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December 13, 2012
16:25 EDTSAM, S, AZN, ZAGG, CLWR, RIGL, BBYOn The Fly: Closing Wrap
Stocks on Wall Street finished lower but off their worst levels amid more political gamesmanship over the fiscal cliff. Both House Speaker John Boehner and Senate Majority Leader Harry Reid made comments regarding the increasing gridlock in negotiations, sending the averages lower just before midday. The averages touched their lows around 2:00 pm, but rallied in the last half hour of trading after reports that the President would meet with Speaker Boehner this evening for further cliff talks... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 29,000 to 343,000, versus expectations for a drop to 369,000. Producer prices in the month of November fell 0.8%, versus an expected decline of 0.5%. "Core" prices, excluding food and energy, rose 0.1%, which matched expectations. Retail sales rose 0.3% in November, which missed expectations for an increase of 0.5%. In Europe, the region's finance ministers approved the release of more financial aid to Greece and came to terms on a foundation for ECB oversight of a true banking union... COMPANY NEWS: Shares of Clearwire (CLWR) rose 41c, or 14.91%, to $3.16 after Sprint (S) disclosed an offer to buy the remaining stake in the company it does not already own for $2.90 per share. Clearwire said that its talks with Sprint are ongoing. Meanwhile, Sprint shares slipped fractionally, down 2c, or 0.35%, to $5.64... MAJOR MOVERS: Among the notable gainers was Best Buy (BBY), up $1.94, or 15.93%, to $14.12 after the Star Tribune said the company's founder Richard Schulz will soon make an offer for the company. Also higher were ZAGG (ZAGG), up 73c, or 10.27%, to $7.84 after the company announced a $10M share repurchase program, and Boston Beer (SAM), up $17.71, or 15.50%, to $131.94 after raising its FY12 EPS guidance. Among the noteworthy losers was Rigel Pharmaceuticals (RIGL), which fell $2.94, or 34.88%, to $5.49 after an RA drug it is developing in partnership with AstraZeneca (AZN) failed to meet one of its endpoints in a trial. Shares of AstraZeneca also traded down $1.44, or 2.94%, to $47.46... INDICES: The Dow was down 74.73, or 0.56%, to 13,170.72; the Nasdaq was down 21.65, or 0.72%, to 2,992.16; and the S&P 500 was 9.03, or 0.63%, to 1,419.45.
News For CLWR;S;BBY;ZAGG;SAM;RIGL;AZN From The Last 14 Days
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November 18, 2015
05:37 EDTBBYStocks with implied volatility above IV index mean; CRM BBY
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November 17, 2015
16:21 EDTSSprint to hold a press conference with a conference call hookup
Sprint CEO Claure makes a major announcement and will answer questions from participating journalists at a Press Conference to be held on November 18 at 12:15 pm.
07:03 EDTAZNCerulean, AstraZeneca partner to evaluate LYNPARZA, CRLX101 combo
Cerulean (CERU) announced that it has entered into a collaboration with AstraZeneca (AZN) and the National Cancer Institute, part of the National Institutes of Health, to study LYNPARZA and CRLX101. The collaboration will explore the synergistic effects of AstraZeneca's LYNPARZA, a poly ADP ribose polymerase inhibitor, and CRLX101, Cerulean's inhibitor of topoisomerase 1. The NCI will conduct a combination Phase I/IIa trial in the Branch led by Yves Pommier, M.D., Ph.D., Chief of the Developmental Therapeutics Branch.
06:02 EDTAZNAstraZeneca drug to cost over $12K for a month's supply, Reuters reports
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05:37 EDTAZNClovis downgraded to Neutral from Conviction Buy at Goldman
Goldman Sachs analyst Terence Flynn downgraded Clovis Oncology (CLVS) to Neutral from Conviction Buy citing limited visibility on the path to FDA approval following yesterday's update on the company's lung cancer drug Roci. The drug now has a less compelling profile relative to AstraZeneca's (AZN) Tagrisso, Flynn tells investors in a research note. He cut his price target for shares to $23 from $123. Clovis closed yesterday down $66.19, or 70%, to $30.24.
November 16, 2015
16:53 EDTSPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
16:00 EDTAZNDiplomat Pharmacy to dispense TAGRISSO
Diplomat Pharmacy (DPLO) announced that it will offer TAGRISSO (osimertinib), recently approved by the U.S. Food and Drug Administration as an oral therapy for a specific type of metastatic non-small cell lung cancer. TAGRISSO is distributed by AstraZeneca (AZN).
14:07 EDTAZNClovis plunges after lung cancer drug response rate misses expectations
Shares of Clovis Oncology (CLVS) plunged more than 70% after the drugmaker reported new details regarding its cancer drug candidate rociletinib, with new, confirmed data showing an unexpected drop in effectiveness. SURPRISING DRUG RESULTS: Clovis announced this morning new details regarding its rociletinib drug, which is being studied for the treatment of non-small cell lung cancer. According to the company, the Food and Drug Administration is now requesting additional clinical data on the drug, with a renewed focus on so-called confirmed treatment responses. Clovis explained that previous applications submitted to the FDA -- as well as early data on the drug publicized at medical conferences and elsewhere -- contained some immature and unconfirmed results. Perhaps most notably, the company disclosed that "as the efficacy data have matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected," with the current confirmed response rate for rociletinib now standing at 28% for the 500mg dose and 34% for the 625mg group. The primary driver of the low conversion to confirmed responses was due to ineffective tumor shrinkage as well as general disease progression, including brain metastasis, said the company. APPROVAL DELAY: In the wake of this morning's update, Piper Jaffray's Charles Duncan cut his price target on Clovis shares to $28 from $92 while reiterating a Neutral rating. Duncan explained that Clovis had previously reported a 54%-60% unconfirmed response rate for rociletinib, a significant change from today's confirmed numbers. The analyst had previously speculated that rociletinib might further differentiate itself in the market by demonstrating a meaningful impact on brain metastasis, but Monday's commentary from Clovis seems to specifically downplay that possibility. Though the new data "may still ultimately be approvable," Duncan envisions an approval delay of three to six months given what was revealed, and he pushed anticipated first U.S. sales of the drug to the fourth quarter of 2016 while cutting his expected second-line market penetration to just 25% from 45%. RETHINKING CLOVIS: Goldman Sachs analyst Terence Flynn said he views the news as a "significant setback" for rociletinib, especially given that the updated responses rates come in below that of Tagrisso, AstraZeneca's (AZN) recently-approved rival treatment option. As a result, Flynn put his Conviction Buy rating and $123 price target on Clovis "under review." IMMUNOGEN PRESSURED: Weighing in on the news, RBC's Simos Simeonidis speculated that Monday's selloff in ImmunoGen (IMGN) shares could be related to the Clovis update, as investors may be drawing a parallel between the company's IMGN853 and rociletinib. IMGN853 saw a similar drop in efficacy when adjusting data for confirmed responses, but the drug looks outright potent when limiting results to just key patient groups, the analyst contended. Though IMGN853 will still have to prove itself in larger trials, Simeonidis nevertheless sees the current weakness in ImmunoGen as a buying opportunity. PRICE ACTION: Shares of Clovis have dived more than $71, or 71.5%, to $28.35 in afternoon trading, while ImmunoGen has fallen 7% to $11.62. AstraZeneca, meanwhile, is up better than 4%.
10:27 EDTAZNGoldman puts Conviction Buy-rated Clovis under review
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10:23 EDTAZNClovis price target cut to $28 from $92 at Piper Jaffray
Piper Jaffray analyst Charles Duncan cut his price target for shares of Clovis Oncology (CLVS) to $28 from $92 after the company announced that rociletinib efficacy data matured and the number of patients with a confirmed response is lower than expected. The updated response rate may still ultimately be approvable, but it further hinders rociletinib's competitive positioning compared to AstraZeneca's (AZN) Targrisso, Duncan tells investors in a research note. The analyst pushed back his first rociletinib sales estimate to Q4 of 2016 and lowered the drug's peak penetration of the second line market from 25% to 45%. He reiterates a Neutral rating on Clovis. The stock is down 67%, or $66.93, to $32.50 in morning trading.
10:00 EDTBBYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abengoa (ABGB) downgraded to Hold from Buy at Canaccord... Best Buy (BBY) downgraded to Sector Perform from Outperform at RBC Capital... CDTi (CDTI) downgraded to Neutral from Buy at Roth Capital... CNH Industrial (CNHI) downgraded to Underweight from Neutral at JPMorgan... Clayton Williams (CWEI) downgraded to Sell from Neutral at Roth Capital... Disney (DIS) downgraded to Neutral from Buy at Guggenheim... Endo (ENDP) downgraded to Neutral from Buy at Mizuho... Five Below (FIVE) downgraded to Hold from Buy at Deutsche Bank... Garrison Capital (GARS) downgraded to Market Perform from Outperform at William Blair... General Growth (GGP) downgraded to Hold from Buy at Evercore ISI... Helmerich & Payne (HP) downgraded to Hold from Buy at Evercore ISI... Kosmos (KOS) downgraded on investor sentiment, costs at RBC Capital... MannKind (MNKD) downgraded to Neutral from Buy at Griffen Securities... Media General (MEG) downgraded to Hold from Buy at Evercore ISI... Progressive (PGR) downgraded to Sell from Neutral at Goldman... Sabra Health Care (SBRA) downgraded on challenges, investor sentiment at Stifel... Simon Property (SPG) downgraded to Hold from Buy at Evercore ISI... Springleaf (LEAF) downgraded after settlement on acquisition reached at BMO Capital... Steiner Leisure (STNR) downgraded to Market Perform from Outperform at William Blair... Taubman Centers (TCO) downgraded to Hold from Buy at Evercore ISI... TerraForm Power (TERP) downgraded to Neutral from Buy at UBS... UniCredit (UNCFF) downgraded to Neutral from Buy at Citi... Violin Memory (VMEM) downgraded to Hold from Buy at Maxim... Vipshop (VIPS) downgraded to Equal Weight from Overweight at Morgan Stanley... Wolseley (WOSYY) downgraded to Hold from Buy at Deutsche Bank.
08:32 EDTAZNClovis reopens, down 64% after FDA requests added data for rociletinib
AstraZeneca (AZN), which is at work on a drug similar to rociletinib, is up 2.5% in pre-market trading.
06:32 EDTBBYBest Buy downgraded to Sector Perform from Outperform at RBC Capital
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05:57 EDTAZNAstraZeneca urges UK for antibiotics investment shake-up, Financial Time says
AstraZeneca has urged the U.K. government to develop a new model for incentivizing investment in antibiotics, reports the Financial Times. In a letter to the Financial Times, the company said it has joined other "leading voices" in the life sciences sectory to implore Britain to go ahead with a new system rather than waiting for an international agreement. The company said a new payment model was needed that would reward companies' investments but without encouraging the over-use of antibiotics. Reference Link
November 13, 2015
18:09 EDTSSprint to restructure into four regional hubs, slash jobs, Bloomberg says
Sprint is creating four regional hubs and cutting some jobs to focus on service quality and customer retention in 19 major U.S. markets, part of CEO Marcelo Claure's restructuring efforts, Bloomberg reports. Reference Link
12:36 EDTBBYBest Buy volatility elevated into Q3 and outlook
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09:37 EDTAZNClovis down 3% after FDA approves AstraZeneca lung cancer drug
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09:34 EDTAZNFDA approves Roche's cobas EGFR Mutation Test
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09:31 EDTAZNFDA approves AstraZeneca non-small cell lung cancer treatment
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November 11, 2015
07:40 EDTSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
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