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Stock Market & Financial Investment News

News Breaks
November 6, 2012
10:02 EDTTDC, SREV, SKM, ESRX, AT, KBW, ENR, ASEI, HME, BMRNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Science & Engineering (ASEI) downgraded to Hold from Buy at Benchmark Co.... Atlantic Power (AT) downgraded to Hold from Buy at Desjardins... BioMarin (BMRN) downgraded to Hold from Buy at Brean Capital... Energizer (ENR) downgraded to Market Perform from Outperform at Bernstein... Express Scripts (ESRX) downgraded to Hold from Buy at Jefferies... Home Properties (HME) downgraded to Underperform from Sector Perform at RBC Capital... KBW, Inc. (KBW) downgraded to Market Perform from Outperform at JMP Securities... SK Telecom (SKM) downgraded to Neutral from Outperform at Credit Suisse... ServiceSource (SREV) downgraded to Equal Weight from Overweight at Morgan Stanley... Teradata (TDC) downgraded to Sector Perform from Outperform at FBN Securities.
News For ASEI;AT;BMRN;ENR;ESRX;HME;KBW;SKM;SREV;TDC From The Last 14 Days
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May 28, 2015
17:36 EDTENREnergizer to exit industrial blade products, sees $25M-$30M non-cash charge
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09:00 EDTBMRNPfizer has 'significant capacity' for additional deals, says JPMorgan
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08:19 EDTBMRNBioMarin price target raised to $150 from $125 at Cowen
Cowen raised its price target on BioMarin to $150 from $125 on the company's BMN-111 potential. The firm believes successful proof of concept may take time, warranting investors to be patient. Cowen reiterated its Outperform rating on BioMarin shares.
07:28 EDTASEIBenchmark Company to hold a conference
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May 27, 2015
06:30 EDTBMRNBioMarin price target raised to $140 from $125 at JPMorgan
JPMorgan analyst Cory Kasimov raised his price target for BioMarin shares to $140 from $125 and reiterates an Overweight rating on the stock ahead of data for BMN-111 in dwarfism later on in Q2 and other pipeline catalysts this year. Kasimov sees potential for "material" share upside despite the 41% rally year-to-date and says BioMarin remains one of his top picks. The stock closed yesterday down 8c to $127.11.
May 26, 2015
17:04 EDTSREVServiceSource chairman Mike Smerklo to depart May 28
ServiceSource announced earlier that chairman of the board Mike Smerklo has decided to retire from the company’s board of directors. Smerklo previously retired as CEO in August 2014. "Smerklo departs the board now to focus full time on his venture investments," said the company. Smerklo’s resignation will be effective as of the closing of the company’s annual shareholder meeting on May 28.
May 22, 2015
08:03 EDTENREnergizer adopts limited duration shareholder rights plan
Energizer announced that its board has adopted a limited duration shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of Energizer's common stock. The limited duration rights plan will expire on December 31, 2015, approximately six months after the expected completion of the separation of Energizer's Personal Care and Household Products businesses. The rights plan is effective immediately for Energizer and will remain in effect until expiration on December 31, 2015 for the Personal Care business following the separation, which is expected to be finalized by July 1, 2015. The plan is designed to assist the Board in the period leading up to and immediately following the separation by protecting against creeping accumulations or other share acquisition activity that the board believes would not be in the best interest of shareholders.
May 21, 2015
11:08 EDTESRXExpress Scripts management to meet with Jefferies
Meeting to be held in New York on May 26 hosted by Jefferies.
09:38 EDTESRXExpress Scripts starting to win some business, says Cleveland Research
Cleveland Research is hearing Express Scripts won the state of South Carolina business and renewal rates remain strong and on track to achieve guidance of 94%-97%.
May 20, 2015
15:42 EDTBMRNTheStreetSweeper says short Sarepta
The Street Sweeper stated on Twitter that Sarepta (SRPT) has a "long way to go" and "We’re short." It also noted that Canaccord says if BioMarin's (BMRN) DMD drug is approved first that the pressure to approve Sarepta's “may decrease.” Reference Link
11:51 EDTESRXExpress Scripts' Medco to pay $7.9M to resolve kickback allegations
Medco Health Solutions, a wholly-owned subsidiary of the pharmacy benefit manager Express Scripts Holding Company (ESRX), of Missouri, has agreed to pay the government $7.9M to settle allegations that it engaged in a kickback scheme in violation of the False Claims Act, the Justice Department announced. Medco provides pharmacy benefit management services to clients who receive subsidies under the Medicare Retiree Drug Subsidy program. The settlement resolves allegations that Medco solicited remuneration from AstraZeneca, a pharmaceutical manufacturer, in exchange for identifying Nexium as the “sole and exclusive” proton pump inhibitor on certain of Medco’s prescription drug lists known as formularies. The United States alleged that Medco received some or all of the remuneration from AstraZeneca in the form of reduced prices on the following AstraZeneca drugs: Prilosec, Toprol XL and Plendil. The United States contended that this kickback arrangement between Medco and AstraZeneca (AZN) violated the Federal Anti-Kickback statute, and thereby caused the submission of false or fraudulent claims for Nexium to the Retiree Drug Subsidy Program. In January 2015, the United States and AstraZeneca reached a $7.9M settlement to resolve kickback allegations arising out of the same conduct. This civil settlement resolves a lawsuit filed under the qui tam, or whistleblower, provision of the False Claims Act, which allows private citizens with knowledge of false claims to bring civil actions on behalf of the government and to share in any recovery. The lawsuit was filed by former AstraZeneca employees Paul DiMattia and F. Folger Tuggle, whose share of the settlement has not been determined. The settlement with Medco was the result of a coordinated effort among the Civil Division, the U.S. Attorney’s Office of the District of Delaware and HHS-OIG.
11:46 EDTBMRNBioMarin sees self as buyer, not acquisition candidate, dealReporter says
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10:22 EDTBMRNSarepta soars after FDA agrees to accept DMD drug submission
The shares of Sarepta Therapeutics (SRPT) are rallying after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug for the agency's approval. Last October, the FDA said the company would have to submit more data on the drug before the agency would consider approving the treatment. WHAT'S NEW: Sarepta announced last night that it would submit its eteplirsen to the FDA for approval. The submission will be done on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy or DMD. ANALYST REACTION: Roth Capital analyst Debjit Chattopadhyay responded to the news by more than doubling his price target on Sarepta to $45 from $22. The analyst is upbeat on Sarepta's approach of seeking to address DMD patients' lack of dystrophin, which he calls the patients' primary biochemical defect. He predicts that both eteplirsen and another DMD treatment, BioMarin's (BMRN) drisapersen, will be recommended for approval at a joint panel meeting in the second half of 2015. While both drugs are likely to be approved, BioMarin's decision to not yet initiate new studies on its DMD treatment has placed Sarepta in the pole position, Chattopadhyay believes. BioMarin will have to run additional studies and if both drugs are approved, BioMarin will find it difficult to recruit patients due to drisapersen's safety profile, according to the analyst. Chattopadhyay continues to believe that Sarepta's PMO platform will be the winner in DMD and he kept a Buy rating on the stock. More upbeat on BioMarin was Jefferies analyst Eun Yang. After meeting with BioMarin's management, the analyst reported that the company's confidence has increased following its pre-submission discussions with the FDA. If the FDA approves drisapersen on a non-accelerated basis, BioMarin may not be required to conduct any additional studies, the analyst stated. Yang sees a 60% chance of the drug being approved and believes that the stock would rise more than 25% if approval is granted. The analyst kept a $135 price target and Buy rating on BioMarin shares. PRICE ACTION: In early trading Sarepta climbed 45% to $23.81 and BioMarin was little changed at $125 per share.
10:00 EDTESRXOn The Fly: Analyst Initiation Summary
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09:10 EDTBMRNSarepta price target raised to $43 from $34 at William Blair
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09:05 EDTBMRNSarepta price target raised to $45 from $22 at Roth Capital
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07:48 EDTBMRNBioMarin has a conference call hosted by JPMorgan
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07:17 EDTBMRNBioMarin can rally over 25% on drisapersen approval, says Jefferies
Jefferies analyst Eun Yang sees greater than 25% upside in shares of BioMarin should the FDA approve drisapersen for Duchenne muscular dystrophy. After hosting an investor dinner with management, Yang says BioMarin's confidence in drisapersen approvability has increased. The analyst's model, which includes a price target for shares of $135 and a Buy rating, assumes 60% probability of approval for drisapersen. Shares of BioMarin closed yesterday down $1.03 to $124.99.
May 19, 2015
16:41 EDTESRXExpress Scripts initiated with a Neutral at Baird
Target $94.

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