2019-11-15 16:57:06AMGN   - $220.84
2.29 (1.05%) , CELG - $110.02
-0.01 (-0.01%) … 16:5711/15/19 11/1516:57 11/15/1916:57 | Bristol-Myers gets FTC clearance for Celgene acquisitionBristol-Myers Squibb Company (BMY) announced that the U.S. Federal Trade Commission has accepted the proposed consent order in connection with the pending merger of Bristol-Myers Squibb and Celgene Corporation (CELG), thereby permitting the parties to close the transaction. As announced on August 26, 2019, Celgene entered into an agreement with Amgen (AMGN) under which Amgen would acquire the global rights to OTEZLA. Bristol-Myers Squibb previously announced the decision to divest OTEZLA in connection with the ongoing regulatory approval process for Bristol-Myers Squibb's pending merger with Celgene. Bristol-Myers Squibb has now satisfied all regulatory requirements under the merger agreement to complete the acquisition of Celgene and expects to close the transaction on November 20, 2019. Bristol-Myers Squibb also expects the OTEZLA divestiture to be completed promptly following the closing of the merger. AMGN - $220.84
2.29 (1.05%) CELG - $110.02
-0.01 (-0.01%) BMY - $58.61
0.11 (0.19%) | |
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- $220.84
2.29 (1.05%) - 11/05/19
Fly Intel: Top five analyst upgrades Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Facebook (FB) upgraded to Buy from Outperform at Daiwa with analyst Satoshi Tanaka saying the company's Q3 results and 2020 outlook last week go a "long way to alleviate concerns." 2. Beyond Meat (BYND) upgraded to Outperform from Market Perform at Bernstein with analyst Alexia Howard saying she is making a "straightforward valuation call" with the shares down 66% from their peak. 3. NXP Semiconductors (NXPI) upgraded to Buy from Neutral at Mizuho with analyst Vijay Rakesh saying the company's auto segment is showing signs of recovery, with easier compares and content wins. 4. Amgen (AMGN) upgraded to Overweight from Neutral at Cantor Fitzgerald with analyst Alethia Young saying recent events have set the stage for a "clean base business and pipeline story" for Amgen in 2020. 5. Autoliv (ALV) upgraded to Buy from Neutral at Mizuho with analyst Vijay Rakesh saying an improving 2020-2021 auto outlook with easier compares, continued airbag market share gains versus Takata, and lower product launch costs position Autoliv well. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. - 11/12/19
- RHCO
11/12/19
INITIATIONTarget $256
RHCO
Buy Amgen initiated with a Buy at SunTrust SunTrust analyst Robyn Karnauskas initiated coverage of Amgen with a Buy rating and $256 price target. The analyst expects the company's growth rate to recover thanks to its biosimilars business, its ability to develop mid-cycle products, and its interest in the Chinese drug market. - 11/12/19
Fly Intel: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Arlo Technologies (ARLO) resumed with a Buy at Deutsche Bank. 2. Clarivate Analytics (CCC) initiated with a Hold at Stifel. 3. Stoke Therapeutics (STOK) initiated with a Buy at BTIG. 4. BioMarin (BMRN), Biogen (BIIB), and Amgen (AMGN) were initiated with a Buy at SunTrust. 5. Corteva (CTVA) initiated with a Buy at Redburn. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. - 11/13/19
- COWN
11/13/19
NO CHANGETarget $225
COWN
Outperform BeiGene price target raised to $225 from $170 at Cowen Cowen analyst Yaron Werber raised his price target on BeiGene (BGNE) to $225 from $170 following Q3 results. the report was light due to supply issues for Abraxane, which should reverse in Q4. The analyst said the recent deal with Amgen (AMGN) removes any financing needs, provides a steady pipeline, and provides for 3 new launches in China in 2020 and 2021. Werber reiterated his Outperform rating on BeiGene shares. - $110.02
-0.01 (-0.01%) - 11/01/19
- STPT
11/01/19
DOWNGRADESTPT
Hold Celgene downgraded to Hold from Buy at Standpoint Research Standpoint Research analyst Ronnie Moas downgraded Celgene to Hold from Buy. - 09/23/19
- GUGG
09/23/19
UPGRADETarget $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. - 11/01/19
- BARD
11/01/19
DOWNGRADETarget $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
DOWNGRADETarget $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. - $58.61
0.11 (0.19%) - 11/07/19
- PIPR
11/07/19
NO CHANGETarget $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. - 08/19/19
- MZHO
08/19/19
DOWNGRADEMZHO
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. - 10/16/19
- BOFA
10/16/19
INITIATIONTarget $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. - 08/27/19
- RBCM
08/27/19
NO CHANGETarget $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. |