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Stock Market & Financial Investment News

News Breaks
April 8, 2014
07:08 EDTMNK, QCOR, ACT, VRXDrug deals increase to new high, Bloomberg says
M&A activity in the specialty pharmaceuticals industry has reached a new high after Mallinckrodt (MNK) recently bought Questcor (QCOR) for $5.6B, reported Bloomberg. Drugmakers from Actavis (ACT) to Valeant (VRX) are widening their suites of drugs through takeovers that immediately increased earnings with the help of lower corporate tax rates in countries such as Ireland. Reference Link
News For MNK;QCOR;ACT;VRX From The Last 14 Days
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October 15, 2014
06:42 EDTMNKMallinckrodt valuation remains compelling, says Piper Jaffray
Piper Jaffray believes Mallinckrodt's outlook for FY15 is conservative and that the risk/reward on shares is compelling. The firm raised its price target for the stock to $109 from $105 following the company's investor day and reiterates an Overweight rating on the name.
October 14, 2014
11:13 EDTMNKMallinckrodt management to meet with UBS
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09:40 EDTMNKMallinckrodt aims to drive 'modest' growth in specialty controlled generics
Says aiming for profitability and revenue growth. Will continue to expand its pain management business. Looking to increase shareholder value, patient solutions and to drive top-line growth. Says aims to develop and acquire "durable, late stage complex products." Looking to invest in pipeline extensions of key portfolio assets. Aims to divest lower margin, slower growing business. Says sees future expansion in ophthalmology and dermatology. Looks to actively divest lower-growth businesses. Says durable assets, platforms positioned for sustained Specialty Pharmaceuticals growth. Says OFIRMEV is well positioned for growth in FY15 and beyond. Aims to up Acthar growth and initiate commercial efforts. Plans to enhance its science and technology investment. Comments made during the company's investor briefing.
07:46 EDTACTActavis should be able to mitigate Irish tax downside, says Leerink
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07:34 EDTMNKMallinckrodt to host conference call
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07:02 EDTMNKMallinckrodt sees FY15 adjusted EPS $6.70-$7.20, consensus $6.80
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06:03 EDTACT, MNKMarket overreacted to new Irish tax rules, says BMO Capital
BMO Capital believes the market may have overreacted yesterday to the report that Ireland is eliminating the "Double Irish" tax loophole. The firm says Allergan (AGN) confirmed that it incorporated potential changes to Irish tax law in its recently raised earnings guidance while Mallinckrodt (MNK) said it does expect the new tax structure to have an immediate impact. BMO views yesterday's pullback in shares of Allergan, Mallinckrodt and Actavis (ACT) as an overreaction.
October 13, 2014
15:12 EDTACTActavis may see modest negative impact from Irish tax change, says BMO Capital
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October 10, 2014
10:20 EDTACTFidelity supports potential merger between Actavis and Allergan, Reuters reports
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07:37 EDTVRX, ACTActavis more likely partner than Valeant if Allergan merges, says UBS
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07:16 EDTVRX, MNKAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
October 9, 2014
14:21 EDTVRXAllergan in good position to be patient given raised outlook, says BMO Capital
After speaking with Allergan's (AGN) CEO and CFO, BMO Capital believes the company is increasing its intrinsic value with its raised earnings guidance and that it is in a good position to be patient given that Valeant (VRX) most recent bid represents an 8% discount to Allergan's current share price. BMO said it is reviewing its forecasts for Allergan after the guidance increase, noting that it previously valued Allergan at $230 per share on a standalone basis. The firm maintains its Outperform rating on the stock.
12:28 EDTVRX, ACTAllergan price target raised to $230 from $210 at BTIG
BTIG said it expected Allergan to beat the consensus forecast for Q3 EPS, but not by as much as it did, and the firm did not expect the company to raise its future EPS outlook yet again. BTIG feels the stock's move higher indicates Valeant (VRX) or Actavis (ACT) would need to bid above $200 if they hope to buy the company. BTIG maintains its Buy rating on Allergan and raised its price target on the stock to $230 from $210.
11:14 EDTVRX, ACTAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
08:50 EDTVRX, ACTAllergan shares have further upside, says Wells Fargo
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06:39 EDTMNKMallinckrodt price target raised to $110 from $95 at Jefferies
Jefferies raised its price target for Mallinckrodt shares to $110 ahead of the company's October 14 analyst day and keeps a Buy rating on the name. The firm says recent trends show continued strength for Ofirmev.
October 8, 2014
08:42 EDTACTSalix shares should be bought on weakness, says Sterne Agee
After Reuters yesterday afternoon reported that Actavis (ACT) plans to make a new merger approach to Allergan (AGN), Sterne Agee believes that Salix's standalone value is $162. The firm expects the shares to reach that level following approval of its Xifaxan IBS-D drug after the February 2015 PDUFA date.
07:19 EDTMNKCBI to hold a conference
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06:47 EDTACTLawmakers may push for new regulations on generic drug makers, NY Times says
After the prices of some generic drugs soared more than 1,000% over the last year, two influential members of Congress are probing the sector and threatening to look to impose new regulations on it, according to The New York Times. Generic drug makers include Teva (TEVA), Mylan (MYL), Actavis (ACT), and Lannett (LCI).Reference Link
06:23 EDTACT, VRXActavis more inclined to pursue Allergan over Salix, says Citigroup
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