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Stock Market & Financial Investment News

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May 30, 2014
04:55 EDTAZN, AZN, AZN, AZN, AZN, NVS, NVS, NVS, NVS, NVS, THLD, THLD, THLD, THLD, THLD, ABBV, ABBV, ABBV, ABBV, ABBV, RHHBY, RHHBY, RHHBY, RHHBY, RHHBY, JNJ, JNJ, JNJ, JNJ, JNJ, CLSN, CLSN, CLSN, CLSN, CLSN, PFE, PFE, PFE, PFE, PFE, NBS, NBS, NBS, NBS, NBS, INO, INO, INO, INO, INO, CLVS, CLVS, CLVS, CLVS, CLVS, BAYRY, BAYRY, BAYRY, BAYRY, BAYRY, BMY, BMY, BMY, BMY, BMY, MACK, MACK, MACK, MACK, MACKAmerican Society of Clinical Oncology to hold annual meeting
50th Annual Meeting of ASCO is being held in Chicago on May 30-June 3.
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August 8, 2014
07:48 EDTABBVCredit Suisse remains a buyer of AbbVie
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06:51 EDTNVSJudge rules DOJ can pursue Novartis kickback suit, Reuters says
U.S. District Judge Colleen McMahon ruled that the U.S. Department of Justice is allowed to continue its False Claims Act lawsuit versus Novartis regarding allegations that the company used kickbacks to increase sales of medications covered by Medicare and Medicaid, according to Reuters, citing comments from McMahon. Reference Link
06:44 EDTCLVSClovis October volatility elevated into updates
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06:39 EDTCLVSClovis price target raised to $100 from $87 at Piper Jaffray
Piper Jaffray raised its price target for Clovis shares to $100 saying the company's clinical development programs are progressing well, with strong enrollment indicated for rociletinib and rucaparib trials. Piper reiterates an Overweight rating on the stock.
06:39 EDTPFEPfizer faces torrent of Lipitor suits, Reuters says
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August 7, 2014
16:57 EDTNBSNeoStem reports Q2 revenue $4.5M, consensus $4.75M
Reports Q2 net loss ($12.8M) compared with ($8.6M) for the three months ended June 30, 2013. EPS consensus (30c). At June 30, NeoStem's cash and cash equivalents, and marketable securities totaled $33.8M.
14:05 EDTRHHBYPTC Therapeutics reports publication of preclinical study results in SMA models
PTC Therapeutics (PTCT) announced that he journal Science published results of a preclinical study demonstrating that treatment with orally available RNA splicing modifiers of the SMN2 gene starting early after birth is preventing deficits in mouse models of Spinal Muscular Atrophy or SMA. Stuart Peltz, CEO of PTC Therapeutics, said, "Using the experience and expertise in RNA biology we have gained at PTC over the last 16 years, we used our alternative splicing technology to identify and subsequently optimize investigational compounds that target the SMN2 splicing to produce the SMN protein. Our unique partnership with Roche and the SMA Foundation has allowed this project to rapidly move into clinical development." Luca Santarelli, Head of Neuroscience, Ophthalmology and Rare Diseases at Roche (RHHBY), said, "Although still preclinical, these results demonstrate how SMN2 splicing modifiers could correct the molecular deficit that causes SMA. This study represents an important step towards developing a potential therapeutic option for this devastating and currently untreatable condition. Early clinical trials are currently underway to determine the safety and tolerability of this approach."
11:02 EDTBMYBristol-Myers enters development pact with Leica Biosystem
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08:38 EDTNVSEnanta's HCV NS5A inhibitor EDP-239 advances into combination studies
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08:13 EDTCLSNCelsion reports Q2 EPS (38c), consensus (32c)
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08:12 EDTPFEPfizer says EMA accpets application seeking new indication for Prevenar 13
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06:13 EDTAZNDynavax says AZD1419 Phase 1 study met secondary endpoints
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August 6, 2014
12:59 EDTABBVCovidien drops as Treasury explores ways to stymie inversions
Shares of medical device and drug maker Covidien (COV) are falling after multiple media outlets reported that the Treasury Department is looking into ways of curtailing tax inversion deals. Covidien has agreed to be acquired by Medtronic (MDT) in a tax inversion deal. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. WHAT'S NEW: The Treasury Department is looking at options that would enable the Obama administration to curtail inversion deals without authorization from Congress, multiple media outlets reported last night and today. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that he believes that Medtronic would buy Covidien even if the transaction cannot be done as an inversion. At a conference in June, Medtronic CFO Gary Ellis said that his company would "do the deal whether it's an inversion or not inversion," Biegelsen stated. If no inversion is possible, Medtronic would respond by using less of its stock and more debt to fund the transaction, the analyst believes. Such a change would actually cause Medtronic's cash earnings per share to be higher in the first and second year after the deal than under the current structure, the analyst indicated. He kept an Outperform rating on Medtronic. PRICE ACTION: In early afternoon trading, Covidien dropped 2% to $84.50 and Medtronic fell 1% to $61.50. Meanwhile, drug maker Shire (SHPG), which has agreed to merge with its peer AbbVie (ABBV) in a tax inversion deal, is falling 4% to $236.
12:10 EDTPFEPfizer settles multi-state complaint on improper promotion of Rapamune
Attorney General Eric T. Schneiderman announced that he, along with 40 other state Attorneys General and the District of Columbia, reached a $35M settlement with Pfizer arising from alleged improper marketing and promotion of the immunosuppressive drug Rapamune. New York’s share of the settlement is over $1.7M. Pfizer, as parent of Wyeth Pharmaceuticals, agrees to be bound by the judgment and to resolve allegations that Wyeth unlawfully promoted Rapamune. Attorney General Schneiderman’s office served on the Executive Committee of this multi-state investigation. Reference Link
10:43 EDTRHHBYRoche says Avastin gets EU approval for Ovarian cancer
Roche announced that the European Commission, EU, approved the use of Avastin in combination with paclitaxel, topotecan, or pegylated liposomal doxorubicin chemotherapy as a treatment for women with recurrent ovarian cancer that is resistant to platinum-containing chemotherapy.
09:19 EDTAZNShire, AstraZeneca, Smith & Nephew slump amid inversion fears, FT says
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08:40 EDTABBVShire drops 5% with tax inversions in focus
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06:23 EDTPFEMitsubishi UFJ to hold a conference
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06:21 EDTJNJ, PFEPiper Jaffray to hold a summit
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06:19 EDTRHHBYCFA Society of Minnesota to hold a conference
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