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Stock Market & Financial Investment News

News Breaks
January 23, 2013
08:36 EDTAGN, ISRG, BNNY, GOOG, MAPP, CREE, COH, NYT, MCP, IBMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Google (GOOG), up 5%... IBM (IBM), up 3.9%... Cree (CREE), up 14%... Intuitive Surgical (ISRG), up 8.2%... ALSO HIGHER: New York Times (NYT), up 3% after NY Magazine says Trump may be investigating purchase of paper... MAP Pharmaceuticals (MAPP), up 59.2% to $24.81 after agreeing to be acquired by Allergan (AGN) for $25/share... DOWN AFTER EARNINGS: Coach (COH), down 15.6%... ALSO LOWER: Annie's (BNNY), down 11.4% after initiating pizza recall... Molycorp (MCP), down 12.9% after saying now sees Q4, 1H13 production substantially lower than expected.
News For GOOG;IBM;COH;BNNY;MCP;CREE;ISRG;NYT;MAPP;AGN From The Last 14 Days
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June 17, 2015
10:44 EDTAGNSynergy a potential takeover target after constipation drug data
The shares of Synergy Pharmaceuticals (SGYP) are rallying after the company announced that its chronic constipation treatment had met its primary endpoint in a Phase 3 clinical trial. Research firm Canaccord has previously identified Synergy as a potential takeover target and a Bloomberg report said the company had hired advisers to explor a potential sale. WHAT'S NEW: Synergy reported this morning that the 3 mg and 6 mg versions of its anti-constipation drug, plecanatide, had met their primary endpoint in a Phase III trial. Specifically, a statistically significant percentage of patients taking both versions of the drugs responded favorably, based on criteria that the FDA uses to determine approval of chronic constipation treatments, the company stated. Plecanatide was safe and well tolerated at both dose, and the results were positive, the company reported. "These results strengthen our belief that plecanatide has the potential to not only effectively treat constipation but with a durability and tolerability profile that is ideal for chronic use," said Synergy CEO Gary Jacob. "We look forward to the results of our second pivotal trial in the coming weeks," he added. WHAT'S NOTABLE: In a note to investors on May 22, Canaccord analyst Corey Davis initiated coverage of Synergy with a Buy rating. There is "a high likelihood" that data from the company's four Phase III trials due to be conducted over the next year will be positive and the company would be an attractive takeover target if its Phase III data is positive, Jacobs wrote. The analyst placed an $11 price target on the shares. Meanwhile, in March, Bloomberg reported that Synergy was talking to advisers about potentially selling the company after its competitor, Salix Pharmaceuticals, had agreed to be acquired by Valeant Pharmaceuticals (VRX). After the company reported the trial results today, its CEO told Bloomberg that "all options are on the table." IRONWOOD: The shares of Ironwood (IRWD), whose Linzess drug also treats chronic constipation, are falling today following Synergy's data readout. Canaccord's Davis had said that the diarrhea rate of patients taking Synergy's plecanatide had to come in at 10% or lower for the drug to achieve "best differentiation" versus Linzess. Patients taking the 3 mg dose of plecanatide had a diarrhea rate of 5.5%, while 5.9% of those taking the 6 mg dose experienced diarrhea, Synergy reported. Linzess is co-marketed by Ironwood and Forest Pharmaceuticals, a unit of Allergan (AGN). PRICE ACTION: In morning trading, Synergy surged 45% to $6.74, while Ironwood slid fractionally to $12.16.
09:25 EDTAGNIronwood slips after Synergy announces data on constipation drug
Shares of Ironwood (IRWD) are lower in pre-market trading after Synergy Pharmaceuticals (SGYP) announced top-line results from the first of two pivotal phase 3 clinical trials evaluating the efficacy and safety of two different plecanatide treatment doses in adult patients with chronic idiopathic constipation. Plecanatide was safe and well tolerated at both doses, Synergy said, noting that the most common adverse event was diarrhea, which occurred in 5.9% of patients in 3.0 mg and 5.5% of patients in 6.0 mg dose groups. Ironwood’s competing Linzess drug had a 16% diarrhea rate for CIC patients, according to its FDA label. Linzess is co-marketed by Ironwood and Forest Pharmaceuticals, a unit of Allergan (AGN). Ironwood shares are down 45c, or 3.7%, to $11.75 in pre-market trading.
09:16 EDTAGNAllergan buyout of KYTHERA boosts aesthetics portfolio, says BMO Capital
BMO Capital says Allergan's (AGN) buyout of KYTHERA (KYTH) builds out the company's aesthetics portfolio. KYTHERA's double chin treatment Kybella "could be a game changer in contouring," and there is no company better suited to make that happen than Allergan, BMO tells investors in a research note. The firm keeps an Outperform rating on Allergan with a $378 price target.
07:44 EDTAGNKYTHERA volatility low into Allergan acquiring for approximately $2.1B
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07:21 EDTAGNGeneric ADHD drugs still sold despite FDA non-equivalance finding, NYT reports
The FDA announced last November that two generic versions of Johnson & Johnson's (JNJ) Concerta ADHD drug, one made by Mallinckrodt (MNK) and the other by UCB, could no longer be considered the equivalent of the branded drug after tests and analyses suggested that their effectiveness began to wear off much more quickly, but the drugs are still being sold despite an FDA mandated deadline having passed for the companies to either prove the drugs were equivalent or remove them from the market, said The New York Times. The report noted a third generic product, sold by Actavis (AGN), was found to be equivalent to the branded Concerta. Reference Link
07:15 EDTAGNAllergan to host conference call
Conference call to discuss a definitive agreement to acquire KYTHERA Biopharmaceuticals-(KYTH) will be held at 8:30 am on June 17. Webcast Link
07:04 EDTAGNAllergan to acquire KYTHERA for $75 per share, or $2.1B
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07:03 EDTAGNAllergan agrees to acquire KYTHERA for $75 per share or approximately $2.1B
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07:03 EDTAGNAllergan agrees to acquire KYTHERA for $75 per share or approximately $2.1B
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07:02 EDTAGNAllergan to acquire KYTHERA for $75 per share, or $2.1B
06:57 EDTISRGIntuitive Surgical volatility at low end of historic range
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06:34 EDTGOOGGoogle's former head of Maps to join Uber, Re/code reports
Brian McClendon, the former head of Google Maps and a 10-year company veteran, will join Uber to oversee the company's new Advanced Technologies Center out of Pittsburgh, Re/code reports. McClendon will help guide Uber’s mapping, self-driving car and vehicle safety initiatives, the report says. Reference Link
June 16, 2015
19:38 EDTGOOGNext Google Nexus may have 3D camera, BGR says
Google is working on two Nexus handsets and LG's is testing a 3D camera for its model, reports the Boy Genius Report. Reference Link
14:47 EDTGOOGBanking sources say Twitter open to potential sale, Gasparino says
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13:56 EDTGOOGTwitter hits 52-week low after MKM downgrades on user growth concerns
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07:51 EDTGOOGTwitter downgraded to Neutral at MKM Partners on stalled user growth
As previously reported, MKM Partners analyst Rob Sanderson downgraded Twitter (TWTR) to Neutral from Buy, noting that growth in its user base is stalling out and he sees no catalyst for sentiment to improve in the next two quarters, besides a possible bid from Google (GOOG). Sanderson thinks the company's CEO search brings with it some uncertainty and likely delays user experience improvements, unless Jack Dorsey takes over full-time, but that would require him to give up his CEO post at Square. The firm lowered its estimates on Twitter and cut its price target on the shares to $39 from $57.
06:26 EDTNYTNY Times blocks employees from homepage access, CNBC reports
The New York Times told employees that it will block access to its homepage to anyone trying to access it from inside the company’s headquarters, CNBC reports, citing an internal company memo. The memo tells employees that anyone visiting the homepage on their office desktop would be prompted to use their smartphone or tablet instead, the report says. The company calls this an “experiment to drive home mobile’s importance,” the memo reads. Reference Link
06:01 EDTGOOGNeal Mohan not leaving Google for Dropbox, Re/code reports
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05:52 EDTGOOGStocks with implied volatility movement; GOOG VXX
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05:45 EDTAGNAllergan, Richter announce FDA has extended review period for cariprazine
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