|January 10, 2014|
|10:26 EDT||LNG, TPH, SLB, PFE, LVS, FNP, BLK, UIS, TDG, SI, OHI, KIM, LLY, EV, BHI, PSUN, MXIM, JNJ, BP, ATI, BMRN||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Allegheny Technologies (ATI) downgraded to Hold from Buy at Deutsche Bank... BP (BP) downgraded to Neutral from Outperform at Exane BNP Paribas... BioMarin (BMRN) downgraded to Equal Weight from Overweight at Barclays... BlackRock (BLK) downgraded to Neutral from Buy at Goldman... Cheniere Energy (LNG) downgraded to Neutral from Buy at Citigroup... Eli Lilly (LLY) downgraded to Underweight from Equal Weight at Barclays... Fifth & Pacific (FNP) downgraded to Hold from Buy at Brean Capital... Johnson & Johnson (JNJ) downgraded to Equal Weight from Overweight at Barclays... Kimco Realty (KIM) downgraded to Sell from Neutral at UBS... Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at FBR Capital... Maxim Integrated (MXIM) downgraded to Perform from Outperform at Oppenheimer... Omega Healthcare (OHI) downgraded to Sell from Neutral at UBS... Pacific Sunwear (PSUN) downgraded to Neutral from Buy at Janney Capital... Pfizer (PFE) downgraded to Market Perform from Outperform at Cowen... Siemens (SI) downgraded to Neutral from Buy at BofA/Merrill... Schlumberger (SLB) downgraded to Sector Perform from Outperform at Iberia... Baker Hughes (BHI) downgraded to Sector Perform from Outperform at Iberia... TransDigm (TDG) downgraded to Neutral from Buy at DA Davidson... TRI Pointe Homes (TPH) downgraded to Market Perform from Outperform at FBR Capital... Eaton Vance (EV) downgraded at Susquehanna... Unisys (UIS) downgraded to Neutral from Positive at Susquehanna.
News For ATI;BP;BMRN;BLK;LNG;LLY;FNP;JNJ;KIM;LVS;MXIM;OHI;PFE;PSUN;SI;SLB;BHI;TDG;TPH;EV;UIS From The Last 14 Days
|September 24, 2015|
|09:05 EDT||KIM||RioCan, Kimco agree to unwind Canadian JV|
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|09:01 EDT||KIM||Kimco Realty, RioCan agree to unwind Canadian JV|
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|08:37 EDT||JNJ||Minerva provieds update on MIN-202 development program|
Minerva Neurosciences (NERV) provided an update on two ongoing clinical trials with MIN-202, a selective orexin-2 receptor antagonist under joint development with Janssen Pharmaceutica (JNJ). Patient recruitment is ongoing in both trials, which include a Phase 2a trial in insomnia disorder and a Phase 1b trial in adjunctive major depressive disorder. "We are pleased with the progress that is being made in the development of MIN-202 in insomnia and adjunctive MDD," said Dr. Remy Luthringer, president and chief executive officer of Minerva. "The ongoing trials in these indications are designed to provide assessments of the effects of this compound in sleep and major depressive disorder. We believe that MIN-202 has the potential to physiologically regulate biological rhythm and control of the wake drive based on its unique mechanism of action as a selective orexin-2 receptor antagonist."
|07:33 EDT||PFE||BIND says Pfizer exercises option to obtain license for Accurin drug candidate|
BIND Therapeutics (BIND) announced that Pfizer (PFE) exercised its option to obtain an exclusive license to develop and commercialize an Accurin drug candidate for the treatment of solid tumors under the companies' global collaboration agreement. The actively targeted Accurin is designed to impart cellular targeting capability and was engineered by BIND using one of Pfizer's proprietary kinase inhibitors and one of BIND's proprietary ligands. As a result of the option exercise, BIND will receive a $2.5 million option exercise fee from Pfizer. In parallel with exercising its first option, Pfizer informed BIND that it will not exercise its option for the second compound in the collaboration. Under terms of the original collaboration agreement, which was established in April 2013, Pfizer was granted options to obtain exclusive licenses to pursue development and commercialization of two Accurins that incorporate specified Pfizer small molecular targeted therapies. For the Accurin that has been selected, both companies will work together on preclinical research; Pfizer will have responsibility for development and commercialization, and BIND will conduct chemistry, manufacturing and control activities. In addition to the $2.5 million option exercise fee, BIND received an upfront payment of $4.0 million in 2013 and achieved a $1.0 million preclinical development milestone for the selected Accurin in December 2014. BIND has the potential to receive additional milestone payments for the selected Accurin of up to $86.0 million in aggregate upon the achievement of additional specified development and regulatory events under the Pfizer collaboration agreement. BIND may also receive additional milestone payments for the selected Accurin of up to $110 million in aggregate for specified commercial events as well as royalties in the low single to high single digit percentages on potential future sales of the selected Accurin, if any.
|06:52 EDT||SLB||Fracking companies see bankruptcies, closures, WSJ reports|
A series of bankruptcies and closures has swept across the oil industry, with dozens of mostly small, privately owned fracking companies at risk, the Wall Street Journal reports. Most companies that help oil and gas explorers drill and frack wells are small, privately owned and fairly young, the report says. The fall in oil prices has played a large role in the failures of many of these companies, the report says. Companies in the space include Key Energy Services (KEG), Basic Energy Services (BAS), Schlumberger (SLB), and Halliburton (HAL). Reference Link
|06:20 EDT||BP||BP management to meet with Jefferies|
Meetings to be held in Chicago/Kansas City/Minneapolis September 29- October 1 hosted by Jefferies.
|September 23, 2015|
|08:26 EDT||BMRN||BioMarin October volatility increases on wide-price movement|
BioMarin October call option implied volatility is at 56, November is at 50; compared to its 52-week range of 33 to 64, suggesting large near term price movement.
|07:53 EDT||JNJ||UBS medical supplies & devices analyst holds an analyst/industry conference call|
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|06:29 EDT||BMRN||Orphan drug pricing concerns overdone, says Leerink|
Leerink analyst Joseph Schwartz says his firm's Orphan Drug Payor survey contrasts with the recent bearish investor sentiment over the orphan drug business model. The survey of 30 payors indicates that the reimbursement landscape "remains highly favorable" for commercially insured patients and is able to withstand potential weakness caused by proposed changes to Medicare pricing, Schwartz tells investors in a research note. His analysis suggests a "surprisingly limited" impact to valuations of orphan drug companies should Medicare patients receive drug discounts. Schwartz views the pricing concerns stemming from Hillary Clinton's plan to combat high drug prices as overdone. He reiterates Outperform ratings on AMAG Pharmaceuticals (AMAG), BioMarin (BMRN), Raptor Pharmaceuticals (RPTP) and Retrophin (RTRX).
|05:32 EDT||PFE||ViiV Healthcare announces Triumeq Phase IIIb study met primary endpoint|
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|September 22, 2015|
|20:02 EDT||BMRN, PFE||Clinton vows $250 cap on monthly drug costs in blast against biotechs, insurers|
Democratic presidential candidate Hillary Clinton railed against biotech companies as well as health insurers at a community health care forum in Iowa on Tuesday. Clinton began her speech by praising the Affordable Care Act, but quickly noted that she wants to strengthen it due to what she called the rising cost of prescription drugs. She explained, "Our pharmaceutical and biotechnology industries deserve credit... [But] too often, these drugs cost a fortune. Now, sometimes there is a good reason for that. Scientific breakthroughs are often the result of major investment... so it may makes sense, for a short period of time, to have to charge a lot of money for a drug. But when a drug has no competition, when there aren't any other treatments that can do what it does, pharmaceutical companies can charge astronomical fees far beyond anything that it would take to recoup their investment, and far beyond what they charge consumers anywhere else in the world outside of America." Referencing the recent criticism against Turing Pharmaceuticals, Clinton went on to say that "pharmaceutical companies that acquire an existing affordable drug that people rely on, and then turn around and charge a fortune for it, [are just betting] on the fact that desperate people will find some way to pay for it." Preemptively responding to questions of whether greater regulation will dampen investment, Clinton commented that "some people worry that my proposals will threaten innovation, but I have designed a plan that will do exactly the opposite... Under my plan, drug companies that want to keep getting federal support will have to redirect more of their profits into meaningful investments in research and development." Clinton also criticized incremental drug improvements, saying that "too often, so-called new drugs are really old drugs that have just been tweaked a little bit, but then they're marketed as breakthrough drugs and they're sold for high prices." The Democratic candidate went on to condemn advertising in the drug industry, remarking that "I also want to tackle direct to consumer advertising... Other countries ban these ads because they are so often misleading. But at the very least, we shouldn't be encouraging them with corporate write-offs... Under my plan, we will instead use that taxpayer money to fund innovation... I would also like to make sure any ads the drug industry does run are approved by the FDA." Moving more broadly onto Medicaid and health insurers, Clinton stated, "I believe Medicare should be able to negotiate for lower prices for its members... I will require drug companies to provide higher rebates for prescription drugs to low income Medicare patients, just like they have to do for Medicaid patients... I think the insurance companies need to be put on notice." Providing more concrete details of her plan, Clinton concluded, "I will cap out of pocket drug costs for working families. You won't have to pay more than $250 a month for covered medications... Particularly for people who have a chronic illness. Also under my plan, you will be able to import cheaper drugs from other countries legally. If the medicine you need costs less in Canada, you should be able to buy it from Canada or any other country that meets our safety standards... I will also make sure we have more generics on the market [by boosting funding for] the FDA's office of generic drugs."
|17:35 EDT||BMRN, PFE||Hillary Clinton vows to cap out-of-pocket drug costs at $250 per month|
Presidential candidate Hillary Clinton said in a tweet that, "Under my plan, I'll cap out-of-pocket drug costs for families. You won't have to pay more than $250/month for covered medications." Reference Link
|14:14 EDT||BHI||Weatherford spikes after cancelling share offering|
Shares of Weatherford (WFT) spiked Tuesday after the company cancelled plans for a public share offering, saying it was "unwilling to sell securities at prices that do not reflect the value" created at the company. Several analysts weighed in on the news, appearing generally bullish on the company but disagreeing on whether Weatherford should focus on its own operations or continue to pursue acquisitions. FOCUS ON FUNDAMENTALS: Jefferies analyst Brad Handler reiterated his Buy rating and $13 price target on Weatherford shares, explaining that the capital increase plans would likely have gone towards buying Halliburton (HAL) drilling assets at an "unattractive" price point. Note that Halliburton is conducting various asset divestitures as part of its planned takeover of Baker Hughes (BHI), with Bloomberg reporting on September 14 that Weatherford had made a bid for the service portion of Halliburton's Sperry Drilling unit. In today's note, Handler acknowledged that the potential acquisition would add some "meaningful" synergies on paper, but he also highlighted the risk of further diluting Weatherford share value. Handler concluded that he is generally more comfortable with a Weatherford "that walks before it runs," adding that he hopes the company "continues to resist the temptation" of large acquisitions amid the current sector downturn. ACQUISITION POTENTIAL: Iberia analyst Robert MacKenzie said he is a buyer of Weatherford shares after Monday's 17% selloff prior to the capital raise cancellation last night. Although an acquisition by Weatherford is less likely without the funds from the public offering, it is still possible, "especially considering that no mention of backing away from their acquisition intent was made in the most recent press release," MacKenzie noted. However, Weatherford's press release announcing the capital raise specifically cited the need to pre-fund potential acquisitions, while its cancellation notice emphasized a focus on core businesses and efficient operations. Nevertheless, MacKenzie argued that Halliburton "remains a motivated seller" and called Weatherford the "most logical" candidate to pick up the company's previously-mentioned assets, saying the potentially transformative acquisition would make "tremendous sense." PRICE ACTION: Weatherford shares are up more than 8.5% to $9.13 in intraday trading after falling throughout yesterday's session on the company's initial decision to pursue a public offering.
|13:13 EDT||BP||BP initiated with a Neutral at Macquarie|
|10:01 EDT||JNJ||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: ACE Limited (ACE) initiated with a Buy at Sterne Agee CRT... AXIS Capital (AXS) initiated with a Neutral at Sterne Agee CRT... Abbott (ABT) initiated with a Neutral at UBS... Adamas Pharmaceuticals (ADMS) initiated with a Buy at Aegis... Advaxis (ADXS) initiated with an Overweight at Barclays... Allstate (ALL) initiated with a Buy at Sterne Agee CRT... Aon plc (AON) initiated with a Neutral at Sterne Agee CRT... Arch Capital (ACGL) initiated with a Neutral at Sterne Agee CRT... Ardelyx (ARDX) initiated with a Buy at BTIG... Aspen Insurance (AHL) initiated with a Neutral at Sterne Agee CRT... AtriCure (ATRC) initiated with a Sell at UBS... Baxalta (BXLT) initiated with a Buy at UBS... Baxter (BAX) initiated with a Neutral at UBS... Blue Buffalo Pet Products (BUFF) initiated with an Equal Weight at Stephens... Boston Scientific (BSX) initiated with a Buy at UBS... Capstone Turbine (CPST) initiated with a Buy at Rodman & Renshaw... CenturyLink (CTL) initiated with a Sector Perform at RBC Capital... Cerulean (CERU) initiated with an Overweight at Barclays... Chubb (CB) initiated with a Buy at Sterne Agee CRT... Cogent (CCOI) initiated with an Outperform at RBC Capital... Conatus (CNAT) initiated with a Buy at H.C. Wainwright... Edwards Lifesciences (EW) initiated with a Buy at UBS... Everest Re (RE) initiated with a Neutral at Sterne Agee CRT... Farmers National Banc (FMNB) initiated with an Outperform at Keefe Bruyette... Freshpet (FRPT) initiated with an Equal Weight at Stephens... Frontier Communications (FTR) initiated with a Sector Perform at RBC Capital... Globus Medical (GMED) initiated with a Buy at UBS... Halozyme (HALO) initiated with an Overweight at Barclays... Infoblox (BLOX) initiated with a Buy at Stifel... Isis Pharmaceuticals (ISIS) initiated with an Equal Weight at Barclays... Johnson & Johnson (JNJ) initiated with a Buy at UBSK2M Group (KTWO) initiated with a Buy at UBS... LDR Holding (LDRH) initiated with a Buy at UBS... Landmark Infrastructure (LMRK) initiated with a Buy at Wunderlich... Level 3 (LVLT) initiated with an Outperform at RBC Capital... Main Street (MAIN) initiated with an Outperform at RBC Capital... Marsh & McLennan (MMC) initiated with a Neutral at Sterne Agee CRT... Medtronic (MDT) initiated with a Buy at UBS... Middlefield Banc (MBCN) initiated with a Market Perform at Keefe Bruyette... Nokia (NOK) initiated with a Buy at CLSA... NuVasive (NUVA) initiated with a Buy at UBS... Piper Jaffray (PJC) initiated with a Buy at Sandler O'Neill... Planet Fitness (PLNT) initiated with an Outperform at Wedbush... Progressive (PGR) initiated with a Neutral at Sterne Agee CRT... QTS Realty Trust (QTS) initiated with an Outperform at RBC Capital... Reliance Steel (RS) initiated with a Sell at Rosenblatt... RenaissanceRe (RNR) initiated with a Neutral at Sterne Agee CRT... Spectranetics (SPNC) initiated with a Buy at Benchmark Co.... St. Jude Medical (STJ) initiated with a Buy at UBS... Stanley Black & Decker (SWK) initiated with a Neutral at Buckingham... Stryker (SYK) initiated with a Neutral at UBS... Travelers (TRV) initiated with a Neutral at Sterne Agee CRT... Vascular Biogenics (VBLT) initiated with a Buy at Chardan... W. R. Berkley (WRB) initiated with a Neutral at Sterne Agee CRT... WPX Energy (WPX) initiated with a Neutral at Citi... Wright Medical (WMGI) initiated with a Buy at UBS... XL Group (XL) initiated with a Buy at Sterne Agee CRT... Zendesk (ZEN) initiated with a Buy at Craig-Hallum... Zimmer Biomet (ZBH) initiated with a Neutral at UBS.
|08:23 EDT||PFE, BMRN||Analysts say buy select biotech stocks ahead of Clinton drug plan|
Ahead of Presidential candidate Hillary Clinton laying out her plan to tackle "price gouging" in the specialty drug market at an event in Iowa later today, analysts at research firms Jefferies and Piper Jaffray are recommending select biotech stocks that they view as buys amid the weakness in the space. DEBATE: Biotech stocks broadly declined yesterday, with the NASDAQ Biotechnology index (IBB) sliding roughly 4.4%, after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on a 62-year-old drug that fights complication of AIDS and cancer. Furor around the sudden price hike for Turing's Daraprim reignited a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. The news also follows Presidential candidate Bernie Sanders issuing a letter in August to Valeant (VRX) and Pfizer's (PFE) Hospira, in which he requested information on the "enormous" price increases of two drugs Valeant acquired earlier in the year. Presidential candidate Hillary Clinton sent the debate to center stage yesterday by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan today to tackle "price gouging" in the specialty drug market. Clinton's proposal, which she'll outline in a speech in Iowa later today, would force pharmaceutical companies to reinvest their profits into research, allow for more generic and imported drugs and allow Medicare to negotiate lower drug costs and cap out-of-pocket expenses, according to details of the plan shared with USA Today. Zeke Emanuel, chair of medical ethics and health policy at the University of Pennsylvania, appeared on Nightly Business Report to discuss the problem of high drug prices and his suggested solutions. During his interview, Emanuel contended that giving Medicare the ability to negotiate drug prices may drive up prices for everyone else. DEFENSES: The Jefferies Biotechnology research team, led by Brian Abrahams, Eun Yang and Biren Amin, say their Washington D.C. consultants indicate the recent political rhetoric around drug pricing is unlikely to result in any substantive future policy changes that would impact biotech sector fundamentals. As such, they recommend using yesterday's selloff to buy select companies including Celgene (CELG), BioMarin (BMRN) and Alkermes (ALKS). Pricing concerns are nothing new, and will likely continue to be a headwind for the sector, the analysts tell investors in a research note. Hillary Clinton's proposal to combat drug pricing is likely to include "some combination of old and tried policies that have been out there for a few years," they write. The analysts also like shares of AMAG Pharmaceuticals (AMAG), Alder Biopharmaceuticals (ALDR) and Cempra (CEMP). Meanwhile, Piper Jaffray analyst Edward Tenthoff recommends buying shares of Vertex Pharmaceuticals (VRTX) following yesterday's selloff. Tenthoff believes that drugs like Vertex's Orkambi will maintain premium pricing because of the disease modifying value to patients and payors. Orkambi is approved to treat cystic fibrosis in patients 12 years and older. The analyst reiterates an Overweight rating on Vertex with a $163 price target. DOWNGRADE: Brean Capital analyst Difei Yang downgraded Horizon Pharma (HZNP) to Hold saying "unsettling recent developments" make the stock's premium valuation no longer justified. The public discussion on high drug prices is a negative for the company while its attempt to acquire Depomed (DEPO) is unlikely to result in a completed deal, Yang tells investors in a research note. Further, Horizon's prescription trends are showing weakness, said Yang, who views the stock as more risky than in the past. PRICE ACTION: Horizon closed yesterday down $2.93, or 9.2%, at $28.99, while Vertex dropped $5.97, or 4.8%, to $118.19. A number of the biggest stocks in biotechnology were also weak yesterday, with Gilead sliding about 2.5%, Amgen (AMGN) dropping 2.3%, Celgene declining 2.8% and Biogen (BIIB) falling more than 5.5%.
|08:00 EDT||BMRN||Jefferies sees buying opportunities in select biotech names|
Analysts at Jefferies say their Washington D.C. consultants indicate the recent political rhetoric around drug pricing is unlikely to result in any substantive future policy changes that would impact biotech sector fundamentals. As such, they recommend using yesterday's selloff to buy select companies including Celgene (CELG), BioMarin (BMRN) and Alkermes (ALKS). Pricing concerns are nothing new, and will likely continue to be a headwind for the sector, the analysts tell investors in a research note. Hillary Clinton's proposal to combat drug pricing is likely to include "some combination of old and tried policies that have been out there for a few years," they write. The analysts also like shares of AMAG Pharmaceuticals (AMAG), Alder Biopharmaceuticals (ALDR) and Cempra (CEMP). The Jefferies Biotechnology research team is led by Brian Abrahams, Eun Yang and Biren Amin.
|07:43 EDT||LLY, PFE, JNJ||Drug stocks could be hurt by focus on pricing, says Oppenheimer|
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|06:32 EDT||JNJ||Johnson & Johnson initiated with a Buy at UBS|
|06:19 EDT||JNJ, LLY, PFE||Clinton to roll out plan to rein in prescription drug costs, USA Today reports|
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