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January 14, 2014
08:57 EDTREGNRegeneron management to meet with Deutsche Bank
Meeting to be held in San Francisco on January 14 hosted by Deutsche Bank.
News For REGN From The Last 14 Days
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October 12, 2015
13:00 EDTREGNOn The Fly: Top stock stories at midday
Stocks on Wall Street were little changed at midday as the averages catch their breath ahead of an upcoming torrent of earnings reports. Though the week began on a slow note, with no major reports coming out this morning, there was large-cap deal news to keep investors occupied as they await the earnings deluge. ECONOMIC EVENTS: In the U.S., no major data was reported and the bond market was closed for Columbus Day. In China, the Shanghai composite index gained more than 3% after the PBOC expanded a pilot program that boosts banks' lending abilities. China's foreign direct investment rose 7.1% from a year earlier in September, the Ministry of Commerce said in a statement issued after the market's closed for trading. COMPANY NEWS: Shares of EMC (EMC) advanced after Dell confirmed this morning that it has struck a $67B deal to acquire the enterprise IT company while maintaining VMware (VMW), which is majority owned by EMC, as a publicly-traded company. EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware business. Dell said the deal equates to a consideration of $33.15 per EMC share, but EMC rose a bit over 1% to $28.21 near noon while VMware shares sunk over 10%... Anheuser-Busch InBev (BUD) noted recent speculation and confirmed that it has made an improved cash offer of GBP 43.50 per share to the board of SABMiller (SBMRY) to combine the two companies. Under the rules of U.K. takeover law, Anheuser-Busch has until 5 pm on Wednesday to make a formal offer for SABMiller before it must walk away from any deal for a period of six months. MAJOR MOVERS: Among the notable gainers were Regeneron (REGN), Amgen (AMGN) and Esperion (ESPR), which gained 4.5%, 2.8%, and 1.6%, respectively, after Eli Lilly (LLY) announced that it was halting development of the anti-cholesterol drug evacetrapib. Shares of Eli Lilly, meanwhile, fell about 8% following the announcement, while Merck (MERCK), which is at work on another drug in the same class, slid 0.5%. Also lower was SunCoke Energy (SXC), which lost 27%, after it reported third quarter losses and revised its adjusted EBITDA outlook for the fiscal year. INDEXES: Near midday, the Dow was up 38.58, or 0.23%, to 17,123.07, the Nasdaq was up 2.98, or 0.06%, to 4,833.45, and the S&P 500 was up 0.26, or 0.01%, to 2,015.15.
10:40 EDTREGNAnti-cholesterol drug makers react to Eli Lilly discontinuation
The shares of Eli Lilly (LLY) are falling after the company announced that it was halting development of the anti-cholesterol drug evacetrapib. The shares of Merck (MRK), which is developing a drug in the same class, are also falling. Regeneron (REGN) and Amgen (AMGN), whose recently approved drugs would have competed with evacetrapib but work differently, are rising. Also advancing is Esperion Technologies (ESPR), which is working on developing yet another type of anti-cholesterol drug. WHAT'S NEW: Eli Lilly announced that it was discontinuing development of its evacetrapib drug due to lack of efficacy in a clinical trial. Evacetrapib was supposed to increase high-density, "good" lipoprotein cholesterol, or HDL, and lower low-density lipoprotein, or LDL, cholesterol by manipulating the cholesterylester transfer protein, or CETP. Merck is developing anacetrapib, which also is supposed to lower LDL by manipulating CETP. In July, the FDA approved Praluent, Regeneron and Sanofi's (SNY) drug that lowers LDL by targeting a specific protein called PCSK9. The FDA approved Amgen's Repatha, which also lowers LDL by targeting PCSK9, in August. Esperion's ETC-1002, which penetrates the liver, has been shown in studies to reduce LDL when used in combination with statins, but the drug has not yet been approved by the FDA. PRICE ACTION: In morning trading, Eli Lilly sank 7.7% to $79.54, Merck fell 1.7% to $50, Regeneron gained 3.2% to $520, Amgen rose 1.5% to $151.80 and Esperion advanced 4.3% to $26 per share.
09:47 EDTREGNLilly discontinuation removes overhang on PCSK9 launches, says Piper Jaffray
Piper Jaffray analyst Joshua Schimmer thinks that Eli Lilly (LLY) discontinuing development of its CETP inhibitor evacetrapib removes an overhang on the ongoing PCSK9 launches from Amgen (AMGN) and Regeneron (REGN) and Sanofi (SNY). Additionally, Schimmer thinks the failure of evacetrapib to show efficacy is likely mechanism specific and doesn't affect the chances of success for the ongoing PCSK9 cardiovascular outcomes studies. The analyst has an Overweight rating and $200 price target on Amgen shares.
07:22 EDTREGNCardiovascular Research Foundation to hold a conference
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October 6, 2015
18:48 EDTREGNExpress Scripts to include Praluent and Repatha in its formulary
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07:23 EDTREGNAmerican Society of Human Genetics to hold annual meeting
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October 5, 2015
10:19 EDTREGNSpark trial success a positive for gene therapy sector, says Piper Jaffray
Piper Jaffray analyst Joshua Schimmer said he views the news that Spark Therapeutics (ONCE) "highly anticipated" SPK-RPE65 Phase 3 gene therapy study for congenital blindness met its primary endpoint as a positive for the ophthalmology gene therapy field as well as the broader gene therapy sector. Schimmer added that Applied Genetic Technologies' (AGTC) early clinical data in the second half of this year will be a further test of the ophthalmology gene therapy platform. The analyst noted that other companies with gene therapy programs include Avalanche (AAVL), Biogen (BIIB), bluebird bio (BLUE), BioMarin (BMRN), Cellectis (CLLS), Medgenics (MDGN), uniQure (QURE), Pfizer (PFE), Regeneron (REGN) and Sangamo (SGMO).
10:02 EDTREGNBofa/Merrill healthcare analysts hold an analyst/industry conference call
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October 2, 2015
11:18 EDTREGNMorgan Stanley downgrades select pharma stocks amid drug price scrutiny
Morgan Stanley downgraded several stocks in the pharmaceutical sector, dropping drugmakers Valeant (VRX), Gilead (GILD) and Regeneron (REGN) to Equal Weight from Overweight. The firm also downgraded specialty pharmacy Diplomat Pharmacy (DPLO) to Equal Weight and cut its rating on drug distributor AmerisourceBergen (ABC) to Underweight, the firm's equivalent of a sell rating. WHAT'S NEW: Democrats' scrutiny of high drug prices may continue, warned Morgan Stanley analyst David Risinger. As a result, it is hard to predict when Valeant, which generated 14% of its Q2 sales rise from price increases, will see its P/E multiple rise, Risinger believes. The company's lower multiple will hinder its ability to conduct M&A and swap or issue equity, according to Risinger, who set a $200 price target on the stock. Morgan Stanley analyst Matthew Harrison downgraded Gilead, noting that U.S. hepatitis C volume growth has dropped in the last few months. Although Harrison thinks that the U.S. hepatitis C market is still strong, he believes that the data could cause the Street to become concerned about Gilead's fourth quarter and 2016 outlook. He set a $127 price target on the shares. Harrison also downgraded Regeneron, stating his belief that two other drug makers, Alexion (ALXN) and Vertex (VRTX), have stronger near-term appreciation potential. He added that Regeneron has a number of potential negative catalysts, including drug pricing concerns and his belief, based on physician feedback, that the launch of the company's cholesterol drug, Praluent, could miss expectations. He set a $593 price target on the shares. AmerisourceBergen, which provides pharmaceutical sourcing and distribution service to healthcare providers, is the most levered to branded price inflation and that attribute could weigh on the shares, said Risinger, who cut his price target to $93 from $120 on the stock. The uncertain outlook for drug prices could keep the stock range-bound, added the analyst. PRICE ACTION: In morning trading, Valeant dropped 2.3% to $175.50, Gilead declined 1% to $97.26, Regeneron was flat near to $472 per share and AmerisourceBergen slid 1.3% to $93.25.
10:00 EDTREGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Underperform from Neutral at BofA/Merrill... AIG (AIG) downgraded to Market Perform with $63 target at FBR Capital... AmerisourceBergen (ABC) downgraded to Underweight from Equal Weight at Morgan Stanley... Astoria Financial (AF) downgraded to Hold from Buy at Sandler O'Neill... Capstone Turbine (CPST) downgraded to Hold from Buy at Craig-Hallum... Diplomat Pharmacy (DPLO) downgraded to Equal Weight from Overweight at Morgan Stanley... Fifth Third (FITB) downgraded to Neutral from Buy at Goldman... Gilead (GILD) downgraded to Equal Weight from Overweight at Morgan Stanley... Henkel (HENKY) downgraded to Neutral from Outperform at Exane BNP Paribas... Horsehead Holding (ZINC) downgraded to Perform from Outperform at Oppenheimer... LPL Financial (LPLA) downgraded to Sell from Neutral at UBS... MYR Group (MYRG) downgraded on electricity outlook at BB&T... Orion Marine (ORN) downgraded on reduced dredging awards at BB&T... QTS Realty Trust (QTS) downgraded to Hold from Buy at Stifel... Quanta Services (PWR) downgraded to Hold from Buy at BB&T... Regeneron (REGN) downgraded to Equal Weight from Overweight at Morgan Stanley... Ryanair (RYAAY) downgraded to Hold from Buy at HSBC... T. Rowe Price (TROW) downgraded to Neutral from Buy at UBS... Telekom Austria (TKAGY) downgraded to Hold from Buy at HSBC... Valeant (VRX) downgraded to Equal Weight from Overweight at Morgan Stanley.
07:06 EDTREGNRegeneron downgraded to Equal Weight from Overweight at Morgan Stanley
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October 1, 2015
16:09 EDTREGNRegeneron announces collaboration with Mitsubishi Tanabe Pharma
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13:58 EDTREGNExpress Scripts hints at slow start for new cholesterol drugs
An interview with Express Scripts' (ESRX) Everett Neville hinted at slow adoption rates for a pair of new cholesterol treatments known as PCSK9 inhibitors, spurring Piper Jaffray analysts to weigh in on the matter this morning. REJECTION RATES: In a Reuters interview published Wednesday, Express Scripts VP of Pharma Strategies and Chief Trade Relations Officer Everett Neville commented that two new PCSK9 drugs would not be "budget busters" because most prescriptions for the treatments are actually being denied. Praluent from Regeneron (REGN) and Sanofi (SNY) as well as Amgen's (AMGN) Repatha were approved in recent months to treat high cholesterol, but their $14,000-plus yearly costs have come under fire, including from the Institute for Clinical and Economic Review. "We're seeing a lot of patients who either don't qualify or their physicians are not providing [necessary] information," Neville explained, indicating that use of the cholesterol treatments is coming in at the low end of expectations. ANALYST BREAKDOWN: Piper Jaffray analyst Edward Tenthoff said Neville's statements "validate" his view that PCSK9 adoption rates would be vulnerable to pushback from reimbursers like Express Scripts. Tenthoff added that he continues to see a slow launch for Regeneron's Praluent in particular, especially given the lack of cardiovascular outcomes data. Fellow Piper Jaffray analyst Joshua Schimmer took a more optimistic view, acknowledging the apparently high prescription rejection rate but arguing that the patient pool for the drugs is expected to "grow substantially" once cardiovascular data is released. PRICE ACTION: Express Scripts shares have slipped roughly 0.9% amid broader market losses, while shares of Regeneron, Sanofi, and Amgen are all showing minor declines of less than 1%.
05:54 EDTREGNExpress Scripts hinted at slow anti-PCSK9 launches, says Piper Jaffray
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September 30, 2015
17:34 EDTREGNExpress Scripts says many PCSK9 prescriptions denied, Reuters reports
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