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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:13 EDTACHN, GILD, ABBV, IDIX, MRKAchillion 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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August 25, 2014
09:35 EDTGILDActive equity options trading on open
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09:11 EDTMRKOn The Fly: Pre-market Movers
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06:11 EDTGILDStocks with implied volatility movement; FOLD GILD
Stocks with implied volatility movement; Amicus Therapeutics (FOLD) 87, Gilead (GILD) 25 according to iVolatility.
05:17 EDTMRKAdvaxis, Merck enter clinical trial collaboration agreement
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August 22, 2014
11:17 EDTGILDOptions Update; August 22, 2014
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09:36 EDTGILDActive equity options trading on open
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August 21, 2014
15:16 EDTABBVDEA restricts painkiller drug prescriptions to curb abuse, WSJ reports
The Drug Enforcement Agency, or DEA, will reclassify hydrocodone combination painkiller drugs and place them in the category of medical substances that have the highest potential for harm in an attempt to curb the widespread abuse of the drugs, according to The Wall Street Journal. The rescheduling of the drugs will take effect in 45 days and result in people being able to obtain the drug for only 90 days without obtaining a new prescription. Major manufacturers of these drugs include Teva Pharmaceutical (TEVA), Mallinckrodt (MNK), AbbVie (ABBV), and Actavis (ACT). Reference Link
07:57 EDTGILD, ABBVGilead HCV risks overblown, says Bernstein
Bernstein believes that investors are concerned about upcoming competition to Gilead's (GILD) HCV drug from AbbVie's (ABBV) HCV treatment. But Bernstein says that insurers can only prevent 16% of the U.S. population from receiving Gilead's drug, and the firm does not expect the HCV market share dynamics to change in the near-term. It keeps an Outperform rating on Gilead.
August 20, 2014
17:29 EDTACHNRA Capital reduces stake in Achillion to 21.1% from 23.2%
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11:42 EDTACHNOptions with decreasing implied volatility
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August 19, 2014
16:07 EDTACHNAchillion granted U.S. patent for ACH-3102, structurally related NS5A inhibitors
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16:00 EDTGILDOptions Update; August 19, 2014eBay
iPath S&P 500 VIX Short-Term Futures down 28c to 27.52. Option volume leaders: AAPL C HD PBR GILD AA NFLX TWTR TSLA EBAY according to Track Data.
10:42 EDTACHNOptions with decreasing implied volatility
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09:38 EDTGILDActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL GILD TSLA CELG VLO VZ FB HD
August 18, 2014
16:00 EDTGILDOptions Update; August 18, 2014
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10:01 EDTACHNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Achillion (ACHN) upgraded to Buy from Hold at Deutsche Bank... CNOOC (CEO) upgraded to Neutral from Underperform at Credit Suisse... Dollar General (DG) upgraded to Buy from Neutral at Sterne Agee... Equity Residential (EQR) upgraded to Hold from Underperform at Jefferies... HMS Holdings (HMSY) upgraded to Overweight from Equal Weight at First Analysis... HP (HPQ) upgraded to Buy from Neutral at Monness Crespi... Halcon Resources (HK) upgraded to Buy from Hold at MLV & Co.... KapStone (KS) upgraded to Buy from Hold at Deutsche Bank... Sportsman's Warehouse (SPWH) upgraded at RW Baird... Westlake Chemical (WLK) upgraded to Neutral from Reduce at SunTrust... WisdomTree (WETF) upgraded to Neutral from Sell at Citigroup... Zimmer (ZMH) upgraded to Outperform from Market Perform at William Blair.
09:35 EDTGILDActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN DG TSLA GILD FB ABX WFC C
09:03 EDTACHNOn The Fly: Pre-market Movers
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07:57 EDTMRKCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
07:28 EDTACHNAchillion upgraded to Buy from Hold at Deutsche Bank
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