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Stock Market & Financial Investment News

News Breaks
February 7, 2013
07:19 EDTELN, BIIBBiogen price target raised to $170 from $150 at RBC Capital
After Biogen (BIIB) acquired Elan's (ELN) stake in Tysabri, RBC Capital thinks the deal makes sense from a strategic financial perspective, as it will raise Biogen's margins and lower its tax rate. The firm thinks the company's SG&A as a percentage of revenue will also decline following the deal and it maintains an Outperform rating on the shares.
News For BIIB;ELN From The Last 14 Days
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March 23, 2015
06:34 EDTBIIBBiogen downgraded to Hold from Buy at Stifel
06:28 EDTBIIBBiogen price target raised to $512 from $410 at Citigroup
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06:19 EDTBIIBBiogen Idec says becomes Biogen
Effective today, Biogen Idec is known simply as Biogen. The company has introduced a new corporate identity and logo that reflect both its evolution and focus on bringing forth new therapies in areas of high unmet need – while honoring Biogen’s scientific heritage and legacy as a pioneer in the biotechnology industry. Biogen Idec was created in 2003 through the merger of Biogen and IDEC Pharmaceuticals, creating one of the world’s leading research-based life sciences organizations. The company has since focused its research and commercial efforts in three core areas: neurology, immunology and hematology. Biogen’s common stock will continue to trade on the Nasdaq Global Select Market under the symbol “BIIB,” and its CUSIP number will not change.
March 20, 2015
17:42 EDTBIIBBiogen has room to run higher, Barron's reports
Biogen’s experimental Alzheimer’s drug BIIB-037 is showing promising trial results and has helped push the stock to all-time highs. Shares could move higher still as the market for an effective Alzheimer’s therapy is worth tens of billions of dollars and Biogen is poised to capitalize on it, Barron's reports. Reference Link
16:33 EDTBIIBStocks end week higher after market reads Fed statement as dovish
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16:22 EDTBIIBOn The Fly: Closing Wrap
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12:41 EDTBIIBOn The Fly: Midday Wrap
Stocks began the day sharply higher and have continued to tack on gains throughout the morning. The market’s move put the Nasdaq back above 5,000 and the S&P above 2,100. The market is undergoing quadruple witching, which occurs 4 times per year and typically is accompanied by high volume and volatility. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. The Baker Hughes U.S. rig count, which has been closely watched in recent months amid the protracted slide in oil prices, is expected at 1:00 pm EDT. The count of U.S. rigs stood at 1125 at the end of last week. In Europe, reports indicate German Chancellor Angela Merkel said Greece has agreed to send a list of overhauled reforms to European officials within days. COMPANY NEWS: Shares of Nike (NKE) advanced 4% following its Q3 earnings beat. Credit Suisse raised Nike's price target to $106 following the report, saying Nike's underlying futures growth remains in double-digits and preliminary FY16 guidance suggests management has been effective in managing currency headwinds... The shares of Biogen (BIIB) rallied 8% after the company reported results for an early stage study of its Alzheimer's drug, BIIB-037. The company announced that the three milligram, six milligram, and ten milligram dose versions of its Alzheimer's treatment, aducanumab, had reduced the amount of amyloid plaque in the brains of Alzheimer's patients taking the drug by statistically significant amounts compared with those taking placebos. The cognitive decline of patients taking BIIB-037 was also significantly less than that of patients who were taking placebos, the company reported. MAJOR MOVERS: Among the notable gainers was Prothena (PRTA), which surged 30% after announcing results from a Phase 1 single ascending dose study of its potential treatment of Parkinson's disease. Also higher was Darden Restaurants (DRI), which gained 4% after the owner of the Olive Garden and Long Horn restaurant chains reported earnings that beat expectations. Among the noteworthy losers was China's Youku Tudou (YOKU), which dropped 9% and was downgraded to Sell at Deutsche Bank after the company reported mixed Q4 results. Also lower was Theravance (THRX), which fell 7% after the company and partner GlaxoSmithKline (GSK) announced that an FDA advisory committee voted that the efficacy data for their Breo Ellipta inhaler provides substantial evidence of a clinically meaningful benefit in adults, however it voted against approval for the proposed indication in 12-17 year olds. INDEXES: Near midday, the Dow was up 189.04, or 1.05%, to 18,148.07, the Nasdaq was up 40.24, or 0.81%, to 5,032.62, and the S&P 500 was up 19.54, or 0.94%, to 2,108.81.
11:33 EDTBIIBFly Review: Analysts correctly predict jump in Biogen shares
The shares of Biogen (BIIB) are rallying after the company reported results for a Phase 1b study of its Alzheimer's drug, BIIB-037. On March 18, as reported on that day by The Fly, RBC Capital predicted that the stock would rise after the results were published. A number of other firms were also upbeat on the stock ahead of the data release. WHAT'S NEW: Earlier this morning Biogen announced that the three milligram, six milligram, and ten milligram dose versions of its Alzheimer's treatment, aducanumab, had reduced the amount of amyloid plaque in the brains of Alzheimer's patients taking the drug by statistically significant amounts compared with those taking placebos. Beta amyloid is a protein that produces plaque in the brain. Scientists suspect that plaques in the brain are a cause of Alzheimer's. The cognitive decline of patients taking BIIB-037 was also significantly less than that of patients who were taking placebos, the company reported. PRE-EVENT CALLS: RBC Capital analyst Michael Yee predicted earlier this week in a note to investors that Biogen would report strong data for BIIB-037 and the stock should "work higher" after the data is unveiled. Alzheimer's patients taking the high dose of Biogen's BIIB-037 drug should exhibit a stabilization of cognition levels, Yee stated. Conversely, the cognition levels of patients taking the placebo should drop slightly, the analyst predicted. On March 13, in a note summarized by The Fly on that day, JPMorgan recommended buying Biogen shares ahead of the data release. Investors still incorporated a low probability of success for the drug, and the stock could rise further, the firm wrote. On March 19, in a note also published by The Fly, Credit Suisse wrote that Biogen's multiple could rise if the data on BIIB-037 was positive. It raised its price target on the name to $500 from $400. ANALYST REACTION: This morning, Barclays raised Biogen's price target to $500 from $435 following the company's report of "impressive" full results from the Alzheimer's study. Piper Jaffray analyst Joshua Schimmer also raised his price target for Biogen shares to $500 this morning, calling today’s BIIB-037 results "robust and impressive." Schimmer believes the trial showed a "consistent and dramatic" dose effect on both radiographic and clinical disease features and thinks the side effects "pale in comparison" to the drug’s efficacy. OTHERS TO WATCH: Eli Lilly (LLY) and Roche (RHHBY) are also currently developing similar Alzheimer's treatments. PRICE ACTION: In late morning trading, Biogen rose 7% to $464. The stock is up about 9% since Wednesday. Eli Lilly shares are up 1.6% to $75.40 this morning, while Roche rose 2.2% to $35. Reference Link
10:51 EDTBIIBBiogen hits fresh 52-week high, retraces, levels to watch
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09:24 EDTBIIBOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
09:01 EDTBIIBEli Lilly up 2% to $75.75 in pre-market trading
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08:42 EDTBIIBBiogen price target raised to $500 from $421 at Piper Jaffray
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07:45 EDTBIIBBiogen price target raised to $500 from $435 at Barclays
Barclays raised Biogen's price target to $500 following impressive full results from the Phase 1b study of BIIB037 in Alzheimer's disease. The data provided evidence of statistically significant benefits and justify the decision to advance into pivotal studies. Shares are Overweight rated.
06:06 EDTBIIBStocks with implied volatility above IV index mean; CTRP BIIB
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05:37 EDTBIIBBiogen presents positive interim results from study of aducanumab
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March 19, 2015
13:07 EDTBIIBBiogen volatility elevated into Alzheimer's data
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07:12 EDTBIIBBiogen price target raised to $500 from $400 at Credit Suisse
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March 18, 2015
12:48 EDTBIIBFly Watch: Biogen predicted to report strong Alzheimer's data this Friday
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07:34 EDTBIIBBiogen should report strong Alzheimer's data, says RBC Capital
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March 13, 2015
08:35 EDTBIIBBiogen shares have additional room to run, says JPMorgan
JPMorgan says it would remain a buyer of Biogen ahead of the interim Phase 1b BIIB037 Alzheimer's update on March 20. It believes investors still incorporate a low probability of success for the asset. JPMorgan believes shares have additional upside potential despite the 20% rally year-to-date and keeps an Overweight rating on Biogen with a $420 price target.
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