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Stock Market & Financial Investment News

News Breaks
August 12, 2014
12:37 EDTDNDN, ICPT, TRAK, NUAN, KATEOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday in a lackluster session marked by few major headlines. The market is drifting in a fairly narrow range, but the major averages have stayed mostly in negative ground through the early hours of the trading day. ECONOMIC EVENTS: In the U.S., the NFIB's small business confidence index rose 0.7% to 95.7 in July, though that was below the expectation for a 96.0 reading. The Job Openings and Labor Turnover Survey showed job openings rose 94K to 4.671M in June. In Germany, the ZEW Center's economic sentiment index fell to 8.6 in August from 27.1 in July, compared to the consensus forecast for a decrease to 17. COMPANY NEWS: Shares of accessory and clothing retailer Kate Spade (KATE) initially advanced in pre-market trading and were higher early in the session after the company reported second quarter adjusted earnings per share and sales that beat analysts' consensus forecast. However, the stock reversed and moved into negative territory during the company's associated conference call, during which it said it was "responsible to reevaluate the timeframe" to achieve its previously laid out targets for 2016, citing a longer than expected Kate Spade Saturday ramp-up, its revised 2014 margin rate outlook, and the company's limited visibility into 2016. Near noon, the stock was down nearly 20%. MAJOR MOVERS: Among the notable gainers was drug developer Intercept Pharmaceuticals (ICPT), which jumped 26% after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. Also higher was DealerTrack (TRAK), which rose 18% after the company reported higher than expected second quarter earnings and raised its 2014 EPS outlook. Among the noteworthy losers was Dendreon (DNDN), which dropped 36% after reporting its Q2 revenue in a regulatory filing and disclosing the company sees a "significant risk" that it will not be able to repay or refinance its 2016 Notes. The company also acknowledged it is currently considering alternatives to the repayment of the 2016 Notes, some of which could result in leaving its current stockholders "with little or no financial ownership of Dendreon." Also lower were shares of voice and language solutions provider Nuance (NUAN), which fell 10% after reporting on its third quarter results and providing fourth quarter guidance that missed analysts' consensus expectation. INDEXES: Near midday, the Dow was down 30.46, or 0.18%, to 16,539.52, the Nasdaq was down 15.02, or 0.34%, to 4,386.31, and the S&P 500 was down 4.50, or 0.23%, to 1,932.42.
News For ICPT;KATE;TRAK;DNDN;NUAN From The Last 14 Days
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March 31, 2015
09:22 EDTICPTIntercept 1.2M share Spot Secondary priced at $282.00
UBS and Citigroup acted as joint book running managers for the offering.
07:42 EDTICPTIntercept 1.2M share Spot Secondary; price range $281.00-$288.50
UBS and Citigroup are acting as joint book running managers for the offering.
06:28 EDTICPTIntercept files to sell 1.2M shares of common stock
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March 27, 2015
12:09 EDTICPTAnalysts differ on Intercept after Genfit NASH data
Two analysts differed on the outlook for Intercept (ICPT) after a drug that could compete with the company's flagship product failed to meet its primary endpoint in a study. BACKGROUND: Genfit (GNFTF) yesterday announced that in a trial of its GFT505 NASH treatment, the drug failed to meet the primary endpoint. The company blamed the shortfall on greater than expected improvement in the condition of patents taking placebos. Nonalcoholic Steatohepatitis, or NASH, is a symptom of nonalcoholic fatty liver disease. Intercept's flagship product, OCA, is also a treatment for NASH that is undergoing clinical trials. However, OCA has received "breakthrough therapy designation" from the FDA for the treatment of liver fibrosis patients with NASH. BULLISH TAKE: In a note to investors earlier today, Deutsche Bank analyst Alethia Young wrote that Genfit's drug failed to make an impact on fibrosis histology. OCA's profile in NASH patients with fibrosis has improved relative to GFT-505 following the study. And OCA "is the clear leader in treating patients with NASH that have fibrosis," the analyst stated. Although Genfit's drug did show "early signs" of being able to treat fibrosis, OCA has already shown a statistically significant benefit in fibrosis in an earlier trial, Young noted. The analyst raised her price target on the name to $400 from $300 and kept a Buy rating on the shares. BEARISH TAKE: Genfit's data provides useful information that could enable the company to design a successful Phase III trial that tests its drug on patients similar to those who have participated in Intercept's trial, Leeink analyst Joseph Schwartz stated. In 202 patients with more advanced NASH, Genfit's drug improved NASH symptoms by a statistically significant amount, Schwartz reported. Intercept's OCA reduced the symptoms of analogous NASH patients by a similar amount in a study, but the drug's impact was not statistically significant because of a higher placebo effect, the analyst reported. Consequently, Genfit's drug may have missed its primary endpoint because of the difficulty of measuring NASH in patients with earlier stages of the disease, the analyst wrote. Noting that Genfit, like Intercept, plans to initiate a Phase III study of its drug at the end of this year, Schwartz said that Genfit may not be very far at all behind Intercept. As a result, investors may question the peak market opportunity of Intercept's OCA, according to Schwartz, who kept a Market Perform rating on Intercept. PRICE ACTION: In late morning trading, Intercept rose 2% to $288.
08:52 EDTICPTIntercept has positive read through from competitor data, says BMO Capital
After Intercept (ICPT) competitor Genfit announced top-line results from a Phase 2 trial of its oral PPAR agonist GFT505 in NASH, BMO Capital says that Genfit's data was disappointing and will consolidate the lead of Intercept's OCA in NASH. The firm reiterates an Outperform rating on Intercept.
08:45 EDTICPTIntercept opportunity may be questioned after Genfit data, say Leerink
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08:07 EDTICPTIntercept price target raised to $400 from $300 at Deutsche Bank
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March 26, 2015
15:07 EDTICPTIntercept's FLINT data more convincing than Gefit data, says RBC Capital
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14:45 EDTICPTIntercept's risk/reward remains favorable, says Citigroup
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13:04 EDTICPTIntercept rallies after GENFIT announces NASH study results
GENFIT announced topline results of the phase 2 GOLDEN-505 trial in NASH. It stated, "Due to the unexpected rate of resolution of NASH in patients randomized to placebo who had early NASH (NAS of 3, placebo response rate>57%), along with the high number of sites for a limited sample size, the study as initially designed did not enable the trial to meet directly the primary endpoint. With correction for this baseline severity and site heterogeneity by a standardized statistical analysis, GFT505 120mg meets the primary endpoint: Reversal on NASH without worsening of fibrosis, as detailed below." Treatment with GFT505 provides a significant beneficial effect on the primary endpoint in the global randomized population, where patients without an end of treatment biopsy were considered as non-responders, GENFIT added. The primary endpoint was also achieved in the evaluable population of patients who underwent both baseline and end of study liver biopsies. Shares of Intercept, which is also developing a NASH treatment, jumped 7%, or $18.06 to $278.70.
12:56 EDTICPTIntercept jumps after Genfit says NASH drug missed endpoint in Phase 2 study
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March 25, 2015
16:55 EDTICPTOrbiMed Advisors lowers stake in Intercept to 5.64% from 7.0%
March 23, 2015
07:22 EDTICPTIntercept price target raised to $265 from $205 at Leerink
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March 20, 2015
09:24 EDTICPTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
09:24 EDTTRAKDealerTrack management to meet with JPMorgan
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06:02 EDTICPTIntercept announces new data analyses from FLINT trial
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March 19, 2015
13:07 EDTICPTIntercept to host analyst and investor meeting
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March 18, 2015
09:00 EDTICPTIntercept price target raised to $344 from $258 at RW Baird
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March 17, 2015
10:00 EDTICPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Aimco (AIV) initiated with an Outperform at RW Baird... Alnylam (ALNY) initiated with a Buy at Janney Capital... American Campus (ACC) initiated with a Neutral at RW Baird... AvalonBay (AVB) initiated with a Neutral at RW Baird... BE Aerospace (BEAV) initiated with a Buy at CRT Capital... BlackRock (BLK) initiated with a Buy at Argus... Camden Property (CPT) initiated with an Outperform at RW Baird... CarMax (KMX) initiated with a Buy at Evercore ISI... Central Pacific (CPF) initiated with a Neutral at Macquarie... Cognex (CGNX) initiated with a Buy at Northcoast... Education Realty (EDR) initiated with a Neutral at RW Baird... EnerSys (ENS) initiated with an Overweight at Stephens... Equity Lifestyle (ELS) initiated with an Outperform at RW Baird... Equity Residential (EQR) initiated with a Neutral at RW Baird... Essex Property Trust (ESS) initiated with a Neutral at RW Baird... Facebook (FB) initiated with a Buy at Brean Capital... Intercept (ICPT) initiated with a Hold at MLV & Co.... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Janney Capital... LinkedIn (LNKD) initiated with a Sell at Brean Capital... Mid-America Apartment (MAA) initiated with an Outperform at RW Baird... NetSuite (N) initiated with a Hold at Brean Capital... Paycom (PAYC) initiated with a Buy at Brean Capital... Platform Specialty Products (PAH) initiated with a Buy at UBS... Post Properties (PPS) initiated with a Neutral at RW Baird... Salesforce.com (CRM) initiated with a Hold at Brean Capital... ServiceNow (NOW) initiated with a Buy at Brean Capital... Snap-On (SNA) initiated with a Buy at Northcoast... Sun Communities (SUI) initiated with a Neutral at RW Baird... Twitter (TWTR) initiated with a Buy at Brean Capital... UDR, Inc. (UDR) initiated with an Outperform at RW Baird... Workday (WDAY) initiated with a Hold at Brean Capital... Xplore Technologies (XPLR) initiated with a Buy at Roth Capital... Yahoo (YHOO) initiated with a Hold at Argus.
06:18 EDTICPTIntercept initiated with a Hold at MLV & Co.
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