|March 25, 2014|
|10:07 EDT||HIMX, T, TKR, MSCI, CRK, AMX, PHM, KBR, TU, SPR, NAV, BMRN, ACI, CST, ANR||On The Fly: Analyst Downgrade Summary|
Alpha Natural (ANR) downgraded to Hold from Buy at Jefferies... Arch Coal (ACI) downgraded to Hold from Buy at Jefferies... BioMarin (BMRN) downgraded to Neutral from Buy at Goldman... CST Brands (CST) downgraded to Neutral from Overweight at JPMorgan... KBR (KBR) downgraded to Neutral from Buy at Goldman... MSCI (MSCI) downgraded to Neutral from Buy at UBS... Navistar (NAV) downgraded to Neutral from Buy at UBS... PulteGroup (PHM) downgraded to Underweight from Equalweight at Barclays... Timken (TKR) downgraded to Hold from Buy at KeyBanc... Spirit AeroSystems (SPR) downgraded to Underperform from Neutral at Buckingham... America Movil (AMX) downgraded at BofA/Merrill... AT&T (T) downgraded to Neutral from Overweight at HSBC... TELUS (TU) downgraded to Equal Weight from Overweight at Morgan Stanley... Comstock Resources (CRK) downgraded to Accumulate from Buy at KLR Group... Himax Technologies (HIMX) downgraded to Underperform from Buy at BofA/Merrill.
News For ANR;ACI;BMRN;CST;KBR;MSCI;NAV;PHM;TKR;SPR;AMX;T;TU;CRK;HIMX From The Last 14 Days
|November 19, 2015|
|14:49 EDT||BMRN||Before the Move: Watch BioMarin into FDA advisory committee|
BioMarin Pharmaceutical (BMRN), which develops and commercializes pharmaceuticals for serious diseases and medical conditions including Duchenne muscular dystrophy, or DMD, is awaiting an FDA advisory committee for its DMD drug drisapersen, which is brand named Kyndrisa. WHAT'S NEW: The Peripheral and Central Nervous System Drugs Advisory Committee is meeting on Tuesday, November 24 to discuss the New Drug Application, or NDA, for Biomarin's drisapersen. It is expected that briefing documents related to that meeting will be posted on the FDA's website tomorrow, Friday, November 20. BULLISH TAKE: On November 15, Leerink analyst Joseph Schwartz said he believes the FDA will feel compelled to approve at least one DMD drug due to "public attention and vocal demand," and says that most likely both drisapersen and Sarepta Therapeutics' (SRPT) eteplirsen will be approved. However, he also makes a case where eteplirsen is not approved due to the "extremely limited" clinical data on the drug. Schwartz noted that drisapersen's advisory panel on November 24 happens first and will be important for both companies, adding that he sees "significant" upside potential for BioMarin. On November 18, Goldman Sachs said it views the risk/reward in BioMarin as favorable, with the advisory committee as a key catalyst on the company's path to non-GAAP profitability. Goldman has a Buy rating on BioMarin shares. On November 19, Jefferies analyst Gena Wang wrote that a buy-side survey the firm conducted suggests positive expectations for BioMarin's advisory committee. Wang, who said the survey of 58 investors suggests buy-side expectations of a positive panel for Kyndrisa are 62%, noted that a positive outcome could push BioMarin higher by almost 20%, and positively impact peers PTC Therapeutics (PTCT) and Sarepta by over 20% and 6%, respectively. BAIRD CAUTIOUS: On November 19, Baird analyst Brian Skorney wrote a note titled "A Skeptic's Guide to DMD Regulatory Reviews" where he says the firm has "increasingly come to believe that the FDA is more likely to reject the NDA's for drisapersen and eteplirsen," although he notes the risk reward for BioMarin is skewed to the upside -- with 20% upside potential on approval, but only 10% downside potential on rejection. Baird has a Neutral rating on BioMarin. Skorney sees a 30% probability both drugs get approved during this review period, a 5% chance BioMarin's drug gets approved and Sarepta's gets rejected, a 5% chance Sarepta's gets approved and BioMarin's gets rejected, and a 60% chance that both get rejected. PRICE ACTION: In afternoon trading on Thursday, shares of BioMarin were down about 4.5% to $102.88, while shares of peers Sarepta and PTC Therapeutics were down 8% and 9.5%, respectively.
|08:28 EDT||BMRN||Baird sees 60% chance BioMarin, Sarepta DMD drugs both get rejected|
Baird analyst Brian Skorney said he increasingly thinks that the FDA is more likely to reject the NDA's for the two Duchenne muscular dystrophy drugs it will soon review, BioMarin's (BMRN) drisapersen and Sarepta's (SRPT) eteplirsen, though he notes that his confidence in any of the various approval/rejection scenarios is low. Skorney sees a 30% probability both drugs get approved during this review period, a 5% chance BioMarin's drug gets approved and Sarepta's gets rejected, a 5% chance Sarepta's gets approved and BioMarin's gets rejected, and a 60% chance that both get rejected. Skorney, who sees 20% upside potential and 10% downside potential for Biomarin based on this event, keeps a Neutral rating on its shares. The analyst thinks the risk-reward for Sarepta, however, is "massively" skewed to the upside, with 250% upside potential compared to 50% downside, and keeps an Outperform rating on its shares.
|07:34 EDT||TKR||Timken to build new bearing plant in Romania|
Timken will construct a new bearing plant near Ploiesti, Romania. The facility, which will be the company's second in Romania, will serve global demand for the company's Timken tapered roller bearings in sizes up to 300 mm in diameter. Groundbreaking on the 15,000-square-meter site is expected in 1Q16, with start-up slated for early 2017. Initially, the facility will be operated by 120 associates.
|07:23 EDT||BMRN||Buy-side sees 62% chance of positive BioMarin panel, says Jefferies|
Jefferies analyst Gena Wang says her firm's survey of 58 investors suggests buy-side expectations of a positive FDA panel on November 24 for BioMarin's (BMRN) Kyndrisa are 62%. Both positive and negative outcomes are expected to result in significant moves for all three stocks developing treatments for Duchenne muscular dystrophy, or BioMarin, Sarepta (SRPT) and PTC Therapeutics (PTCT), Wang tells investors in a research note. Investors expect a positive Kyndrisa outcome to push BioMarin shares 19% higher, PTC shares 23% higher and Sarepta shares 6% higher, the analyst points out. She notes that a negative panel vote is expected to drive all three stocks 20%-30% lower.
|November 18, 2015|
|13:00 EDT||ACI||Arch Coal debt battle intensifies after group hires adviser, Bloomberg says|
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|11:33 EDT||T||Sprint announces launch of LTE Plus network|
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
|08:32 EDT||BMRN||Goldman sees bluebird shares doubling on 'one-shot' gene therapy|
Following a three and a half year rally for biotech stocks, and a more recent sector pullback from July's record high levels, Goldman Sachs analyst Salveen Richter said in a new note to investors that he has a Neutral view of the small- to mid-cap biotech space. Richter believes select small- to mid-cap biotech stocks should continue to outperform the broader market, but thinks stock picking is essential and laid out for investors who he thinks the winning and losing stocks in the space are likely to be. BUY BLUEBIRD: bluebird bio's (BLUE) innovative platform, which is designed to cure genetic diseases by introducing functional gene copies into a patient, makes it the "leading gene therapy play," contends Richter. bluebird's key value driver is LentiGlobin, a gene therapy for rare blood disorders, beta-thalassemia major and sickle cell disease, the analyst points out. Richter, who notes that bluebird has a major upcoming catalyst in the form of clinical updates from three Phase I/II studies of LentiGlobin in beta-thalassemia and sickle cell disease, set a 12-month price target of $165 on the stock, giving it 107% upside from current levels if his target is achieved. OTHERS TO BUY: Richter also recommends that investors own leading names in three areas of innovation, namely orphan diseases, gene therapy/editing, and immuno-oncology. In those areas, he identifies BioMarin (BMRN) as an orphan drug stock to buy, Incyte (INCY) as the best-positioned biotech immuno-oncology play for 2016 and Kite Pharma as a stock to own for the company's engineered T-cell platform focused on cancer. He set Buy rating on each of the three aforementioned names. SELL SEATTLE GENETICS: The only stock in the small- to mid-cap biotech space that Richter initiated coverage of with a Sell rating is Seattle Genetics (SGEN). The analyst acknowledges that the company is currently a leader in the antibody drug conjugate field, but thinks the consensus view of future competition for its Adcetris drug is "optimistic" and that the outlook for the rest of its pipeline is unclear. Richter set a 12-month price target of $33 on the stock, giving it 27% downside from current levels if his target is achieved. The analyst also began coverage of Atara Biotherapeutics (ATRA), Isis Pharmaceuticals (ISIS) and Juno Therapeutics (JUNO) with Neutral ratings, as he sees them all as having interesting drug platforms, but also believes their prospects are appropriately reflected in current valuations of their stocks. PRICE ACTION: Over the last six month, bluebird bio shares have fallen nearly 50%, but the stock has still more than doubled from where it was one year ago. In the last six months Seattle Genetics has risen 13%, bringing its gains over a one year timeframe to 28%.
|06:30 EDT||BMRN||BioMarin assumed with a Buy at Goldman|
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|November 17, 2015|
|16:10 EDT||BMRN||BioMarin initiated with a Perform at Oppenheimer|
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|06:33 EDT||AMX||America Movil downgraded to Neutral from Outperform at Macquarie|
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|November 16, 2015|
|16:43 EDT||SPR||Greenlight Capital added Apple, sold some SunEdison |
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
|07:36 EDT||T||Berkshire Hathaway discloses new AT&T stake in quarterly update|
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
|07:16 EDT||BMRN||Hayman Capital gives quarterly update on stakes|
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
|07:16 EDT||BMRN||FDA likely feels compelled to approve at least one DMD drug, says Leerink|
Leerink analyst Joseph Schwartz says the FDA likely feels compelled to approve at least one of the exon skipping drugs to treat Duchenne muscular dystrophy in this review cycle. There is so much public attention and vocal demand in the DMD community, Schwartz tells investors in a research note. The FDA advisory panel on BioMarin's (BMRN) drisapersen is on November 24 while the panel on Sarepta's (SRPT) eteplirsen is tentatively scheduled for January 22, 2016. The greatest likelihood is that both drugs are approved, Schwartz contends. Shares of BioMarin have "significant" upside potential on a positive panel vote as many investors still doubt that drisapersen is approvable based on existing data, and approval would "greatly aid" the company's goal to reach profitability, the analyst argues. He reiterates an Outperform rating on BioMarin and a Market Perform rating on Sarepta. Jefferies analyst Eun Yang said on Friday that regulatory experts she spoke with see a high likelihood of a positive FDA panel vote BioMarin.
|06:52 EDT||KBR||KBR signs engineering, procurement & construction contract for Magnolia project|
KBR announced the signing of a major engineering, procurement and construction contract by Magnolia LNG for a liquefied natural gas facility at the Port of Lake Charles, Louisiana, USA. KBR will lead the KSJV joint venture with SK Engineering & Construction for execution of the project. The EPC contract covers the detailed engineering, procurement and construction of four LNG production trains each with design capacity of 2 million tonnes per annum, two 160,000 m3 full containment LNG storage tanks, LNG marine and ship loading facilities, and supporting infrastructure. The project will rely on innovative technology involving ammonia pre-cooling for the core liquefaction process, Optimized Single Mixed Refrigerant, developed by MLNG's parent company, LNG Limited, to achieve a lower cost, more efficient and more environmentally friendly plant. KSJV engineering and procurement services will commence immediately and subject to final regulatory approval, construction mobilization on the project is expected to begin the first quarter of 2016. Work on detailed design and early construction planning will proceed immediately under a Limited Notice to Proceed with final release expected in 2016.
|November 13, 2015|
|15:32 EDT||BMRN||Sarepta CEO says having BioMarin go first with AdCom is an advantage |
Sarepta (SRPT) interim CEO Edward Kaye said BioMarin (BMRN) having to go first with its advisory committee meeting for its own DMD drug will allow Sarepta time to assess the committee's comments and questions on their drug and formulate responses. Kaye is speaking on CNBC.
|10:00 EDT||KBR, HIMX||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: AECOM (ACM) initiated with a Buy at Citi... Boston Properties (BXP) initiated with a Buy at BB&T... Brandywine Realty (BDN) initiated with a Buy at BB&T... CarMax (KMX) initiated with a Buy at Buckingham... Chicago Bridge & Iron (CBI) initiated with a Buy at Citi... First Data (FDC) initiated with a Neutral at Baird... Fluor (FLR) initiated with a Neutral at Citi... Glu Mobile (GLUU) initiated with a Buy at Roth Capital... Harman (HAR) initiated with an Outperform at William Blair... Highwoods Properties (HIW) initiated with a Hold at BB&T... Himax (HIMX) initiated with an Outperform at Baird... Jacobs Engineering (JEC) initiated with a Buy at Citi... KBR (KBR) initiated with a Sell at Citi... Kilroy Realty (KRC) initiated with a Buy at BB&T... MasTec (MTZ) initiated with a Neutral at Citi... McDermott (MDR) initiated with a Neutral at Citi... Momenta (MNTA) initiated with an Overweight at JPMorgan... National Retail Properties (NNN) initiated with a Hold at BB&T... Outerwall (OUTR) initiated with a Buy at Roth Capital... Quanta Services (PWR) initiated with a Neutral at Citi... SL Green Realty (SLG) initiated with a Buy at BB&T... SolarCity (SCTY) initiated with a Market Perform at Bernstein... Tobira Therapeutics (TBRA) initiated with an Outperform at Cowen.
|08:01 EDT||HIMX||Himax initiated with an Outperform at Baird|
|07:57 EDT||BMRN||Experts see positive FDA panel for BioMarin, says Jefferies|
Jefferies analyst Eun Yang says regulatory experts she spoke with see a high likelihood of a positive FDA panel vote BioMarin's (BMRN) Kyndrisa, a treatment for Duchenne Muscular Dystrophy. The panel meeting is November 24 and the FDA action date for the drug is December 27. The experts point to a favorable risk/benefit profile for Kyndrisa as well as no current treatment option for DMD as supporting their confidence of FDA approval, Yang tells investors in a research note. The experts see a post-marketing study for Kyndrisa as likely necessary, she adds. On competitor Sarepta's (SRPT) DMD treatment eteplirsen, experts' views are "somewhat mixed," Yang adds. She has a Buy rating on BioMarin with a $166 price target. A positive panel vote could boost shares by 20% and bring increased confidence in BioMarin's three additional candidates targeting additional DMD patients, she contends. The orphan drug developer closed yesterday down $4.35 to $106.80.
|07:21 EDT||KBR||KBR initiated with a Sell at Citi|
Citi analyst Andrew Kaplowitz started KBR (KBR) with a Sell rating and $18 price target. The analyst sees risk to earnings given the company's dependency on the timing of large project awards. His top pick in the space is AECOM (ACM).