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Stock Market & Financial Investment News

News Breaks
April 23, 2014
10:01 EDTRXN, PNR, CTCM, TTM, QSII, TV, BRO, RUSHA, PHG, LLY, AEGNOn The Fly: Analyst Downgrade Summary
Aegion (AEGN) downgraded to Neutral from Buy at Sidoti... Brown & Brown (BRO) downgraded to Neutral from Buy at Compass Point... CTC Media (CTCM) downgraded to Underperform from Neutral at Credit Suisse... Eli Lilly (LLY) downgraded to Neutral from Buy at MKM Partners... Grupo Televisa (TV) downgraded to Underperform from Neutral at BofA/Merrill... Pentair (PNR) downgraded to Neutral from Outperform at Wedbush... Philips (PHG) downgraded to Sector Perform from Outperform at RBC Capital... Quality Systems (QSII) downgraded to Underweight from Equal Weight at Morgan Stanley... Rexnord (RXN) downgraded at BofA/Merrill... Rush Enterprises (RUSHA) downgraded to Equal Weight from Overweight at Stephens... Tata Motors (TTM) downgraded to Neutral from Outperform at Credit Suisse.
News For AEGN;BRO;CTCM;LLY;TV;PNR;PHG;QSII;RXN;RUSHA;TTM From The Last 14 Days
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March 23, 2015
07:17 EDTLLYAmerican Academy of Dermatology to hold annual meeting
73rd Annual Meeting of AAD is being held in San Francisco on March 20-24.
March 20, 2015
16:22 EDTQSIIQuality Systems CFO Paul Holt resigns, John Stumpf named as interim CFO
On March 18, Paul Holt informed the board the he will resign as CFO of the company, effective April 12. Holt has served the company for over 15 years and is leaving to join NantHealth as its CFO. On March 19, the board appointed John Stumpf as the company's interim CFO, effective immediately upon Holt's departure from the company.
11:33 EDTLLYFly Review: Analysts correctly predict jump in Biogen shares
The shares of Biogen (BIIB) are rallying after the company reported results for a Phase 1b study of its Alzheimer's drug, BIIB-037. On March 18, as reported on that day by The Fly, RBC Capital predicted that the stock would rise after the results were published. A number of other firms were also upbeat on the stock ahead of the data release. WHAT'S NEW: Earlier this morning Biogen announced that the three milligram, six milligram, and ten milligram dose versions of its Alzheimer's treatment, aducanumab, had reduced the amount of amyloid plaque in the brains of Alzheimer's patients taking the drug by statistically significant amounts compared with those taking placebos. Beta amyloid is a protein that produces plaque in the brain. Scientists suspect that plaques in the brain are a cause of Alzheimer's. The cognitive decline of patients taking BIIB-037 was also significantly less than that of patients who were taking placebos, the company reported. PRE-EVENT CALLS: RBC Capital analyst Michael Yee predicted earlier this week in a note to investors that Biogen would report strong data for BIIB-037 and the stock should "work higher" after the data is unveiled. Alzheimer's patients taking the high dose of Biogen's BIIB-037 drug should exhibit a stabilization of cognition levels, Yee stated. Conversely, the cognition levels of patients taking the placebo should drop slightly, the analyst predicted. On March 13, in a note summarized by The Fly on that day, JPMorgan recommended buying Biogen shares ahead of the data release. Investors still incorporated a low probability of success for the drug, and the stock could rise further, the firm wrote. On March 19, in a note also published by The Fly, Credit Suisse wrote that Biogen's multiple could rise if the data on BIIB-037 was positive. It raised its price target on the name to $500 from $400. ANALYST REACTION: This morning, Barclays raised Biogen's price target to $500 from $435 following the company's report of "impressive" full results from the Alzheimer's study. Piper Jaffray analyst Joshua Schimmer also raised his price target for Biogen shares to $500 this morning, calling today’s BIIB-037 results "robust and impressive." Schimmer believes the trial showed a "consistent and dramatic" dose effect on both radiographic and clinical disease features and thinks the side effects "pale in comparison" to the drug’s efficacy. OTHERS TO WATCH: Eli Lilly (LLY) and Roche (RHHBY) are also currently developing similar Alzheimer's treatments. PRICE ACTION: In late morning trading, Biogen rose 7% to $464. The stock is up about 9% since Wednesday. Eli Lilly shares are up 1.6% to $75.40 this morning, while Roche rose 2.2% to $35. Reference Link
09:57 EDTLLYLeerink major pharma analyst holds an analyst/industry conference call
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09:01 EDTLLYEli Lilly up 2% to $75.75 in pre-market trading
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08:01 EDTLLYEli Lilly and Innovent Biologics announce strategic alliance
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07:41 EDTLLYAmerican Academy of Dermatology to hold annual meeting
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05:57 EDTTTMLand Rover recalls 36K SUVs following CCTV report, Financial Times says
Tata Motors' (TTM) Jaguar Land Rover is recalling more than 36K SUVs in China, reports the Financial Times. The recall comes after CCTV singled out Jaguar Land Rover of faliing to respond to customer complaints about faulty gearboxes. CCTV's report also accused Nissan (NSANY), Volkswagen (VLKAY), and Mercedes-Benz's China joint ventures on alleged overcharging by service outlets. Reference Link
March 19, 2015
15:46 EDTPHGKKR, CVC near deal for majority of Philips lighting unit, Bloomberg says
Private equity firms KKR (KKR) and CVC Capital Partners are nearing a deal that could be announced as soon as next week to buy 80% of Philips' (PHG) lighting components unit, with Philips retaining the remaining stake, reported Bloomberg, citing people with knowledge of the matter. The firms' bid values the whole of the business at about $2.7B, the sources told Bloomberg. Reference Link
15:19 EDTPHGKKR, CVC near bid for 80% of Philips lighting components unit, Bloomberg says
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10:02 EDTQSIIOn The Fly: Analyst Downgrade Summary
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08:08 EDTLLYEli Lilly and Hanmi sign license and collaboration agreement
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08:05 EDTPHGPhilips and Inspirata partner for digital pathology solution development
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06:10 EDTPHGPhilips planning to spin off lighting business in IPO in 1H16, WSJ reports
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March 18, 2015
16:07 EDTQSIIQuality Systems downgraded to Neutral from Outperform at RW Baird
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12:48 EDTLLYFly Watch: Biogen predicted to report strong Alzheimer's data this Friday
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07:46 EDTLLYLilly Roche would have upbeat read through from strong BIIB data, says Bernstein
Bernstein notes that the data for Biogen's (BIIB) Alzheimer's treatment, due to be released on Friday, is widely expected to be positive. The firm thinks that positive data would boost the outlook for similar Alzheimer's drugs being developed by Eli Lilly (LLY) and Roche (RHHBY), since consensus estimates for those drugs are low. The firm keeps Outperform ratings on Eli Lilly and Roche.
07:16 EDTBROJPMorgan to hold a conference
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March 16, 2015
07:27 EDTLLYBiodel BIOD-961 Phase 1 clinical trial meets primary efficacy endpoint
Biodel (BIOD) announced positive preliminary results from Study 6-101, a Phase 1 clinical trial comparing Biodel's lyophilized glucagon formulation BIOD-961, designed for use in a proprietary Glucagon Emergency Management, or GEM, auto-reconstitution device, to Eli Lilly's (LLY) Glucagon Emergency Rescue Kit and Novo Nordisk's GlucaGen HypoKit, which are marketed for the treatment of severe hypoglycemia. Study 6-101 was a randomized, single-center, double blind, six-period cross over study in 15 healthy volunteers who received each glucagon administered subcutaneously, or SC, and intramuscularly, or IM, in a randomized treatment sequence. The objectives of the study were to compare the pharmacokinetic, or PK, profiles, the pharmacodynamic, or PD, glucose, responses, and the PK/PD relationships of IM and SC dosing, as well as to assess safety profiles of the three test glucagons. Study 6-101 was a Phase 1 randomized, single-center, double blind, six-period cross over study designed to evaluate the PK and PD profiles of BIOD-961 compared to marketed glucagon formulations manufactured by Eli Lilly and Novo Nordisk. BIOD-961 is a lyophilized glucagon formulation designed for use in the GEM auto-reconstitution device. On six separate dosing days, each subject received 1 mg of one of the test glucagons delivered either SC or IM. Fifteen normal, healthy subjects were randomized into the study and ten completed all dosings. The objectives of the study were to compare the PK profiles, the PD responses, and the PK/PD relationships of IM and SC dosing, as well as to assess safety profiles of the three test glucagons. These data will facilitate selection of an appropriate marketed glucagon to use as a comparator in the planned pivotal study, in which the primary efficacy endpoint for approval is to demonstrate PK and PD bioequivalence of BIOD-961 to one of the marketed comparators.
07:25 EDTPHGChinese consortium enters Philips auction, Reuters says
A consortium consisting of Lattice Power, GSR Ventures, and Temasek has placed a last-minute bid in the auction for Philips' (PHG) lighting components business, reports Reuters, citing two sources familiar with the matter. The sources also said the CVC and KKR (KKR) consortium tabled their potentially leading bid. Philips will enter exclusive talks with the winner early next week. Reference Link
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