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AVID

Avid Technology

$7.74

0.15 (1.98%)

, DL

China Distance Education

$7.15

0.05 (0.70%)

18:56
11/19/19
11/19
18:56
11/19/19
18:56

Fly Intel: After Hours Movers

UP AFTER EARNINGS: Avid Technology (AVID) up 15.9% after above-consensus initial guidance for FY20... China Distance Education (DL) up 6.7%... Esco Technologies (ESE) up 1.6%. ALSO HIGHER: BioCryst (BCRX) up 6.2% after disclosing Point72 passive stake CytomX (CTMX) up 3.5% after being initiated with Buy at Guggenheim... Endo International (ENDP) up 4.3% after FDA accepted BLA application for CCH... Avaya Holdings (AVYA) up 3.1% after announcing management changes... Baker Hughes (BKR) up 2.0% after being initiated with Buy at Deutsche Bank... DOWN AFTER EARNINGS: Urban Outfitters (URBN) down 14.7%... Alcon (ALC) down 1.7%. ALSO LOWER: Organogenesis (ORGO) down 8.9% after equity offering... Amarin (AMRN) down 6.2% after being initiated with Underperform at Oppenheimer... CRISPR Therapeutics (CRSP) down 5.0% after equity offering... MGM Growth Properties (MGP) down 3.6% after equity offering... Transocean (RIG) down 2.4% after being initiated with Sell at Deutsche Bank... New York Mortgage Trust (NYMT) down 2.4% after equity offering... Middlesex Water Co (MSEX) down 2.1% after equity offering. Movers as of 18:30ET.

AVID

Avid Technology

$7.74

0.15 (1.98%)

DL

China Distance Education

$7.15

0.05 (0.70%)

ESE

Esco Technologies

$86.71

1.94 (2.29%)

BCRX

BioCryst

$2.03

0.33 (19.41%)

CTMX

CytomX Therapeutics

$5.15

-0.03 (-0.58%)

ENDP

Endo

$4.44

-0.02 (-0.45%)

AVYA

Avaya

$12.11

-0.22 (-1.78%)

BKR

Baker Hughes

$22.01

-0.155 (-0.70%)

URBN

Urban Outfitters

$28.73

-1.43 (-4.74%)

ALC

Alcon

$59.00

0.105 (0.18%)

ORGO

Organogenesis

$8.01

0.02 (0.25%)

AMRN

Amarin

$22.74

0.11 (0.49%)

CRSP

Crispr Therapeutics

$68.46

9.94 (16.99%)

MGP

MGM Growth

$32.46

-0.39 (-1.19%)

RIG

Transocean

$4.66

-0.16 (-3.32%)

NYMT

New York Mortgage

$6.25

0.015 (0.24%)

MSEX

Middlesex Water

$62.07

1.5 (2.48%)

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AVID Avid Technology
$7.74

0.15 (1.98%)

05/01/19
05/01/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lyft (LYFT) initiated with a Buy at Tigress Financial. 2. Waste Management (WM) and Republic Services (RSG) were initiated with a Sector Perform at RBC Capital. 3. Identiv (INVE) initiated with an Outperform at Oppenheimer. 4. The Stars Group (TSG) initiated with an Equal Weight at Morgan Stanley. 5. Avid Technology (AVID) initiated with a Buy at Maxim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/19
RILY
11/15/19
INITIATION
Target $10
RILY
Buy
Avid Technology initiated with a Buy at B. Riley FBR
B. Riley FBR initiated coverage of Avid Technology with a Buy rating and $10 price target.
06/07/19
JEFF
06/07/19
NO CHANGE
Target $8.5
JEFF
Hold
Avid Technology price target raised to $8.50 from $6.50 at Jefferies
Jefferies analyst Samad Samana raised his price target for Avid Technology to $8.50 from $6.50 while maintaining a Hold rating on the shares. The analyst continues to see the company's fiscal 2019 guidance as achievable. The recent news that the U.S. might impose tariffs on Mexico has led to questions from investors about the potential impact, Samana tells investors in a research note. He estimates a 5% tariff level would only have a minimal impact on the overall expected savings projected by Avid Technology. The company previously guided to $10M of annualized savings as a result of its supply chain transition to a supplier in Mexico, notes Samana.
05/01/19
MAXM
05/01/19
INITIATION
Target $14
MAXM
Buy
Avid Technology initiated with a Buy at Maxim
Maxim analyst Nehal Chokshi initiated Avid Technology with a Buy rating and a price target of $14, saying the company's "sustainable technology advantage" has made it a "dominant" content creation and editing leader. The analyst sees Avid Technology remaining on track to increase its recurring revenue to 70% of total thanks to its strong brand.
DL China Distance Education
$7.15

0.05 (0.70%)

ESE Esco Technologies
$86.71

1.94 (2.29%)

07/08/19
SPHN
07/08/19
INITIATION
Target $87
SPHN
Equal Weight
Esco Technologies initiated with an Equal Weight at Stephens
Stephens analyst Rob McCarthy initiated Esco Technologies with an Equal Weight rating and $87 price target, calling it a "very well run, acquisitive mini-conglomerate" whose stock is trading at a relatively expensive valuation compared to peers.
BCRX BioCryst
$2.03

0.33 (19.41%)

11/15/19
BOFA
11/15/19
UPGRADE
Target $4
BOFA
Buy
BioCryst upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad upgraded BioCryst to Buy from Neutral but lowered his price target to $4, down from $5. The analyst says that he has conducted doctor checks after the release of the ApeX-2 study results in hereditary angioedema earlier this year to determine whether his peak sales estimates for the HAE market for '7353 seemed reasonable. Ahmad notes that while the doctors still gave preference to Takeda's Takhzyro as the best option given its superior efficacy and infrequent dosing, they also expressed interest in '7353 thanks to its oral dosing convenience. Ahmad adds that he has been on the sidelines on BioCryst because of its funding needs, but sees this week's $55M equity raise boosting its cash cushion.
11/15/19
11/15/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Buy from Neutral at Mizuho with analyst Vijay Rakesh saying much of Qualcomm's 4G handset risk is "in the rear view mirror," and the company is positioned well for 5G ramps in 2020 and 2021. 2. Applied Materials (AMAT) upgraded to Buy from Neutral at Nomura Instinet with analyst David Wong saying the copay last night reported sales for the October quarter that were above the original guidance midpoint, and guidance for the January 2020 quarter was meaningfully above consensus estimates. 3. GrubHub (GRUB) double upgraded to Overweight from Underweight at Barclays with analyst Deepak Mathivanan saying shares of GrubHub declined by 75% in 15 months given an "irrational" competitive landscape, "ill-timed" strategic investments, and poor execution. 4. BioCryst (BCRX) upgraded to Buy from Neutral at BofA/Merrill with analyst Tazeen Ahmad saying he has conducted doctor checks after the release of the ApeX-2 study results in hereditary angioedema earlier this year to determine whether his peak sales estimates for the HAE market for '7353 seemed reasonable. 5. Nvidia (NVDA) upgraded to Buy from Hold at Craig-Hallum with analyst Richard Shannon citing the company's "strong" Q3 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/19
BOFA
11/15/19
UPGRADE
BOFA
Buy
BioCryst upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill upgraded BioCryst to Buy from Neutral.
11/06/19
PIPR
11/06/19
NO CHANGE
Target $10
PIPR
Overweight
Piper says BCX7353 'viable,' BioCryst not getting credit for rest of pipeline
Piper Jaffray analyst Tyler Van Buren said following the presentation of new data showing that BCX7353 continues to show sustained efficacy through 48 weeks, he believes BCX7353 is an "approvable, viable" product that is also demonstrating durability. BioCryst also has several other products in the pipeline - such as BCX9930 and BCX9350 - are receiving no value from investors, added Van Buren, who keeps an Overweight rating and $10 price target on the shares.
CTMX CytomX Therapeutics
$5.15

-0.03 (-0.58%)

11/11/19
WEDB
11/11/19
DOWNGRADE
WEDB
Neutral
CytomX Therapeutics downgraded to Neutral from Outperform at Wedbush
Wedbush downgraded CytomX Therapeutics to Neutral from Outperform.
11/11/19
WEDB
11/11/19
DOWNGRADE
Target $8
WEDB
Neutral
CytomX Therapeutics downgraded on lack of short-term catalysts at Wedbush
Wedbush analyst Robert Driscoll downgraded CytomX Therapeutics to Neutral from Outperform with a price target of $8, down from $25. In a research note to investors, Driscoll says he is stepping to the sidelines given a lack of a short-term catalysts or compelling path forward for wholly-owned PD-L1 Probody CX-072, although he notes clear activity and a favorable safety and tolerability profile demonstrated thus far that has validated the Probody technology platform. Despite the downgrade, Driscoll says he remains "upbeat" for the potential of CX-072 to be utilized as a combination partner going forward.
06/12/19
MZHO
06/12/19
INITIATION
Target $16
MZHO
Buy
CytomX Therapeutics initiated with a Buy at Mizuho
Mizuho analyst Mara Goldstein initiated CytomX Therapeutics with a Buy rating and $16 price target, citing her view that uncertainties about its key programs can be overcome.
11/19/19
GUGG
11/19/19
INITIATION
Target $16
GUGG
Buy
CytomX Therapeutics initiated with a Buy at Guggenheim
Guggenheim analyst Etzer Darout initiated coverage of CytomX Therapeutics with a Buy rating and $16 price target.
ENDP Endo
$4.44

-0.02 (-0.45%)

09/11/19
GUGG
09/11/19
INITIATION
GUGG
Neutral
Endo assumed with a Neutral at Guggenheim
Guggenheim analyst Dana Flanders assumed coverage of Endo International with a Neutral rating and a $2-$4 fair value range. The analyst noted that the upcoming opioid litigation, which Endo has significant exposure to, will be hard to call, but he estimates $3B-$4B in opioid liability paid out over ten years, and believes the risks are already reflected in the stock.
07/15/19
MSCO
07/15/19
DOWNGRADE
Target $3
MSCO
Underweight
Endo downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst David Risinger downgraded Endo International to Underweight from Equal Weight and cut his price target for the shares to $3 from $8.
07/15/19
07/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Teva (TEVA) and Endo (ENDP) downgraded to Underweight from Equal Weight at Morgan Stanley. 2. Marriott (MAR) downgraded to Neutral from Buy at Longbow with analyst Alton Stump citing valuation. 3. General Electric (GE) downgraded to Neutral from Buy at UBS with analyst Damian Karas saying that a "notable" decline in interest rates and the continued weakness in the power market combine toward a "more balanced" upside with downside. 4. WageWorks (WAGE) downgraded to Hold from Buy at Stifel with analyst David Grossman saying he does not envision a competing takeover offer for the company. 5. L Brands (LB) downgraded to Neutral from Buy at Citi with analyst Paul Lejuez saying his former view on the stock was based on the belief that a Victoria's Secret turnaround could be successful if the brand adopted a more inclusive approach. However, with management slow to implement meaningful change, and "cultural norms shifting away from them," it may be "too little too late" for a meaningful turnaround at Victoria's Secret. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/15/19
MSCO
07/15/19
DOWNGRADE
MSCO
Underweight
Endo, Teva downgraded to Underweight on underappreciated risks at Morgan Stanley
As previously reported, Morgan Stanley analyst David Risinger downgraded Endo International (ENDP) and Teva Pharmaceutical (TEVA), both to Underweight from Equal Weight, cut his price target on Endo shares to $3 from $8 and lowered his price target for Teva shares to $6 from $16. In the wake of Amneal's (AMRX) recent 28% EBITDA guidance cut, Risinger noted that Amneal faces company-specific challenges but also said he is concern about potentially worsening U.S. competitive pricing pressure. He is worried that Endo and Teva both face "underappreciated" risks from buying group pressure being worse than expected, increasing competition among generic manufacturers and the fact that opioid litigation is "just getting started" with thousands of lawsuits having been filed. Risinger also cut his earnings estimates for Mylan (MYL) lowered his price target on its shares to $22 from $32, though he maintains an Overweight rating on that generic drugmaker, citing low valuation and the potential for corporate action. Risinger additionally lowered his price target on Amneal shares to $4 from $12.
AVYA Avaya
$12.11

-0.22 (-1.78%)

10/22/19
RSBL
10/22/19
NO CHANGE
RSBL
Zoom Video relationship with RingCentral starting to 'fracture,' says Rosenblatt
Rosenblatt analyst Ryan Koontz said his check indicate that RingCentral's (RNG) strategic relationship with Zoom Video (ZM) "may be beginning to fracture earlier than anticipated" as the former begins investing heavily in its new strategic alliance with Avaya (AVYA). He also believes that his suspicions that RingCentral is developing its own video meeting product could be announced shortly and he thinks RingCentral may bring to market an initially inferior video product in an effort to halt the proliferation of Zoom video in its customer base if the current situation continues to escalate. Koontz keeps a Neutral rating on Zoom Video shares.
10/28/19
JEFF
10/28/19
NO CHANGE
Target $210
JEFF
Buy
Jefferies boosts RingCentral target to $210, adds to Franchise Picks List
Jefferies analyst Samad Samana raised his price target for RingCentral (RNG) to $210 from $152 and added the shares to his firm's Franchise Picks List. The stock closed Friday up $5.65 to $160.36. Despite the 26% rally since the Avaya (AVYA) partnership announcement, the company's potential remains underappreciated, Samana tells investors in a research note. Through a combination of organic growth and contribution from Avaya, RingCentral's path to greater than $2B in revenue is "much clearer," says the analyst. He expects the company's subscription revenue to reach $2.4B in 2023, or more than triple his 2019 estimate. Samana keeps a Buy rating on RingCentral shares.
11/05/19
RHCO
11/05/19
NO CHANGE
Target $192
RHCO
Buy
RingCentral price target raised to $192 from $163 at SunTrust
SunTrust analyst Terry Tillman raised his price target on RingCentral (RNG) to $192 and kept his Buy rating after its "strong" Q3 results with upside in subscription and total revenue along with above-consensus EBIT margins. The analyst notes that the company saw strength "across key verticals" and within its contact center business, which all contributed to strong annualized recurring revenue growth. Tillman further expects RingCentral's partnerships with AT&T (T) and Avaya (AVYA) to be key long-term catalysts.
10/07/19
NEED
10/07/19
NO CHANGE
Target $65
NEED
Buy
Five9 may be 'quiet winner' of Avaya-Ring Central deal, says Needham
Needham analyst Scott Berg notes that Five9 (FIVN) may be the "quiet winner" from the Cloud solution partnership announced last week between Avaya (AVYA) and Ring Central (RNG), keeping his Buy rating and $65 price target on on the stock. The analyst notes Avaya has about a third of the cloud contact center, or CC, market, and contends that any of its customers' move to an "ACO solution" customer's CC infrastructure. Berg adds that while the pace of the potential customer conversion to ACO is unknown, the migration will pull forward the CC infrastructure decisions, which should be favorable for Five9 because of its "industry-leading CC platform and win rates."
BKR Baker Hughes
$22.01

-0.155 (-0.70%)

11/15/19
SUSQ
11/15/19
UPGRADE
SUSQ
Positive
Baker Hughes upgraded to Positive from Neutral at Susquehanna
Susquehanna analyst Charles Minervinio upgraded Baker Hughes to Positive from Neutral.
11/15/19
SUSQ
11/15/19
UPGRADE
Target $27
SUSQ
Positive
Baker Hughes upgraded to Positive at Susquehanna
As reported previously, Susquehanna analyst Charles Minervino upgraded Baker Hughes to Positive from Neutral. The anlayst sees compelling earnings growth through 2021 with double digit annual growth in free cash flow. He notes a strong backlog of work in the long cycle TPS and Oilfield Equipment business. Minervino raised his price target to $27 from $25 on Baker Hughes shares.
11/19/19
DBAB
11/19/19
INITIATION
Target $32
DBAB
Buy
Baker Hughes initiated with a Buy at Deutsche Bank
Deutsche Bank initiated coverage of Baker Hughes with a Buy rating and $32 price target. The firm calls the company its top pick in Oilfield Services.
URBN Urban Outfitters
$28.73

-1.43 (-4.74%)

11/12/19
WEDB
11/12/19
NO CHANGE
Target $33
WEDB
Neutral
Urban Outfitters price target raised to $33 from $20 at Wedbush
Wedbush analyst Jen Redding raised her price target for Urban Outfitters to $33 from $20 and maintained a Neutral rating ahead of the retailer's Q3 results, saying she sees upside in her firm's datasets even to management's commentary in early September, articulating positive same-store sales across all brands and improvement in markdown trends versus Q2. The firm's data shows strength in Q3, including total company SSS in the positive high single digit range, with Anthropologie comping well above consensus at 8.24%.
09/30/19
WELS
09/30/19
UPGRADE
Target $30
WELS
Outperform
Urban Outfitters upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Ike Boruchow upgraded Urban Outfitters to Outperform from Market Perform and raised his price target for the shares to $30 from $25.
11/08/19
JEFF
11/08/19
NO CHANGE
JEFF
Tariff roll backs could be catalyst for footwear, apparel stocks, says Jefferies
Jefferies analyst Janine Stichter noted press reports indicating that the U.S. is considering removing the 15% List 4A tariffs and may not move ahead with the December List 4B tariffs, which she thinks could be a catalyst for the footwear and apparel group from both an EPS and multiple standpoint and a tailwind for overall discretionary spending. She particularly highlighted what she sees as a potentially significant benefit for retailers American Eagle (AEO), Urban Outfitters (URBN) and Boot Barn (BOOT), on which she has Buy ratings. Stichter also lists Chico's (CHS), Abercrombie & Fitch (ANF), Gap (GPS), Steven Madden (SHOO) and Genesco (GCO) among retailers and footwear companies who source heavily from China and have high exposure to direct imports, instead of third party brands.
11/12/19
LEHM
11/12/19
INITIATION
Target $30
LEHM
Equal Weight
Urban Outfitters initiated with an Equal Weight at Barclays
Barclays analyst Adrienne Yih initiated coverage of Urban Outfitters with an Equal Weight rating and $30 price target. The analyst is concerned with the company's ongoing pricing pressure based on her promo checks, its excess seasonal inventory across the Apparel sector, and its high exposure to China sourcing. Yih adds however that Urban Outfitters shares are trading at the lower end of their valuation range while its comps should become "materially easier" next year.
ALC Alcon
$59.00

0.105 (0.18%)

10/28/19
SPHN
10/28/19
INITIATION
Target $62
SPHN
Equal Weight
Alcon initiated with an Equal Weight at Stephens
Stephens analyst Chris Cooley initiated coverage of Alcon with an Equal Weight rating and $62 price target. While he has a favorable disposition on the growth prospects for the broad ophthalmic marketplace and views Alcon as a technological innovator, he thinks margin expansion is "less assured" than its revenue growth and notes that the stock is valued at a premium to faster growing peers.
11/11/19
REDB
11/11/19
UPGRADE
REDB
Neutral
Alcon upgraded to Neutral from Sell at Redburn
Redburn analyst Ed Ridley-Day upgraded Alcon to Neutral from Sell.
06/24/19
LEER
06/24/19
INITIATION
Target $62
LEER
Market Perform
Alcon initiated with a Market Perform at SVB Leerink
SVB Leerink analyst Richard Newitter initiated Alcon with a Market Perform rating and $62 price target.
08/26/19
FBCO
08/26/19
NO CHANGE
Target $73
FBCO
Outperform
Alcon price target raised to $73 from $68 at Credit Suisse
Credit Suisse analyst Matt Miksic raised his price target for Alcon to $73 from $68, citing acceleration in Q2 underlying sales and core op income. The analyst reiterates an Outperform rating on the shares.
ORGO Organogenesis
$8.01

0.02 (0.25%)

05/02/19
FBCO
05/02/19
INITIATION
Target $9
FBCO
Outperform
Organogenesis initiated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic started coverage of Organogenesis with an Outperform rating and a $9 price target. The analyst notes that the company has assembled an "impressive" portfolio of regenerative medicine and differentiated products in key growth segments within wound care. His positive view is based on a clear opportunity to gain share in the high-value, high-growth amniotic tissue segment; sustainable double-digit growth, adjusting for upcoming reimbursement changes; and improving margins driven by mix and improving operating leverage.
04/17/19
04/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Organogenesis (ORGO) initiated with an Outperform at Oppenheimer. 2. Teladoc (TDOC) initiated with an Overweight at Stephens. 3. Solar Capital (SLRC) initiated with an Outperform at Raymond James. 4. Principia Biopharma (PRNB) initiated with a Buy at Stifel. 5. Aurora Cannabis (ACB), HEXO Corp (HEXO), Canopy Growth (CGC), and Performance Food Group (PFGC) initiated with a Buy at BofA/Merrill while Cronos Group (CRON) was initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/16/19
OPCO
04/16/19
INITIATION
Target $11
OPCO
Outperform
Oppenheimer starts 'regenerative medicine story' Organogenesis at Outperform
Oppenheimer analyst Steven Lichtman initiated coverage of Organogenesis with an Outperform rating and $11 price target. The company has a "diverse product set at different levels of complexity and price points that address a wide spectrum of wounds and musculoskeletal injuries," Lichtman tells investors in a research note. The analyst sees Organogenesis' markets as growing more than high-single digits and not highly penetrated. He calls the company as a "well-positioned regenerative medicine story."
08/26/19
FBCO
08/26/19
INITIATION
Target $9
FBCO
Outperform
Organogenesis reinstated with an Outperform at Credit Suisse
Credit Suisse analyst Matt Miksic reinstated coverage of Organogenesis (ORGO) with an Outperform rating and lowered his price target for the shares to $9 from $10. The company remains "very attractively valued," trading at a 50%-60% discount to other regen peers like Vericel (VCEL), AxoGen (AXGN) and MediWound (MDWD), Miksic tells investors in a research note. The analyst sees Organogenesis gaining share in the "high-value, high-growth" amniotic tissue segment of advanced wound care.
AMRN Amarin
$22.74

0.11 (0.49%)

11/19/19
JEFF
11/19/19
NO CHANGE
Target $30
JEFF
Buy
Jefferies still expects Amarin shares to rise toward $30
Following the data presented at the American Heart Association and last week's successful FDA panel vote, there are three-to-four potential drivers for Amarin shares over the next few months, Jefferies analyst Michael Yee tells investors in a research note. These include the formal label expansion for Vascepa by December 28, developments on the intellectual property front, sales trajectory for Q4 and/or 2020 guidance, and continued potential for acquisition "optionality," Yee tells investors in a research note. He says that while some investors do not like the risk/reward debate on the December 28 potential FDA approval and label wording, he's not too concerned about the exact wording. Based on commentary by the FDA at the end of the panel, Yee thinks the agency "might be broader on the label than some investors expect." The analyst still expects Amarin to rise toward $30 per share based on these catalysts. He keeps a Buy rating on the name with a $30 price target. The stock closed Monday down $1.42 to $22.60.
11/19/19
CANT
11/19/19
NO CHANGE
Target $35
CANT
Overweight
Cantor sees wide use for Amarin's Vascepa regardless of label language
Cantor Fitzgerald analyst Louise Chen affirms an Overweight rating on Amarin with a $35 price target after the company hosted a conference call to discuss its three presentations at the American Heart Association meeting. The most interesting takeaway from the call was the physicians' viewpoint regarding the "outdated" paradigm of primary versus secondary risk patients, Chen tells investors in a research note. The doctors noted that there is significant overlap between these groups, and guidelines seem to be starting to move away from these types of hardline thresholds/benchmarks as a result, adds the analyst. With this blurring of the line between these two cohorts, Chen thinks physicians will see a place for Vascepa in both patient types, regardless of label language. She continues to think the peak sales potential of Vascepa is underappreciated and that upward earnings revisions should drive Amarin shares higher.
11/19/19
OPCO
11/19/19
INITIATION
Target $7
OPCO
Underperform
Oppenheimer starts Amarin with $7 target on 'rich' valuation, 'stale' M&A thesis
Oppenheimer analyst Leland Gershell initiated coverage of Amarin with an Underperform rating and $7 price target. The stock closed Tuesday up 13c to $22.73. Amarin's current valuation reflects expectations that, following near-term label expansion of sole omega-3 product Vascepa, the company's sales will inflect and grow to $2B-plus by 2024 and its operating margins will meaningfully improve, Gershell tells investors in a research note. The analyst, however, forecasts Amarin's sales growth to "underwhelm" and that "heavy selling costs" will impede its profitability. Furthermore, a 12-month stream of late-stage competitor data starting next month will increasingly weigh on shares as these products will offer superior profiles, adds Gershell. In addition, the analyst thinks the likelihood of Amarin getting acquired will only shrink with time. He views Amarin's valuation as "rich" and the M&A thesis as "stale."
11/19/19
OPCO
11/19/19
INITIATION
Target $7
OPCO
Underperform
Amarin initiated with an Underperform at Oppenheimer
Oppenheimer initiated coverage of Amarin with an Underperform rating and $7 price target.
CRSP Crispr Therapeutics
$68.46

9.94 (16.99%)

11/19/19
GSCO
11/19/19
NO CHANGE
Target $75
GSCO
Neutral
Crispr Therapeutics price target raised to $75 from $52 at Goldman Sachs
Goldman Sachs analyst Salveen Richter raised his 12-month price target for Crispr Therapeutics (CRSP) to $75 from $52 while keeping a Neutral rating on the shares. The first clinical results from the ongoing CTX001 trial impress, Richter tells investors in a research note. The analyst, who cautions the data represents small patient numbers, is "highly encouraged" with the profile of CTX001 and sees today's positive data as initial validation of Crispr's ex-vivo gene editing platform.
11/19/19
WBLR
11/19/19
UPGRADE
WBLR
Outperform
Crispr Therapeutics upgraded to Outperform from Market Perform at William Blair
William Blair upgraded Crispr Therapeutics to Outperform from Market Perform.
11/19/19
ROTH
11/19/19
NO CHANGE
Target $100
ROTH
Buy
Crispr Therapeutics price target raised to $100 from $65 at Roth Capital
Roth Capital analyst Tony Butler raised his price target for Crispr Therapeutics to $100 from $65 and maintained a Buy rating after the company and partner Vertex Pharmaceuticals (VRTX) announced the first CTX001 early clinical data in two patients. In a research note to investors, Butler says that though only two patients have been treated with CTX001, these data provide a hint that CRISPR-Cas9 could be curative for hemoglobinopathies, adding that gene-editing is "clearly not a fiction." The results utilizing gene-editing with CRISPR-Cas9 to create allogenic CAR-T cells against various cancers may also increase its probability of success based on successful editing in the CLIMB trials, he said.
11/19/19
WBLR
11/19/19
UPGRADE
WBLR
Outperform
William Blair upgrades Crispr Therapeutics to Outperform after 'impressive' data
William Blair analyst Raju Prasad upgraded Crispr Therapeutics to Outperform from Market Perform after the company presented initial results from the ongoing Phase I/II trials of CTX001 for the treatment of beta thalassemia and sickle cell disease. The stock in afternoon trading is up 18%, or $10.29, to $68.82. The analyst says today's data cut was "impressive" as it exceeds the 30% fetal hemoglobin threshold that he viewed as critical. To date, Crispr has shown initial proof-of-concept in beta thalassemia and sickle cell that exceeded expectations and de-risks its wholly owned immuno-oncology platform, Prasad tells investors in a research note. Further, given the "optionality" of the CRISPR-Cas9 platform and potential cost-effectiveness when compared with lentiviral-based therapies, Crispr could be a potential takeout candidate, adds the analyst.
MGP MGM Growth
$32.46

-0.39 (-1.19%)

07/29/19
SCOT
07/29/19
INITIATION
Target $34
SCOT
Outperform
MGM Growth initiated with an Outperform at Scotiabank
Scotiabank analyst Nicholas Yulico initiated MGM Growth with an Outperform rating and $34 price target.
10/25/19
MACQ
10/25/19
INITIATION
Target $35
MACQ
Outperform
MGM Growth initiated with an Outperform, a market leader, says Macquarie
Macquarie analyst Jordan Bender initiated coverage of MGM Growth with an Outperform rating and $35 price target. The analyst said MGM's regional assets are among the highest quality outside of Las Vegas and will continue to be market leaders given stable revenue growth and its diverse customer base.
11/11/19
NOMU
11/11/19
NO CHANGE
Target $45
NOMU
Neutral
Gaming REITs remain in early stages of re-rating, says Nomura Instinet
Nomura Instinet analyst Daniel Adam believes the Gaming Real Estate Investment Trust space is still in the early stages of an industry re-rating. The analyst raised his price target for Neutral-rated Gaming and Leisure Properties (GLPI) to $45 from $42, for Buy-rated MGM Growth (MGP) to $43 from $40 and for Buy-rated VICI Properties (VICI) to $35 from $32.
10/24/19
MACQ
10/24/19
INITIATION
MACQ
Outperform
MGM Growth initiated with an Outperform at Macquarie
Macquarie analyst Jordan Bender initiated coverage of MGM Growth with an Outperform rating.
RIG Transocean
$4.66

-0.16 (-3.32%)

09/25/19
RBCM
09/25/19
DOWNGRADE
Target $9
RBCM
Sector Perform
Transocean downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital analyst Kurt Hallead downgraded Transocean to Sector Perform from Outperform and lowered his price target for the shares to $9 from $17.
10/21/19
FERN
10/21/19
DOWNGRADE
Target $6
FERN
Hold
Transocean downgraded to Hold from Buy at Fearnley
Fearnley analyst Truls Olsen downgraded Transocean to Hold from Buy with a $6 price target.
09/25/19
09/25/19
DOWNGRADE
Target $9

Sector Perform
Transocean downgraded to Sector Perform from Outperform at RBC Capital
As previously reported, RBC Capital analyst Kurt Hallead downgraded Transocean to Sector Perform from Outperform and lowered his price target for the shares to $9 from $17. The analyst notes that while activity and pricing have seen signs of "definitive improvement", the pace of recovery has been slower than anticipated, which pushed out the timeline for the company to become free cash flow positive. Hallead further contends that the "wall of worry" for Transocean relating to its debt maturities will continue, limiting its "upside optionality."
11/19/19
DBAB
11/19/19
INITIATION
Target $3
DBAB
Sell
Transocean initiated with a Sell at Deutsche Bank
Deutsche Bank initiated coverage of Transocean with a Sell rating and $3 price target.
NYMT New York Mortgage
$6.25

0.015 (0.24%)

08/06/19
LTCO
08/06/19
UPGRADE
LTCO
Buy
New York Mortgage upgraded to Buy from Neutral at Ladenburg
02/28/19
LEHM
02/28/19
DOWNGRADE
Target $5
LEHM
Underweight
New York Mortgage downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Mark Devries downgraded New York Mortgage Trust to Underweight with a $5 price target.
03/26/19
NOMU
03/26/19
INITIATION
Target $6.5
NOMU
Buy
New York Mortgage initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Matthew Howlett started New York Mortgage Trust with a Buy rating and $6.50 price target. The analyst says the company has "flown the under the radar for most of its post Financial Crisis existence," despite generating economic returns well above those of the mortgage real estate investment trust peer group. He expects the stock to outperform in 2019. The analyst also initiated coverage of the U.S. Mortgage REITs industry with a positive outlook. The environment for levered mortgage-based operating models is the best it's been since the Taper Tantrum, Howlett tells investors in a research note. He thinks the space is poised to attract interest from "yield-starved investors amid a low, range-bound interest rate environment and expected yield curve steepening."
MSEX Middlesex Water
$62.07

1.5 (2.48%)

12/17/18
12/17/18
DOWNGRADE
Target $53

Neutral
Janney Montgomery Scott downgrades Middlesex Water to Neutral on valuation
As previously reported, Janney Montgomery Scott analyst Michael Gaugler downgraded Middlesex Water to Neutral from Buy, citing valuation given that the stock's "substantial run higher" has risen the share price above his $53 fair value estimate. He does still have a positive view on the company's future earnings prospects, Gaugler noted.
12/17/18
12/17/18
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Best Buy (BBY) downgraded to Underperform from Neutral at BofA/Merrill analyst Curtis Nagle citing his caution about key product categories that include TVs, Apple (AAPL) products and gaming. 2. Illinois Tool Works (ITW) downgraded to Sell from Hold at Deutsche Bank. 3. Chesapeake Utilities (CPK) and Middlesex Water (MSEX) were downgraded to Neutral from Buy at Janney Montgomery Scott. 4. Callaway Golf (ELY) downgraded to Neutral from Buy at Roth Capital with analyst Dave King citing the recent acquisition of Jack Wolfskin and saying that the deal moves Callaway beyond its core competency in golf. 5. Centene (CNC) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Stephen Tanal citing risk associated with a potential adverse outcome in the Texas versus United States ACA ruling. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/08/19
JANY
05/08/19
UPGRADE
Target $66
JANY
Buy
Middlesex Water upgraded to Buy from Neutral at Janney Montgomery Scott
Janney Montgomery Scott analyst Michael Gaugler upgraded Middlesex Water to Buy from Neutral and raised his price target for the shares to $66 from $58 following the company's "strong" Q1 results.
12/17/18
JANY
12/17/18
DOWNGRADE
JANY
Neutral
Middlesex Water downgraded to Neutral from Buy at Janney Montgomery Scott

TODAY'S FREE FLY STORIES

MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

19:31
12/07/19
12/07
19:31
12/07/19
19:31
Hot Stocks
Magenta reports results from MGTA-145 stem cell mobilization program »

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    Dec

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    Dec

PFE

Pfizer

$38.29

0.26 (0.68%)

, BMY

Bristol-Myers

$59.94

0.435 (0.73%)

19:29
12/07/19
12/07
19:29
12/07/19
19:29
Hot Stocks
Bristol-Myers Squibb-Pfizer Alliance reports analysis of Eliquis »

The Bristol-Myers…

PFE

Pfizer

$38.29

0.26 (0.68%)

BMY

Bristol-Myers

$59.94

0.435 (0.73%)

03/08/13
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UMRX

Unum Therapeutics

$0.70

0.0177 (2.61%)

19:25
12/07/19
12/07
19:25
12/07/19
19:25
Hot Stocks
Unum Therapeutics announces Phase 1 clinical updates for T-cell therapies »

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

19:25
12/07/19
12/07
19:25
12/07/19
19:25
Conference/Events
Magenta Therapeutics to hold an investor and analyst event »

Investor and Analyst…

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AUTL

Autolus Therapeutics

$14.60

-0.18 (-1.22%)

19:23
12/07/19
12/07
19:23
12/07/19
19:23
Hot Stocks
Autolus presents new data on T cell therapies in leukemia, lymphoma »

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BMY

Bristol-Myers

$59.94

0.435 (0.73%)

19:19
12/07/19
12/07
19:19
12/07/19
19:19
Hot Stocks
Bristol-Myers says lisocabtagene maraleucel study met both endpoints »

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SGEN

Seattle Genetics

$117.52

0.37 (0.32%)

19:16
12/07/19
12/07
19:16
12/07/19
19:16
Hot Stocks
Seattle Genetics reports updated Adcetris plus Opdivo Hodgkin lymphoma data »

Seattle Genetics…

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  • 07

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    Mar

GILD

Gilead

$67.09

1.16 (1.76%)

19:12
12/07/19
12/07
19:12
12/07/19
19:12
Hot Stocks
Gilead's Kite announces long-term data from ZUMA-1 study in lymphoma »

Kite, a Gilead company,…

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  • 07

    Dec

CRTX

Cortexyme

$28.00

-6.15 (-18.01%)

19:10
12/07/19
12/07
19:10
12/07/19
19:10
Hot Stocks
Cortexyme says COR388 reduced levels of ApoE protein in Phase I study »

Cortexyme announced the…

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03/06/13
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MNK

Mallinckrodt

$3.40

0.015 (0.44%)

12:15
12/07/19
12/07
12:15
12/07/19
12:15
Hot Stocks
Mallinckrodt presents data on infantile spasms predictive model »

Mallinckrodt announced…

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  • 07

    Dec

STOK

Stoke Therapeutics

$28.91

3.99 (16.01%)

12:13
12/07/19
12/07
12:13
12/07/19
12:13
Hot Stocks
Stoke Therapeutics presents preclinical data from studies of STK-001 »

Stoke Therapeutics…

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03/08/13
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03/06/13
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APTO

Aptose Biosciences

$2.55

-0.04 (-1.54%)

12:11
12/07/19
12/07
12:11
12/07/19
12:11
Hot Stocks
Aptose reports CG-806 data in patients with chronic lymphocytic leukemia »

Aptose Biosciences…

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EPZM

Epizyme

$18.22

2.9 (18.93%)

10:09
12/07/19
12/07
10:09
12/07/19
10:09
Hot Stocks
Epizyme announces 'positive, mature data' for Phase 2 trial of tazemetostat »

Epizyme reported…

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PRNB

Principia Biopharma

$37.30

0.86 (2.36%)

10:07
12/07/19
12/07
10:07
12/07/19
10:07
Hot Stocks
Principia Biopharma announces 'consistent positive data' for PRN1008 »

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FB

Facebook

$200.99

1.64 (0.82%)

, GOOGL

Alphabet Class A

$1,339.41

11.6 (0.87%)

09:31
12/07/19
12/07
09:31
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09:31
On The Fly
Week in review: How Trump's policies moved stocks »

Catch up on the top…

FB

Facebook

$200.99

1.64 (0.82%)

GOOGL

Alphabet Class A

$1,339.41

11.6 (0.87%)

GOOG

Alphabet

$1,341.23

12.23 (0.92%)

AAPL

Apple

$270.71

5.15 (1.94%)

AMZN

Amazon.com

$1,750.79

10.2 (0.59%)

SQ

Square

$68.00

0.85 (1.27%)

TWTR

Twitter

$30.19

0.16 (0.53%)

CSIQ

Canadian Solar

$18.35

0.39 (2.17%)

FSLR

First Solar

$53.36

1.06 (2.03%)

JASO

JA Solar

$0.00

(0.00%)

SPWR

SunPower

$7.23

0.15 (2.12%)

TSL

Trina Solar

$0.00

(0.00%)

YGE

Yingli Green Energy

$0.00

(0.00%)

AKS

AK Steel

$3.24

0.065 (2.05%)

MT

ArcelorMittal

$17.88

0.43 (2.46%)

NUE

Nucor

$57.60

1.13 (2.00%)

STLD

Steel Dynamics

$35.10

0.67 (1.95%)

TMST

TimkenSteel

$6.90

0.41 (6.32%)

X

U.S. Steel

$13.95

0.615 (4.61%)

AA

Alcoa

$20.60

0.68 (3.41%)

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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  • 09

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  • 06

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  • 26

    Feb

FATE

Fate Therapeutics

$13.64

0.07 (0.52%)

09:27
12/07/19
12/07
09:27
12/07/19
09:27
Hot Stocks
Fate Therapeutics reports initial clinical data for FT516 and FT50 »

Fate Therapeutics …

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  • 07

    Dec

09:25
12/07/19
12/07
09:25
12/07/19
09:25
Conference/Events
JPMorgan enterprise software analyst to hold an analyst/industry conference call »

Software Analyst Murphy,…

CRVS

Corvus Pharmaceuticals

$4.26

-0.36 (-7.79%)

09:23
12/07/19
12/07
09:23
12/07/19
09:23
Hot Stocks
Corvus reports initial results from Phase 1/1b trial of CPI-818 »

Corvus Pharmaceuticals…

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KPTI

Karyopharm

$16.30

-1.15 (-6.59%)

09:21
12/07/19
12/07
09:21
12/07/19
09:21
Hot Stocks
Karyopharm announces updated Xpovio data in multiple myeloma »

Karyopharm Therapeutics…

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  • 07

    Dec

ABBV

AbbVie

$86.97

0.3 (0.35%)

09:18
12/07/19
12/07
09:18
12/07/19
09:18
Hot Stocks
AbbVie reports results of 7.5-year pooled analysis of Imbruvica »

AbbVie announced results…

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  • 07

    Dec

SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

09:16
12/07/19
12/07
09:16
12/07/19
09:16
Hot Stocks
Sierra Oncology reports new analyses of momelotinib compared to ruxolitinib »

Sierra Oncology reported…

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  • 07

    Dec

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    Dec

SGMO

Sangamo

$11.65

0.05 (0.43%)

, PFE

Pfizer

$38.29

0.26 (0.68%)

09:14
12/07/19
12/07
09:14
12/07/19
09:14
Hot Stocks
Sangamo, Pfizer announce follow-up results from Phase 1/2 hemophilia A.study »

Sangamo Therapeutics…

SGMO

Sangamo

$11.65

0.05 (0.43%)

PFE

Pfizer

$38.29

0.26 (0.68%)

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

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  • 07

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    Dec

VSTM

Verastem

$1.31

0.055 (4.38%)

09:12
12/07/19
12/07
09:12
12/07/19
09:12
Hot Stocks
Verastem announces 62% response rate for duvelisib in T-cell lymphoma »

Verastem announced the…

03/08/13
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03/06/13
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03/06/13
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  • 07

    Dec

RHHBY

Roche

$0.00

(0.00%)

09:09
12/07/19
12/07
09:09
12/07/19
09:09
Hot Stocks
Genentech announces new data on CD20-CD3 T-cell in Hodgkin's lymphoma »

Genentech, a member of…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 07

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  • 09

    Dec

  • 10

    Dec

  • 10

    Dec

  • 16

    Dec

XENE

Xenon Pharmaceuticals

$13.92

0.03 (0.22%)

, BMRN

BioMarin

$79.90

-0.18 (-0.22%)

08:59
12/07/19
12/07
08:59
12/07/19
08:59
Hot Stocks
Xenon to provide updates on partnered epilepsy programs »

Xenon Pharmaceuticals…

XENE

Xenon Pharmaceuticals

$13.92

0.03 (0.22%)

BMRN

BioMarin

$79.90

-0.18 (-0.22%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 07

    Dec

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