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Stock Market & Financial Investment News

News Breaks
May 20, 2014
08:15 EDTAHS, GILD, ARRY, QSII, EXEL, SGEN, MNK, CGIXUBS to hold a conference
2014 Global Healthcare Conference to be held in New York on May 19-21 with webcasted company presentations to begin on May 20 at 8 am; not all company presentations may be webcasted. Webcast Link
News For ARRY;CGIX;EXEL;GILD;MNK;QSII;AHS;SGEN From The Last 14 Days
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July 21, 2015
10:24 EDTEXELOptions with decreasing implied volatility
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July 20, 2015
13:39 EDTEXELExelixis price target raised to $6 from $2.50 at Piper Jaffray
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12:57 EDTEXELExelixis upgraded to Outperform from Market Perform at Cowen
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12:08 EDTEXELOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday in the first trading day of a week that will be light on domestic economic data but heavy on earnings reports. Investors will be receiving profit reports from about 25% of the companies on the S&P 500 this week, making this the highest volume earnings week of this season. ECONOMIC EVENTS: In the U.S., no major data was released. In Europe, Greece reopened its banks three weeks after closing as the country worked out another bailout agreement. The country announced it has started the process of paying off its creditors, including the European Central Bank and the International Monetary Fund, with a bridge loan it just received. COMPANY NEWS: Lockheed Martin (LMT) agreed to buy the Sikorsky Aircraft business from United Technologies (UTX) for $9B, noting the price is "effectively reduced" to $7.1B after taking into account tax benefits resulting from the transaction. Shares of Lockheed, which also reported better than expected second quarter results and increased its fiscal year guidance, gained nearly 2% after the Sikorsky announcement and saying it will conduct a strategic review of its government IT infrastructure services business and technical services business... Shares of Morgan Stanley (MS) shares were little changed near noon after the bank reported earnings and revenue, excluding certain adjustments, that topped analysts' consensus forecasts... SunEdison (SUNE) announced a deal to acquire Vivint Solar (VSLR) for approximately $2.2B, payable in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. In connection with the proposed acquisition of Vivint Solar, SunEdison has entered into a definitive purchase agreement with a subsidiary of TerraForm Power (TERP) which, concurrently with the completion of SunEdison's acquisition of Vivint, will acquire Vivint Solar's rooftop solar portfolio, consisting of 523 MW expected to be installed by year-end 2015, for $922M in cash. Shares of Vivint rose 44% following the announcement, while SunEdison's stock gained 4% and TerraForm dropped 3%. Fellow residential solar installer SolarCity (SCTY), which is backed by Tesla's (TSLA) Elon Musk, rose 7% following the deal in the space. MAJOR MOVERS: Among the notable gainers was Exelixis (EXEL), which rallied 43% after the company reported that a study of cabozantinib in metastatic renal cell carcinoma met its primary endpoint of significant improvement in progression-free survival. The shares were indicated to rise even more in early pre-market trading, but lost some of their gains after Bristol-Myers (BMY) announced that its Opdivo study was stopped early after showing superior overall survival in a Phase 3 study of previously treated patients with advanced or metastatic renal cell carcinoma. Bristol-Myers rose a bit less than 1% to trade near $70 per share after its own announcement. Also higher was PayPal (PYPL), which gained more than 5.5% in its first day of trading after being spun out of eBay (EBAY). Meanwhile, eBay shares rose over 2%. Cal-Maine Foods (CALM) dropped 8% after posting lower than expected sales and profits in its fourth quarter and warning that while it should have an adequate supply of its primary feed ingredients, the company expects that prices will be "volatile" in the year ahead. Also lower were shares of several gold miners, including Barrick Gold (ABX) and Newmont Mining (NEM), which each fell about 11%, as gold prices declined about 2% near midday. INDEXES: Near midday, the Dow was up 31.66, or 0.18%, to 18,118.11, the Nasdaq was up 9.81, or 0.19%, to 5,219.96, and the S&P 500 was up 2.82, or 0.13%, to 2,129.46.
10:13 EDTEXELOptions with decreasing implied volatility
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10:05 EDTEXELHigh option volume stocks
High option volume stocks: PDCE GNRC CRZO NLSN RUBI TFM HABT EXEL DUST
09:37 EDTEXELExelixis surges, levels to watch
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09:22 EDTEXELOn The Fly: Pre-market Movers
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08:28 EDTEXELExelixis off highs, but still up 34% after Bristol-Myers data
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07:33 EDTGILDInternational AIDS Society to hold a conference
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07:23 EDTEXELExelixis to host conference call
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07:03 EDTEXELExelixis says METEOR top-line results 'positive'
Exelixis announced positive top-line results from the primary analysis of METEOR, the phase 3 pivotal trial comparing cabozantinib to everolimus in 658 patients with metastatic renal cell carcinoma, or RCC, who have experienced disease progression following treatment with a VEGF receptor tyrosine kinase inhibitor, TKI. The trial met its primary endpoint of demonstrating a statistically significant increase in progression-free survival in the first 375 randomized patients as determined by an independent radiology committee. METEORís primary analysis included a review of serious adverse event data. Based on this analysis, the frequency of SAEs of any Grade regardless of causality was approximately balanced between study arms. The rate of treatment discontinuation due to adverse events was low in both study arms.
July 17, 2015
10:21 EDTGILDCigna says 98.4% of customers treated with hep C drug Harvoni are cured
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09:03 EDTGILDGilead granted orphan status for gastric cancer treatment
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08:38 EDTMNKLeerink puts 25% odds on Teva, Mylan deal within 12 months
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July 16, 2015
09:22 EDTGILDBristol-Myers says EU approves Evotaz for treatment of HIV-1 infection in adults
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07:04 EDTCGIXCancer Genetics announces agreement with HPHC
Cancer Genetics announced that it has signed an agreement with Harvard Pilgrim Healthcare, or HPHC, a health care network covering over 1M people throughout Massachusetts, Connecticut and Maine. Under the terms of the agreement, CGI will offer cancer diagnostic services to individuals covered under Harvard Pilgrim plans. Harvard Pilgrim's extensive provider network includes over 135 hospitals and 28,000 doctors and clinicians among them, physicians who practice in a variety of settings, including individual practices, small medical groups and large multi-specialty groups. As part of the agreement, the HPHC network will have access to the full range of oncology-focused proprietary tests offered by CGI. Working with provider networks, such as Harvard Pilgrim Healthcare, is central to CGI's multi-part access and reimbursement strategy. By establishing relationships with leading payers and insurance companies, CGI plans to expand access to and ensure reimbursement for the Company's leading-edge genomic tests to help providers appropriately manage and personalize treatment.
06:12 EDTCGIXCancer Genetics enters $20M controlled equity offering sales agreement
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July 15, 2015
20:07 EDTEXELExelixis appoints Chris Senner as CFO
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07:58 EDTGILDAnalysts break down impact of $7.2B Receptos buyout
After Celgene (CELG) announced last night that the company has agreed to acquire Receptos (RCPT) for $232 per share in cash, or a total of about $7.2B net of cash acquired, research firms have chimed in with their opinions on how the proposed deal may impact others in the biotech space. Receptos key asset is Ozanimod, which is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. DERIVATIVE CALLS: Piper Jaffray analyst Edward Tenthoff told investors that he views Celgene's deal for Receptos as good for Arena Pharmaceuticals (ARNA). The analyst notes that Arena's APD334 is already showing dose-dependent decreases in circulating lymphocyte counts and that the company will initiate Phase II studies in ulcerative colitis and Crohn's disease this year. Tenthoff reiterates an Overweight rating and $7.50 price target on Arena, which has a market capitalization around $1B and closed yesterday up 8c to $4.47. In its own note to investors this morning, Nomura said Celgene's deal could put downward pressure on Biogen's (BIIB) long-term multiple sclerosis estimates. Nomura's M. Ian Somaiya contended that one-year Phase II efficacy data for Ozanimod looked as good as Novartisís (NVS) Gilenya and Biogen's Tecfideraís Phase III at year 2. Somaiya also wondered if rival Gilead (GILD) could be "looking for something bigger" than Receptos for its own deal, telling investors that the firm views Incyte (INCY) as Gilead's most likely takeout target. Incyte's shares closed up $4.46 at $117.46 yesterday, giving the company a market cap of about $20B. RIVAL BID?: Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos, noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos told investors she sees "plenty" of potential upside to justify a rival bidder stepping in and reiterated the firm's Outperform rating on Receptos shares. PRICE ACTION: In pre-market trading, Receptos rose 10% to $228.61 while Gilead gained 1.4% to about $119 per share.
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