Zoetis initiated with a Buy at Jefferies » 07:5905/2705/27/20
Jefferies analyst David…
Jefferies analyst David Steinberg initiated coverage of Zoetis with a Buy rating and $152 price target. The "leading animal health company globally" has a track record of consistent and strong growth and he sees innovation and upcoming launches as keys to maintaining the company's above-market growth amid the "two megatrends" of pets becoming more integral to families and demand worldwide for animal protein, Steinberg tells investors.
Fly Intel: After-Hours Movers » 18:2405/2605/26/20
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Idexx Laboratories sees 'meaningful improvement in U.S. clinical visit trends' » 17:0205/2605/26/20
Idexx Laboratories provided an update on U.S. Companion Animal Market Trends through Friday, May 22nd. "We are monitoring the impact of the COVID-19 pandemic on U.S. companion animal practice visit trends, including the effect of stay-at-home and social distancing policies to prevent the spread of COVID-19, as well as the related prioritization of sick and emergency testing at veterinary clinics. With an additional four weeks of activity since our last update, we continue to see meaningful improvement in U.S. clinical visit trends across major regions, with overall U.S. clinical visits, non-wellness visits and wellness visits surpassing prior year levels in the most recent week ended May 22nd."
|Over a week ago|
Kindred Biosciences enters COVID-19 vaccine manufacturing agremeent with Vaxart » 08:0005/2005/20/20
Kindred Biosciences (KIN)…
Kindred Biosciences (KIN) has entered into an agreement with Vaxart (VXRT) for the manufacture of Vaxart's oral vaccine candidate for COVID-19. KindredBio will provide manufacturing services from its biological development and cGMP manufacturing facility in Burlingame, CA. There, KindredBio will produce the candidate vaccine bulk drug substance under Good Manufacturing Practices, and provide it to Vaxart to be formulated into a vaccine tablet to be taken by mouth instead of by needle injection. KindredBio will manufacture the vaccine for clinical trials beginning in the second half of 2020.
Elanco price target lowered to $27 from $35 at Citi » 06:2705/1505/15/20
Citi analyst Navann Ty…
Citi analyst Navann Ty lowered the firm's price target on Elanco Animal Health (ELAN) to $27 from $35 and keeps a Buy rating on the shares. The company reported a Q1 miss on COVID-related inventory reduction, Ty tells investors in a research note. The analyst reduced estimates mainly due to the "unexpected" inventory destocking and the related mix impact on operating margins. The revamping its distribution channels is a "valid strategy" following the consolidation of distributors in January, although the revamp along with COVID-19 will delay Elanco's margin expansion story and the expected partial catch up with Zoetis (ZTS), says Ty.
PetIQ announces proposed convertible senior notes offering to fund Capstar deal » 08:5005/1405/14/20
PetIQ (PETQ) announced…
PetIQ (PETQ) announced its intention to offer, subject to market and other conditions, $125,000,000 aggregate principal amount of convertible senior notes due 2026 in a private offering. PetIQ also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $18,750,000 principal amount of notes. The notes will be senior, unsecured obligations of PetIQ, will accrue interest payable semi-annually in arrears and will mature on June 1, 2026, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. PetIQ will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at PetIQ's election. The notes will be redeemable, in whole or in part, for cash at PetIQ's option at any time, and from time to time, on or after June 1, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of PetIQ's Class A common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering. PetIQ intends to loan the proceeds of the offering, after deducting the initial purchasers' discounts and commissions and the cost of entering into the capped call transactions described below, to PetIQ Holdings, LLC. PetIQ intends to cause Holdco to use the remaining proceeds to pay its offering expenses, to fund PetIQ's previously announced acquisition of the Capstar portfolio from Elanco Animal Health (ELAN) and related fees and expenses, and for working capital and other general corporate purposes. In connection with the pricing of the notes, PetIQ expects to enter into privately negotiated capped call transactions with one or more dealers.
Kindred Biosciences reports Q1 EPS (58c), consensus (43c) » 16:4105/0705/07/20
Reports Q1 revenue $603K,…
Reports Q1 revenue $603K, consensus $1.59M. "We are very pleased with the recent close of the $43M Mirataz transaction. We look forward to continuing to build value in our promising pipeline," said CEO, Richard Chin. "With the positive results from the IL-4/13 SINK pilot study we now have eight positive pilot studies in a row, which is a remarkable achievement, and speaks to the quality of our development capabilities."
Fly Intel: Pre-market Movers » 09:0805/0705/07/20
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OPTI Medical receives FDA EUA for OPTI SARS-CoV-2 RNA PCR test kit » 07:3805/0705/07/20
OPTI Medical Systems, a…
OPTI Medical Systems, a subsidiary of IDEXX Laboratories, announced that the United States FDA has granted Emergency Use Authorization for the OPTI SARS-CoV-2 RT-PCR laboratory test kit for the detection of SARS-CoV-2, the virus that causes COVID-19. This announcement follows earlier validation of the test by the Institut Pasteur of France.
Zoetis price target raised to $140 from $129 at Barclays » 06:5405/0705/07/20
Barclays analyst Balaji…
Barclays analyst Balaji Prasad raised the firm's price target on Zoetis to $140 from $129 and keeps an Overweight rating on the shares. The analyst believes the company's guidance cut is reasonable in a period of limited near-term visibility. Prasad maintains a strong outlook for 2021 and expects the focus to shift to 2021 earnings.