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August 1, 2014
10:00 EDTSRPT, BIN, FLML, CWST, SGMO, PZG, FINL, ANET, SCMP, RNA, PTCT, CBAYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Arista Networks (ANET) initiated with a Neutral at Citigroup... Casella Waste (CWST) initiated with a Hold at Stifel... CymaBay Therapeutics (CBAY) initiated with an Outperform at Cowen... Finish Line (FINL) initiated with a Buy at Jefferies... Flamel Technologies (FLML) initiated with an Outperform at Leerink... PTC Therapeutics (PTCT) initiated with an Outperform at Oppenheimer... Paramount Gold & Silver (PZG) initiated with a Buy at Noble Financial... Progressive Waste (BIN) initiated with a Hold at Stifel... Prosensa (RNA) initiated with an Outperform at Oppenheimer... Sangamo (SGMO) initiated with an Overweight at JPMorgan... Sarepta (SRPT) initiated with an Outperform at Oppenheimer... Sucampo (SCMP) initiated with a Buy at Roth Capital.
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October 1, 2015
07:02 EDTSRPTSarepta: Eteplirsen provided statistically significant advantage in Phase IIb
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September 30, 2015
10:36 EDTSRPTOptions with increasing implied volatility
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09:13 EDTSRPTLeerink reiterates Outperform on BioMarin after time with management
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08:04 EDTPTCTPTC Therapeutics submits European applicatoin for Translama
PTC Therapeutics announced that the European Medicines Agency has validated the submission of a variation for a new indication for Translarna for the treatment of nonsense mutation cystic fibrosis for patients not taking chronic inhaled aminoglycoside antibiotics. If approved, Translarna would be the first oral protein restoration treatment that targets the underlying cause of nmCF. Approximately 10% of cystic fibrosis patients have their disease as a result of a nonsense mutation, which can cause the most severe form of cystic fibrosis. Translarna received marketing authorization in the European Economic Area in July 2014 for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients aged five years and older. The regulatory application for Translarna for nmCF is based on previously announced analyses from the company's prior completed Phase 3 double-blind, placebo-controlled study comparing Translarna to placebo in nmCF patients. PTC is conducting an additional randomized, double-blind, placebo-controlled Phase 3 study of Translarna in nmCF patients and expects enrollment to be completed by the end of this year, with top-line data expected by the end of 2016.
07:09 EDTSRPTSarepta negative ruling 'more noise than impact, says William Blair
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07:03 EDTSRPTSarepta announces USPTO decision on patent interference proceeding with BioMarin
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September 29, 2015
18:16 EDTSRPTBioMarin receives favorable ruling in use of exon 51 antisense oligonucleotides
BioMarin Pharmaceutical (BMRN) announced that the Patent Trial and Appeal Board issued a decision in favor of BioMarin's claims to the use of exon 51 antisense oligonucleotides to treat Duchenne muscular dystrophy. The BioMarin patent application involved is U.S. Patent Application No. 14/198,992, which is licensed to BioMarin from the Academisch Ziekenhuis Leiden, The Netherlands. The decision by the PTAB is based on motions filed in the patent interference proceeding between BioMarin, due to the acquisition of Prosensa Therapeutics N.V. and Sarepta (SRPT) of Cambridge, Mass as licensee under patents filed by the University of Western Australia. The allowed claims cover the use of the antisense oligonucleotide drisapersen, as well as other antisense oligonucleotides that induce skipping exon 51 for the treatment of Duchenne muscular dystrophy. BioMarin also protects drisapersen under U.S. Patents 7,534,879 and 8,759,507, two patents which were not involved in the interference. The other interference between AZL and UAW related to composition of matter claims for antisense oligonucleotides for Exon 51 skipping, Interference 106,008, remains pending. In Europe, BioMarin's method patent EP 1 619 249 B1 was previously upheld in an amended form after an Opposition procedure initiated by AVI Biopharma (now Sarepta) before the European Patent Office Opposition Division. The upheld claims include the use of 14- to 40-mer antisense oligonucleotides directed to exon 51 in the DMD gene as a potential therapy to treat DMD. Although an appeal procedure is pending, BioMarin currently has an issued and enforceable patent, which encompasses antisense oligonucleotide product/product candidates directed to exons 51 and 46 in Europe.
September 28, 2015
08:03 EDTSRPTSarepta should be bought on any weakness, says Oppenheimer
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07:32 EDTCWSTCasella Waste urges shareholders to vote for three nominees
Casella Waste Systems announced that, in connection with its 2015 Annual Meeting of Stockholders to be held on November 6, 2015, its Board of Directors has issued a letter to Casella's stockholders. The letter, which includes a WHITE proxy card, outlines the significant and decisive actions that Casella's Board and management have taken to enhance Casella's long-term prospects and best position Casella to create value for its stockholders, and recommends that stockholders vote on the WHITE proxy card FOR the election of all three of Casella's highly qualified and very experienced nominees, John W. Casella, William P. Hulligan and James E. O'Connor. Stockholders are therefore urged to promptly vote the WHITE proxy card via internet, telephone or mail by following the instructions provided. The Board also urges stockholders to discard any gold proxy card or voting instruction form they may receive from the JCP Group. As previously disclosed, JCP Investment Management, LLC and the other participants in its solicitation have indicated that they intend to conduct a proxy contest and seek the election at the 2015 Annual Meeting of two director candidates in opposition to the highly qualified and very experienced nominees unanimously recommended by the Casella Board.
07:25 EDTFINLFinish Line selloff Friday overdone, says FBR Capital
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September 25, 2015
16:17 EDTFINLOn The Fly: Top stock stories for Friday
Stocks opened with sharp gains the day after Fed Chair Janet Yellen gave some clarity to the market by suggesting the Fed will most likely raise interest rates by the end of the year. During afternoon trading, the news flow slowed and the volume lightened on the buy side, leaving the sellers with the upper hand. The Nasdaq was the first index to move into negative territory, led by broad weakness in biotech stocks, while the Dow was helped to stay in the green by a big post-earnings move higher in Nike (NKE). The averages limped into the close, leaving the market with an interesting set-up to begin next week. Outside of stock news, it was certainly a headline packed day, as Speaker of the House John Boehner announced that he will resign at the end of October, Chinese President Xi Jinping continued his U.S. visit and Pope Francis addressed the United Nations while spending a second day in New York City. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... Federal Reserve Chair Janet Yellen said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. COMPANY NEWS: Nike jumped $10.23, or 8.9%, to $125.02 after Thursday night's report of better than expected earnings and futures orders prompted numerous price target hikes at Street research firms. Additionally, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which thinks that the company is continuing to gain share, has a $150 price target on the athletic gear giant... Biotech stocks, which were already having a bad week, ended the week on a down note, as the iShares NASDAQ Biotechnology Index (IBB) fell 4.9%, giving it a weekly decline of about 13%. Among the biggest large-cap losers in the space were Vertex (VRTX), which fell 7%, Regeneron (REGN), which dropped 6% and Celgene (CELG), which slid 4.8%. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced $2.38, or 12.2%, to $21.88 after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Cirrus Logic (CRUS), which gained $3.90, or 14.4%, to $31.03 after tear downs of Apple's (AAPL) iPhone 6S and 6S Plus led analysts to conclude that the chipmaker appears poised to obtain more revenue from the new devices than from the previous generation of the market-leading smartphone. Among the noteworthy losers was Finish Line (FINL), which fell $4.86, or 19.6%, to $19.91 after reporting second quarter revenue that missed expectations and saying it expects adjusted earnings this fiscal year to increase in a low single to mid single digits percentage from last year. Also lower following its earnings report was smartphone and software maker BlackBerry (BBRY), which slid 7.68% to $6.49 after the company posted a second quarter loss that was steeper than analysts expected. BlackBerry also confirmed press reports that it plans to launch a new phone that uses Google's (GOOG) Android operating system instead of its own proprietary BB10 OS. Shares of Aratana Therapeutics (PETX), which dropped $6.81, or 38.97%, to $10.68 after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. INDEXES: The Dow rose 113.35, or 0.7%, to 16,314.67, the Nasdaq fell 47.98, or 1.01%, to 4,686.50, and the S&P 500 added/slipped 0.90, or 0.05%, to 1,931.34.
12:38 EDTPTCTOptions with increasing implied volatility
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10:12 EDTFINLHigh option volume stocks
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09:59 EDTFINLFinish Line tumbles after results
Shares are down over 13% to $21.48 at time of writing. At that price next support is at $20.82. Resistance is at $22.27.
08:58 EDTFINLFinish Line sees ability to increase gross margins in 2H
08:58 EDTFINLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.
08:53 EDTFINLFinish Line says September comps month to date up low single digits
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08:47 EDTSRPTSarepta to host conference call
Conference call to discuss recent data from the Phase IIb study of eteplirsen for Duchenne muscular dystrophy will be held on October 1 at 7 am. Webcast Link
07:10 EDTFINLFinish Line sees FY16 adjusted EPS up in low single to mid single digits
Sees FY16 adjusted EPS to increase in low single to mid single digits vs. FY15 adjusted EPS of $1.67, consensus $1.80. Sees FY16 comparable sales to be up in low single to mid single digit range.
07:08 EDTFINLFinish Line reports Q2 EPS 57c, consensus 57c
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