningful upside potential to his current 2024E ofatumumab sales of $1.1B and possible risks to his forecasts for Roche's Ocrevus. According to physician feedback, Parkes says the drugs are likely to share a rapidly growing market. Parkes maintains a Hold rating and 90 CHF price target on Novartis shares.
10/08/19
PIPR
10/08/19
NO CHANGE
Target $435
PIPR
Overweight
Piper positive on Regeneron after 'significant let-down' Novartis label
Piper Jaffray analyst Christopher Raymond is "incrementally positive" on Regeneron Pharmaceuticals (REGN) after the FDA approved Novartis' (NVS) Beovu for the treatment of wet age-related macular degeneration. While the approval was anticipated and physician anticipation of the drug has been high, doctors are likely to view the drug's label "as a significant let-down," Raymond tells investors in a research note. The analyst says that with inflammation and immunogenicity rates meaningfully higher than Regeneron's Eylea, and the lack of flexibility to dose more frequently, he sees little reason for doctors to switch. And while some investors may point to price as another meaningful lever, off-label Avastin makes for an "insurmountable bar for the price-sensitive segment," says Raymond. He keeps an Overweight rating on Regeneron shares with a $435 price target. The label "renders Beovu as little more than an also-ran," contends the analyst. As such, Raymond thinks Eylea's dominance in remains intact.
PFE Pfizer
$36.98

0.07 (0.19%)

11/01/19
RAJA
11/01/19
UPGRADE
Target $24
RAJA
Outperform
Intellia Therapeutics upgraded to Outperform at Raymond James
Raymond James analyst Steven Seedhouse upgraded Intellia Therapeutics to Outperform from Market Perform with a $24 price target. In a research note to investors, Seedhouse says Intellia's NTLA-2001 is poised to benefit from the "heavy lifting" Pfizer (PFE) is doing commercially with Vyndaqel in ATTR-cardiomyopathy, adding that Intellia is also advancing manufacturing related activities in support of a Phase 1 trial for engineered cell program WT1-TCR in AML. The analyst also says Intellia's lead gene editing program, NTLA-2001 has "really good" primate data showing TTR knockdown potentially better than Alnylam's (ALNY) patisiran. He expects the market will already start to impute downstream clinical benefit for NTLA-2001 after only a few patients with initial TTR knockdown data, because of the collective data for Ionis Pharmaceuticals' (IONS) inotersen and Alnylam's patisiran showing knockdown is relevant.
11/12/19
PIPR
11/12/19
NO CHANGE
Target $185
PIPR
Overweight
Time to dismiss Solid Biosciences as Sarepta competitor, says Piper Jaffray
Piper Jaffray analyst Danielle Brill says that while she had dismissed Solid Biosciences' (SLDB) microdystophin gene therapy program as a competitive threat to Sarepta Therapeutics (SRPT), some investors worried that Solid could provide compelling data after adjusting protocol and moving up the dose. However, today's report of another clinical hold confirms that Solid's construct is toxic, indicating that Pfizer's (PFE) may to too, Brill tells investors in a research note. The analyst points out that both Solid and Pfizer use AAV9 and have had complement mediated serious adverse events after dosing just a few patients. Solid's program reaffirms her view that Sarepta's safety profile is differentiated. It is unlikely that the competition "is viable, let alone will ever catch up," says Brill. She keeps an Overweight rating on Sarepta Therapeutics with a $185 price target. The stock in midday trading is up 4% to $99.02 while Solid Biosciences is down 71% to $3.22.
10/22/19
WEDB
10/22/19
NO CHANGE
Target $186
WEDB
Outperform
Ascendis Pharma price target lowered to $186 from $191 at Wedbush
Wedbush analyst Liana Moussatos lowered her price target for Ascendis Pharma (ASND) to $186 from $191 after competitors Opko Health (OPK) and Pfizer (PFE) announced topline results from a global Phase 3 trial evaluating somatrogon in pre-pubertal children with growth hormone deficiency. Given, Pfizer's role in registering and commercializing somatrogon, the analyst can see a potentially similar regulatory timeline to Ascendis, noting that the latter anticipates BLA and MAA submissions in the first half and second half of 2020, respectively. Nonetheless, Moussatos reiterates an Outperform rating on Ascendis shares as she remains positive on TC-hGH despite competition.
11/06/19
PIPR
11/06/19
NO CHANGE
Target $70
PIPR
Neutral
Ionis Pharmaceuticals price target lowered to $70 from $75 at Piper Jaffray
Piper Jaffray analyst Tyler Van Buren lowered his price target on Ionis Pharmaceuticals (IONS) to $70 and kept his Neutral rating after its Q3 results, saying that while the quarter was "strong" thanks to the recent $250M upfront payment from Pfizer (PFE), results for its Tegsedi were "uninspiring". The analyst states that an acceleration in Tegsedi is needed soon for him to become more positive on the name ahead of the "potential Phase I/II OLE +natural history Huntington's study readouts next year."
QDEL Quidel
$59.74

0.32 (0.54%)

08/29/19
CHLM
08/29/19
UPGRADE
CHLM
Buy
Quidel upgraded to Buy from Hold at Craig-Hallum
02/14/19
CHLM
02/14/19
NO CHANGE
Target $63
CHLM
Hold
Quidel price target raised to $63 from $51 at Craig-Hallum
Craig-Hallum analyst Alexander Nowak raised his price target for Quidel to $63 from $51 following quarterly results. The analyst reiterates a Hold rating on the shares.
08/29/19
CHLM
08/29/19
UPGRADE
Target $75
CHLM
Buy
Craig-Hallum upgrades Quidel, says bull thesis back after legal win
Craig-Hallum analyst Alexander Nowak upgraded Quidel to Buy from Hold and raised his price target for the shares to $75 from $63. The stock in afternoon trading is up 12%, or $6.78, to $64.95. With today's appeals court win versus Beckman Coulter, Quidel's lawsuit risk is "greatly dissolved" and investors can turn attention back to the bull thesis, Nowak tells investors in a research note. The thesis consists of a "strong" core free cash flow business, margin expansion, new product launches, and potential acquisitions, contends the analyst.
01/04/19
ADAM
01/04/19
NO CHANGE
ADAM
Illumina, Exact Science among top Diagnostics picks for 2019 at Canaccord
Canaccord analyst Mark Massaro introduced his top picks for 2019 in the Diagnostics and Tools space as he expects new tests will generate clinical and economic utility to patients and payors, which will pace positive returns in 2019. His top picks include Illumina (ILMN) with a $375 price target, Exact Sciences (EXAS) with an $87 price target, Heska (HSKA) with a $123 target, Natera (NTRA) with a $25 target, OraSure (OSUR) with an $18 target and Quidel (QDEL) with a $70 price target.
CRBP Corbus Pharmaceuticals
$4.36

-0.04 (-0.91%)

04/05/19
04/05/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Wex (WEX) initiated with a Neutral at Baird. 2. Restaurant Brands (QSR) initiated with an Outperform at Bernstein. 3. Corbus Pharmaceuticals (CRBP) initiated with a Buy at Jefferies. 4. Trex Company (TREX) initiated with a Buy at DA Davidson. 5. Regis (RGS) initiated with a Buy at Loop Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/19/19
OPCO
03/19/19
INITIATION
Target $28
OPCO
Outperform
Corbus jumps over 10% after Oppenheimer starts with $28 price target
Shares of Corbus Pharmaceuticals are moving higher after Oppenheimer analyst Leland Gershell initiated coverage of the name with an Outperform rating and $28 price target. The stock in early trading is up 10%, or 69c, to $7.56. The next 12-24 months could be transformational for Corbus, as ongoing late-stage trials of lead oral cannabinoid receptor agonist lenabasum in three "rare, poorly met disorders" of chronic inflammation/fibrosis complete their enrollment and deliver top-line data, Gershell told investors last night in a research note. Results from the 350 patient Resolve-1 trial, expected in mid-2020, could enable lenabasum to address a ~920M market opportunity, contends the analyst. Further, lenabasum has demonstrated positive prior clinical data in dermatomyositis and cystic fibrosis as well, each of which offers $500M to $1B in sales potential, according to Gershell.
04/05/19
JEFF
04/05/19
INITIATION
Target $18
JEFF
Buy
Corbus Pharmaceuticals initiated with a Buy at Jefferies
Jefferies analyst Maury Raycroft initiated Corbus Pharmaceuticals with a Buy rating and $18 price target.
04/22/19
JMPS
04/22/19
NO CHANGE
Target $27
JMPS
Outperform
Corbus Phase 3 scleroderma study change a 'surprise move,' says JMP Securities
JMP Securities analyst Liisa Bayko said Corbus Pharmaceuticals' decision to change the endpoint and lower the statistical bar in its ongoing Phase 3 scleroderma study was "a surprise move," albeit one that will appease some investors who were concerned about the Phase 3 endpoint being different than that of Phase 2. However, her enthusiasm is balanced by concerns that this move is taken "at risk," with the FDA having said it will consider the totality of the data for approval. If lenabasum can see results similar to the Phase 2 in this larger, longer study, she believes the drug "should be in good shape for approval" and continues to recommend Corbus shares with an Outperform rating and $27 price target.

TODAY'S FREE FLY STORIES

20:20
11/21/19
11/21
20:20
11/21/19
20:20
General news
Treasury Market Summary »

Treasury Market Summary:…

LYV

Live Nation

$66.17

-1.55 (-2.29%)

20:08
11/21/19
11/21
20:08
11/21/19
20:08
Periodicals
Live Nation 'looking forward' to taking part in Congress review of ticket market 

Report from Bloomberg.

03/08/13
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03/06/13
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03/06/13
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DRH

DiamondRock

$9.86

-0.085 (-0.86%)

19:53
11/21/19
11/21
19:53
11/21/19
19:53
Upgrade
DiamondRock rating change  »

DiamondRock upgraded to…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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OOMA

Ooma

$11.18

-0.01 (-0.09%)

, IIIV

i3 Verticals

$22.29

-0.52 (-2.28%)

19:18
11/21/19
11/21
19:18
11/21/19
19:18
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Ooma…

OOMA

Ooma

$11.18

-0.01 (-0.09%)

IIIV

i3 Verticals

$22.29

-0.52 (-2.28%)

JWN

Nordstrom

$34.29

0.35 (1.03%)

SCVL

Shoe Carnival

$37.18

1.36 (3.80%)

SPLK

Splunk

$126.80

-0.04 (-0.03%)

GPS

Gap

$16.22

-0.05 (-0.31%)

ROST

Ross Stores

$111.81

1.39 (1.26%)

PSTG

Pure Storage

$19.84

-0.22 (-1.10%)

WSM

Williams-Sonoma

$68.76

0.195 (0.28%)

PNNT

PennantPark

$5.95

0.01 (0.17%)

ENTA

Enanta

$63.27

1.55 (2.51%)

INTU

Intuit

$270.01

-3.38 (-1.24%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 21

    Nov

  • 22

    Nov

  • 22

    Nov

  • 02

    Dec

  • 02

    Dec

  • 03

    Dec

  • 05

    Dec

  • 09

    Dec

  • 09

    Dec

  • 09

    Dec

  • 12

    Dec

  • 10

    Mar

  • 11

    Mar

AES

AES Corp.

$18.50

-0.115 (-0.62%)

19:08
11/21/19
11/21
19:08
11/21/19
19:08
Earnings
AES backs FY19 adjusted EPS view $1.30-$1.38, consensus $1.33 »

The company also…

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  • 04

    Dec

WM

Waste Management

$111.23

-1.305 (-1.16%)

, RSG

Republic Services

$86.78

-0.91 (-1.04%)

19:07
11/21/19
11/21
19:07
11/21/19
19:07
Initiation
Waste Management, Republic Services, Waste Connections, Clean Harbors, Stericycle, Casella Waste, Covanta initiated  »

Jefferies initiates…

WM

Waste Management

$111.23

-1.305 (-1.16%)

RSG

Republic Services

$86.78

-0.91 (-1.04%)

WCN

Waste Connections

$89.54

-0.28 (-0.31%)

CLH

Clean Harbors

$84.70

-0.75 (-0.88%)

SRCL

Stericycle

$62.49

0.76 (1.23%)

CWST

Casella Waste

$43.70

-0.39 (-0.88%)

CVA

Covanta

$14.43

-0.14 (-0.96%)

03/08/13
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AES

AES Corp.

$18.50

-0.115 (-0.62%)

19:07
11/21/19
11/21
19:07
11/21/19
19:07
Hot Stocks
AES Corp. says PUCO has modified DP&L rates »

The AES Corporation…

03/08/13
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  • 04

    Dec

ICE

IntercontinentalExchange

$93.89

-0.58 (-0.61%)

, BTC

Bitcoin

$0.00

(0.00%)

19:02
11/21/19
11/21
19:02
11/21/19
19:02
Hot Stocks
ICE announces launch of Bakkt Bitcoin Cash Settled Monthly Futures contract »

Intercontinental Exchange…

ICE

IntercontinentalExchange

$93.89

-0.58 (-0.61%)

BTC

Bitcoin

$0.00

(0.00%)

BITCOIN

Bitcoin

$0.00

(0.00%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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MAN

ManpowerGroup

$92.05

-0.355 (-0.38%)

18:51
11/21/19
11/21
18:51
11/21/19
18:51
Initiation
ManpowerGroup initiated at Jefferies »

ManpowerGroup initiated…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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RHI

Robert Half

$58.01

-0.38 (-0.65%)

18:48
11/21/19
11/21
18:48
11/21/19
18:48
Initiation
Robert Half initiated at Jefferies »

Robert Half initiated…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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HTZ

Hertz

$15.37

0.265 (1.76%)

18:46
11/21/19
11/21
18:46
11/21/19
18:46
Initiation
Hertz initiated at Jefferies »

Hertz initiated with a…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
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CAR

Avis Budget

$28.71

0.16 (0.56%)

18:44
11/21/19
11/21
18:44
11/21/19
18:44
Initiation
Avis Budget initiated at Jefferies »

Avis Budget initiated…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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AMD

AMD

$39.52

-1.45 (-3.54%)

18:42
11/21/19
11/21
18:42
11/21/19
18:42
Hot Stocks
AMD CEO: The key for us is product generation »

In an interview on…

03/08/13
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  • 09

    Dec

  • 12

    Dec

CTAS

Cintas

$253.61

-5.78 (-2.23%)

, BFAM

Bright Horizons

$148.62

-3.92 (-2.57%)

18:42
11/21/19
11/21
18:42
11/21/19
18:42
Initiation
Cintas, Bright Horizons, Aramark, H&R Block, BrightView, Rollins, ServiceMaster initiated at Jefferies »

Jefferies initiates…

CTAS

Cintas

$253.61

-5.78 (-2.23%)

BFAM

Bright Horizons

$148.62

-3.92 (-2.57%)

ARMK

Aramark

$42.42

-1.37 (-3.13%)

HRB

H&R Block

$24.34

-0.15 (-0.61%)

BV

BrightView

$16.79

-2.525 (-13.08%)

ROL

Rollins

$35.77

-0.8 (-2.19%)

SERV

ServiceMaster

$36.16

-0.42 (-1.15%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 21

    Nov

  • 04

    Dec

PINE

Alpine Income Properties

$0.00

(0.00%)

18:34
11/21/19
11/21
18:34
11/21/19
18:34
Syndicate
Alpine Income Properties 7.5M share IPO priced at $19.00 »

The deal priced at low…

03/08/13
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  • 22

    Nov

OTTW

Ottawa Bancorp

$13.39

-0.39 (-2.83%)

18:28
11/21/19
11/21
18:28
11/21/19
18:28
Hot Stocks
Ottawa Bancorp approves stock buyback of 317,307 shares »

Ottawa Bancorp announced…

03/08/13
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03/06/13
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03/06/13
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MSFT

Microsoft

$149.46

-0.14 (-0.09%)

18:27
11/21/19
11/21
18:27
11/21/19
18:27
Periodicals
Microsoft says granted U.S. license to do business with Huawei, Bloomberg says »

Microsoft said it has…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 02

    Dec

  • 04

    Dec

  • 09

    Dec

SITC

Site Centers

$14.28

-0.275 (-1.89%)

18:24
11/21/19
11/21
18:24
11/21/19
18:24
Upgrade
Site Centers rating change at Stifel »

Site Centers upgraded to…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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UAL

United Airlines

$90.96

-0.72 (-0.79%)

, BA

Boeing

$366.47

-4.275 (-1.15%)

18:23
11/21/19
11/21
18:23
11/21/19
18:23
Hot Stocks
United Airlines CEO: We don't think we are near a recession »

In an interview on…

UAL

United Airlines

$90.96

-0.72 (-0.79%)

BA

Boeing

$366.47

-4.275 (-1.15%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 03

    Dec

FAST

Fastenal

$35.15

-0.1 (-0.28%)

, GWW

Grainger

$312.66

0.305 (0.10%)

18:20
11/21/19
11/21
18:20
11/21/19
18:20
Initiation
Fastenal, Grainger, HD Supply, MSC Industrial, Wesco initiated at Jefferies »

Jefferies initiates…

FAST

Fastenal

$35.15

-0.1 (-0.28%)

GWW

Grainger

$312.66

0.305 (0.10%)

HDS

HD Supply

$39.10

-0.21 (-0.53%)

MSM

MSC Industrial

$73.66

-0.125 (-0.17%)

WCC

Wesco

$53.09

-0.02 (-0.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 10

    Dec

  • 30

    Jan

SPGI

S&P Global

$264.34

-3.6 (-1.34%)

, INFO

IHS Markit

$71.62

-0.38 (-0.53%)

18:06
11/21/19
11/21
18:06
11/21/19
18:06
Initiation
S&P Global, IHS Markit, Verisk Analytics, Gartner, FactSet, Equifax, TransUnion, CoStar Group initiated at Jefferies »

Jefferies initiates…

SPGI

S&P Global

$264.34

-3.6 (-1.34%)

INFO

IHS Markit

$71.62

-0.38 (-0.53%)

VRSK

Verisk Analytics

$144.45

0.12 (0.08%)

IT

Gartner

$158.00

0.06 (0.04%)

FDS

FactSet

$258.20

-3.65 (-1.39%)

EFX

Equifax

$137.97

-1.15 (-0.83%)

TRU

TransUnion

$84.90

-1.34 (-1.55%)

CSGP

CoStar Group

$587.66

-7.45 (-1.25%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 02

    Dec

  • 19

    Dec

  • 19

    Dec

  • 07

    Jan

GPS

Gap

$16.22

-0.05 (-0.31%)

17:59
11/21/19
11/21
17:59
11/21/19
17:59
Periodicals
Gap to pull Old Navy brand from China in early 2020, Reuters reports »

Gap said it does not…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 21

    Nov

  • 05

    Dec

LB

L Brands

$17.18

1.78 (11.56%)

17:50
11/21/19
11/21
17:50
11/21/19
17:50
Hot Stocks
L Brands cancels Victoria's Secret Fashion Show for 'more current platforms' »

The CFO of L Brands,…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 21

    Nov

  • 05

    Dec

  • 27

    Feb

WCC

Wesco

$53.09

-0.02 (-0.04%)

17:47
11/21/19
11/21
17:47
11/21/19
17:47
Initiation
Wesco initiated at Jefferies »

Wesco initiated with a…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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MAN

ManpowerGroup

$92.05

-0.355 (-0.38%)

17:47
11/21/19
11/21
17:47
11/21/19
17:47
Initiation
ManpowerGroup initiated at Jefferies »

ManpowerGroup initiated…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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