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July 16, 2014
07:59 EDTCOV, VRX, SHPG, AZN, MDT, AGN, ABT, PFE, PRGO, ABBV, MYLTreasury Secretary urges Congress to take action on tax inversions
Treasury Secretary Jack Lew, in a letter to Senate Finance Committee Chairman Ron Wyden and others, urged Congress to take action to address the "urgent issue" of tax inversions, which Lew said "function to hollow out the U.S. corporate income tax base." Lew noted that President Obama proposes to ensure that companies cannot change their tax domicile without a change in control of the company. According to Lew, several senators have "put companies on notice that any transaction that takes place after early May will not have the desired effect of lowering future U.S. tax liabilities." Tax inversions are a particularly significant issue in the pharmaceutical industry. Companies that have recently proposed transactions that involve an inversion component or have been linked to potential transactions include Pfizer (PFE), AstraZeneca (AZN), Mylan (MYL), Abbott (ABT), Shire (SHPG), AbbVie (ABBV), Allergan (AGN), Valeant (VRX), Perrigo (PRGO), Medtronic (MDT) and Covidien (COV). Reference Link
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November 16, 2015
10:27 EDTAZNGoldman puts Conviction Buy-rated Clovis under review
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10:25 EDTPRGOOptions with decreasing implied volatility
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10:23 EDTAZNClovis price target cut to $28 from $92 at Piper Jaffray
Piper Jaffray analyst Charles Duncan cut his price target for shares of Clovis Oncology (CLVS) to $28 from $92 after the company announced that rociletinib efficacy data matured and the number of patients with a confirmed response is lower than expected. The updated response rate may still ultimately be approvable, but it further hinders rociletinib's competitive positioning compared to AstraZeneca's (AZN) Targrisso, Duncan tells investors in a research note. The analyst pushed back his first rociletinib sales estimate to Q4 of 2016 and lowered the drug's peak penetration of the second line market from 25% to 45%. He reiterates a Neutral rating on Clovis. The stock is down 67%, or $66.93, to $32.50 in morning trading.
10:00 EDTPRGOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
09:59 EDTPFE, VRX, SHPGOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:19 EDTPRGOOn The Fly: Pre-market Movers
HIGHER: Nexvet Biopharma (NVET), up 16.8% after NV-01 study meets primary endpoint... Protalix BioTherapeutics (PLX), up 4.8% after announcing that it will conduct a Phase III clinical trial for PRX-102... Array Biopharma (ARRY), up 4.3% after announcing a commercialization collaboration with Pierre Fabre... Perrigo (PRGO), up 2.1% after being upgraded to Buy from Neutral at UBS. DOWN AFTER EARNINGS: Dillard's (DDS), down 11.7% after reporting quarterly results. ALSO LOWER: Clovis Oncology (CLVS), down 71.3% after the FDA requested additional clinical data for rociletinib... KaloBios Pharmaceuticals (KBIO), down 48.9% after announcing that it will wind down its operations... Starwood Hotels (HOT), down 6.3% after announcing that Marriott (MAR) will acquire the company... Marriott is down 2.4%... Five Below (FIVE), down 3.1% after being downgraded to Hold from Buy at Deutsche Bank.
09:06 EDTVRXDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
09:04 EDTABBVAbbVie announecs data from Surveyor studies of ABT-493
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08:32 EDTAZNClovis reopens, down 64% after FDA requests added data for rociletinib
AstraZeneca (AZN), which is at work on a drug similar to rociletinib, is up 2.5% in pre-market trading.
08:07 EDTAGNAllergan reports Phase I/II interim data of Bimatoprost SR IOP therapy
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07:40 EDTMYLMylan launches generic Viramune XR ER tablets, 100mg
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07:32 EDTMYLMylan launches generic GLUCOTROL XL tablets
Mylan (MYL) announced the U.S. launch of Glipizide Extended-release Tablets, 5 mg and 10 mg, the generic version of Pfizer's (PFE) GLUCOTROL XL. Mylan received final approval from the FDA for its Abbreviated New Drug Application for this product, which is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Glipizide Extended-release Tablets, 5 mg, and 10 mg, had U.S. sales of approximately $70.7 million for the 12 months ending September 30, 2015, according to IMS Health.
07:16 EDTMYL, PRGOHayman Capital gives quarterly update on stakes
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
06:33 EDTPFE, AGNPfizer, Allergan deal brings focus on U.S. tax-inversion deals, Reuters says
Pfizer's (PFE) takeover bid for Allergan (AGN) has refocused financial markets over a potential move by the U.S. Treasury Department against tax-inversion deals, Reuters reported Friday. The outlook for such a move remained unclear on Friday, the report says. Reference Link
06:01 EDTSHPGSynergy Pharmaceuticals appoints Gary Sender as CFO
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05:57 EDTAZNAstraZeneca urges UK for antibiotics investment shake-up, Financial Time says
AstraZeneca has urged the U.K. government to develop a new model for incentivizing investment in antibiotics, reports the Financial Times. In a letter to the Financial Times, the company said it has joined other "leading voices" in the life sciences sectory to implore Britain to go ahead with a new system rather than waiting for an international agreement. The company said a new payment model was needed that would reward companies' investments but without encouraging the over-use of antibiotics. Reference Link
05:53 EDTPRGOPerrigo upgraded to Buy from Neutral at UBS
UBS analyst Marc Goodman upgraded Perrigo (PRGO) to Buy saying investor focus should soon turn back to fundamentals following Mylan's (MYL) failed takeover attempt. Perrigo management can deliver mid-single digit revenue growth that drives mid-teens earnings growth over the next five years, Goodman tells investors in a research note. His price target for the stock remains $200. Perrigo closed Friday down $9.65 to $146.90.
November 15, 2015
18:13 EDTAGN, PFEAllergan, Pfizer targeting late November merger deal, FT says
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14:30 EDTABBVEnanta confirms interim Phase 3b data on Viekira Pak
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14:23 EDTABBVAbbVie reports Phase 3b data on Viekira Pak for hepatitis C
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