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Stock Market & Financial Investment News

News Breaks
April 9, 2014
11:43 EDTABBV, GILD, ABT, MRK, BMY, ESRXGilead 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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June 18, 2015
10:01 EDTESRXOn The Fly: Analyst Initiation Summary
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07:38 EDTESRXLeerink to hold a roundtable
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07:36 EDTGILD, ABBVReceptos remains an attractive takeover candidate, says Leerink
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06:09 EDTABTTeva raises stake in Mylan to 4.3%, Globes reports
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June 17, 2015
17:00 EDTMRKOncoSec CEO expects 'to be in a better position to attract a strategic partner'
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16:20 EDTESRXExpress Scripts initiated with a Perform at Oppenheimer
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10:00 EDTMRK, ABBV, BMYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AbbVie (ABBV) initiated with an Overweight at Piper Jaffray... Arista Networks (ANET) initiated with a Buy at Sterne Agee CRT... Astec (ASTE) initiated with a Buy at Maxim... Bristol-Myers (BMY) initiated with an Underweight at Piper Jaffray... Community Healthcare (CHCT) initiated with an Outperform at Oppenheimer... Eli Lilly (LLY) initiated with an Overweight at Piper Jaffray... Fitbit (FIT) initiated with a Buy ahead of IPO at Dougherty... Hortonworks (HDP) initiated with a Buy at Mizuho... II-VI (IIVI) initiated with a Buy at Benchmark Co.... J Sainsbury (JSAIY) initiated with an Underperform at Credit Suisse... McDermott (MDR) initiated with an Outperform at Cowen... Merck (MRK) initiated with a Neutral at Piper Jaffray... Molina Healthcare (MOH) initiated with a Buy at UBS... Pacific DataVision (PDVW) initiated with a Buy at Canaccord... Pfizer (PFE) initiated with an Overweight at Piper Jaffray... Quest Resource (QRHC) initiated with a Buy at Roth Capital... Regional Management (RM) initiated with a Buy at Janney Capital... Rofin-Sinar (RSTI) initiated with a Buy at Benchmark Co.... Salesforce (CRM) initiated with a Neutral at Exane BNP Paribas... Sprouts Farmers Markets (SFM) initiated with a Neutral at Cleveland Research... Tesco (TSCDY) initiated with an Underperform at Credit Suisse... WM Morrison (MRWSY) initiated with a Neutral at Credit Suisse... WWE (WWE) initiated with a Buy at BTIG... World Acceptance (WRLD) initiated with a Buy at Janney Capital... Zafgen (ZFGN) initiated with a Buy at SunTrust.
09:43 EDTESRXExpress Scripts management to meet with Deutsche Bank
Meeting to be held in New York on June 17 hosted by Deutsche Bank.
08:03 EDTMRKMerck Keytruda granted FDA orphan designation as gastric cancer treatment
The FDA granted Merck, Sharp & Dohme, a subsidiary of Merck, orphan status for Keytruda as a treatment of gastric cancer, including gastroesophageal junction adenocarcinoma. Reference Link
07:33 EDTABBVOraSure 44% year-to-date selloff overdone, says Jefferies
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07:25 EDTABBV, BMYPiper calls Bristol 'modestly overvalued,' starts shares with sell
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05:32 EDTABBVAbbVie initiated with an Overweight at Piper Jaffray
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05:31 EDTBMYBristol-Myers initiated with an Underweight at Piper Jaffray
Target $60.
05:31 EDTMRKMerck initiated with a Neutral at Piper Jaffray
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June 16, 2015
14:23 EDTGILDReceptos price target raised to $348 at Wedbush on M&A potential
Wedbush analysts Liana Moussatos and Kelechi Chikere said they'd interpreted Receptos (RCPT) comments with its earnings report in May about its ability to commercialize ozanimod on its own as a message to potential buyers that their bids were too low. Following a recent report from Proactive Investors, which claimed that Receptos had turned down bids of $200 per share from AstraZeneca (AZN) and $280 per share from Teva (TEVA) and Gilead (GILD), the analysts said they have reconsidered their valuation assumptions, as they believe these bid values could be accurate. Wedbush raised its fair value estimate on Receptos to $348 from $211, citing a belief in increased industry interest in ozanimod and the rest of Receptos’ pipeline, and maintains an Outperform rating on the stock.
14:12 EDTABTAbbott backing marginally ups chances of Mylan-Perrigo deal, says BMO Capital
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11:06 EDTABTTeva says 'fully committed' to bid for Mylan, Bloomberg reports
After Abbott (ABT) announced earlier that it intends to vote its 14.5% stake in Mylan (MYL) in favor of Mylan's proposed acquisition of Perrigo (PRGO), a Teva (TEVA) spokesperson told Bloomberg in an email that the company remains "fully committed" to is offer to acquire Mylan, which Teva said is better than Mylan's suggested deal for Perrigo.
10:07 EDTMRKAlkermes spike attributed to takeover speculation
The spike higher in shares of Alkermes (ALKS) is being attributed by traders to speculation of a takeover. Shares jumped 6% to $61.89 in morning trading. The Ireland based drugmaker focuses on treatments of central nervous system disorders, such as addiction, schizophrenia and depression. The speculative chatter has Merck (MRK) as a potential acquirer of Alkermes. The company’s June 60 and 65 calls are actively trading, according to The Fly's options specialist.
09:21 EDTABTMylan issues statement regarding Abbott's support for Perrigo transaction
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09:10 EDTABTAbbott confirms support for Mylan's proposed acquisition of Perrigo
Abbott (BT) confirmed its continued support for Mylan (MYL) N.V's growth strategy by stating its intent to vote its 14.5% stake in Mylan in favor of Mylan's proposed acquisition of Perrigo (PRGO). "We chose Mylan to acquire our developed markets branded generics pharmaceuticals because its scale and breadth across critical distribution channels, broad and diverse portfolio, and commitment to patients and product quality strongly positions it for success in the years to come," said Abbott. "As both Mylan's largest shareholder and its partner through our continued manufacturing relationships, Abbott has considered the entire situation and we believe Mylan's standalone strategy and acquisition of Perrigo will further enhance its platform, is strategically compelling, value enhancing for shareholders, and offers a clear path to completion. In light of these factors, we will be voting in favor of the Perrigo transaction."
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