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Stock Market & Financial Investment News

News Breaks
June 6, 2014
09:19 EDTMNK, QCOR, CIReimbursement for Questcor Acthar by Cigna mostly unchanged, says CRT Capital
After Cigna (CI) updated its coverage policy for Questcor's (QCOR) Acthar, CRT Capital thinks the new rules may be viewed as more restrictive than previously. However, the firm thinks that Cigna's reimbursement policies for Actharfor indications other than MS flares are mostly unchanged. It keeps a Fair Value rating on Mallinkrodt, which has agreed to buy Questcor.
News For MNK;QCOR;CI From The Last 14 Days
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August 19, 2014
09:21 EDTMNKMallinckrodt now a component of the S&P 500 Index
The inclusion comes following the completion of Mallinckrodt’s acquisition of Questcor Pharmaceuticals last week. In addition to increasing the market capitalization of Mallinckrodt, the combination has significantly strengthened the company’s balance sheet, cash generation and leverage position.
August 15, 2014
06:08 EDTQCORQuestcor implied volatility of 28 at lower end of index mean range
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August 14, 2014
17:21 EDTQCORGulfMark Offshore to replace Questcor in S&P 600 as of 8/18 close
17:20 EDTMNKRowan Companies to replace Mallinckrodt in S&P 400 as of 8/18 close
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17:18 EDTMNKMallinckrodt to replace Rowan Companies in S&P 500 as of 8/18 close
17:16 EDTQCOR, MNKPaulson & Co gives quarterly update on stakes
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17:00 EDTCIGreenlight Capital gives quarterly update on stakes
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16:35 EDTQCOR, MNKMallinckrodt completes acquisition of Questcor Pharmaceuticals
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13:02 EDTQCOR, MNKMallinckrodt, Questcor holders approve Mallinckrodt's acquisition of Questcor
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12:58 EDTMNKJANA Partners gives quarterly update on stakes
NEW STAKES: Apache (APA), FMC Corp (FMC), Civeo (CVEO), PetSmart (PETM), and Charter Communications (CHTR). INCREASED STAKES: Actavis (ACT), AIG (AIG), Mallinckrodt (MNK), HD Supply (HDS), and American Capital (ACAS). DECREASED STAKES: Liberty (LVNTA), Oil States International (OIS), eBay (EBAY), Liberty Media (LMCA), and Liberty Interactive (LINTA). LIQUIDATED STAKES: Sirius XM (SIRI), Juniper (JNPR), Golar LNG (GLNG), Outerwall (OUTR), and Teva (TEVA).
August 8, 2014
08:31 EDTMNKMallinckrodt patent settlement removes key overhang, says Deutsche Bank
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07:45 EDTMNK, QCORMallinckrodt price target lowered to $77 from $90 at Leerink
Leerink lowered its price target for Mallinckrodt (MNK) shares to $77 citing a heightened risk profile from the Questcor (QCOR) acquisition and significant earnings concentration in Acthar. The firm says it remains on the sidelines with a Market Perform rating on Mallinckrodt.
07:44 EDTQCOR, MNKMallinckrodt remains favorite specialty pharmaceutical name, says UBS
UBS said Mallinckrodt (MNK) remains its favorite specialty pharmaceutical name following the company's update on its merger with Questcor (QCOR). The firm sees estimates increasing following the close of the transaction, the divestiture of the Medical Imaging division, and the reinvestment in higher margin assets. UBS has a Buy rating with a $94 price target on Mallinckrodt.
August 7, 2014
13:23 EDTCILeerink healthcare services analyst holds an analyst/industry conference call
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12:29 EDTCIHealth insurers fall after two downgrades from Goldman
Shares of a number of health insurers are falling after Goldman Sachs downgraded its rating on one stock in the sector and removed another from its Conviction List. WHAT'S NEW: Goldman analyst Matthew Borsch downgraded his rating on Aetna (AET) to Neutral from Buy and removed UnitedHealth (UNH) from the firm's Conviction List, as he believes that other stocks in the healthcare sector are more attractive. Utilization of healthcare services by individuals who don't have the Affordable Care Act is likely to show signs of increasing by 2015, posing a "manageable" challenge to health insurers, Borsch wrote. However, the increase in the utilization of these services is likely to be "relatively gradual" compared with similar trends in the past, the analyst contended. Borsch based his forecast on healthcare spending trends during previous economic recoveries. He reduced his 2015 earnings estimate for Aetna to $7 from $7.10 and for United Health to $5.95 from $6. He reduced his 2015 EPS estimates for other companies in the sector, as his earnings outlook for WellPoint (WLP) declined to $9.20 from $9.35, while his estimate for Cigna (CI) for next year dropped to $7.90 from $8. The analyst kept Neutral ratings on both WellPoint and Cigna. Meanwhile, Borsch cut his price target on Aetna to $88 from $91 and on UnitedHealth to $91 from $96. PRICE ACTION: In early afternoon trading, Aetna fell 3% to $76, UnitedHealth slumped 2.5% to $79.50, WellPoint declined 2.5% to $108, and Cigna retreated 2.5% to $89.
07:05 EDTMNKMallinckrodt raises FY14 adjusted EPS view to $4.00-$4.30 from $3.30-$3.60
Consensus is $3.82. Raises FY14 net sales view to $2.35B-$2.45B from $2.28B-$2.38B, consensus $2.38B. Cuts FY CapEx view to $115M-$135M from $130M-$150M. Now sees tax rate 22%-25%.
07:03 EDTMNKMallinckrodt reports Q3 adjusted EPS $1.20, consensus 87c
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August 6, 2014
17:46 EDTMNKMallinckrodt announces settlement of Ofirmev injection patent litigation
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08:16 EDTMNKMallinckrodt receives patent from U.S. PTO
Mallinckrodt (MNK) announced that on July 29 the U.S. Patent and Trademark Office granted the company a new patent related to MNK-155. The patent, U.S. Patent Number 8,790,694 contains composition claims directed to unique design, formulation, pharmacokinetic, and release characteristics of MNK-155 and conveys the same period of exclusivity as did the patent granted in 2013 for the company’s product XARTEMIS XR Extended-Release Tablets. MNK-155 is Mallinckrodt’s investigational extended-release oral formulation of hydrocodone and acetaminophen studied for the management of moderate to moderately severe acute pain where the use of an opioid analgesic is appropriate. The release profile of MNK-155 combines Mallinckrodt-proprietary technology and Depomed’s (DEPO) advanced Acuform drug delivery technology.

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