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January 29, 2014
07:14 EDTMNK, DEPOFDA PDUFA Date for Depomed/Mallinckrodt MNK-795 is January 29, 2014
News For DEPO;MNK From The Last 14 Days
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October 7, 2015
06:44 EDTMNKMallinckrodt price target lowered to $104 from $140 at Piper Jaffray
Piper Jaffray analyst David Amsellem lowered his price target for Mallinckrodt to $104 citing "recent market realities." The analyst says the company's FY16 guidance contained no surprises and he views the stock as attractively valued at current levels. Amsellem keeps an Overweight rating on the name.
October 6, 2015
09:22 EDTMNKOn The Fly: Pre-market Movers
UP AFTER EARNINGS: PepsiCo (PEP), up 2.6%. ALSO HIGHER: PMC-Sierra (PMCS), up 33.8% after being acquired by Skyworks (SWKS)... Skyworks is up 2.5%... MagneGas (MNGA), up 8.9% after receiving order from a U.S. Army contractor... Exelixis (EXEL), up 5.9% after the phase 3 pivotal trial of cobimetinib met its secondary endpoint... DuPont (DD), up 6.1% after CEO and chair Ellen Kullman retires... Mallinckrodt (MNK), up 3% after providing fiscal 2016 guidance and a business update in a conference call. LOWER: EXACT Sciences (EXAS), down 34.7% after Cologuard included as an alternative screen test under the U.S. Preventive Services Task Force draft guidelines... Illumina (ILMN), down 17.7% after providing third quarter, fourth quarter, and fiscal 2015 guidance... Tesla (TSLA), down 2.5% after Model X forecasts were lowered at Morgan Stanley and the firm cut its price target to $450.
07:43 EDTMNKMallinckrodt continues to expect to generate $1B in cash annually
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07:43 EDTMNKMallinckrodt wants no more than a third of operating income from single product
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07:42 EDTMNKMallinckrodt says specialty generics business will have difficult comparisons
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07:41 EDTMNKMallinckrodt says Acthar is 'complex product', expects long-term volume growth
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06:54 EDTMNKMallinckrodt to hold a conference call
Management holds a business update conference call on October 6 at 7:30 am. Webcast Link
06:10 EDTMNKMallinckrodt sees FY16 net sales from Specialty Brands up at least 30%
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06:06 EDTMNKMallinckrodt sees FY16 adjusted EPS $7.70-$8.20, consensus $8.00
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October 5, 2015
18:56 EDTMNKOn The Fly: After Hours Movers
HIGHER: Regulus Therapeutics (RGLS), up 8.7% after the company announced that it will present new preclinical data on RG-012 for kidney disease... Palatin Technologies (PTN), up 9.6% after director Robert deVeer Jr. buys 10,000 shares of common stock... Arena Pharmaceuticals (ARNA), up 4.7% after CEO Jack Lief announced his retirement and Harry Hixson was named interim CEO... DuPont (DD), up 5.9% after CEO and chair Ellen Kullman retires... Ruckus Wireless (RKUS), up 4.9% after joining the S&P 600... Starz (STRZA), up 10.1% after the LA Times reports that Lionsgate (LGF) is in advanced talks to merge with Starz. DOWN AFTER EARNINGS: Container Store (TCS), down 10.4%. ALSO LOWER: Sarepta Therapeutics (SRPT), down 3.8% after filing to sell $125M of common stock... Haemonetics (HAE), down 12.2% after lowering its fiscal 2016 outlook... Energy XXI (EXXI), down 8.3% after filing a $500M mixed securities shelf... Mallinckrodt (MNK), down 1.6% after announcing that it will provide a business update and financial guidance for the fiscal year ending September 30, 2016, on an investor call on October 6.
17:58 EDTMNKMallinckrodt down 1.9% after announcing business update conference call
Mallinckrodt announced that it will provide a business update and financial guidance for the fiscal year ending September 30, 2016, on an investor call on October 6, 2015. Mallinckrodt will also provide recast historical financial information reflecting the reclassification of its CMDS business to discontinued operations. The company announced plans to sell its CMDS business to Guerbet in late July 2015, with a closing expected in Q1 of FY16.
15:04 EDTMNKMallinckrodt management to meet with JPMorgan
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October 2, 2015
10:10 EDTDEPOOptions with increasing implied volatility
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September 30, 2015
10:36 EDTDEPOOptions with increasing implied volatility
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08:30 EDTDEPODepomed should be bought at current levels, says Roth Capital
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September 29, 2015
10:48 EDTDEPOOptions with increasing implied volatility
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10:00 EDTMNKOn The Fly: Analyst Initiation Summary
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08:18 EDTMNKMallinckrodt initiated with a Neutral at Nomura
Target $100.
September 28, 2015
16:19 EDTDEPOOn The Fly: Top stock stories for Monday
Stocks on Wall Street were sharply lower as investors continue to worry about the health of China's economy and continue to flee the biotech sector. The iShares NASDAQ Biotechnology Index (IBB) was down 6.33% today and is down about 18.5% since September 21, when Democratic presidential candidate Hillary Clinton pledged to take action against the high prices of specialty drugs. Adding to the tentative mood among investors was noted investor Carl Icahn's preview for a presentation that will be made available on his site tomorrow, entitled "Danger Ahead." The preview includes several cautious comments that the billionaire has publicly made recently regarding his concerns about the high-yield bond market and the stock market. ECONOMIC EVENTS: In the U.S., personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. The pending home sales index fell 1.4% in August, missing expectations for it to have risen 0.4%. The Dallas Fed manufacturing outlook survey for September had a reading of -9.5, versus expectations for a reading of -10.0. In China, industrial profits plunged 8.8% in August, adding to the recent string of weak data from the Asian giant. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid about 2% to $112.44 following the announcement... Alcoa (AA) shares advanced 52c, or 5.73%, to $9.59 after the company announced that its board has approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new "Value-Add company" that will provide high-performance, multi-material products whose name will be announced at a later date... Biotech stocks continued recent declines, with Valeant (VRX) dropping 16.6% after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model, while Epizyme (EPZM) and NewLink (NLNK) fell a respective 27% and 21% after presenting data at the 2015 European Cancer Congress... Shares of both Energy Transfer Equity (ETE) and Williams (WMB) fell after they announced a combination deal valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the terms of their deal, an affiliate of ETE will acquire Williams at an implied current price of $43.50 per Williams share, the companies said. In late June, Energy Transfer Equity made a proposal to merge with Williams in an all-equity transaction valued at that time at $53.1B, including the assumption of debt and other liabilities. Under that prior merger proposal, ETE would have acquired all of the outstanding common stock of Williams at an implied price of $64 per Williams share, which represented a 32.4% premium to Williams' common share closing price as of June 19. Energy Transfer Equity shares closed down $2.95, or 12.69%, to $20.29 after announcing today's revised deal, while Williams dropped $5.03, or 12.09%, to close at $36.57. MAJOR MOVERS: Among the notable gainers was Republic Airways (RJET), which surged $2.38, or 81.8%, to $5.29 after announcing that the company and Teamsters Local 357 have reached a consensual tentative agreement on the terms of a new three-year contract for the 2,100 Republic pilots represented by the International Brotherhood of Teamsters. Also higher was Media General (MEG), which gained $2.49, or 22.3%, to $13.64 after Nexstar (NXST) proposed a cash-and-stock deal to acquire the company for $14.50 per share, which Media General said it would "carefully review." Additionally, Sanchez Energy (SN) rose 4.5% to $5.57 after agreeing to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. Among the noteworthy losers was Huntsman (HUN), which plunged $3.99, or 28.7%, to $9.92 after warning that headwinds would impact its third quarter earnings. Also lower were shares of Depomed (DEPO) and Horizon Pharma (HZNP), falling a respective 22% and 21%, after Depomed continued its criticism of Horizon's hostile takeover bid for the company. INDEXES: The Dow fell 312.78, or 1.92%, to 16,001.89, the Nasdaq lost 142.53, or 3.04%, to 4,543.97, and the S&P 500 dropped 49.57, or 2.57%, to 1,881.77.
06:44 EDTDEPODepomed issues statement on ISS report
Depomed (DEPO) issued the following statement regarding a report by Institutional Shareholder Services' on Horizon Pharma's (HZNP) solicitation to call two special meetings of Depomed's shareholders. Depomed commented, "The ISS recommendation does not change the fact that we believe Horizon's offer does not reflect the value inherent in Depomed's business nor Depomed's compelling prospects for long-term growth and value creation, and therefore is not in the best interests of shareholders... We strongly believe Depomed shareholders are being misled by Horizon and are entitled to know the facts. First, based on Friday's closing price of Horizon stock, Horizon's all-stock exchange offer has a current value of only $21.64 per Depomed share, nowhere near the $33.00 a share that Horizon continues to disingenuously tout in its communications to Depomed shareholders. Second, Horizon has misleadingly announced false deadlines to submit proxies. To be clear, Depomed's Board of Directors has set record dates for October 29 and November 13, 2015 and there is no deadline approaching for Depomed shareholders to submit proxy cards to call a special meeting. Moreover, there is absolutely no requirement for Depomed shareholders to take any action until after the October 29 and November 13, 2015 record dates."
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