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May 15, 2014
05:40 EDTGILD, AMGN, CELG, PCYC, BMRN, INCYASCO abstracts 'surprisingly bland,' says Piper Jaffray
Piper Jaffray calls the ASCO abstracts released last night as "surprisingly bland," saying it does not find much "surprising or even interesting." Piper now believes the cancer field isn't progressing as quickly as it previously thought. The firm says Incyte (INCY) abstracts were "anticlimactic."
News For INCY;PCYC;AMGN;BMRN;CELG;GILD From The Last 14 Days
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June 19, 2015
06:40 EDTGILDPatent linked to Gilead's Solvadi rejected by China, Reuters reports
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06:33 EDTBMRNBioMarin downgraded to Neutral from Outperform at Baird
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June 18, 2015
16:06 EDTAMGNAmgen says Phase 3 trial of Vectibix met primary endpoint
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12:34 EDTBMRNOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in positive territory and continued to tack on gains throughout the morning. The move has been broad based, with each of the major averages gaining at least 1%. The move may be reflecting investors feeling a sense of relief following yesterday’s FOMC meeting, after which the central bank repeated its promise to be gradual in raising rates, without specifying when rate "lift-off" will commence. ECONOMIC EVENTS: In the U.S., the consumer prices index rose 0.4% in the month of May, versus expectations for a 0.5% increase. The core reading, which removes food and energy prices, rose 0.1%, versus the expected increase of 0.2%. Initial jobless claims dipped 12,000 to 267,000 in the week ended June 13, versus expectations for 277,000 first-time claims. The Philadelphia Fed manufacturing survey climbed 8.5 points to 15.2 in June, topping expectations for a reading of 8. The leading indicators rose 0.7% to 123.1 in May, topping expectations for a rise of 0.4%. In Europe, International Monetary Fund chief Christine Lagarde reportedly said Greece won’t be given a grace period if it fails to make its scheduled payment to the fund on June 30. Meanwhile, finance ministers of euro area member states are set to meet today, but expectations for progress on Greece are low. Also, the Norwegian central bank cut interest rates to a record low, while the Swiss National Bank kept its deposit rate at record lows as well. In Asia, the Shanghai composite index tumbled 3.7% overnight, doubling its weekly decline to 7.4% and increasing fears that a bubble in the nation's stock market may be preparing to burst. COMPANY NEWS: Shares of enterprise software, hardware and IT services provider Oracle (ORCL) dropped 7% after the company reported lower than expected fourth quarter earnings per share and gave a lower than expected forecast for profit in its new quarter. Analysts at several firms, including Susquehanna, Wells Fargo and Cantor, suggested the post-earnings drop may be a buying opportunity, citing progress in the company's cloud efforts... Fitness tracker maker Fitbit (FIT) surged nearly 50% in its first day of public trading. The company priced its initial public offering at $20 per share, topping expectations, then opened at $30.40 per share, giving it a market value near $6.3B in early trading. Near noon, the stock had pulled back a bit to trade just below $30 per share. MAJOR MOVERS: Among the notable gainers was PBF Energy (PBF), which gained 18% after announcing that its subsidiary has signed a definitive agreement to purchase Chalmette Refining, a joint venture between affiliates of Petroleos de Venezuela and ExxonMobil (XOM). Also higher was BioMarin (BMRN), which rose 13% after the company reported results from a study of BMN-111 in dwarfism and several analysts hiked their price targets on the stock to reflect the increased probability of success for the drug. Among the noteworthy losers following their earnings reports were Bankrate (RATE), which fell 18%, and Jabil Circuit (JBL), which dropped 7%. INDEXES: Near midday, the Dow was up 218.44, or 1.22%, to 18,154.18, the Nasdaq was up 74.96, or 1.48%, to 5,139.84, and the S&P 500 was up 23.57, or 1.12%, to 2,124.01.
12:09 EDTBMRNBioMarin management to meet with SunTrust
Meetings to be held in Baltimore/Wilmington/Philadelphia on June 24-25 hosted by SunnTrust.
11:53 EDTINCYIncyte management to meet with SunTrust
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09:04 EDTBMRNOn The Fly: Pre-market Movers
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08:01 EDTBMRNBioMarin price target raised to $170 from $151 at SunTrust
SunTrust believes that the data for BioMarin's treatment for achondroplasia, the most common form of dwarfism, was compelling. The firm says that the data provides a solid proof-of-concept, and it keeps a Buy rating on the shares.
07:42 EDTBMRNBioMarin price target raised to $145 from $125 at RBC Capital
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07:36 EDTGILDReceptos remains an attractive takeover candidate, says Leerink
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07:10 EDTBMRNBioMarin price target raised to $156 from $140 at Deutsche Bank
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06:55 EDTINCYIncyte management to meet with JMP Securities
Meetings to be held in New York on June 18 and in Boston on June 19 hosted by JMP Securities.
06:50 EDTBMRNBioMarin price target raised to $151 from $140 at JPMorgan
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06:00 EDTBMRNBioMarin price target raised to $156 from $150 at Barclays
Barclays raised its price target for BioMarin to $156 after vosoritide in a Phase 2 study showed a "clinically meaningful" 50% mean increase in annualized growth velocity for children with achondroplasia. The study, in effect, returned children with achondroplasia to normalized growth patterns, the firm tells investors. It views vosoritide as de-risk and keeps an Overweight rating on BioMarin. Piper this morning raised its price target for shares to $147.
05:54 EDTBMRNBioMarin price target raised to $147 from $123 at Piper Jaffray
Piper Jaffray analyst Joshua Schimmer raised his price target for BioMarin shares to $147 after the company reported results from the Phase 2 trial of BMN111 in children with achondroplasia. The data showed an "impressive" 50% increase to the annualized grow rate of the children in high dose cohort, Schimmer tells investors in a research note. He views BMN111 as de-risked following the data and sees potential peak revenue of above $1B. Schimmer reiterates an Overweight rating on BioMarin. The stock is up $10.40 to $134.00 in pre-market trading.
June 17, 2015
16:38 EDTBMRNBioMarin trades higher in after hours session
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16:26 EDTBMRNBioMarin up 6.5% after positive results from Phase 2 Vosoritide trial
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16:07 EDTBMRNBioMarin 'very encouraged' by Phase 2 Vosoritide trial
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07:32 EDTCELGCelgene announces additional $4B share repurchase authorization
Celgene Corporation announced that during its June meeting the company's Board of Directors authorized the repurchase of up to an additional $4B of the company's common stock. This open-ended program is effective immediately. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene's management and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of approximately $5.2B remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $12.3B to shareholders through the repurchase program.
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.
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