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January 16, 2013
06:23 EDTABBVAbbVie initiated with a Buy at Jefferies
Target $44.
News For ABBV From The Last 14 Days
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March 5, 2015
13:01 EDTABBVNomura sees more M&A following AbbVie's acquisition of Pharmacyclics
Nomura believes AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC) supports its call that Receptos (RCPT) and Infinity Pharmaceuticals (ICPT) are on the top of M&A lists given both companies have potential $5B in peaks sales potential and unencumbered assets. Additionally, the firm believes the deal has positive implications for Neutral rated Incyte (INFI) given the potential AbbVie can now evaluate ABT-199 in combination with Incyte's duvelisib and Pharmacyclic's Imbruviea across a range of hematological malignancies.
12:33 EDTABBVOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the market looks to break the two day skid that started the day after Nasdaq broke 5,000. A lower growth forecast in China is being offset this morning by Europe getting more constructive on its outlook, as the European Central Bank raised its growth forecasts and confirmed that it plans to start its bond buying program next week. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 320K in the week ended February 28, which was above the consensus forecast for 296K first-time claims. Nonfarm productivity in the fourth quarter was revised to -2.2% from -1.8% in the government's prior estimate. Unit labor costs are now believed to have risen 4.1% in Q4, which is up from the 2.7% growth estimated in the advance report. Factory orders dipped 0.2% in January, versus expectations for them to be up 0.2%. China's government set an economic growth rate target of about 7% for 2015, which is down from the 7.5% target that it narrowly missed last year with its 2014 GDP growth of 7.4%. In Europe, both the Bank of England and European Central Bank kept their key interest rates unchanged. As is often the case in Europe, the real news came after the rate decision when ECB president Mario Draghi held his press conference. During the conference, Draghi said the bank's first asset purchases will come next week as part of its plan to buy $66B a month in bonds. The ECB also raised its economic growth forecasts for this year and next and said its inflation outlook puts it on track to reach its inflation goal near 2%. COMPANY NEWS: AbbVie (ABBV) agreed to buy Pharmacyclics (PCYC) for $261.25 per share, or $21B, the companies announced. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). Media reports as late as last night said J&J was close to buying its partner. Piper Jaffray said AbbVie paid a "staggering" price for Pharmacyclics when taking into account the company bought only 50% of the rights to Imbruvica and that "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names. Deutsche Bank however, views AbbVie's acquisition as a positive, saying the deal provides near term top-line growth and diversifies its business away from Humira... A Delta (DAL) plane skidded off the runway at New York's La Guardia Airport, prompting the airport to close until later this evening. MAJOR MOVERS: Among the notable gainers was Kythera Biopharmaceuticals (KYTH), which gained nearly 25% after the FDA released briefing documents for an advisory committee meeting planned for March 9 to discuss the company's deoxycholic acid, or DCA. Kythera is seeking approval for DCA for the improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults, more commonly known as "double-chin." Also higher after its earnings report was grocery store operator Kroger (KR), which advanced 5%. Among the noteworthy losers was Greif (GEF), which dropped 13.5% after its earnings missed expectations, with the company stating that profits were adversely impacted by product and geographic mix issues resulting in lower gross profit and a higher effective tax rate. Also lower was mining equipment maker Joy Global (JOY), which fell about 7% after the company's results missed forecasts and it cut it fiscal year outlook. INDEXES: Near midday, the Dow was up 26.04, or 0.14%, to 18,122.94, the Nasdaq was up 11.33, or 0.23%, to 4,978.47, and the S&P 500 was up 0.94, or 0.04%, to 2,099.47.
11:34 EDTABBVPharmacyclics buyout has positive read-through for J&J, says Wells Fargo
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10:45 EDTABBVDeutsche says Abbvie deal positive, while Piper calls price too high
Two research firms differed on AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC), with Piper Jaffray saying that AbbVie paid far too much in the deal and Deutsche Bank contending that the purchase is positive for AbbVie. BACKGROUND: AbbVie agreed to buy Pharmacyclics for $261.25 per share, or $21B, the companies announced late last night. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). BEARISH TAKE: Noting that J&J has 50% rights to Imbruvica, Piper analyst Joshua Schimmer wrote that the price that AbbVie paid would have been reasonable if its was obtaining full rights to Imbruvica. It will take many years for the deal to generate enough cash to justify the price that Abbvie paid, the analyst stated. Moreover, given the large number of potential competitors to Imbruvica in development and the possibility that a more potent treatment for hematological cancers will be introduced, the confidence that AbbVie showed in Pharmacyclics may be overdone, Schimmer indicated. BULLISH TAKE: Conversely, Deutsche Bank analyst Robyn Karnauskas believes that the deal is positive for AbbVie, since she thinks that it provides the drug maker with revenue growth in the near-term and diversifies its business beyond Humira, its treatment for Crohn's disease and psoriasis. However, Karnauskas did add that from a purely valuation perspective the deal is only neutral for AbbVie. She predicted, though, that the deal would start increasing AbbVie's profits beginning in 2017. The transaction could add 18%-19% to AbbVie's earnings per share in 2020-2021, estimated Karnauskas, who kept an $80 price target and Buy rating on AbbVie. PRICE ACTION: In mid-morning trading, AbbVie fell 3.3% to $58.26 and Pharmacyclics jumped 10.5% to $254.74.
09:20 EDTABBVOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Pacific Ethanol (PEIX), up 11.7%... Vivint Solar (VSLR), up 9%... Canadian Solar (CSIQ), up 2.6%... Costco (COST), up 2.4% after reporting quarterly results and February Same Store Sales. ALSO HIGHER: Second Sight (EYES), up 19.1% following implants of Argus II system at two new centers... Celladon (CLDN), up 13.4% after being initiated with a Buy at Roth Capital. NOTEABLE: Pharmacyclics (PCYC), up 1.27% after being acquired by AbbVie (ABBV). Abbvie is down 5.2%. DOWN AFTER EARNINGS: Joy Global (JOY), down 6.7%... Momo (MOMO), down 4.4%. ALSO LOWER: DragonWave (DRWI), down 10.1% after providing fourth quarter and fiscal 2015 revenue guidance... Apollo Commercial (ARI), down 4.2% after 10M share Spot Secondary priced at $17.00... Antero Resources (AR), down 1.9% after filing to sell 11.5M shares of common stock... Callidus Software (CALD), down 2.4% after 4.6M share Secondary priced at $13.00.
08:30 EDTABBVPiper: Pharmacyclics buyout price makes nearly everything look cheap
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08:25 EDTABBVAbbVie to hold a conference call
Conference call to discuss the acquisition of Pharmacyclics, including its product Imbruvica, will be held on March 5 at 9 am. Webcast Link
06:34 EDTABBVAbbVie acquisition of Pharmacyclics a positive, says Deutsche Bank
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05:59 EDTABBVJ&J says 'looking forward' to continuing collaboration with AbbVie
Johnson & Johnson (JNJ) issued a statement after AbbVie (ABBV) reached an agreement to acquire Pharmacyclics (PCYC) saying its "looking forward" to continuing its Imbruvica collaboration with AbbVie (ABBV), Bloomberg and Reuters reported. Pharmacyclics co-markets Imbruvica with Johnson & Johnson, and media reports as late as last night said J&J was close to buying its partner. AbbVie late last night announced it would acquire Pharmacyclics for $19.9B or $261.25 per share.
05:24 EDTABBVAbbVie up 1.2% after acquiring Pharmacyclics
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05:24 EDTABBVPharmacyclics up 7.6% after being acquired by AbbVie
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05:18 EDTABBVAbbVie to acquire Pharmacyclics for $261.25 per share, or $21B
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05:17 EDTABBVAbbVie to acquire Pharmacyclics for $261.25 per share, or $21B
March 4, 2015
09:07 EDTABBVFDA making testosterone product makers change labeling
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07:10 EDTABBVCowen to hold a conference
35th Annual Health Care Conference is being held in Boston on March 2-4 with webcasted company presentations to begin on March 4 at 8 am; not all company presentations may be webcasted. Webcast Link
March 3, 2015
11:46 EDTABBVLeerink biotech analyst holds an analyst/industry conference call
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February 23, 2015
11:19 EDTABBVEnanta announces JAMA publication of AbbVie VIEKIRA PAK study results
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11:04 EDTABBVAbbVie reports VIEKIRA PAK HPV/HIV co-infection study results published
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February 20, 2015
10:33 EDTABBVBattleground update: AbbVie named top global pick at Jefferies
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07:23 EDTABBVAbbVie replaces Pfizer as top global pharma pick at Jefferies
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