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Fly News Breaks for November 15, 2019
Nov 15, 2019 | 07:25 EDT
RBC Capital analyst Brian Abrahams raised his price target on Galapagos (GLPG) to $158 after the company's R&D day, where the management revealed its "expansive plans for bringing new discovery techniques, treatment modalities, preclinical assets, and targeted indications online" by using the cash from its recent Gilead (GILD) deal. While these "aspirations" will take time to mature, the analyst says the plans are "impressive". Abrahams still keeps his Sector Perform rating on Galapagos shares, noting that its nearer term positives of filgotinib commercialization in RA and potential expansion into IB look priced in.
News For GLPG;GILD From the Last 2 Days
Dec 13, 2019 | 14:30 EST
Bristol-Myers (BMY) was awarded $585M in damages, plus a royalty, in a patent fight win over Gilead (GILD), Bloomberg reported. The jury verdict followed a trial over Yescarta, Bloomberg noted.
Dec 13, 2019 | 11:08 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. JMP BOOSTS SNAP... To see the rest of the story go to See Story Here
Dec 13, 2019 | 10:19 EST
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lovesac (LOVE) downgraded to Hold from Buy at Stifel with analyst Scott Devitt saying the company reported lower than expected revenue growth in fiscal Q3 and has experienced a sustained deceleration in revenue growth over the past few quarters. 2. Hanesbrands (HBI) downgraded to Underperform from Neutral at BofA/Merrill with analyst Heather Balsky saying she sees risk of multiple contraction as Champion sales decelerate from "peak levels" and the C9 exit from Target constrains the company's 2020 sales and earnings growth. 3. Huntington Bancshares (HBAN) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying the shares have rallied 29% year-to-date, outperforming the sector by nine points. 4. Patterson-UTI (PTEN) and Oil States (OIS) downgraded to Underweight from Neutral at JPMorgan. 5. Gilead (GILD) downgraded to Underperform from Neutral at Credit Suisse with analyst Evan Seigerman saying the company's setup for 2020 "remains challenging" with an "unclear" strategy from new management. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Dec 13, 2019 | 05:31 EST
Credit Suisse analyst Evan Seigerman downgraded Gilead Sciences to Underperform from Neutral with a price target of $63, down from $67. The company's setup for 2020 "remains challenging" with an "unclear" strategy from new management, Seigerman tells investors in a research note. The analyst remains concerned about Gilead's earnings and revenue growth.