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July 1, 2014
11:38 EDTVRX, AGNAllergan prepares strategy to fend-off Valeant, Reuters says
Allergan (AGN) may issue debt to allow a share buyback as part of a multi-faceted plan to fend off Valeant (VRX), says Reuters. Allergan may also look to make acquisitions and expand its spending cuts to enhance shareholder value, added Reuters. Reference Link
News For AGN;VRX From The Last 14 Days
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November 15, 2015
18:13 EDTAGNAllergan, Pfizer targeting late November merger deal, FT says
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November 13, 2015
16:08 EDTVRXRuane reports 10.52% passive stake in Valeant
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14:41 EDTAGNAllergan presents EARLY analysis data at AAO meeting
Allergan announced that a post-hoc analysis of best corrected visual acuity data in diabetic macular edema patients treated with anti-vascular endothelial growth factor, or anti-VEGF, therapy suggests that long-term response in anti-VEGF treatment of DME can be assessed after three injections. Pravin Dugel, M.D., Clinical Professor, USC Eye Institute, Keck School of Medicine, University of Southern California and Managing Partner of Retinal Consultants of Arizona, said, "This data suggests that if treatment goals are not achieved after three injections, further expected improvement may be minimal and physicians may want to consider other treatment strategies."
11:12 EDTAGNPiper sees Pfizer profiting from Allergan deal, worth $50/share even without one
An acquisition of Allergan (AGN) by Pfizer (PFE) would increase the latter company's profits in 2016-2017 and lift its earnings by a large amount by 2019, wrote research firm Piper Jaffray in a note to investors today. WHAT'S NEW: By 2019, an acquisition of Allergan would increase Pfizer's earnings per share by 13%-16%, estimated Piper analyst Richard Purkiss. The deal would be profitable for Pfizer as early as 2016, the analyst believes. Excluding any acquisition, Pfizer is worth over $50 per share, well above analysts' average price target of $40, Purkiss believes. He kept a $52 price target and Overweight rating on Pfizer. WHAT'S NOTABLE: Yesterday dealReporter, noting that an acquisition of Allergan by Pfizer would be "a giant inversion deal," asserted that the U.S. Treasury could look to take steps to limit or discourage those types of transactions. On November 6, research firm Bernstein said that Allergan's strong results, coupled with the weakness of drug stocks, could cause Allergan to be reluctant to sell itself to Pfizer in the near-term. As a result, the firm thinks that the odds of a deal getting done may be lower than many believe. It kept a $385 price target and Outperform rating on Allergan. PRICE ACTION: In late morning trading, Pfizer rose fractionally to $33.47 and Allergan added 1.3% to $303.87.
10:49 EDTAGNMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
08:22 EDTAGNAmerican Academy of Ophthalmology to hold annual meeting
AAO 2015 is being held in Las Vegas, Nevada on November 13-17 with webcasted presentations to begin on November 13 at 11:50 am. Webcast Link
06:54 EDTAGNPiper sees Pfizer worth over $50/share on standalone basis
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November 12, 2015
13:45 EDTAGNPfizer, Allergan talks could set off further Treasury action, dealReporter says
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08:02 EDTVRXSynergy Pharmaceuticals still a saleable asset, says Canaccord
Canaccord still views Synergy Pharmaceuticals (SGYP) as a saleable asset, with Valeant (VRX) or Shire (SHPG) seen as the most obvious buyers. The firm also sees the cost of the launch of plecanatide as lower than expected and sees no need for the company to raise capital until at least the end of 2016. Canaccord reiterated its Buy rating and $19 price target on Synergy Pharmaceuticals shares.
06:12 EDTVRXAckman responds to Munger's Valeant criticism with Coke critique, Bloomberg says
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November 11, 2015
15:57 EDTVRXFiling points to odd stock windfall for Valeant CEO, SIRF says
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15:43 EDTVRX, AGNJudge says Valeant, Ackman must face insider trading suit, Reuters reports
In a decision rendered on Nov. 9, a U.S. district judge in California ruled that Valeant Pharmaceuticals (VRX) and shareholder Bill Ackman must face a lawsuit accusing them of insider trading in Allergan (AGN) before the hedge fund manager and the company partnered on their unsuccessful takeover bid, reported Reuters. Reference Link
10:05 EDTVRXValeant price target lowered to $200 from $285 at Stifel
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08:31 EDTVRXSpecialty pharmacy ties claim next victim in Horizon Pharma
Shares of Horizon Pharma (HZNP) are sharply lower this morning after pharmacy benefit manager Express Scripts (ESRX) cut ties with a specialty pharmacy called Linden Care, which is used by Horizon. The trouble for Horizon is reminiscent of the recent issues suffered by fellow drugmaker Valeant (VRX) due to its own association with a specialty pharmacy. WHAT'S NEW: Express Scripts, the nation's largest pharmacy benefit manager, has stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma. In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Horizon repeated its previous assertions that it does not own or have an ownership stake in any pharmacy, does not possess an option to purchase any pharmacy and that all pharmacies that distribute Horizon branded medicines are fully independent. WHAT'S NOTABLE: The fight between Express Scripts and Horizon over Linden Care comes amid the ongoing saga playing out between Valeant and its prior specialty pharmacy partner, Philidor Rx Services. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy had informed the drugmaker that it will shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. DEPOMED PURSUIT: In September, Horizon commenced an exchange offer for all of the outstanding shares of common stock of Depomed (DEPO). Under the terms of the offer, tendering Depomed shareholders would be able to exchange each share of Depomed common stock for 0.95 Horizon Pharma ordinary shares. Depomed's board has unanimously rejected Horizon's unsolicited exchange offer, highlighting reservations about Horizon's business model and strategy, while observing that the nature of Horizon's business model "had the potential to lead to significant volatility in the price of Horizon stock." This morning, WallachBeth analyst Brian Jeep upgraded Depomed to Buy, citing valuation and the potential of the Nucynta franchise following the company's better than expected Q3 results. Jeep keeps a $33 price target for Depomed shares. PRICE ACTION: In pre-market trading, Horizon Pharma fell over 17% to $18.50 per share, while Depomed slid nearly 6% to $20 per share.
07:56 EDTAGNBoston Biotech Conferences to hold a conference
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07:23 EDTVRXValeant upcoming 2016 guidance key to boosting confidence, says UBS
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07:04 EDTAGNAllergan submits Prior Approval Supplement for Restasis
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06:30 EDTVRXValeant holder reached out to Philidor employees, WSJ says
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06:23 EDTVRXValeant price target lowered to $225 from $265 at JPMorgan
JPMorgan analyst Chris Schott lowered his price target for Valeant Pharmaceuticals to $225 from $265 to reflect the Philidor discontinuation's impact on the dermatology and neurology franchises. The stock closed yesterday down $1.77 to $83.64. The analyst "conservatively" assumes that the dermatology business recovers "to some extent" in 2016. The rest of the Valeant business, which represents more than two-thirds of the company's revenue, appears to be performing well, Schott tells investors in a research note after management held a business update conference call. The analyst points out that the stock currently trades as less than six times his 2016 estimates and less than five times his 2017 estimates despite a portfolio consisting of a "number of high multiple businesses." Schott keeps an Overweight rating on Valeant.
06:11 EDTVRXValeant cutting prices for Nitropress, Isuprel for customers, Bloomberg reports
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