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Fly News Breaks for October 15, 2019
IHRT, SFIX, EHTH, DS, AMRN
Oct 15, 2019 | 10:19 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. iHeartMedia (IHRT) initiated with a Neutral at Goldman Sachs. 2. Stitch Fix (SFIX) initiated with an Outperform at Baird. 3. eHealth (EHTH) initiated with an Outperform at Raymond James. 4. Drive Shack (DS) initiated with an Outperform at JMP Securities. 5. Amarin (AMRN) initiated with a Neutral at Goldman amid 'bullish' consensus expectations. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
News For IHRT;SFIX;EHTH;DS;AMRN From the Last 2 Days
AMRN
Nov 20, 2019 | 07:41 EST
Amarin (AMRN) shares this week have declined 5% while The Medicines Co. (MDCO) stock is up 35%, Citi analyst Joel Beatty tells investors in a research note. This has brought The Medicines Co.'s enterprise value to $7.5B, exceeding Amarin's enterprise value of $7.4B, the analyst points out. However, he does not see anything fundamental having changed that would support this "drastic of a change in the relative valuation of the two companies." Thus, while Beatty keeps a Neutral rating on both stocks, he prefers owning Amarin over The Medicines Co. at this time. The Medicines Co. now looks expensive relative to Amarin, he contends. Further, the analyst says that Bloomberg's report this week of Novartis (NVS) having expressed interest in The Medicines Co. does not provide new evidence that the company is attractive from a valuation standpoint to potential acquirers.
AMRN
Nov 19, 2019 | 18:56 EST
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.
AMRN
Nov 19, 2019 | 16:21 EST
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."
AMRN
Nov 19, 2019 | 16:10 EST
Oppenheimer initiated coverage of Amarin with an Underperform rating and $7 price target.
AMRN
Nov 19, 2019 | 05:15 EST
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.
AMRN
Nov 18, 2019 | 16:24 EDT
The major averages managed small gains and stocks remain at record highs as investors await more concrete signs of progress in ongoing trade talks. China's Ministry of... To see the rest of the story go to thefly.com. See Story Here
AMRN
Nov 18, 2019 | 12:15 EST
An investigator-sponsored study of Amarin's Vascepa, called "EVAPORATE," did not hit the primary endpoint for statistical significance on low attenuated plaque, it was reported over the weekend at the American Heart Association's Scientific Sessions 2019 held in Philadelphia, Pennsylvania. The study, which evaluated 80 statin-treated patients via CTCA imaging of plaque at 9 months, did not hit the primary endpoint for statistical significance on low attenuated plaque, although there was a 21% slowing of progression for drug vs. placebo, according to Jefferies analyst Michael Yee. The investigators noted that there were observed differences in plaque parameters at baseline, although low statistical power, no difference in prespecified primary endpoint of change in low attenuated plaque volume, statistically significant differences for four other plaque parameters, beneficial effects on secondary endpoints, and no adverse effect with mineral oil placebo when compared with historical controls, Yee stated in a note to investors regarding the presentation at the AHA meeting. In early afternoon trading, Amarin shares are down $1.63, or 6.8%, to $22.39.
AMRN
Nov 18, 2019 | 10:27 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. MORGAN STANLEY RAISES... To see the rest of the story go to thefly.com. See Story Here
AMRN
Nov 18, 2019 | 10:14 EST
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Progressive (PGR) downgraded to Neutral from Conviction Buy at Goldman Sachs with analyst Yaron Kinar saying shares remain undervalued, but 2020 and 2021 consensus estimates will come down as Progressive decides to prioritize sales growth over sustaining core underwriting margins that are consistent with 2019. 2. Sherwin-Williams (SHW) downgraded to Neutral from Conviction Buy at Goldman Sachs with analyst Robert Koort citing valuation. 3. Anchiano Therapeutics (ANCN) was downgraded to Neutral from Outperform at Baird and Oppenheimer and to Neutral from Buy at Ladenburg. 4. Workday (WDAY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Keith Weiss saying while the company said its pipeline into FY21 remains strong, CEO Aneel Bhusri noted they have "definitely" seen some deals get pushed out and deferred. 5. Amarin (AMRN) downgraded to Neutral from Buy at Citi with analyst Joel Beatty saying his new price target reflects a valuation of $11.2B when assuming a diluted share count of 413M. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AMRN
Nov 18, 2019 | 06:09 EST
Citi analyst Joel Beatty downgraded Amarin to Neutral from Buy with a price target of $27, up from $23. The stock closed Friday up 12%, or $2.53, to $24.02. The analyst says his new price target reflects a valuation of $11.2B when assuming a diluted share count of 413M. He models for sales of $3.2B in 2024, up from $2.7B previously, reflecting increased confidence in a Vascepa label "that will allow broad use and cost effectiveness that supports taking modest price increases in future years." He believes Vascepa is an effective drug and anticipates sales accelerating significantly over the next year. However, this is now priced into the stock following the recent rally, Beatty tells investors in a research note.
AMRN
Nov 18, 2019 | 06:05 EST
Citi analyst Joel Beatty downgraded Amarin to Neutral from Buy with a price target of $27, up from $23.