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March 10, 2014
10:01 EDTLH, HSNI, EGRX, FLXN, DGX, IBP, CNCE, HAR, LINTA, TLMROn The Fly: Analyst Initiation Summary
Concert Pharmaceuticals (CNCE) initiated with a Buy at UBS and an Outperform at JMP Securities... Eagle Pharmaceuticals (EGRX) initiated with a Buy at Cantor and an Overweight at Piper Jaffray... Talmer Bancorp (TLMR) initiated with an Outperform at Keefe Bruyette, an Overweight at JPMorgan, a Strong Buy at Raymond James and an Outperform at RBC Capital... HSN, Inc. (HSNI) initiated with a Buy at UBS... Installed Building Products (IBP) initiated with a Buy at Deutsche Bank and a Neutral at SunTrust... Liberty Interactive (LINTA) initiated with a Buy at UBS and Craig-Hallum... Flexion (FLXN) initiated with a Buy at Needham... LabCorp (LH) assumed with a Neutral at Piper Jaffray... Quest Diagnostics (DGX) assumed with a Neutral at Piper Jaffray... Harman (HAR) initiated with an Outperform at Raymond James.
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October 12, 2015
08:06 EDTLHLabCorp to offer new PD-L1 test for Bristol-Myers' Opdivo
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October 9, 2015
18:31 EDTDGXQuest Diagnostics introduces Dako's PD-L1 companion diagnostic for OPDIVO
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18:21 EDTCNCEConcert Pharmaceuticals management to meet with JMP Securities
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09:19 EDTCNCEConcert Pharmaceuticals price target raised to $28 from $18 at JMP Securities
JMP Securities hiked its price target on Concert after it achieved an $8M milestone from Celgene (CELG) based on Phase I data from CTP-730 for psoriatic arthritis and plaque psoriasis and presented positive Phase I single ascending dose data for CTP-656 at the North American Cystic Fibrosis Conference. JMP reiterates an Outperform rating on the shares.
09:00 EDTHARBarclays says sell Tesla ahead of 'significant' production miss
The outlook for the U.S. Autos sector has improved recently, but the risks for one high-profile name in the space are rising, according to a Barclays analyst, who upgraded his industry view this morning but cut his rating on Tesla (TSLA). SELL TESLA: Barclays analyst Brian Johnson downgraded Tesla Motors to Underweight, his firm's equivalent of a sell rating, as he believes the stock may be "challenged in the months ahead" with negative data points emerging. The Model X rollout did not bring a rise in shares while "several factors" could push margins below current consensus estimates, Johnson told investors in a research note. The analyst believes the "slow" Model X ramp supports his view that Tesla will "significantly miss" its 2015 delivery guidance. While bulls on the stock view Tesla as the next Ford (F), "crossing the chasm" into mainstream car production is "harder than it looks," argues Johnson, who cut his price target on shares of the electric car maker to $180 from $190. BETTER OUTLOOK FOR U.S. AUTOS: In a separate note this morning, Johnson upgraded the U.S. Autos & Auto Parts industry to Neutral from Negative, saying the China car market is likely to have a "softer landing" than he previously expected. Further, the Volkswagen (VLKAY) diesel scandal is unlikely to negatively impact European production trends or drive a major overhang on most U.S. autos names, Johnson told investors. Noting that his colleagues in the broader industrials space are turning more negative, Johnson said the autos sector is looking more attractive in comparison, pointing specifically to strong sales trends in the U.S. and Western Europe along with stabilizing sales in China. The analyst recommends owning Mobileye (MBLY), Harman (HAR) and Visteon (VC), which he believes should all benefit from their exposure to the trend toward connected cars. Johnson also suggests owning auto components maker Johnson Controls (JCI), which he thinks will benefit from an acceleration away from diesel cars in Europe. CAUTION ON JAPANESE AUTOS: Meanwhile this morning, Jefferies analyst Takaki Nakanishi downgraded Honda Motor (HMC) and Toyota (TM) to Hold after cutting his view on the Japan Autos & Auto Parts sector to Bearish. The Volkswagen diesel scandal will trigger a stronger regulatory environment and an industry-wide worsening of the long-term earnings environment, according to Nakanishi, who cut his price target for Honda shares to $34.24 from $37.92 and lowered his price target for Toyota shares to $133.54 from $151.63. PRICE ACTION: In pre-market trading, Tesla slid 3.4% to $219 per share. The stock has dropped about 8.6% over the last month prior to today's open.
05:46 EDTHARU.S. Autos & Auto Parts sector upgraded to Neutral at Barclays
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October 8, 2015
14:52 EDTCNCEConcert Pharmaceuticals highlights CTP-656 Phase 1 results
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08:28 EDTHARAuto supplier stocks likely to get bid, says Wells Fargo
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07:02 EDTCNCEConcert Pharmaceuticals achieves $8M milestone from Celgene
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October 7, 2015
10:01 EDTHAROn The Fly: Analyst Initiation Summary
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06:24 EDTHARHarman started with Underperform, $90 price target at Jefferies
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06:02 EDTHARHarman initiated with an Underperform at Jefferies
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October 6, 2015
12:49 EDTDGXIllumina plummets after 2H15 revenue forecast trails estimates
Shares of Illumina (ILMN), which produces tools for genetic analysis, are sinking after the company forecast lower than expected revenue for the third and fourth quarters. Illumina also lowered its fiscal 2015 revenue growth forecast to 18% from 20%. WHAT'S NEW: Illumina yesterday announced preliminary Q3 revenue of approximately $550M, below analysts' consensus estimates of $568.6M. Additionally, the company forecast Q4 revenue of approximately $570M, well below analysts' estimates of $602.83M. Illumina also lowered its forecast for 2015 revenue growth to approximately 18% from its prior view of approximately 20%, including a 3% negative impact from foreign exchange, against analysts' consensus estimates of $2.25B. WHAT'S NOTABLE: Jay Flatley, Illumina's chief executive officer, noted that although the company saw strong demand for sequencing consumables and the HiSeq family of instruments in Q3, instrument sales in the desktop family underperformed company expectations. He said management was "disappointed with instrument sales in Europe and continued weakness in the Asia-Pacific region." Flatley said that the new markets the company is targeting are "enormous," and will support revenue growth for Illumina in 2016 and beyond. The company is expected to provide updated earnings per share guidance on October 20, when the company reports Q3 results. ANALYST REACTION: Sentiment on the Street was mixed at midday. Research firms Mizuho and BTIG downgraded Illumina to Neutral from Buy. In addition, UBS, Stifel, and Cowen all lowered their respective price targets on Illumina shares. Conversely, Piper and Wells Fargo said they would be buyers of Illumina on today's weakness. Another firm, Canaccord, said the Illumina news not all bad and maintained its Buy rating and $250 price target on Illumina shares. PRICE ACTION: In midday trading, Illumina fell $23.17, or about 14.2%, to $140.01 on more than six times its average daily trading volume. Including today's pull back, the shares have lost approximately 14% over the past 12 months. OTHERS TO WATCH: Other companies in the diagnostic business include Affymetrix (AFFX), down 4.1%, HTG Molecular Diagnostics (HTGM), down 4.2%, Quest Diagnostics (DGX), down 3.5%, Pacific Biosciences (PACB), down 2.4%, and Thermo Fisher Scientific (TMO), down 2.7%.
12:29 EDTDGXFDA clears Focus Diagnostics' Simplexa flu test to include new strains
Focus Diagnostics, the products business of Quest Diagnostics, announced that its Simplexa Flu A/B & RSV Direct Kit has received 510k clearance from the U.S. Food and Drug Administration for 46 additional influenza A and influenza B virus strains and 7 additional respiratory syncytial virus strains. The FDA granted 510k initial clearance to the Simplexa test kit for select virus strains in July 2012 and clearance of some additional strains in 2014. With the recent clearance, the Simplexa test can detect a total of 92 influenza and RSV virus strains, more than any other FDA-cleared molecular test kit. These include all four influenza strains the World Health Organization recommends be included in vaccines during the northern hemisphere's 2015-2016 influenza season: A/Switzerland/9715293/2013 H3N2-like virus; A/California/7/2009 H1N1-like virus, B/Phuket/3073/2013-like virus and B/Brisbane/60/2008-like virus. In addition, the 46 new influenza strains include 20 avian influenza A and two swine influenza virus strains. These may be increasingly important to detect, as avian and swine influenza viruses can carry over into human populations.
07:02 EDTEGRXEagle Pharmaceuticals completes clinical treatment portion of Ryanodex study
Eagle Pharmaceuticals announced that the company has successfully completed the clinical treatment portion of its safety and efficacy study to evaluate RYANODEX for Exertional Heat Stroke. The first of its kind study was conducted from September 22-27, 2015 at the Hajj pilgrimage in Saudi Arabia. Due to the unpredictable and sudden nature of EHS, the study was conducted in an emergency and acute-care medical setting. In this study, 34 EHS patients were randomized to receive current standard of care treatment or SOC plus RYANODEX. Based on preliminary study results, participants who received RYANODEX in combination with the SOC showed no significant drug-related adverse events. The company believes this patient cohort is a sufficient number of subjects to enable assessment of a clinically meaningful treatment effect of RYANODEX in EHS. Eagle expects to complete the clinical data analysis during the fourth quarter of 2015.
October 2, 2015
15:57 EDTLHLabCorp to offer PD-L1 companion diagnostic
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15:43 EDTDGXQuest Diagnostics introduces Dako's PD-L1 companion diagnostic for KEYTRUDA
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September 30, 2015
12:20 EDTFLXNNovo A/S lowers stake in Flexion to 4.8% from 10.6%
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08:46 EDTLHLabCorp's Bode Cellmark enters service pact with DANY
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September 29, 2015
08:02 EDTEGRXEagle Pharma receives new patent for bendamustine rapid infusion product
Eagle Pharmaceuticals (EGRX) announced that the United States Patent and Trademark Office has granted U.S. Patent No. 9,144,568, which pertains to the use of the bendamustine hydrochloride formulation administered in a 50mL bag within ten minutes. The patent issued today expires on March 15, 2033. This new patent, along with three previously issued Patents, further expands and protects Eagle's bendamustine HCI intellectual property estate. The Prescription Drug User Fee Act goal date for a decision on the NDA by the FDA is December 2015. The NDA requests FDA approval of the rapid infusion bendamustine HCl product for the treatment of patients with chronic lymphocytic leukemia and patients with indolent B-cell non-Hodgkin lymphoma that has progressed during or within six months of treatment with rituximab or a rituximab-containing regimen. The NDA for Eagle's rapid infusion bendamustine product is supported by data from a clinical trial completed in November 2014, which demonstrated that the rapid infusion bendamustine HCl product can be administered in ten minutes in a low- volume, 50 mL admixture. The rapid infusion product candidate has received Orphan Drug Designations for both CLL and indolent B-cell NHL, and therefore may be eligible for seven years of exclusivity upon approval. In February 2015, Eagle and Teva Pharmaceutical Industries Ltd. (TEVA) entered into an exclusive license agreement for the rapid infusion bendamustine product. Teva will be responsible for all U.S. commercial activities for the product including promotion and distribution. Eagle has responsibility for obtaining all regulatory approvals, conducting post-approval clinical studies, if required, and initially supplying drug product to Teva.

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