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Stock Market & Financial Investment News

News Breaks
June 10, 2014
11:22 EDTAGN, ACT, NVSAllergan Latisse patents found invalid by appeals court
The U.S. court of appeals for the federal circuit overturned a lower court ruling related to Allergan's (AGN) patents for Latisse, a treatment for eyelash loss. Several companies, including Actavis (ACT) and Novartis' (NVS) Sandoz unit, appealed a lower court ruling that said they'd infringed Allergan's patents. The appeals court sided with the appealing companies and reversed the district court's findings with respect to the validity of the patents held by Allergan and Duke University. Reference Link
News For AGN;ACT;NVS From The Last 14 Days
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October 14, 2014
07:46 EDTACTActavis should be able to mitigate Irish tax downside, says Leerink
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06:03 EDTACT, AGNMarket overreacted to new Irish tax rules, says BMO Capital
BMO Capital believes the market may have overreacted yesterday to the report that Ireland is eliminating the "Double Irish" tax loophole. The firm says Allergan (AGN) confirmed that it incorporated potential changes to Irish tax law in its recently raised earnings guidance while Mallinckrodt (MNK) said it does expect the new tax structure to have an immediate impact. BMO views yesterday's pullback in shares of Allergan, Mallinckrodt and Actavis (ACT) as an overreaction.
October 13, 2014
15:12 EDTACTActavis may see modest negative impact from Irish tax change, says BMO Capital
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06:39 EDTAGNAllergan takeout value at or above $210 per share, says Leerink
Leerink believes Allergan's takeover value is now at or above $210 per share given the company's recent execution. After speaking with management, the firm says Allergan's upside in Q3 was driving by fundamentals, not cost cuts. It continues to view the "most likely and straightforward outcome" for Allergan as being an outright sale of the company. Leerink raised its price target for shares to $215 from $184 and keeps an Outperform rating on Allergan.
October 10, 2014
17:14 EDTAGNMarket ends week lower amid global growth worries
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10:20 EDTACT, AGNFidelity supports potential merger between Actavis and Allergan, Reuters reports
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07:37 EDTACT, AGNActavis more likely partner than Valeant if Allergan merges, says UBS
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07:35 EDTAGNAllergan price target raised to $224-$225, from $198-$199 at Wells Fargo
Wells Fargo increased its price target on Allergan after the company pre-released better-than-expected revenue and EPS, and raised its 2014-2016 EPS guidance. The firm keeps an Outperform rating on the shares.
07:16 EDTAGNAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
05:13 EDTNVSNovartis reports new analyses of AIN457 Phase III data show consistent efficacy
Novartis announced that new analyses of AIN457 Phase III studies showed that treatment with secukinumab 300 mg resulted in higher rates of clear to almost clear skin at Week 12 versus placebo, regardless of patients' psoriasis disease severity. Secukinumab's new mode of action stops interleukin-17A, which plays a central role in the development of psoriasis. In the analyses, the majority of patients across two disease severity subgroups, including those with severe psoriasis, experienced complete clear to almost clear skin measured as 100 or 90% reduction of respective baseline PASI, or Psoriasis Area and Severity Index. Skin clearance was sustained through one year of treatment. This is important as historically, psoriasis patients' disease severity at the start of treatment has been shown to negatively impact their response to other therapies. Disease severity subgroups were PASI less than or equal to 20 and PASI greater than 20. PASI measures redness, scaling and thickness of psoriatic plaques and the impact in regions of the body. These findings reconfirm the significantly better responses seen in the published FIXTURE study, where secukinumab showed superiority to Enbrel, a standard of care anti-TNF medication.
October 9, 2014
14:21 EDTAGNAllergan in good position to be patient given raised outlook, says BMO Capital
After speaking with Allergan's (AGN) CEO and CFO, BMO Capital believes the company is increasing its intrinsic value with its raised earnings guidance and that it is in a good position to be patient given that Valeant (VRX) most recent bid represents an 8% discount to Allergan's current share price. BMO said it is reviewing its forecasts for Allergan after the guidance increase, noting that it previously valued Allergan at $230 per share on a standalone basis. The firm maintains its Outperform rating on the stock.
12:28 EDTAGN, ACTAllergan price target raised to $230 from $210 at BTIG
BTIG said it expected Allergan to beat the consensus forecast for Q3 EPS, but not by as much as it did, and the firm did not expect the company to raise its future EPS outlook yet again. BTIG feels the stock's move higher indicates Valeant (VRX) or Actavis (ACT) would need to bid above $200 if they hope to buy the company. BTIG maintains its Buy rating on Allergan and raised its price target on the stock to $230 from $210.
11:14 EDTACT, AGNAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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08:50 EDTACT, AGNAllergan shares have further upside, says Wells Fargo
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06:49 EDTAGNAllergan cites momentum from robust growth of worldwide markets
The company also cites increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allerganís previously announced restructuring program will be reflected in the Companyís actual results beginning in the fourth quarter of 2014 and continuing through 2015.
06:47 EDTAGNAllergan sees FY16 non-GAAP EPS $10.25
06:47 EDTAGNAllergan sees FY15 non-GAAP EPS $8.60, consensus $8.25
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06:47 EDTAGNAllergan sees FY14 non-GAAP EPS $6.20-$6.25, consensus $5.81
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06:46 EDTAGNAllergan raises Q3 EPS to $1.76-$1.78 from $1.44-$1.47, consensus $1.48
Expects Q3 product net sales to increase in excess of 17% in dollars compared to product net sales from 3Q13.
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