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Stock Market & Financial Investment News

News Breaks
August 11, 2014
11:58 EDTNVO, SNY, LLY, MNKDMannKind rallies after inking licensing agreement with Sanofi
Shares of MannKind (MNKD), a development-stage biopharmaceutical company, are rallying after the company announced that it has formed an exclusive licensing agreement for the development and commercialization of Afrezza inhaled insulin with drug giant Sanofi (SNY). WHAT'S NEW: MannKind and Sanofi this morning said they would develop and commercialize Afrezza for adults with diabetes. The companies plan to launch Afrezza in the United States in the first quarter of 2015. Under the terms of the agreement, MannKind will receive an upfront payment of $150M and potential milestone payments of up to $775M. Sanofi will be responsible for global commercial, regulatory and development activities, while MannKind will manufacture Afrezza at its manufacturing facility in Danbury, Connecticut. The companies are also planning to collaborate to expand manufacturing capacity to meet global demand as necessary. Sanofi and MannKind will share profits and losses on a global basis, with Sanofi retaining 65% and MannKind receiving 35%. Sanofi has agreed to advance to MannKind its share of the collaboration's expenses up to a limit of $175M, the companies said. WHAT'S NOTABLE: MannKind also reported its second quarter earnings this morning. Second quarter losses per share were (19c), missing analysts' consensus expectation of (12c). Total operating expenses for the quarter were $69.8M versus $41.6M in the year-ago period and research and development expenses increased by $10.2M to $37.3M compared to the same quarter in 2013. ANALYST REACTION: Piper Jaffray, which has a Neutral rating on MannKind shares, views the Sanofi partnership as "impressive" given the "meaningful" upfront payment, shared economics and an advance of expenses. Piper believes investors will view the partnership and terms favorably. PRICE ACTION: Near noon, MannKind shares were up 91c, or 11%, to $9.04, while Sanofi shares were up 7c, or 0.1%, to $52.39. OTHERS TO WATCH: Novo Nordisk (NVO) and Eli Lilly (LLY) also make fast-acting insulin.
News For MNKD;SNY;NVO;LLY From The Last 14 Days
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February 12, 2016
07:04 EDTLLYUK High Court rules against Eli Lilly in Alimta vitamin lawsuit
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February 11, 2016
07:17 EDTSNYLeerink to hold a conference
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07:08 EDTLLYIncyte sees epacadostat entering Phase 3 during 1H16
Incyte (INCY) said its position in the field of JAK inhibition is demonstrated by the ongoing commercial success of Jakafi and by the recent submissions, by Eli Lilly and Company (LLY), seeking regulatory approval of baricitinib for the treatment of rheumatoid arthritis. Baricitinib was licensed to Lilly by Incyte, and met the primary endpoint in all four of its global Phase 3 studies. If approved, Lilly expects to launch baricitinib in early 2017. In addition, epacadostat, Incyte's first-in-class IDO1 inhibitor, is expected to enter Phase 3 during the first half of 2016 in first-line advanced or metastatic melanoma in combination with Merck & Co's pembrolizumab. Multiple Phase 2, tumor-specific, expansion cohorts of epacadostat in combination with anti-PD-1 and anti-PD-L1 checkpoint modulators are also underway.
February 10, 2016
09:32 EDTNVONovo Nordisk moves higher in early trading
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05:15 EDTMNKDStocks with implied volatility movement; MNKD VALE
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February 9, 2016
12:25 EDTSNYRegeneron price target lowered to $443 from $607 at Piper Jaffray
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08:08 EDTSNYSanofi sees FY16 business EPS to be broadly stable at CER
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05:28 EDTSNYSanofi reports Q4 business EPS down 5.8% to EUR 1.31
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February 8, 2016
10:00 EDTNVOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: A-Mark Precious Metals (AMRK) downgraded to Neutral from Buy at B. Riley... Antero Midstream (AM) downgraded to Neutral from Outperform at Baird... AstraZeneca (AZN) downgraded to Hold from Buy at HSBC... Baker Hughes (BHI) downgraded to Equal Weight at Morgan Stanley... Brixmor (BRX) downgraded to Neutral from Outperform at Boenning & Scattergood... CBOE Holdings (CBOE) downgraded to Underperform from Outperform at CLSA... Cisco (CSCO) downgraded to Buy from Conviction Buy at Goldman... Citi Trends (CTRN) downgraded to Neutral from Buy at MKM Partners... Commerzbank (CRZBY) downgraded to Underperform from Market Perform at Keefe Bruyette... DexCom (DXCM) downgraded to Neutral from Outperform at Baird... EnLink Midstream (ENLC) downgraded to Underperform from Outperform at Baird... Energy Transfer Equity (ETE) downgraded to Neutral from Outperform at Baird... Energy Transfer Partners (ETP) downgraded to Neutral from Outperform at Baird... Eversource (ES) downgraded to Equal Weight from Overweight at Barclays... Genesis Healthcare (GEN) downgraded to Sell from Neutral at UBS... Givaudan (GVDNY) downgraded to Neutral from Buy at Goldman... HSBC (HSBC) downgraded to Underweight from Equal Weight at Morgan Stanley... Nomura (NMR) downgraded to Hold from Buy at Deutsche Bank... Novo Nordisk (NVO) downgraded to Sell from Neutral at UBS... ONEOK Partners (OKS) downgraded to Underperform from Neutral at Baird... ONEOK (OKE) downgraded to Neutral from Outperform at Baird... PPL Corp. (PPL) downgraded to Hold from Buy at Evercore ISI... Plains All American (PAA) downgraded to Underperform from Outperform at Baird... Plains GP Holdings (PAGP) downgraded to Underperform from Neutral at Baird... Quanta Services (PWR) downgraded to Neutral from Buy at UBS... Ralph Lauren (RL) downgraded to Neutral from Overweight at Atlantic Equities... Sparton (SPA) downgraded to Market Perform from Outperform at Barrington... Tableau (DATA) downgraded to Equal Weight at Morgan Stanley... Tallgrass Energy GP (TEGP) downgraded to Neutral from Outperform at Baird... WisdomTree (WETF) downgraded to Underperform from Market Perform at Keefe Bruyette.
06:28 EDTLLY, SNYPharma trade group rolls out ad campaign aimed at lawmakers, WSJ says
The pharmaceutical industry is launching a new ad campaign with the intention of improving its reputation with lawmakers in an effort to lobby against drug price restrictions, the Wall Street Journal reports. The industry's biggest trade group the Pharmaceutical Research and Manufacturers of America, or PhRMA, says it plans to spend several million dollars this year, and 10% more than it spent last year, on digital, radio, and print advertisements that highlight the sector's role in developing new drugs and advancing medical science, the report says. Publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY). Reference Link
05:36 EDTNVONovo Nordisk downgraded to Sell from Neutral at UBS
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February 4, 2016
11:13 EDTNVONovo Nordisk management to meet with Jefferies
Meeting to be held in Geneva on February 11 hosted by Jefferies.
09:18 EDTMNKDOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Glu Mobile (GLUU), up 21.9%... Solaredge Technologies (SEDG), up 11.2%... Cadence Design (CDNS), up 6.6%. ALSO HIGHER: VirnetX Holding (VHC), up 91.7% after the company won a $625.6M verdict in favor of in a patent infringement lawsuit against Apple (AAPL)... Viacom (VIAB), up 5.1% after CNBC's David Faber reported that sources said CEO Philippe Dauman is likely to be named Chairman despite objections from Shari Redstone. DOWN AFTER EARNINGS: GoPro (GPRO), down 16.4%... ConocoPhillips (COP), down 2.9%... Dunkin Brands (DNKN), down 2.1%... Philip Morris (PM), down 3.2%. ALSO LOWER: L Brands (LB), down 3.3% after providing Q4 guidance, reporting January Same-Store Sales were down 2%... MannKind (MNKD), down 8.1% after Piper Jaffray analyst Joshua Schimmer calls the company a penny stock with a mid-cap valuation.
06:05 EDTMNKDPiper calls MannKind a penny stock with a mid-cap valuation
Piper Jaffray analyst Joshua Schimmer calls MannKind's business strategy "flawed and desperate" following the company's conference call yesterday to discuss recent developments. The company is trying to appeal to "less sophisticated retail investors," Schimmer tells investors in a research note. MannKind does not have the ability to generate adequate revenue to offset the spending requirements over the next 12 months for Afrezza, the analyst contends. Schimmer sees no reason to own the shares and believes the likelihood that the company declares bankruptcy this year "is not out of the realm of possibility." He calls MannKind a "penny stock company with a mid-cap valuation." The analyst reiterates an Underweight rating on the biopharmaceutical company with a 5c price target. The stock closed yesterday down 1c to 99c.
February 2, 2016
11:09 EDTSNYSanofi plans to cut 600 jobs in France over three years, Bloomberg reports
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08:36 EDTNVOPiper Jaffray biopharma analyst holds an analyst/industry conference call
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07:24 EDTSNYSanofi, Merck mulling exiting vaccine JV, Bloomberg reports
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05:19 EDTSNYSanofi Pasteur launches R&D project targeting prevention of Zika virus infection
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February 1, 2016
06:18 EDTLLYTransition Therapeutics announces results from Phase 2 clinical study of TT401
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06:11 EDTLLYTransition Therapeutics reports results from Phase 2 clinical study of TT401
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