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July 31, 2014
10:06 EDTAGN, VRXValeant sees FY15 cash EPS about $9.90 with deals, $9.40 with debt repayment
Valeant (VRX) sees FY15 cash EPS about $9.90 with deals, $9.40 with debt repayment. Valeant sees FY15 revenue about $9.7B with deals, $8.9B with debt repayment. Valeant laid out two alternate scenarios for its standalone projections, namely a debt repayment case and an acquisition case. Under the debt repayment scenario, leverage decreases to 2.9x in 2015 and 1.9x in 2016. Under the acquisition case, the company assumes acquisition of about $5B in 2015 and about $10B in 2016.
News For VRX;AGN From The Last 14 Days
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October 2, 2015
07:04 EDTAGNHorizon Pharma enters settlement pact with Actavis Labs over RAYOS
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October 1, 2015
09:12 EDTAGNAllergan completes Kythera acquisition
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07:39 EDTVRX, AGNJPMorgan sees opportunities in pharma after pullback
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07:03 EDTAGNAllergan receives approval from FDA to market Juvederm Ultra XC
Allergan announced that the company has received approval from the FDA to market JUVEDERM ULTRA XC for injection into the lips and perioral area for lip augmentation in adults over the age of 21. JUVEDERM ULTRA XC instantly adds fullness to the lips and is the only dermal filler that has proven results lasting up to one year for lip augmentation. Since JUVEDERM formulations were first approved in the United States in 2006, physicians and patients have relied on them to correct moderate to severe facial wrinkles and folds, such as the parentheses lines around the nose and mouth. This heritage has continued with introduction of JUVEDERM(R) VOLUMA XC for age-related mid-face volume loss in 2013, and now, with JUVEDERM ULTRA XC for lip augmentation. In clinical trials of JUVEDERM ULTRA XC, the majority of subjects reported improvement in the softness, smoothness and natural look and feel of their lips through one year. In clinical trials, 79% of subjects showed a meaningful improvement in lip fullness three months after treatment. Additionally, more than 78% of subjects reported an improvement in their overall satisfaction with the look and feel of their lips at one year after treatment.
September 30, 2015
10:01 EDTVRXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Apollo Investment (AINV) initiated with a Neutral at DA Davidson... Ares Capital (ARCC) initiated with a Buy at DA Davidson... Barrett Business (BBSI) initiated with a Buy at Sidoti... BlackRock Capital Investment (BKCC) initiated with a Buy at DA Davidson... Danaher (DHR) initiated with an Outperform at Leerink... FS Investment (FSIC) initiated with a Buy at DA Davidson... Fossil (FOSL) initiated with a Neutral at Mizuho... Home Bancorp (HBCP) initiated with an Outperform at Raymond James... MEDNAX (MD) initiated with a Buy at Mizuho... MSG Networks (MSGN) initiated with a Hold at Stifel... MaxLinear (MXL) initiated with a Buy at Roth Capital... NanoString (NSTG) initiated with an Outperform at Cowen... On Deck Capital (ONDK) initiated with a Market Perform at JMP Securities... PennantPark (PNNT) initiated with a Buy at DA Davidson... Petrobras (PBR) initiated with an Underperform at Macquarie... Signature Bank (SBNY) initiated with an Outperform at RBC Capital... Solar Capital (SLRC) initiated with a Buy at DA Davidson... Sterling Bancorp (STL) initiated with an Outperform at RBC Capital... Valeant (VRX) initiated with a Buy at BofA/Merrill.
08:23 EDTVRXValeant initiated with a Buy at BofA/Merrill
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September 29, 2015
13:28 EDTAGNAllergan volatility at 52-week high on share price pull back
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12:33 EDTAGNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
10:48 EDTVRXOptions with increasing implied volatility
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10:00 EDTVRX, AGNOn The Fly: Analyst Initiation Summary
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09:51 EDTVRXAnalysts turn to pharma safe havens following massive selloff
Pharmaceutical stocks have been in a steady descent over the last week since a privately-held drugmaker set off a firestorm of controversy with a dramatic price increase for a drug it bought for a relatively low cost. Against that backdrop, analysts are seeking safer names, as illustrated by two upgrades of big pharma companies this morning. BACKGROUND: Pharmaceutical stocks, and particularly the shares of biotech companies, have declined significantly over the last week since privately-held Turing Pharmaceuticals increased the price from $13.50 to $750 per pill on its Daraprim drug for toxoplasmosis. Following Turing's Daraprim price hike, Presidential candidate Hillary Clinton criticized the "outrageous" prices of specialty drugs and laid out a plan to combat the problem. In the latest chapter of the reignited drug price debate, eighteen Democratic congressional representatives have requested that the House Oversight Committee subpoena Valeant (VRX) for information related to allegedly "massive" price increases for two cardiac drugs recently acquired by the company, claiming that Valeant is using "precisely the same business model" as Turing's Martin Shkreli. BRISTOL-MYERS: This morning, UBS analyst Marc Goodman upgraded Bristol-Myers Squibb (BMY) to Buy, saying Opdivo positions the company as a clear leader in the immuno-oncology space. Goodman raised his 2020 sales estimate for the drug to $10B from $8B citing the "very strong" renal cancer data, a larger lung market and additional smaller new indications. The recent pullback in the Pharma sector is overdone, Goodman tells investors in a research note on Bristol titled "We Like This Opportunity Right Here Right Now." He raised his price target for shares to $75 from $65. J&J: Deutsche Bank analyst Kristen Stewart upgraded Johnson & Johnson to Buy calling the company a "diversified safe haven" amid volatile times for the sector. Stewart left a recent meeting with management "feeling more confident" that the company will see growth across all divisions, including pharma, despite patent expirations. J&J is "flush with cash," giving management opportunities to enhance growth through deals, she tells investors in a research note. Stewart keeps a $110 price target for J&J shares. PRICE ACTION: In early trading, Johnson & Johnson rose 0.5% to $91.88. Amid the sector selloff in the last week, the stock has held up relatively well, falling 2.5% since September 21. Meanwhile, Bristol shares slipped 0.1% to $57.44 in early trading and has declined nearly 11% since September 21.
09:31 EDTVRXValeant volatility elevated after House Democrats seek subpoena
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08:57 EDTAGNCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
08:18 EDTAGNAllergan initiated with a Buy at Nomura
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08:18 EDTVRXValeant initiated with a Buy at Nomura
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08:03 EDTAGNAllergan price target lowered to $311 from $357 at Leerink
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07:35 EDTVRXValeant weakness a buying opportunity, says Canaccord
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07:09 EDTAGNAllergan selloff brings 'compelling' buying opportunity, says JPMorgan
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05:41 EDTVRXValeant subpoena 'far from certain,' says UBS
UBS analyst Marc Goodman says Valeant Pharmaceuticals receiving a subpoena after 18 Democratic members of the House Committee on Oversight and Government Reform sent a letter requesting Chairman Jason Chaffetz send one to the company is "far from certain." This is a subpoena request by the minority party, Goodman reminds in a research note titled "A Possible Overreaction to Subpoena Concerns." The Democrats have asked on pricing issues before, and the Chairman has declined, he points out. The analyst expects the stock to "bounce back" following the selloff. Goodman keeps a Buy rating on Valeant after the shares dropped $33.14 yesterday to $166.33. The analyst has a $285 price target for the stock.
05:05 EDTVRXStocks with implied volatility movement; HZNP VRX
Stocks with implied volatility movement; Horizon Pharma (HZNP) 132, Valeant (VRX) 98 according to iVolatility.
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