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Stock Market & Financial Investment News

News Breaks
April 9, 2014
11:43 EDTGILD, ESRX, MRK, ABBV, BMY, ABTGilead defended by analysts after recent pullback
Shares of pharmaceutical company Gilead (GILD) are climbing after two research firms were upbeat about the stock's outlook in separate notes to investors earlier today. WHAT'S NEW: Gilead's stock is positioned to rise sharply ahead of the company's first quarter results on April 22, Robert W. Baird analyst Brian Skorney wrote. Sales of the company's Hepatitis C, or HCV drug, Sovaldi, should beat expectations, and the company's Q1 profit should be strong, the analyst believes. Moreover, despite worries over the pricing of Sovaldi, the analyst predicted that Gilead would ultimately only have to make minor concessions on pricing for the drug. He kept a $103 price target and Outperform rating on Gilead. Meanwhile, research firm Maxim Group focused on statements by pharmacy benefit manager Express Scripts (ESRX) about Sovaldi. According to a Bloomberg report published yesterday, Express Scripts' Chief Medical Officer said the company would ask its clients to stop using Sovaldi when a competing drug is approved in the U.S. The new drug is expected to be approved next year, Bloomberg reported. But Sovaldi is not the most expensive HCV drug, Maxim contended. Moreover, after factoring in the lower effectiveness of other drugs compared with Sovaldi, Gilead's drug provides "compelling" value, the firm contended. Express Scripts' comments are "noise," added Maxim, which kept a $101 price target and Buy rating on the stock. WHAT'S NOTABLE: Other companies that are developing HCV drugs include AbbVie (ABBV) Bristol-Myers Squibb (BMY), Abbott (ABT), and Merck (MRK). PRICE ACTION: In late morning trading, Gilead gained 1% to $70.50. The stock dropped significantly yesterday, and has fallen over 11% in the past month.
News For GILD;ESRX;MRK;ABBV;BMY;ABT From The Last 14 Days
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September 23, 2014
05:56 EDTABTTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
09:15 EDTGILDIntercept recent weakness a buying opportunity, says Summer Street
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07:21 EDTBMYEBD Group to hold a conference
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07:06 EDTABTAbbott price target raised to $48 from $44 at RBC Capital
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06:51 EDTMRKMerck to host conference call
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September 19, 2014
11:26 EDTGILDStocks with call strike movement; TSLA GILD
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11:25 EDTABTSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
09:37 EDTGILDActive equity options trading on open
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06:25 EDTGILDGilead granted marketing aurhotization from European Commission for Zydelig
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06:11 EDTGILDGilead price target raised to $139 from $111 at Citigroup
Citigroup raised its price target for Gilead shares to $139 saying management looks "very optimistic" that FY15 hepatitis C treatment volumes could be up substantially over FY14 rates globally. Citi also expects recent buybacks to boost Q4 earnings substantially and that future stock buybacks will drive appreciation. The firm keeps a Buy rating on Gilead.
September 18, 2014
12:12 EDTGILDStocks with call strike movement; PIR GILD
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11:15 EDTABBVRepros sinks after panel backs tests for testosterone therapies
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08:48 EDTMRKNeogen's dairy genomic program to be marketed by Merck
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08:17 EDTGILDGilead trial failure not material, says FBR Capital
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06:10 EDTABBVFDA panel votes 20-1 to study changes to testosterone therapies
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September 17, 2014
11:52 EDTGILDStocks with call strike movement; X GILD
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09:33 EDTMRKMerck announced positive results from Phase 3 data for omarigliptin
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08:31 EDTMRKMerck, Sun Pharma enter into licensing agreement for Tildrakizumab
Merck and Sun Pharmaceutical Industries, through their respective subsidiaries,announced an exclusive worldwide licensing agreement for Merck’s investigational therapeutic antibody candidate, tildrakizumab, which is currently being evaluated in Phase 3 registration trials for the treatment of chronic plaque psoriasis, a skin ailment. Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of $80M. Merck will continue all clinical development and regulatory activities, which will be funded by Sun Pharma. Upon product approval, Sun Pharma will be responsible for regulatory activities, including subsequent submissions, pharmacovigilance, post approval studies, manufacturing and commercialization of the approved product. Merck is eligible to receive undisclosed payments associated with regulatory and sales milestones, as well as tiered royalties ranging from mid-single digit through teen percentage rates on sales. The transaction is subject to customary closing conditions, including the requirements under the Hart Scott-Rodino Antitrust Improvements Act.
07:43 EDTBMYBofA/Merrill to hold a conference
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06:04 EDTGILDGilead's simtuzumab Phase 2 study for pancreatic cancer does not meet endpoint
Gilead announced results from a Phase 2 study evaluating simtuzumab, an investigational inhibitor of lysyl oxidase-like-2, in combination with gemcitabine for patients with previously untreated advanced pancreatic cancer. In the study, the addition of simtuzumab to gemcitabine did not significantly increase progression-free survival compared to placebo plus gemcitabine. There was no difference in adverse events between patients taking simtuzumab versus placebo. Simtuzumab is being evaluated in several ongoing Phase 2 trials, including for advanced colorectal cancer, myelofibrosis, as monotherapy for idiopathic pulmonary fibrosis, and for liver fibrosis. Other agents in Gilead’s oncology pipeline are currently being evaluated in clinical trials for the treatment of pancreatic cancer.
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