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Stock Market & Financial Investment News

News Breaks
July 11, 2014
11:54 EDTABBV, SHPG, AGNAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
News For SHPG;ABBV;AGN From The Last 14 Days
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February 9, 2016
10:50 EDTAGNBofA names Pfizer a top pick with limited downside, significant upside
Bank of America Merrill Lynch named Pfizer (PFE) as a top pick for 2016 and added the stock to its US 1 list, saying the pharmaceutical giant's stock is "defensive," yet also has the potential to rise significantly. BULLISH VIEW: There's a very good chance that Pfizer will "vastly" exceed earnings per share expectations going forward, due to the large share buybacks that the company can carry out, Bank of America analyst Colin Bristow believes. The pharmaceutical giant's $36B in cash and equivalents, along with its strong cash flow, can facilitate huge share repurchases, he contends. Moreover, Pfizer's acquisition of Allergan (AGN) increases the value of Pfizer's shares by $4 and should increase its EPS by about 17% in 2019, Bristow stated. After Pfizer's stock fell 25% in the wake of its Allergan deal, the shares have reached a "floor value," and can rise about 51%, assuming the Allergan deal closes, Bristow believes. If the Allergan deal falls through, Pfizer's stock will get "some downside protection" in the short-term, while the shares can still rise 37% over the longer term, the analyst stated. Additionally, Pfizer's 4% dividend yield, high quality earnings and high liquidity levels should be appealing to investors, given the market's current turbulence, according to Bristow, who kept a $39 price target and Buy rating on the shares. PRICE ACTION: In morning trading, Pfizer shares slipped fractionally to $28.52.
09:56 EDTSHPGIntercept higher following report of vague takeover chatter
Shares of Intercept Pharmaceuticals (ICPT) are moving after United Kingdom blog Proactive Investors discussed "reheated rumours" of a takeover. "Vague talk" has Intercept teaming up with CenterView Partners to advise on a sale, the blog states. It mentions AstraZeneca (AZN) as a possible suitor now that Shire (SHPG) has reached an agreement to acquire Baxalta (BXLT). Shares of Intercept, which is developing treatments for chronic liver diseases, are up 4% to $97.39 in early trading.
February 8, 2016
16:06 EDTABBVEnanta sees Q2 royalty revenue at least 3% of AbbVie's reported VIEKIRA sales
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09:34 EDTAGNPfizer sees decision about potential separation by no later than end 2018
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09:32 EDTAGNPfizer names executive leadership team for combined organization
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07:37 EDTAGNSupernus prevails in Oxtellar XR ANDA litigation
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February 7, 2016
14:30 EDTABBVAbbVie's juvenile arthritis treatment receives orphan designation
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14:10 EDTABBVAbbVie's venetoclax receives orphan designation for myeloid leukemia
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February 5, 2016
15:03 EDTAGNCourt rules in favor of Supernus on two patents in suit with Actavis
The U.S. District Court for the District of New Jersey entered judgment against Actavis, now known as Allergan (AGN), and in favor of Supernus (SUPN) as to the '898 and '131 patents disputed in a lawsuit between the two companies. The court found against Supernus and in favor of Actavis as to the '600 patent, according to a court filing. The Patents-in-Suit relate to Supernus' Oxtellar XR drug indicated for the treatment of seizures. Shares of Supernus are up 29% in afternoon trading following the court ruling.
10:02 EDTABBVOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 21st Century Fox (FOXA) initiated with an Outperform at Telsey Advisory... AbbVie (ABBV) initiated with an Outperform at William Blair... CBS (CBS) initiated with an Outperform at Telsey Advisory... Criteo (CRTO) initiated with an Outperform at Boenning & Scattergood... LHC Group (LHCG) initiated with a Buy at Jefferies... Marriott Vacations (VAC) initiated with an Outperform at Credit Suisse... Prestige Brands (PBH) initiated with an Overweight at Piper Jaffray... Rubicon Project (RUBI) initiated with an Outperform at Boenning & Scattergood... TESARO (TSRO) initiated with a Buy at Lake Street... Time Warner (TWX) initiated with an Outperform at Telsey Advisory... TubeMogul (TUBE) initiated with a Neutral at Boenning & Scattergood... Viacom (VIAB) initiated with an Outperform at Telsey Advisory... Wyndham (WYN) initiated with a Neutral at Credit Suisse.
09:37 EDTABBVActive equity options trading on open
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06:28 EDTABBVAbbVie initiated with an Outperform at William Blair
William Blair analyst Y. Katherine Xu started AbbVie with an Outperform rating and $76 price target. The Humira franchise has "higher and longer growth prospects" than the Street projects, Xu tells investors in a research note.
February 4, 2016
16:00 EDTSHPGShire's NDA for lifitegrast for dry eye resubmssion acknowledged by FDA
Shire announced that the FDA has acknowledged receipt of the resubmission of the New Drug Application for lifitegrast for the treatment of signs and symptoms of dry eye disease in adults. Shire resubmitted the NDA in response to the complete response letter received from the FDA on October 16, 2015 that requested an additional clinical study and more information related to product quality. The FDA determined that the submission is a complete response and has assigned a 6-month review period for the NDA and a Prescription Drug User Fee Act goal date of July 22.
12:41 EDTABBVAbbVie management to meet with Evercore ISI
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February 3, 2016
08:07 EDTSHPGMedgenics names Brian Piper to succeed John Leaman as CFO
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06:13 EDTAGNPfizer insists Allergan deal won't be thwarted by U.S. politicians, FT says
Pfizer (PFE) has insisted that its $160B acquisition of Allergan (AGN) will not be stifled by political opposition, amid criticism that the deal will cost the U.S. Treasury billions of dollars in future tax revenues, the Financial Times reports. Pfizer CEO Ian Read also reiterated his intention to postpone until 2018 a decision on whether to break of the combined entity into two or three smaller companies, but has said that he would be open to offers for its generics unit, the report says. Mylan (MYL) has been connected to a potential acquisition of Pfizer's generic drugs business after it failed in its attempt to buy Perrigo (PRGO) last year, the report says. Reference Link
February 2, 2016
10:59 EDTAGNPfizer CEO confident Allergan deal can close in second half
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09:46 EDTSHPGIntercept rumored to draw interest from many suitors, Daily Mail says
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06:54 EDTAGNPfizer expects combination with Allergan to occur in 2H16
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February 1, 2016
13:25 EDTAGNEarnings Watch: Pfizer shares down approximately 12% since last earnings report
Pfizer (PFE) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 2, with a conference call scheduled for 10:00 am ET. Pfizer, a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. EXPECTATIONS: Analysts are looking for earnings per share of 52c on revenue of $13.57B, according to First Call. The consensus range for EPS is 49c-54c on revenue of $13.08B-$13.99B. LAST QUARTER: After completing its Hospira acquisition in early September, Pfizer reported third quarter EPS of 60c, which beat consensus estimates of 51c, on revenue of $12.1B, which was also higher than consensus estimates of $11.56B. In Q3 Operational revenue growth in in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business. Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets. With its Q3 earnings announcement the company raised its fiscal year 2015 earnings per share view to $2.16-$2.20 from $2.04-$2.10 against a raised revenue view of $47.5B-$48.5B from $46.5B-$47.5B. Commenting on the improved yearly view, the company CFO said "We raised our 2015 financial guidance for reported revenues and adjusted diluted EPS to reflect the strong performance to date of Pfizer-standalone, excluding legacy Hospira operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year.PFIZER-ALLERGAN DEAL. On November 23, Pfizer and Allergan (AGN) announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer will combine with Allergan. Pfizer at the time said it anticipates the Allergan transaction will deliver more than $2B in operational synergies over the first three years after closing. Pfizer anticipates that the combined company will have a pro forma Adjusted Effective Tax Rate of approximately 17%-18% by the first full year after the closing of the transaction. The transaction is expected to be neutral to Pfizer's Adjusted Diluted EPS in 2017, modestly accretive beginning in calendar year 2018, more than 10% accretive in 2019 with high-teens percentage accretion in 2020. STREET RESEARCH: On December 1, Barclays analyst Geoff Meacham kept an Equal Weight rating on Pfizer after assuming coverage of the name. The analyst maintained a $34 price target for shares.On November 25, SunTrust upgraded Pfizer to Neutral and increased its price target to $37 from $34 on shares. Analyst John Boris said the Allergan deal makes strategic sense, providing much needed growth from earlier life cycle assets with limited therapeutic overlap. PRICE ACTION: Shares of Pfizer are lower by approximately 12% since its last earnings report on October 27. Pfizer shares are trading over 1% lower to $29.97 in afternoon trading ahead of Tuesday morning's earnings.
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