Thursday
Recommendations
Piper Sandler analyst…
Piper Sandler analyst David Westenberg notes that Illumina just reported revenues, earnings and guidance that came in "well below consensus," which he calls "surprising" given the company's "rich" backlog of NovaSeq instruments and consumables. The analyst, who sees the miss potentially signaling that new orders in excess of backlog filling slowed "dramatically," argues that "the silver lining, if any," is that most of the other single products genomics companies, such as Pacific Biosciences (PACB) and 10x Genomics (TXG), also noted transitory headwinds from the macro environment. Westenberg, who thinks Illumina continues to have a strong competitive position, has an Overweight rating on the shares, which are down $51.49, or 23%, to $175.95 in after-hours trading.
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08/02/22 Singular Genomics appoints Ropp as Chief Commercial Officer 07/14/22 10x Genomics drops 17% to $36.00 after Q2 revenue guidance misses estimates 07/14/22 10x Genomics names Jim Wilbur as Chief Commercial Officer 02/17/22 Cathie Wood's ARK Investment bought 396K shares of 10x Genomics today 08/11/22 Pacific Biosciences trading resumes 08/11/22 Pacific Biosciences trading halted, volatility trading pause 08/04/22 Cathie Wood's ARK Investment bought 212K shares of Pacific Biosciences today 07/21/22 Pacific Biosciences names Jeff Eidel as Chief Commercial Officer 08/11/22 Illumina cuts FY22 core Illumina revenue growth view to 3.5%-4.5% 08/11/22 Illumina drops 22% to $177 after Q2 results miss estimates, FY22 guidance cut 06/09/22 Illumina drops 6% to $210.00 after departure of CFO 06/09/22 Illumina CFO Sam Samad to depart, Joydeep Goswami named interim CFO 07/14/22 Canaccord Illumina merger challenge not reflection of merits, says Canaccord 07/13/22 Piper Sandler Illumina uncertainty over Grail continues with ruling, says Piper Sandler 07/13/22 Barclays Illumina downgraded to Underweight from Equal Weight at Barclays 07/08/22 Citi Illumina price target lowered to $220 from $325 at Citi 08/04/22 Canaccord Pacific Biosciences price target lowered to $14 from $17 at Canaccord 05/15/22 Piper Sandler Pacific Biosciences price target lowered to $6 from $13 at Piper Sandler 05/05/22 Cantor Fitzgerald Pacific Biosciences price target lowered to $19 from $23 at Cantor Fitzgerald 03/01/22 Piper Sandler Pacific Biosciences price target lowered to $13 from $20 at Piper Sandler 08/10/22 Morgan Stanley 10x Genomics price target lowered to $70 from $100 at Morgan Stanley 08/09/22 Cowen 10x Genomics price target raised to $55 from $50 at Cowen 08/09/22 Citi 10x Genomics price target lowered to $65 from $100 at Citi 07/25/22 Canaccord Canaccord starts 10x Genomics at Buy, sees multiple avenues for long-term growth 08/08/22 10x Genomics updated FY22 revenue view to $500M-$520M, consensus $571.06M 08/08/22 10x Genomics reports Q2 EPS (57c), consensus (39c) 07/14/22 10x Genomics sees Q2 revenue $114.5M, consensus $127.7M 05/04/22 10x Genomics backs 2022 revenue view $600M-$630M, consensus $614.05M 08/03/22 Pacific Biosciences now sees 2022 revenue $138M-$145M, consensus $161.95M 08/03/22 Pacific Biosciences reports Q2 non-GAAP EPS (34c), consensus (32c) 05/04/22 Pacific Biosciences reports Q1 EPS (37c), consensus (31c) 02/15/22 Pacific Biosciences reports Q4 EPS (30c), consensus (28c) 08/11/22 Illumina cuts FY22 adjusted EPS view to $2.75-$2.90 from $4.00-$4.20 08/11/22 Illumina reports Q2 adjusted EPS 57c, consensus 65c 08/11/22 Notable companies reporting after market close 05/05/22 Illumina sees FY22 adjusted EPS $4.00-$4.20, consensus $4.15 07/27/22 Illumina's Grail deal likely to be blocked by EU regulators, Reuters reports 07/13/22 Illumina lost bid to block EU watchdog review of Grail deal, Bloomberg reports 07/25/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 07/15/22 What You Missed On Wall Street On Friday 07/15/22 What You Missed On Wall Street This Morning 07/14/22 Fly Intel: After-Hours Movers 08/04/22 What You Missed On Wall Street On Thursday 08/04/22 What You Missed On Wall Street This Morning 07/21/22 What You Missed On Wall Street This Morning 07/01/22 What You Missed On Wall Street On Friday 07/13/22 What You Missed On Wall Street On Wednesday 07/13/22 What You Missed On Wall Street This Morning 06/10/22 What You Missed On Wall Street On Friday 06/10/22 What You Missed On Wall Street This Morning 08/10/22 Pacific Biosciences call volume above normal and directionally bullish 08/03/22 Pacific Biosciences options imply 13.0% move in share price post-earnings 03/18/22 Pacific Biosciences call volume above normal and directionally bullish 08/11/22 Illumina options imply 6.5% move in share price post-earnings 06/13/22 Illumina put buyer realizes 25% same-day gains 05/18/22 Early notable gainers among liquid option names on May 18th
Hot Stocks
ALX Oncology (ALXO)…
ALX Oncology (ALXO) announced the initiation of a Phase 2 investigator-sponsored study of evorpacept, a next generation CD47 blocker, in combination with ERBITUX and KEYTRUDA, Merck's (MRK) anti-PD-1 therapy, in patients with refractory microsatellite stable metastatic colorectal cancer who have progressed on at least two lines of systemic therapy. This is an open-label, multi-center, single-arm phase 2 clinical trial. Eli Lilly (LLY) and Company and Merck, known as MSD outside the United States and Canada, will respectively provide ERBITUX and KEYTRUDA to support this study.
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08/09/22 FDA finds nitrosamine impurity in Merck diabetes drug Januvia 08/04/22 AstraZeneca, Merck: EC approves LYNPARZA to treat BRCA1/2 mutations 08/04/22 AstraZeneca's lynparza approved in EU for early breast cancer therapy 08/03/22 Merck, Eisai provide update on Phase 3 LEAP-002 trial evaluating KEYTRUDA 08/08/22 3D Systems appoints Azar II to MAB 08/08/22 Eli Lilly announces availability of new citrate-free formulation of Taltz 08/04/22 Eli Lilly ordered to pay $61M for Medicaid fraud, law firm says 07/18/22 Erasca announces trial collaboration, supply agreement with Eli Lilly 08/01/22 ALX Oncology's evorpacept receives FTD from FDA 06/29/22 ALX Oncology receives US FDA ODD for evorpacept 06/28/22 ALX Oncology treatment of acute myeloid leukemia granted FDA orphan designation 06/03/22 ALX Oncology expects results from ASPEN-06 study in 2023 08/09/22 Cantor Fitzgerald ALX Oncology price target lowered to $32 from $60 at Cantor Fitzgerald 08/09/22 Credit Suisse ALX Oncology price target lowered to $38 from $43 at Credit Suisse 06/06/22 Stifel ALX Oncology price target lowered to $16 from $35 at Stifel 06/03/22 Piper Sandler ALX's evorpacept best-in-class aong CD47-targeting agents, says Piper Sandler 08/05/22 Truist Global Blood could complement any oncology franchise, says Truist 07/29/22 Barclays Merck price target raised to $101 from $97 at Barclays 07/27/22 H.C. Wainwright Seagen price target raised to $200 from $170 at H.C. Wainwright 07/18/22 UBS Merck price target raised to $98 from $76 at UBS 08/05/22 Morgan Stanley Eli Lilly recent weakness a buying opportunity, says Morgan Stanley 08/01/22 Jefferies Concert Pharmaceuticals price target raised to $14 from $9.50 at Jefferies 07/27/22 Benchmark AbCellera collaboration lowers reliance on Lilly, says Benchmark 07/18/22 Cowen Cowen believes Global Pharma quarterly results will be strong 07/28/22 Merck narrows FY22 adjusted EPS view to $7.25-$7.35 from $7.24-$7.36 07/28/22 Merck reports Q2 adjusted EPS $1.87, consensus $1.69 07/27/22 Notable companies reporting before tomorrow's open 08/04/22 Eli Lilly cuts FY22 EPS view to $7.90-$8.05 from $8.15-$8.30, consensus $8.08 08/04/22 Eli Lilly reports Q2 EPS $1.25, consensus $1.68 08/03/22 Notable companies reporting before tomorrow's open 08/08/22 ALX Oncology reports Q2 EPS (81c), consensus (63c) 05/09/22 ALX Oncology reports Q1 EPS (60c), consensus (71c) 02/28/22 ALX Oncology reports Q4 EPS (70c), consensus (62c) 07/27/22 Senate panel says Merck avoided billions in U.S. taxes on Keytruda, Reuters says 07/15/22 Merck deal for Seagen unlikely to be completed by earnings, WSJ reports 07/07/22 Merck offers around $200 per share for Seagen, FT reports 07/07/22 Merck in advanced talks to buy Seagen for $40B+, WSJ reports 08/03/22 Eli Lilly to begin commercial sales of COVID-19 antibody, WSJ reports 07/09/22 Eli Lilly's growth set to soar under CEO Ricks, Barron's says 03/15/22 Eli Lilly suspends exports of some medicines to Russia, Bloomberg reports 03/07/22 Johnson & Johnson negotiating deals with two Chinese companies, FT reports 07/28/22 What You Missed On Wall Street On Thursday 07/28/22 What You Missed On Wall Street This Morning 07/20/22 What You Missed On Wall Street On Wednesday 07/20/22 What You Missed On Wall Street This Morning 08/04/22 What You Missed On Wall Street On Thursday 08/04/22 What You Missed On Wall Street This Morning 08/04/22 Fly Intel: Pre-market Movers 05/23/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 07/11/22 Early notable gainers among liquid option names on July 11th 07/11/22 Unusually active option classes on open July 11th 07/06/22 Unusually active option classes on open July 6th 06/01/22 Merck put volume heavy and directionally bearish 08/04/22 Unusually active option classes on open August 4th 06/02/22 Eli Lilly put volume heavy and directionally bearish 02/18/22 Eli Lilly put volume heavy and directionally bearish
Earnings
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$17.14 / +2.145 (+14.30%)
06/21/22 Olink announces publication of proteomics research conducted by UKB-PPP 06/16/22 Olink announces partnership with Erasmus Medical Center in Rotterdam 06/13/22 Olink selected by FinnGen to provide proteomics data 06/08/22 Olink, Ultima Genomics collaborate on solution for high-throughput proteomics $17.14 / +2.145 (+14.30%)
02/16/22 BTIG Olink price target lowered to $37 from $44 at BTIG 11/11/21 SVB Securities Olink price target lowered to $40 from $50 at SVB Leerink $17.14 / +2.145 (+14.30%)
08/11/22 Olink reports Q2 EPS (4c), consensus (14c) 05/12/22 Olink backs FY22 revenue view $138M-$145M, consensus $141.7M 05/12/22 Olink reports Q1 EPS (10c), consensus (15c) 02/14/22 Olink sees 2022 revenue $138M-$145M $17.14 / +2.145 (+14.30%)
03/18/22 Unusually active option classes on open March 18th
Earnings
Reports Q2 revenue $27.5M…
Reports Q2 revenue $27.5M vs $17.688M last year. "Olink continues to make tremendous strides as the leader in the next-generation proteomics market, broadening the use of our product platform and executing on all aspects of our strategy," said Jon Heimer, CEO of Olink. "Publication of data incorporating Olink's PEA technology in both the research and clinical settings continues to accelerate. In particular, the UKB-PPP's release of early results from its pioneering research was a significant landmark for next-generation proteomics and Olink, and our journey to improve human health."
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$17.14 / +2.145 (+14.30%)
06/21/22 Olink announces publication of proteomics research conducted by UKB-PPP 06/16/22 Olink announces partnership with Erasmus Medical Center in Rotterdam 06/13/22 Olink selected by FinnGen to provide proteomics data 06/08/22 Olink, Ultima Genomics collaborate on solution for high-throughput proteomics $17.14 / +2.145 (+14.30%)
02/16/22 BTIG Olink price target lowered to $37 from $44 at BTIG 11/11/21 SVB Securities Olink price target lowered to $40 from $50 at SVB Leerink $17.14 / +2.145 (+14.30%)
05/12/22 Olink backs FY22 revenue view $138M-$145M, consensus $141.7M 05/12/22 Olink reports Q1 EPS (10c), consensus (15c) 02/14/22 Olink sees 2022 revenue $138M-$145M 02/14/22 Olink reports Q4 EPS (7c), consensus 3c $17.14 / +2.145 (+14.30%)
03/18/22 Unusually active option classes on open March 18th
Tuesday
General news
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08/09/22 FDA finds nitrosamine impurity in Merck diabetes drug Januvia 08/04/22 AstraZeneca, Merck: EC approves LYNPARZA to treat BRCA1/2 mutations 08/04/22 AstraZeneca's lynparza approved in EU for early breast cancer therapy 08/03/22 Merck, Eisai provide update on Phase 3 LEAP-002 trial evaluating KEYTRUDA 08/05/22 Truist Global Blood could complement any oncology franchise, says Truist 07/29/22 Barclays Merck price target raised to $101 from $97 at Barclays 07/27/22 H.C. Wainwright Seagen price target raised to $200 from $170 at H.C. Wainwright 07/18/22 UBS Merck price target raised to $98 from $76 at UBS 07/28/22 Merck narrows FY22 adjusted EPS view to $7.25-$7.35 from $7.24-$7.36 07/28/22 Merck reports Q2 adjusted EPS $1.87, consensus $1.69 07/27/22 Notable companies reporting before tomorrow's open 07/27/22 Senate panel says Merck avoided billions in U.S. taxes on Keytruda, Reuters says 07/15/22 Merck deal for Seagen unlikely to be completed by earnings, WSJ reports 07/07/22 Merck offers around $200 per share for Seagen, FT reports 07/07/22 Merck in advanced talks to buy Seagen for $40B+, WSJ reports 07/28/22 What You Missed On Wall Street On Thursday 07/28/22 What You Missed On Wall Street This Morning 07/20/22 What You Missed On Wall Street On Wednesday 07/20/22 What You Missed On Wall Street This Morning 07/11/22 Early notable gainers among liquid option names on July 11th 07/11/22 Unusually active option classes on open July 11th 07/06/22 Unusually active option classes on open July 6th 06/01/22 Merck put volume heavy and directionally bearish
Hot Stocks
The FDA said it recently…
The FDA said it recently became aware of a nitrosamine impurity, Nitroso-STG-19, in certain samples of Merck's Januvia, also known as sitagliptin, a medicine used to treat type 2 diabetes mellitus. "To avoid a shortage and help ensure patients have access to an adequate supply of the medicine, FDA will not object to the temporary distribution of sitagliptin containing NTTP above the acceptable intake limit of 37 ng per day, and up to 246.7 ng per day," the agency said in a statement. Sitagliptin is a prescription drug used to control high blood sugar in patients with type 2 diabetes mellitus. The FDA recommends prescribers continue to use sitagliptin "when clinically appropriate to prevent a gap in patient treatment." Reference Link
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08/04/22 AstraZeneca, Merck: EC approves LYNPARZA to treat BRCA1/2 mutations 08/04/22 AstraZeneca's lynparza approved in EU for early breast cancer therapy 08/03/22 Merck, Eisai provide update on Phase 3 LEAP-002 trial evaluating KEYTRUDA 08/03/22 Merck says Phase 3 KEYNOTE-921 trial did not meet dual primary endpoints 08/05/22 Truist Global Blood could complement any oncology franchise, says Truist 07/29/22 Barclays Merck price target raised to $101 from $97 at Barclays 07/27/22 H.C. Wainwright Seagen price target raised to $200 from $170 at H.C. Wainwright 07/18/22 UBS Merck price target raised to $98 from $76 at UBS 07/28/22 Merck narrows FY22 adjusted EPS view to $7.25-$7.35 from $7.24-$7.36 07/28/22 Merck reports Q2 adjusted EPS $1.87, consensus $1.69 07/27/22 Notable companies reporting before tomorrow's open 07/27/22 Senate panel says Merck avoided billions in U.S. taxes on Keytruda, Reuters says 07/15/22 Merck deal for Seagen unlikely to be completed by earnings, WSJ reports 07/07/22 Merck offers around $200 per share for Seagen, FT reports 07/07/22 Merck in advanced talks to buy Seagen for $40B+, WSJ reports 07/28/22 What You Missed On Wall Street On Thursday 07/28/22 What You Missed On Wall Street This Morning 07/20/22 What You Missed On Wall Street On Wednesday 07/20/22 What You Missed On Wall Street This Morning 07/11/22 Early notable gainers among liquid option names on July 11th 07/11/22 Unusually active option classes on open July 11th 07/06/22 Unusually active option classes on open July 6th 06/01/22 Merck put volume heavy and directionally bearish
Recommendations
Cowen analyst Dan Brennan…
Cowen analyst Dan Brennan raised the firm's price target on 10x Genomics to $55 from $50 and keeps an Outperform rating on the shares. The analyst said preannouncing a 2Q miss the focus was on the extent of a 2022 guidance cut which looks reasonable and clarity on the issues where a recovery where visibility remains low.
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08/02/22 Singular Genomics appoints Ropp as Chief Commercial Officer 07/14/22 10x Genomics drops 17% to $36.00 after Q2 revenue guidance misses estimates 07/14/22 10x Genomics names Jim Wilbur as Chief Commercial Officer 02/17/22 Cathie Wood's ARK Investment bought 396K shares of 10x Genomics today 08/09/22 Citi 10x Genomics price target lowered to $65 from $100 at Citi 07/25/22 Canaccord Canaccord starts 10x Genomics at Buy, sees multiple avenues for long-term growth 07/25/22 Canaccord 10x Genomics initiated with a Buy at Canaccord 07/15/22 Morgan Stanley 10x Genomics reset a 'clearing event,' says Morgan Stanley 08/08/22 10x Genomics updated FY22 revenue view to $500M-$520M, consensus $571.06M 08/08/22 10x Genomics reports Q2 EPS (57c), consensus (39c) 07/14/22 10x Genomics sees Q2 revenue $114.5M, consensus $127.7M 05/04/22 10x Genomics backs 2022 revenue view $600M-$630M, consensus $614.05M 07/25/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 07/15/22 What You Missed On Wall Street On Friday 07/15/22 What You Missed On Wall Street This Morning 07/14/22 Fly Intel: After-Hours Movers
Hot Stocks
Becton Dickinson (BDX)…
Becton Dickinson (BDX) announced a collaboration agreement with Labcorp (LH), creating a framework to develop, manufacture, market and commercialize flow cytometry-based companion diagnostics, or CDx, intended to match patients with life-changing treatments for cancer and other diseases. The agreement creates a framework for BD and Labcorp Drug Development to collaborate on flow cytometry-based CDx opportunities with pharmaceutical partners. The two companies bring together capabilities that comprise an end-to-end solution for CDx development for the pharmaceutical industry. Their joint offering ranges from exploratory panel development to FDA approval of diagnostic and IVD kit manufacturing and distribution.
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$255.76 / +1.045 (+0.41%)
07/28/22 LabCorp confirms plans to spin out clinical development business 07/28/22 LabCorp confirms plans to spin out clinical development business 07/18/22 LabCorp expands automated clinical trial kit production line at European Center 07/11/22 LabCorp forms strategic partnership with MD Anderson - Spain 07/27/22 Becton Dickinson, CerTest Biotec launch monkeypox PCR test 07/07/22 Eyenovia appoints Ellen Strahlman, Ram Palanki to board of directors 07/05/22 Becton Dickinson names Rishi Grover as chief integrated supply chain officer 06/22/22 Becton Dickinson announces voluntary recall of intraosseous products 08/04/22 Piper Sandler Piper waits for a better Becton Dickinson entry point despite 'impressive' sales 08/01/22 Morgan Stanley Embecta initiated with an Equal Weight at Morgan Stanley 07/18/22 Stifel Becton Dickinson price target lowered to $280 from $290 at Stifel 07/11/22 Citi Becton Dickinson downgraded to Sell from Neutral at Citi $255.76 / +1.045 (+0.41%)
07/29/22 Mizuho LabCorp price target lowered to $296 from $323 at Mizuho 05/04/22 Mizuho LabCorp price target lowered to $323 from $354 at Mizuho 05/03/22 Deutsche Bank LabCorp price target lowered to $265 from $294 at Deutsche Bank 05/02/22 Credit Suisse LabCorp price target lowered to $312 from $344 at Credit Suisse $255.76 / +1.045 (+0.41%)
07/28/22 LabCorp raises FY22 adjusted EPS view to $19.00-$21.25 from $18.25-$21.00 07/28/22 LabCorp reports Q2 adjusted EPS $4.96, consensus $4.70 07/27/22 Notable companies reporting before tomorrow's open 08/04/22 Becton Dickinson raises FY22 adj. EPS view to $11.28-$11.35 from $11.15-$11.30 08/04/22 Becton Dickinson reports Q3 adjusted EPS $2.66, consensus $2.50 05/05/22 Becton Dickinson raises FY22 adj. EPS view to $12.85-$13.00 from $12.80-$13.00 05/05/22 Becton Dickinson reports Q2 adjusted EPS $3.18, consensus $2.99 $255.76 / +1.045 (+0.41%)
07/28/22 LabCorp planning clinical development business unit spinoff, WSJ reports $255.76 / +1.045 (+0.41%)
07/18/22 Fly Intel: After-Hours Movers 04/28/22 Fly Intel: Pre-market Movers 06/24/22 What You Missed On Wall Street On Friday 06/24/22 What You Missed On Wall Street This Morning 06/24/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 03/18/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 04/01/22 One new option listing and two option delistings on April 1st
Recommendations
Citi analyst Patrick…
Citi analyst Patrick Donnelly lowered the firm's price target on 10x Genomics to $65 from $100 and keeps a Buy rating on the shares post the Q2 results. Particular focus was the lowered fiscal 2022 revenue guidance, which management attributed to China COVID lockdowns, currency headwinds, and the post-pandemic growth ramp tracking below expectations, Donnelly tells investors in a research note. The analyst believes the guidance reduction was broadly expected, but views the updated guidance cut of $100M as worse than anticipated.
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08/02/22 Singular Genomics appoints Ropp as Chief Commercial Officer 07/14/22 10x Genomics drops 17% to $36.00 after Q2 revenue guidance misses estimates 07/14/22 10x Genomics names Jim Wilbur as Chief Commercial Officer 02/17/22 Cathie Wood's ARK Investment bought 396K shares of 10x Genomics today 07/25/22 Canaccord Canaccord starts 10x Genomics at Buy, sees multiple avenues for long-term growth 07/25/22 Canaccord 10x Genomics initiated with a Buy at Canaccord 07/15/22 Morgan Stanley 10x Genomics reset a 'clearing event,' says Morgan Stanley 07/15/22 BofA BofA sees 'no quick fix' for 10x Genomics, downgrades to Underperform 08/08/22 10x Genomics updated FY22 revenue view to $500M-$520M, consensus $571.06M 08/08/22 10x Genomics reports Q2 EPS (57c), consensus (39c) 07/14/22 10x Genomics sees Q2 revenue $114.5M, consensus $127.7M 05/04/22 10x Genomics backs 2022 revenue view $600M-$630M, consensus $614.05M 07/25/22 Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations 07/15/22 What You Missed On Wall Street On Friday 07/15/22 What You Missed On Wall Street This Morning 07/14/22 Fly Intel: After-Hours Movers