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February 27, 2014
07:40 EDTCBSTCubist announces EMA acceptance of Tedizolid MAA for review
Cubist Pharmaceuticals announced that the European Medicines Agency has accepted for review the company’s Marketing Authorization Application, or MAA, for its investigational antibiotic tedizolid phosphate. Cubist is seeking approval of tedizolid for the treatment of complicated skin and soft tissue infections, with a decision from the European Commission expected during the first half of 2015. Tedizolid is a once daily oxazolidinone being developed for both intravenous and oral administration for the treatment of serious infections caused by certain Gram-positive bacteria, including those caused by methicillin-resistant Staphylococcus aureus. The MAA submission is based on positive data from two global Phase 3 clinical studies of tedizolid, which met the primary and secondary endpoints defined by the EMA and U.S. Food and Drug Administration.
News For CBST From The Last 14 Days
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December 17, 2014
06:08 EDTCBSTStocks with implied volatility below IV index mean; NUGT CBST
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December 16, 2014
06:02 EDTCBSTStocks with implied volatility below IV index mean; QCOM CBST
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December 15, 2014
10:36 EDTCBSTOptions with increasing implied volatility
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December 12, 2014
16:33 EDTCBSTStocks finish week lower amid steep decline in oil prices
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06:12 EDTCBSTStocks with implied volatility below IV index mean; AEO CBST
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December 11, 2014
05:53 EDTCBSTStocks with implied volatility below IV index mean; PCLN CBST
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December 10, 2014
06:01 EDTCBSTStocks with implied volatility below IV index mean; PCLN CBST
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05:51 EDTCBSTStocks with implied volatility movement; CBST T
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December 9, 2014
16:28 EDTCBSTOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red on the heels of a sharp sell-off in China and amid continued concern over tumbling oil prices. The domestic economic calendar offered little in the way of a catalyst and the market moved in a narrow range throughout the morning. However, the averages began to pare their losses once the European markets closed. By mid-afternoon the averages had turned mixed with the Nasdaq higher, the S&P flat, and the Dow the laggard, which is the way the trading day closed. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' optimism index rose to 98.1 from a prior reading of 96.1. The JOLTS report showed job openings increased 149K to 4.83M in October, which was above the expectation for 4.795M openings. Wholesale sales increased 0.2% in October and inventories grew 0.4%, both of which were better than expected. In Asia, China's Shanghai composite index plunged 5.4%, making for the stock market's sharpest selloff in years, after the country’s securities clearing house raised the threshold for the type of collateral used for short-term loans and policymakers warned about potentially slower economic growth. In Europe, Greek stocks and bonds also tumbled after a move to bring forward presidential elections, which could potentially derail Greece’s bailout and austerity efforts. COMPANY NEWS: Verizon (VZ) was among the Dow's worst performers, sinking $1.98, or 4.05%, to $46.92 after the company warned that Q4 impacts of its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure on its earnings per share. After last night's commentary from the company, Robert W. Baird downgraded Verizon shares to Neutral from Outperform and lowered its price target on the stock to $50 from $54... Merck (MRK) also weighed on the Dow, as the drugmaker fell $1.87, or 3.02%, to $60.01 after a Delaware court denied Cubist's (CBST) bid to stop Hospira (HSP) from selling a generic version of Cubicin in 2016. Merck announced just yesterday morning that it had agreed to buy Cubist in a transaction with a total value of approximately $9.5B. The news is a "tough start" to Merck's takeover and makes the $9.5B buyout price look $2B to $3B too high, according to analysts at Leerink. Shares of Cubist also fell $xxx, or xxx%, to $xxx following the court ruling. MAJOR MOVERS: Among the notable gainers was bluebird bio (BLUE), which surged $35.39, or 72.39%, to $84.28 after the company announced data from eight subjects treated with its LentiGlobin drug product and Piper Jaffray more than doubled its price target for the shares to $112 from $52. Among the noteworthy losers was Conn's (CONN), which plunged $14.26, or 40.64%, to $20.83 after unexpectedly reporting losses for its third fiscal quarter, withdrawing its FY15 guidance and announcing the departure of its CFO. Also lower was Spirit Airlines (SAVE), which slid $10.70, or 12.67%, to $73.77 after the company said last night that since late October there has been compression in the fare structure for close-in bookings, believed to be driven by the industry’s willingness to trade lower fuel prices for lower fares. Also, this morning, Raymond James downgraded Spirit Airlines to Market Perform from Outperform, citing valuation, European deflation headwinds, and earnings that are still being revised down. INDEXES: The Dow fell 51.28, or 0.29%, to 17,801.20, the Nasdaq rose 25.77, or 0.54%, to 4,766.46, and the S&P 500 slipped 0.49, or 0.02%, to 2,059.82.
13:49 EDTCBSTCubist downgraded to Perform from Outperform at Oppenheimer
Oppenheimer downgraded Cubist (CBST) after the company agreed to be acquired by Merck (MRK).
13:08 EDTCBSTMerck may have paid $2B-$3B too much for Cubist, analyst says
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12:25 EDTCBSTOn The Fly: Midday Wrap
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10:23 EDTCBSTOn The Fly: Analyst Downgrade Summary
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10:19 EDTCBSTHigh option volume stocks
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10:08 EDTCBSTHigh option volume stocks
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08:23 EDTCBSTMerck has 'no way out' of Cubist deal after court decision, says Leerink
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08:12 EDTCBSTMerck still sees Cubist acquisition neutral to modestly accretive to 2015 EPS
Merck (MRK) issued the following statement regarding the decision of the U.S. District Court for the District of Delaware. The decision, which upheld the patent for CUBICIN that expires on June 15, 2016 and invalidated four others, is subject to appeal. The company continues to believe the acquisition of Cubist (CBST) will create strong fundamental value for Merck’s shareholders. The combined strength of both companies will provide both incremental and long-term value, and Merck expects the transaction to add more than $1B of revenue to its 2015 base, with strong growth potential thereafter. The court’s decision does not change Merck’s expectation that the transaction will be neutral to modestly accretive to 2015 non-GAAP EPS. The company also continues to expect that the transaction will contribute mid-single digit accretion on a percentage basis to non-GAAP EPS in 2016, and will continue to be accretive thereafter.
08:11 EDTCBSTCubist downgraded to Sector Perform from Outperform at RBC Capital
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06:20 EDTCBSTCubist downgraded to Neutral from Buy at Mizuho
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05:48 EDTCBSTCubist downgraded to Hold from Buy at Jefferies
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