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March 25, 2014
07:53 EDTPRGO, MYL, VRX, ENDPPullback has created attractive pharma opportunities, says JPMorgan
JPMorgan believes nothing has fundamentally changed to warrant the recent pullback in the specialty pharmaceutical space and views the pullback as an attractive buying opportunity. JPMorgan named Endo Health (ENDP), Mylan (MYL), Perrigo (PRGO), and Valeant (VRX) as stocks on which it maintains Overweight ratings, citing their favorable positions given the wave of consolidation ongoing in the industry.
News For ENDP;MYL;PRGO;VRX From The Last 14 Days
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November 17, 2015
16:01 EDTVRXOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
10:11 EDTMYL, PRGOOptions with decreasing implied volatility
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08:04 EDTENDPStifel to hold a conference
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07:40 EDTVRXValeant price target cut to $98 from $200 at Morgan Stanley
Morgan Stanley analyst David Risinger cut Valeant estimates and lowered his price target to $98 from $200 to account for the negative impact of Philidor and uncertainty in U.S. growth. Risinger believes Valeant is a "real" company selling "real" drugs despite Philidor and other controversies, but cannot ignore the investigation risks or quantify the costs at this time. The analyst continues to rate shares Equal Weight, despite low valuation, until visibility increases.
07:34 EDTMYLMylan launches Almotriptan Tablets USP in the U.S.
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06:43 EDTVRXPhilidor effects may be longer-lasting for Valeant, says Deutsche Bank
After surveying 25 dermatologists that prescribe Valeant's products and are familiar with the specialty pharmacy Philidor, Deutsche Bank analyst Gregg Gilbert believes the Philidor controversy could have longer-lasting effects relative to the short-term disruption that Valeant management has suggested. The analyst awaits Valeant's guidance changes for Q4 and 2016 that are coming in December. The stock could have "significant upside" over the next year if Valeant delivers on its targets, Gilbert tells investors in a research note. Nonetheless, he keeps a Hold rating on the stock with a $136 price target. Shares of Valeant closed yesterday down $2.12 to $73.29.
November 16, 2015
19:12 EDTVRXCongressman seeks interview with Valeant execs linked to Philidor, Reuters says
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16:53 EDTVRX, PRGOPaulson 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).
13:24 EDTVRXCooperman's Omega no longer owns Valeant, CNBC reports
Leon Cooperman's Omega Advisors no longer owns Valeant and hasn't for some time, CNBC's Scott Wapner reports, citing a source. Omega earlier today disclosed that it owned over 484,000 shares of Valeant as of September 30.
11:42 EDTMYLMylan announces $1B share repurchase plan
Mylan announced that the Board of Directors of Mylan has authorized share repurchases by the company of its ordinary shares in an amount up to $1B, either in the open market through privately-negotiated transactions or in one or more self tender offers. The repurchase program does not obligate the company to acquire any particular amount of ordinary shares. The authorization expires on August 27, 2016.
10:25 EDTPRGOOptions with decreasing implied volatility
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10:00 EDTPRGOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
09:59 EDTVRXOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:19 EDTPRGOOn The Fly: Pre-market Movers
HIGHER: Nexvet Biopharma (NVET), up 16.8% after NV-01 study meets primary endpoint... Protalix BioTherapeutics (PLX), up 4.8% after announcing that it will conduct a Phase III clinical trial for PRX-102... Array Biopharma (ARRY), up 4.3% after announcing a commercialization collaboration with Pierre Fabre... Perrigo (PRGO), up 2.1% after being upgraded to Buy from Neutral at UBS. DOWN AFTER EARNINGS: Dillard's (DDS), down 11.7% after reporting quarterly results. ALSO LOWER: Clovis Oncology (CLVS), down 71.3% after the FDA requested additional clinical data for rociletinib... KaloBios Pharmaceuticals (KBIO), down 48.9% after announcing that it will wind down its operations... Starwood Hotels (HOT), down 6.3% after announcing that Marriott (MAR) will acquire the company... Marriott is down 2.4%... Five Below (FIVE), down 3.1% after being downgraded to Hold from Buy at Deutsche Bank.
09:06 EDTENDP, VRXDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
07:40 EDTMYLMylan launches generic Viramune XR ER tablets, 100mg
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07:32 EDTMYLMylan launches generic GLUCOTROL XL tablets
Mylan (MYL) announced the U.S. launch of Glipizide Extended-release Tablets, 5 mg and 10 mg, the generic version of Pfizer's (PFE) GLUCOTROL XL. Mylan received final approval from the FDA for its Abbreviated New Drug Application for this product, which is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Glipizide Extended-release Tablets, 5 mg, and 10 mg, had U.S. sales of approximately $70.7 million for the 12 months ending September 30, 2015, according to IMS Health.
07:16 EDTMYL, PRGO, ENDPHayman Capital gives quarterly update on stakes
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
06:06 EDTENDPEndo downgraded to Neutral from Buy at Mizuho
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05:53 EDTPRGOPerrigo upgraded to Buy from Neutral at UBS
UBS analyst Marc Goodman upgraded Perrigo (PRGO) to Buy saying investor focus should soon turn back to fundamentals following Mylan's (MYL) failed takeover attempt. Perrigo management can deliver mid-single digit revenue growth that drives mid-teens earnings growth over the next five years, Goodman tells investors in a research note. His price target for the stock remains $200. Perrigo closed Friday down $9.65 to $146.90.
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