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Stock Market & Financial Investment News

News For NVS From The Last 14 Days
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December 23, 2014
12:41 EDTNVSOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq lagging but the Dow above the 18,000 level for the first time. After an upward revision to the government's estimate of third quarter GDP growth fueled a higher open for all three major averages, the Dow and S&P soon found a level and began to drift, though the Nasdaq struggled and moved into the red soon after the opening bell. The averages have been in a holding pattern since the opening hour, with volume remaining light during this holiday shortened week. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of Keurig Green Mountain declined nearly 2% after the coffee machine maker recalled about 7.2M MINI Plus brewers in the U.S. and Canada after receiving reports of hot liquid escaping from the units during use. MAJOR MOVERS: Among the notable gainers was Vanda Pharmaceuticals (VNDA), which jumped more than 15% after the company announced a drug licensing settlement with Novartis (NVS) that research firm JMP Securities said was more favorable to Vanda than investors had expected. Also higher was NQ Mobile (NQ), which gained 27% after its board of directors authorized a share repurchase program under which the company may repurchase up to $80M of its shares. Among the noteworthy losers was Achillion (ACHN), which fell 21% after RW Baird downgraded the stock to Neutral and said the top-line anti-viral data the company reported yesterday fell short of expectations. Also lower were a number of other biotechnology companies, including Celgene (CELG), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), as the whole space appears to be having a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. INDEXES: Near midday, the Dow was up 75.04, or 0.42%, to 18,034.48, the Nasdaq was down13.18, or 0.28%, to 4,768.24, and the S&P 500 was up 4.48, or 0.22%, to 2,083.02.
11:52 EDTNVSVanda rallies after settling dispute with Novartis
Shares of Vanda Pharmaceuticals (VNDA) are jumping after the company announced that it had settled a drug licensing dispute with Novartis (NVS). Research firm JMP Securities said that the settlement was more favorable to Vanda than investors had expected. WHAT'S NEW: Vanda last night announced that it had settled its dispute with Novartis over the licensing terms for Vanda's schizphrenia drug, Fanapt. Under the terms of the deal, Novartis will transfer all U.S. and Canadian rights to the drug to Vanda, make a $25M equity investment in Vanda at a valuation of $13.82 per share, and grant Vanda an exclusive worldwide license to another schizophrenia treatment, AQW051. The latter drug is currently in Phase II clinical trials. ANALYST REACTION: The settlement was significantly more attractive to Vanda than expected, JMP Securities analyst Jason Butler wrote in a note to investors today. Fanapt could generate $70M-$90M in free cash flow for Vanda over the next two years, the analyst stated. He reiterated a $30 price target and Outperform rating on Vanda. PRICE ACTION: In late morning trading, Vanda surged 17% to $14, while Novartis fell 2% to $93.
08:39 EDTNVSVanda settlement better than expected, says JMP Securities
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05:24 EDTNVSAlcon Travatan receives EU approval for pediatric glaucoma
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December 22, 2014
16:06 EDTNVSVanda, Novartis agree to settle arbitration relating to Fanapt
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11:09 EDTNVSFTC puts conditions on Lilly's proposed acquisition of Novartis Animal Health
Global pharmaceutical company Eli Lilly and Company (LLY) has agreed to divest its Sentinel product line of medications for treating heartworm disease in dogs in order to settle FTC charges that its proposed $5.4B acquisition of Novartis (NVS) Animal Health would likely be anticompetitive. Under the proposed settlement, Eli Lilly will divest its Sentinel product line and associated assets to the French pharmaceutical company, Virbac. Indianapolis-based Eli Lilly, through its Elanco Animal Health division, and Switzerland-based Novartis AG’s Novartis Animal Health business unit both develop and market a wide range of animal health products, including medications to treat diseases and conditions affecting pets and livestock. Reference Link
December 17, 2014
15:09 EDTNVSNovartis unit gets FDA approval for swimmer’s ear treatment
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07:29 EDTNVSFDA PDUFA Date for Novartis Bexsero is December 17, 2014
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December 16, 2014
08:47 EDTNVSHemispherx Ampligen provides anti-tumor activity
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07:06 EDTNVSBioLineRx and Novartis enter into strategic collaboration agreement
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05:48 EDTNVSNovartis gains FDA approval for Signifor LAR
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December 12, 2014
08:36 EDTNVSNovartis reports BOLERO-1 trial did not meet primary objective
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05:31 EDTNVSNovartis reports Cosentyx 'superior' in head-to-head psoriasis study
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