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Stock Market & Financial Investment News

News Breaks
April 16, 2013
10:20 EDTSRPTSarepta tumbles after FDA requests more data on drug
Shares of Sarepta Therapeutics (SRPT) are sinking after the company announced that the FDA had requested additional information about its eteplirsen treatment for Duchenne muscular dystrophy, or DMD. WHAT'S NEW: The FDA requested that Sarepta provide a summary explaining why dystrophin, the production of which is supposed to be stimulated by eteplirsen, is an acceptable therapy for DMD, Sarepta announced last night. The FDA also requested detailed information about the clinical trials of eteplirsen, and indicated that it would need the information in order to help determine whether the drug is eligible for accelerated approval, according to Sarepta. The company said that it was "encouraged" by its discussions with the FDA. ANALYST REACTION: In a note to clients, Piper Jaffray analyst Edward Tenthoff wrote that the FDA's request indicates that the agency is looking to find a way to grant the drug accelerated approval. There is now a greater than 50/50 chance that Sarepta will be able to file for approval of the drug based on existing data, the analyst believes, adding that such a development should cause the stock to advance significantly. If, on the other hand, Sarepta is required to conduct a Phase III clinical trial of the drug before obtaining FDA approval for it, the resulting drop in the stock will create a buying opportunity, added Tenthoff. The analyst increased his price target on the shares to $50 from $35 and reiterated an Overweight rating on the stock. TODAY'S PRICE ACTION: In mid-morning trading, Sarepta fell $5.65, or 14.4%, to $33.50.
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April 21, 2014
17:14 EDTSRPTSarepta rally should continue, Barron's says
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16:40 EDTSRPTOn The Fly: Closing Wrap
Stocks on Wall Street were higher for the fifth straight session. Volume remained light on this Monday following Easter, as a number of international markets remained closed. The averages spent time on both sides of the flat-line early in the trading day before settling into a narrow range in positive territory for most of the second half of the session. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index fell to 0.20 in March, matching the consensus forecast. The Conference Board's index of leading indicators rose 0.8% in March, beating the consensus forecast for an increase of 0.7%. COMPANY NEWS: Ford (F) is preparing to announce that its Chief Operating Officer, Mike Fields, will take the CEO role at the company following the retirement of current CEO Alan Mulally later this year, according to a report from Bloomberg. Shares of Ford were little changed for the session following the report, losing 2c, or 0.13%, to close at $15.98... U.S.-listed shares of British pharmaceutical company AstraZeneca (AZN) gained $5.61, or 8.84%, to $69.10 after the U.K.'s Sunday Times said Pfizer (PFE) has takeover interest in the company. Analysts had mixed opinions on the report, with Citigroup saying a bid looks "highly probable," while analysts at Bernstein think such a deal would conflict with Pfizer's strategy of getting smaller. Shares of Pfizer rose 61c, or 2.02%, to $30.86 following the report... MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), up $9.58, or 39.26%, to $33.98 after announcing plans to submit a New Drug Application to the FDA by the end of this year for the approval of eteplirsen for the treatment of Duchenne muscular dystrophy. Also higher was Advanced Micro Devices (AMD), which rose 43c, or 11.65%, to $4.12 after the semiconductor manufacturer reported earnings and revenue that topped expectations after the close on Thursday. Among the noteworthy losers was MoneyGram (MGI), down $2.01, or 13.57%, to $12.80 in its second straight losing session after Wal-Mart (WMT) announced that it was launching its own money transfer service. MoneyGram's slide today comes after the stock dropped by more than 18% on Thursday following Wal-Mart's announcement. Also lower was lululemon (LULU), down $2.64, or 5.11%, to $49.07 after analysts at Sterne Agee said the company's investor day presentation, held on Thursday, did not include a substantive plan to grow same-store sales. INDEXES: The Dow was up 40.71, or 0.25%, to 16,449.25, the Nasdaq was up 26.03, or 0.64%, to 4,121.55, and the S&P 500 was up 7.04, or 0.38%, to 1,871.89.
15:39 EDTSRPTLeerink's biotech analyst holds an analyst/industry conference call
Biotech Analyst Schwartz, along with a Key Opinion Leader, discuss Sarepta's announcement that the Company will file a New Drug Application for Eteplirsen before the end of 2014 and Prosensa's drugs in development for Duchenne Muscular Dystrophy on an Analyst/Industry conference call to be held on April 22 at 12:45 pm.
13:01 EDTSRPTSarepta upgraded to Buy from Hold at Canaccord
Price target is $63.
12:47 EDTSRPTOn The Fly: Midday Wrap
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12:35 EDTSRPTSarepta surges after plans for Muscular Dystrophy drug filing
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12:00 EDTSRPTSarepta rises 48.2%
Sarepta is up 48.2%, or $11.76, to $36.16
10:56 EDTSRPTSarepta price target raised to $37 from $19 at Piper Jaffray
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10:53 EDTSRPTSarepta upgraded to Outperform from Market Perform at JMP Securities
Price target is $54.
10:49 EDTSRPTOptions with decreasing implied volatility: SRPT NSR INFY CMG GOOG
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10:45 EDTSRPTLeerink still cautious on FDA approving eteplirsen with existing data
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10:01 EDTSRPTOn The Fly: Analyst Upgrade Summary
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10:00 EDTSRPTSarepta rises 51.4%
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09:21 EDTSRPTOn The Fly: Pre-Market Movers
HIGHER: Sarepta (SRPT), up 54% after announcing plans to to submit NDA for Eteplirsen by year end 2014. Shares of Prosnesa (RNA), another drugmaker working on a competing DMD drug, are up more than 12%... AstraZeneca (AZN), up 6% after the Sunday Times says that Pfizer (PFE) is considering a takeover bid for the company. Pfizer is up 1.2% following the report... Newmont Mining (NEM), up 8% after WSJ says the company and Barrick Gold (ABX) could resume merger talks as soon as today... Cbeyond (CBEY), up 39% after agreeing to be acquired for about $323M by Birch Communications... Momenta Pharma (MNTA), up 10.5% after the Supreme Court rejected Teva's (TEVA) bid to delay generic Copaxone... Nu Skin (NUS), up 5% after saying its China division will resume corporate-hosted business meetings... Micron (MU), up 4% after price target raised at Drexel Hamilton... DOWN AFTER EARNINGS: Acacia Research (ACTG), down 6%... athenahealth (ATHN), down 5.6%.
09:19 EDTSRPTSarepta upgraded to Outperform from Market Perform at William Blair
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09:00 EDTSRPTSarepta rises 54.6%
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08:27 EDTSRPTSarepta volatility expected to move, plans to submit NDA for Eteplirsen by year
Sarepta implied volatility is expected to move on plans to submit NDA for Eteplirsen by year end 2014. Overall option implied volatility of 145 is above its 26-week average of 104 according to Track Data, suggesting large price movement.
07:13 EDTSRPTSarepta to host conference call
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07:04 EDTSRPTSarepta plans to submit NDA for Eteplirsen by year end 2014
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April 19, 2014
20:24 EDTSRPTSarepta shares could double, Barron's says
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