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Stock Market & Financial Investment News

News Breaks
April 9, 2014
11:43 EDTBMY, ESRX, ABBV, GILD, ABT, MRKGilead 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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February 23, 2015
07:04 EDTMRKMerck, NGM Biopharmaceuticals announce multi-year collaboration
NGM Biopharmaceuticals and Merck announced they have entered into a multi-year collaboration to research, discover, develop and commercialize novel biologic therapies across a wide range of therapeutic areas. This agreement will become effective upon the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The collaboration includes multiple drug candidates currently in preclinical development at NGM, including NP201, which is being evaluated for the treatment of diabetes, obesity and nonalcoholic steatohepatitis. NGM will lead the research and development of the existing preclinical candidates and have the autonomy to identify and pursue other discovery stage programs at its discretion. Merck will have the option to license all resulting NGM programs following human proof of concept trials. If Merck exercises this option, Merck will lead global product development and commercialization for the resulting products, if approved. Under the terms of the agreement, Merck will make an upfront payment to NGM of $94M and will purchase a 15 percent equity stake in NGM for $106M at a price per share that represents a 20% premium to NGM’s most recent financing. Merck will commit up to $250M to fund all of NGM’s efforts under the initial five-year term of the collaboration, with the potential for additional funding if certain conditions are met. Prior to Merck initiating a Phase 3 study for a licensed program, NGM may elect to either receive milestone and royalty payments or, in certain cases, to co-fund development and participate in a global cost and revenue share arrangement of up to 50%. The agreement also provides NGM with the option to participate in the co-promotion of any co-funded program in the United States. Merck will have the option to extend the research agreement for two additional two-year terms.
06:28 EDTESRXExpress Scripts weekly volatility elevated into Q4 and outlook
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February 20, 2015
10:33 EDTABBVBattleground update: AbbVie named top global pick at Jefferies
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07:23 EDTBMY, ABBVAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTMRK, ABTAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
12:13 EDTABBVAbbVie increases quarterly dividend 4% to 51c per share
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09:35 EDTGILDOption volume leaders
Option volume leaders: AAPL TSLA TWTR MCD WMT PBR SPWR WFM GILD FB SCTY according to Track Data.
08:38 EDTMRKNewLink reports clinical development milestone achieved with Merck for rVSV-EBOV
NewLink Genetics (NLNK) announced that it had received notification from Merck (MRK) that the milestone event specified in the license and collaboration agreement between the two companies relating to the further development of the rVSV-EBOV, Ebola, vaccine candidate had been achieved. Under the terms of the agreement, NewLink Genetics will receive a payment of $20M in connection with the achievement of the milestone. The milestone pertains to the initiation of a key clinical trial for the vaccine.
February 18, 2015
09:37 EDTGILDOption volume leaders on open
Option volume leaders: AAPL TSLA TWTR CELG APO NFLX AXP APA LNKD C GILD according to Track Data.
05:36 EDTESRXExpress Scripts to host investor meeting
Investor meeting to be held in St. Louis on February 25 at 8:30 am. Webcast Link
February 17, 2015
18:06 EDTABBVPaulson & Co gives quarterly update on stakes
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17:29 EDTESRXBerkshire Hathaway gives quarterly update on stakes, exits Exxon Mobil
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17:13 EDTGILDPoint72 gives quarterly update on stakes
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16:00 EDTGILDOptions Update; February 17, 2015
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13:18 EDTGILDOmega Advisors gives quarterly update on stakes
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09:40 EDTGILDActive equity options trading on open
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February 13, 2015
14:03 EDTBMYBristol-Myers DMD treatment granted orphan status
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09:07 EDTABBVDeutsche Bank biotech analyst holds an analyst/industry conference call
Biotech Analyst Karnauksas discusses AbbVie's product pipeline in an Analyst/Industry conference call to be held on February 13 at 10 am.
08:19 EDTGILD, BMY, MRKAckman noncommittal on McDonald's rumors, Bloomberg reports
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06:13 EDTABBVShire says $1.6B break fee from AbbVie is not taxable, Financial Times reports
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