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Stock Market & Financial Investment News

News Breaks
June 3, 2014
11:57 EDTCLVS, AZNClovis tumbles after Citi calls competing drug superior
Shares of cancer drug developer Clovis (CLVS) are tumbling after Citigroup wrote that the company's CO-1686 drug looks inferior to a competing product, AstraZeneca's (AZN) AZD9291. WHAT'S NEW: After analyzing data from AstraZeneca's treatment for certain non-small cell lung cancer patients, AZD9291, Citigroup analyst Yaron Weber wrote that the drug looks better than CO-1686, a competing offering from Clovis. Previous concerns about AZD9291's cardiovascular side effects were unfounded, as it has not shown any cardiotoxicity signals in pre-clinical or human studies, and only a few patients with certain heart problems have been excluded from taking the drug as a standard precaution, the analyst wrote. Meanwhile, AZD9291, unlike CO-1686, does not occasionally produce increases in QTc, Weber indicated. QTc increases can be associated with heart problems that can cause sudden death. AstraZeneca's drug also, unlike CO-1686, does not produce hyperglycemia in some patients, and it can be taken once a day, the analyst indicated. Overall, AZD9291 has "a cleaner profile," according to Weber. The analyst cut his rating on Clovis to Neutral from Buy and slashed his target on the name to $53 from $109. WHAT'S NOTABLE: Clovis CEO Pat Mahaffay told analysts on Saturday night that "three or four" lung cancer patients in the company's ongoing phase I/II study of CO-1686 were taking insulin to control high blood sugar, The Street's Adam Feuerstein reported. The drug is "turning patients into diabetics," Feuerstein warned. PRICE ACTION: In late morning trading, Clovis tumbled 17% to $39.50, while AstraZeneca lost 1% to $72.50.
News For AZN;CLVS From The Last 14 Days
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February 25, 2015
18:24 EDTCLVSOn The Fly: After Hours Movers
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16:09 EDTCLVSClovis reports Q4 EPS ($1.62), consensus ($1.30)
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February 23, 2015
12:53 EDTAZNAnalysts debate potential for competing Salix takeover bid
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07:55 EDTAZNJefferies says other bidders may emerge for Salix
Jefferies says it could envision other bidders emerging for Salix (SLXP) and points out recent media reports have suggested Shire (SHPG) and Endo (ENDP) have considered making a bid for the company. It lists AstraZeneca (AZN) and Takeda as others who could have possible interest in Salix. The firm believes Valeant (VRX) could afford to pay more for Salix should other bidders emerge.
February 20, 2015
07:23 EDTAZNAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTAZNAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 17, 2015
17:16 EDTAZNActavis confirms temporary injunction related to generic Pulmicort RESPULES
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February 13, 2015
16:32 EDTAZNActavis launches generic Pulmicort RESPULES
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08:19 EDTAZNAckman noncommittal on McDonald's rumors, Bloomberg reports
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