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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:13 EDTMRK, GILD, IDIX, ACHN, ABBVAchillion surges after FDA lifts hold, buyout speculation continues
Shares of hepatitis C treatment maker Achillion (ACHN) are rising dramatically for a second day after Merck (MRK) yesterday announced that it would acquire another company in the space. Meanwhile, Achillion announced today that it had received favorable news from the FDA about resuming certain clinical trials and added that it had begun a Phase I trial of one of its hepatitis C, or HCV, treatments, ACH-3422. WHAT'S NEW: Achillion is rallying for a second straight day after Merck announced that it had acquired Idenix (IDIX). Like Achillion, Idenix is a smaller company that has developed HCV treatments and, also like Idenix, one of Achillion's HCV treatments is a nucleotide. Achillion earlier today announced that the FDA had removed its clinical hold on sovaprevir. As a result of the FDA's decision, Achillion will be able to conduct clinical trials of the drug, the company stated. The FDA placed a hold on the drug last year after a number of patients developed elevated liver enzymes while taking it. Also today, Achillion announced that it had begun dosing patients with ACH-3422 in a Phase I clinical trial. ANALYST REACTION: In a note to investors earlier today Edward Tenthoff, an analyst at research firm PiperJaffray, wrote that today's news positions Achillion as a takeover target. Additionally, the company could develop a nucleotide HCV treatment that is competitive with Gilead's successful Sovaldi, Tenthoff wrote. However, Tenthoff believes that potential buyers of Achillion may wait for more data on its products to be unveiled later this year before looking to bid. The analyst kept a Neutral rating on the stock. WHAT'S NOTABLE: Gilead and AbbVie (ABBV), whose stocks fell yesterday after Merck announced its acquisition, were defended today by RBC Capital and BMO Capital, respectively. RBC Capital expects sales of Gilead's Sovaldi to come in well above consensus estimates for 2015, potentially enabling the company's EPS to reach $8-$10. The market expects the sales of all HCV treatments to drop significantly in 2016, but the firm does not agree with this outlook and kept an Outperform rating on Gilead. Meanwhile, BMO Capital defended AbbVie. BMO still believes that the size and durability of the HCV market and AbbVie's franchise are underappreciated. The firm sees Merck as a significant competitor in HCV, but added that the potential of the assets it acquired from Idenix is "uncertain and somewhat risky." BMO kept an Outperform rating on AbbVie and continued to identify it as a top pick. PRICE ACTION: In early afternoon trading, Achillion surged 54% to $6.54. The stock had advanced more than 47% yesterday. Also near noon, Gilead rose 0.7% to $79.54, while Abbvie fell 0.9% to $53.38.
News For ACHN;GILD;ABBV;IDIX;MRK From The Last 14 Days
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March 23, 2015
09:37 EDTGILDActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AUY SLB PFE MCP CELG VRTX SHPG GILD LOGI TSLA TASR NFLX SCTY WFM
09:03 EDTABBVLeerink analysts hold a meeting with a conference call hookup
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08:44 EDTGILDGilead volatility low into FDA hepatitis C drug warning
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08:23 EDTGILDGilead weakness a buying opportunity, says RW Baird
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07:40 EDTGILDGilead weakness on FDA warning would be buying opportunity, says Wells Fargo
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07:17 EDTMRK, ABBVAmerican Academy of Dermatology to hold annual meeting
73rd Annual Meeting of AAD is being held in San Francisco on March 20-24.
06:08 EDTGILDGilead implied volatility of 23 at lower end of index mean range
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March 22, 2015
15:05 EDTGILDGilead warns after hepatitis C patient taking heart drug dies, Bloomberg says
Gilead said in an e-mailed drug warning to health-care providers on Friday that nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone developed abnormally slow heartbeats and one died of cardiac arrest, says Bloomberg. Reference Link
March 20, 2015
16:00 EDTGILDOptions Update; March 20, 2015
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15:02 EDTGILDAcelRx names Howard Rosen as interim CEO
AcelRx Pharmaceuticals (ACRX) announced the appointment of Howard Rosen as interim CEO of AcelRx, effective April 1. Rosen is a technically trained executive with over 25 years of success growing start-up and mid-size biopharmaceutical companies. Rosen previously held senior-level general management positions and functional roles in strategy, marketing, finance, business development, and research and development at Gilead Sciences (GILD) and ALZA Corporation. Rosen has served on the Board of Directors of AcelRx since 2008 and currently serves on the Board of Directors of Alcobra and several private biopharmaceutical companies.
07:41 EDTMRK, ABBVAmerican Academy of Dermatology to hold annual meeting
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March 19, 2015
16:01 EDTGILDOptions Update; March 19, 2015
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09:08 EDTGILDNew Gilead HIV drug likely to be approved in mid-2015, says Argus
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08:47 EDTABBVAbbVie and C2N sign worlwide license agreement for Alzheimer's Disease therapy
AbbVie has entered into an exclusive worldwide license agreement with C2N Diagnostics, a privately held protein diagnostic and therapeutic discovery company, to develop and commercialize a portfolio of anti-tau antibodies for the treatment of Alzheimer's Disease and other neurological disorders. Financial terms of the collaboration were not disclosed.
07:56 EDTABBVAbbVie plans $30M expansion at plant in Puerto Rico, AP reports
AbbVie is planning to expand one of its facilities in Barceloneta, Puerto Rico, The Associated Press reports. The $30M expansion is slated for a plant that manufactures products related to immunology, virology and metabolic disorders. Reference Link
March 17, 2015
08:03 EDTABBVAbbVie to present data from 22 HUMIRA abstracts at AAD
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06:31 EDTABBV, GILDStudies find Gilead's hepatitis C drugs cost effective, Reuters says
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March 16, 2015
16:00 EDTGILDOptions Update; March 16, 2015
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15:33 EDTMRKMerck says study shows VYTORIN reduced CV events more than simvastatin alone
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15:04 EDTABBVPharmacyclics says committee recommends unblinding after primary endpoint met
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