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Fly News Breaks for December 12, 2018
AGN, SGYP, BHC
Dec 12, 2018 | 10:59 EDT
Stifel analyst Annabel Samimy notes that Bausch Health (BHC) entered into a "stalking horse" bid to acquire through bankruptcy proceedings substantially all of Synergy Pharmaceutical's (SGYP) GI assets, which includes rights to Trulance/plecanotide, dolcanatide and its intellectual property. While still subject to competitive bids, these assets "fit squarely" into Bausch Health's GI wheelhouse, which would immediately leverage the company's sales and payer infrastructure and physician relationships in the space, the analyst contends. Though competitive with Allergan's (AGN) Linzess, Bausch Health has proven a strong player in the GI space and she thinks it is exactly the presence needed to optimize/maximize sales of Trulance, with its strong efficacy and tolerability profile. Samimy reiterates a Buy rating and $35 price target on Bausch Health's shares.
News For BHC;SGYP;AGN From the Last 2 Days
AGN
Feb 28, 2020 | 05:22 EST
Piper Sandler analyst Tyler Van Buren reiterates an Overweight rating on Biohaven Pharmaceutical (BHVN) with a $100 price target after the company announced the FDA approval of quick-dissolving Nurtec ODT for the acute treatment of migraine. This is the second approval for the next generation oral CGRP class of drugs as Allergan's (AGN) Ubrelvy received approval at year-end, Van Buren tells investors in a research note. However, Nurtec's onset is around 30-60 minutes, while Ubrelvy's is 60-90 minutes, and sustained pain freedom was demonstrated out to 48 hours for Nurtec versus 24 hours for Ubrelvy, adds the analyst. He believes Nurtec "is now definitively the superior product by virtue of its superior label."
BHC
Feb 27, 2020 | 12:05 EST
Bullish option flow detected in Bausch Health with 12,638 calls trading, 1.8x expected, and implied vol increasing almost 8 points to 49.10%. 2/28 weekly 24 calls and Apr-20 32 calls are the most active options, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 0.55. Earnings are expected on May 4th.