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ABBV

AbbVie

$87.46

1.82 (2.13%)

, AGN

Allergan

$182.96

2.92 (1.62%)

10:52
11/12/19
11/12
10:52
11/12/19
10:52

AbbVie preps $27B bond sale to finance Allergan deal, FT reports

AbbVie (ABBV) is readying a $27B bond sale in order to finance its takeover of Allergan (AGN), The Financial Times' Joe Rennison reports, citing people familiar with investor conversations. The debt, which will be one of the biggest U.S. corporate bond deals on record, will be split across 10 different maturities from 1.5-years up to 30-years, according to the people. Bank of America, Barclays and Morgan Stanley are bookrunners for the bond sale, the report notes. Reference Link

ABBV

AbbVie

$87.46

1.82 (2.13%)

AGN

Allergan

$182.96

2.92 (1.62%)

  • 07

    Dec

ABBV AbbVie
$87.46

1.82 (2.13%)

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.
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.
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.
AGN Allergan
$182.96

2.92 (1.62%)

09/26/19
SBSH
09/26/19
UPGRADE
Target $90
SBSH
Buy
Citi upgrades AbbVie to Buy, sees 'significant' value from Allergan deal
Citi analyst Andrew Baum upgraded AbbVie to Buy from Neutral and raised his price target for the shares to $90 from $87. The analyst believes AbbVie will "extract significant shareholder value" from Allergan's (AGN) franchises given its "strong commercial focus and patient/physician centricity." Further, within AbbVie's organic portfolio, Baum continues to think the market underappreciates the revenue potential of both Skyrizi and Rinvoq.
09/30/19
WELS
09/30/19
NO CHANGE
Target $184
WELS
Outperform
Allergan price target raised to $184 from $176 at Wells Fargo
Wells Fargo analyst David Maris raised his price target for Allergan (AGN) to $184 from $176 as the company is in the process of being acquired by AbbVie (ABBV) and to account for the change in the latter's stock price from the proposed deal. Despite the FTC's second request, he does not believe there is a significant risk of the deal not being finalized given the little overlap there is between the companies. The analyst reiterates an Outperform rating on Allergan's shares as he likes standalone Allergan shares, and believes the current deal spread is attractive.
10/24/19
SPHN
10/24/19
NO CHANGE
Target $95
SPHN
Overweight
Glaukos could benefit from Allergan's 'unfortunate' XEN hold, says Stephens
Stephens analyst Chris Cooley noted Allergan's (AGN) initiation earlier this week of a voluntary recall of affected lots of XEN 45 and precautionary temporary product hold. Though XEN usage is reserved for moderate to severe cases of POAG, the "unfortunate" temporary hold may create additional opportunities for Glaukos (GKOS) to train and convert glaucoma specialists to iStent inject, contends Cooley. The analyst, who said he remains confident in Glaukos' ability to achieve low-teens percentage MIGS growth in calendar 2020, keeps an Overweight rating on Glaukos shares.

TODAY'S FREE FLY STORIES

11:25
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Conference/Events
Piper Jaffray biotech analysts to hold a KOL luncheon »

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FATE

Fate Therapeutics

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STOK

Stoke Therapeutics

$28.91

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AUTL

Autolus Therapeutics

$14.60

-0.18 (-1.22%)

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  • 09

    Dec

AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

09:22
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  • 09

    Dec

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ZIOP

Ziopharm

$5.16

0.06 (1.18%)

09:20
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Ziopharm reports pre-clinical data of Rapid Personalized Manufacture »

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  • 08

    Dec

TGTX

TG Therapeutics

$7.11

-0.57 (-7.42%)

09:18
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TG Therapeutics reports triple therapy data from Phase I/II study of ublitux »

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  • 09

    Dec

KPTI

Karyopharm

$16.30

-1.15 (-6.59%)

09:16
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Karyopharm says four posters will be presented at ASH »

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IPHA

Innate Pharma

$6.30

(0.00%)

09:13
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Innate Pharma reports long-term data from Phase III trial of Lumoxiti »

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REGN

Regeneron

$372.26

4.02 (1.09%)

09:11
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Regeneron reports initial data for REGN5458 in myeloma patients »

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  • 08

    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

09:09
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Blueprint reports 77% overall response rate in 48 patients from Explorer trial »

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  • 08

    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

09:06
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Blueprint announces initial data from Phase 2 Pioneer trial in mastocytosis »

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  • 08

    Dec

PCG

PG&E

$9.65

-0.13 (-1.33%)

08:12
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12/08
08:12
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08:12
Periodicals
PG&E settlement threatens bondholders plan, WSJ reports »

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  • 07

    Jan

SYRS

Syros Pharmaceuticals

$4.60

-0.02 (-0.43%)

08:08
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Syros announces fetal hemoglobin repressor using gene control platform »

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  • 08

    Dec

ABBV

AbbVie

$86.97

0.3 (0.35%)

08:06
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RHHBY

Roche

$0.00

(0.00%)

08:03
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Genentech reports data from two Phase III Venclexta studies in leukemia »

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  • 09

    Dec

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    Dec

ORTX

Orchard Therapeutics

$11.85

0.37 (3.22%)

07:59
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Orchard to present data from multiple programs at ASH meeting »

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SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

06:55
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  • 08

    Dec

RUHN

Ruhnn

$6.19

-0.2 (-3.13%)

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  • 08

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SRRA

Sierra Oncology

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0.1035 (27.13%)

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  • 08

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Piper Jaffray biotech analysts to hold a KOL luncheon »

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

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  • 07

    Dec

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    Dec

PFE

Pfizer

$38.29

0.26 (0.68%)

, BMY

Bristol-Myers

$59.94

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Pfizer

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BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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  • 07

    Dec

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UMRX

Unum Therapeutics

$0.70

0.0177 (2.61%)

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Unum Therapeutics announces Phase 1 clinical updates for T-cell therapies »

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  • 07

    Dec

MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

19:25
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Magenta Therapeutics to hold an investor and analyst event »

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  • 07

    Dec

  • 07

    Dec

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