After meeting with a psoriasis doctor, RBC says that the company's '829 drug could be superior to Celgene's (CELG) Otezla as a treatment for psoriasis and potentially MS. The firm believes that the stock is cheap, and says that the company has a "reasonable" chance to become a takeover target. RBC keeps a $10 price target and Outperform rating on Xenoport.
The S&P 500 spent the day searching for direction near 2,950, just below last week’s record level as several sectors saw gains. Sitting out, however,... To see the rest of the story go to thefly.com. See Story Here
HIGHER: PCM, Inc. (PCMI), up 41% after entering into an agreement under which Insight Enterprises (NSIT) will acquire PCM for $35 per share... NRC Group (NRCG), up 26% after U.S. Ecology (ECOL) entered into a definitive merger agreement with the company in an all-stock transaction with an enterprise value of $966M... Caesars (CZR), up 14% after announcing that Eldorado Resorts (ERI) will acquire all of the outstanding shares of Caesars for a total value of $12.75 per share in cash and stock... Minerva (NERV), up 74% after seltorexant trial achieves primary, secondary endpoints... Trevana (TRVN), up 3% after the publication of APOLLO-2 results in Pain Practice on the effects of oliceridine for management of moderate-to-severe acute pain following abdominoplasty. LOWER: Eldorado Resorts (ERI), down 9% after acquiring all of the outstanding shares of Caesars... Bristol-Meyers (BMY) and Celgene (CELG), both down 3% after announcing, to allow the Celgene merger to close on a timely basis in light of concerns expressed by the FTC, Bristol-Meyers is planning the divestiture of Otezla... Spotify (SPOT), down 3% after being downgraded to Underperform from In Line at Evercore ISI.