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Stock Market & Financial Investment News

News Breaks
January 28, 2013
13:55 EDTPFE, PFE, PTIE, PTIE, DRRX, DRRX, ENDP, ENDPSummer Street's biotech research team holds an analyst/industry conference call
Biotech Analyst Research Team discusses Remoxy on an Analyst/Industry conference call to be held on January 28 at 2:30 pm.
News For PFE;PTIE;DRRX;ENDP From The Last 14 Days
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May 21, 2015
07:37 EDTPFEPfizer replaces AbbVie as top global pharma pick at Jefferies
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07:21 EDTENDPEndo shares have attractive long-term setup, says JPMorgan
JPMorgan believes the acquisition of Par builds out Endo's generics business. The firm believes the long-term setup for Endo is attractive and raised its price target for shares to $110 from $105. It reiterates an Overweight rating on the name.
May 20, 2015
07:46 EDTPFEDeutsche Bank positive on potential Pfizer, GSK merger
Deutsche Bank analyst Gregg Gilbert believes a large foreign deal for Pfizer (PFE) may make sense and says a buyout of GlaxoSmithKline (GSK) could be "materially" accretive to earnings while improving the company's tax situation over time. Gilbert assumes a $60 per share buyout price for GlaxoSmithKline in a research note this morning titled "Introducing 'PfizerKline'". The stock closed yesterday up 2c to $44.68. Gilbert reiterates a Buy rating on Pfizer with a $41 price target. Shares ended yesterday up 23c to $34.21.
May 19, 2015
10:14 EDTENDPHigh option volume stocks
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07:39 EDTENDPEndo presents data on Xiaflex treatment for PD
Endo Pharmaceuticals, a subsidiary of Endo International, supports efforts to bring the medical community the first ever treatment guidelines for Peyronie's Disease, or PD, a condition in which collagen plaque, or scar tissue, develops on the shaft of the penis, and may harden and reduce flexibility. The company also announced that it has presented encore data at a key medical meeting evaluating the efficacy of XIAFLEX treatment for PD as well as the impact of PD on erectile dysfunction and female partners.
06:55 EDTPFEGenocea could be takeover target after data, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff expects Genocea Biosciences (GNCA) will report positive Phase II GEN-003 post-immunization results late in Q2. GEN-003 is a therapeutic vaccine for genital herpes targeting Herpes Simplex Virus Type 2. Positive GEN-003 data could position Genocea as a potential acquisition target by a larger vaccine player, Tenthoff tells investors today in a research note. Large vaccine makers include Sanofi (SNY), Merck (MRK), GlaxoSmithKline (GSK), Pfizer (PFE) and Novartis (NVS). The analyst reiterates an Overweight rating on Genocea with a $14 price target. Shares of the clinical-stage vaccine developer with a $227M market capitalization closed yesterday up 83c to $10.22.
May 18, 2015
16:21 EDTENDPOn The Fly: Top stock stories for Monday
Stocks on Wall Street advanced in Monday trading, sending the Dow Jones Industrial Average and the S&P 500 to new all-time closing highs. The early part of the day saw the market move in a narrow range, but by early afternoon the market punched through its upper range and moved to session highs. The market drifted throughout the afternoon as the news flow was quiet and the trading volume remained light. ECONOMIC EVENTS: In the U.S., the National Association of Home Builders’ confidence index fell 2 points to a reading of 54 in May, missing expectations for a 1 point increase to a reading of 57. COMPANY NEWS: Shares of Apple (AAPL) advanced $1.47, or 1.14%, to $130.24 after noted investor Carl Icahn stated in an open letter to the company's CEO that he thinks other investors, analysts and the news media continue to misunderstand Apple and that its stock is "worth $240 today." Icahn urged Apple CEO Tim Cook to take advantage by launching a "much larger buyback" of the iPhone maker's shares. Separately, FBR Capital analysts Daniel Ives and James Moore wrote this morning in a note to investors that the Street is still underestimating Apple's growth outlook in China. The analysts believe that Apple's China revenue will exceed its revenue from the Americas in fiscal 2017... Endo International (ENDP) slid $4.53, or 5.31%, to $80.82 after the company agreed to pay $8B for privately held Par Pharmaceutical, which will roughly double Endo’s generics revenue and place its generics business among the top five as measured by U.S. sales. MAJOR MOVERS: Among the notable gainers was Ann Inc. (ANN), which surged $7.69, or 19.87%, to $46.40 after agreeing to be acquired by Ascena Retail Group (ASNA) for about $2.15B in cash and stock. Ascena, which agreed to pay $37.34 in cash and 0.68 of a share of its own common stock in exchange for each share of the parent of the Ann Taylor brand, slipped 14c, or 0.99%, to $14.07 after announcing the deal. Also higher was Achillion (ACHN), which rose $1.41, or 14.79%, to $10.98 after the company cancelled its presentation at the UBS Global Healthcare Conference. Conference cancellations often generate speculation as to whether a company is engaged in merger or acquisition talks. Among the noteworthy losers was Eleven Biotherapeutics (EBIO), which dropped $8.29, or 69.26%, to $3.68 after announcing the company’s Phase 3 study of its lead drug candidate, EBI-005, in moderate to severe dry eye disease did not meet either of its two co-primary endpoints. Also lower were shares of Weibo (WB), which fell 87c, or 5.24%, to $15.73 after the shares were downgraded to Hold from Buy at Summit Research. INDEXES: The Dow rose 26.32, or 0.14%, to 18,298.88, the Nasdaq gained 30.15, or 0.6%, to 5,078.44, and the S&P 500 added 6.47, or 0.3%, to 2,129.20.
14:42 EDTENDPAchillion rises as conference cancellation adds fuel to M&A speculation
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09:20 EDTENDPEndo CEO says will be looking for deals on lower end of $300M-$1B range
Endo will be looking for deals similar to its Aspen transaction, the company's CEO added.
09:09 EDTENDPEndo says 'pretty large' disparity in FY16 interest expense view vs. consensus
Endo said it will not give FY16 guidance at this point but noted that there appears to be a "pretty large" disparity between the company's interest expense view for the fiscal year compared to what appears to be factored into the consensus FY16 forecast. Comments from Endo's call discussing its deal to acquire Par Pharmaceutical.
08:31 EDTDRRXDURECT announces positive results from DUR-928 Phase 1 study
DURECT announced that it has obtained positive results from a multi-dose Phase 1 clinical trial with an oral formulation of DUR-928, the lead molecule in DURECT's Epigenomic Regulator Program. DUR-928 is an endogenous, small-molecule, new chemical entity, which may have broad applicability in metabolic diseases such as nonalcoholic fatty liver disease and nonalcoholic steatohepatitis. It may also play an important role in protecting against acute kidney injury and other types of acute organ injury. This Phase 1 trial was a single-site, randomized, double-blinded, placebo-controlled, multiple-ascending-dose study to evaluate the safety, tolerability, and pharmacokinetics of DUR-928 when orally administered once daily for 5 consecutive days to healthy volunteers. The 20-subject study evaluated DUR-928 in 2 consecutive 10-subject cohorts, the first receiving DUR-928 at a lower dose and the second at a higher dose. Following multiple dosing, DUR-928 was well-tolerated at both dose levels, with no clinically significant changes in vital signs, laboratory values or ECG parameters, no severe or serious drug-related adverse events reported and no subjects withdrawing from the study. Peak plasma concentrations achieved were at least 100-fold higher than endogenous levels, no accumulation in plasma concentrations were observed with repeat dosing, and dose related increases in plasma concentrations were observed with peak plasma concentration at approximately 2 – 6 hours after dosing.
08:27 EDTENDPEndo says Par financing structure provides flexibility for future M&A
Endo expects adjusted diluted Par EPS to grow faster than revenues, according to slides for the Par Pharmaceutical acquisition presentation. Endo anticipates returns well in excess of its cost of capital, which should enable de-levering to a projected 3-4x net debt to EBITDA in 12-18 months. Endo said the financing structure of the Par deal provides flexibility for future M&A. Endo says consolidation and maturation of competitors have stabilized the generic pharmaceuticals pricing environment and that adding Par creates a top five generics player. Endo said it will have pro forma filed ANDAs of 165 and pro forma programs in development of 152 after adding Par.
06:58 EDTPFEActavis CEO says chances of Pfizer offer are 'unlikely', Financial Times says
Actavis (ACT) CEO Brent Saunders said the chances of Pfizer (PFE) making an offer are "incredibly unlikely," reports the Financial Times. Saunders said he has heard the gossip that Actavis could become a takeover target for a larger group, but he spends "zero time thinking about it." Reference Link
06:36 EDTENDPEndo sees PAR transaction accretive to adjusted EPS in first 12 months
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06:34 EDTENDPEndo to acquire Par Pharmaceutical in transaction valued at $8.05B
Endo and Par Pharmaceutical announced that they have entered into a definitive agreement under which Endo will acquire privately-held Par from TPG in a transaction valued at $8.05B, including assumption of Par debt. The combination is expected to help drive long-term double-digit revenue growth for Endo. The transaction has been unanimously approved by the boards of Endo and Par, and is supported by the management teams of both companies. There are no further shareholder approvals required. The purchase price will consist of approximately 18M shares, $1.55B of value based on the 10-day volume weighted average share price of Endo ending on May 15, of Endo equity and $6.50B cash consideration to Par shareholders. Endo has secured fully committed financing from Deutsche Bank and Barclays to fund the cash consideration. Endo expects to implement a permanent capital structure to finance the transaction prior to the close that would include a combination of cash, debt and an equity offering. The transaction is expected to close in the second half of 2015 and is subject to regulatory approval in the U.S. and certain other jurisdictions, as well as other customary closing conditions.
06:33 EDTENDPEndo to acquire Par Pharmaceutical in transaction valued at $8.05B
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06:31 EDTENDPEndo to acquire Par Pharmaceutical in transaction valued at $8.05B
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May 15, 2015
17:40 EDTENDPEndo announces FDA approval of label update for XIAFLEX
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17:08 EDTENDPSoros Fund gives quarterly update on stakes
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09:31 EDTPFEAmerican Thoracic Society to hold a conference
ATS 2015 Conference is being held in Denver on May 15-20.
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