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May 3, 2013
05:11 EDTVRXValeant provides efinaconazole update
Valeant Pharmaceuticals (VRX) announced the following update regarding efinaconazole: "We agreed this afternoon that the launch of efinaconazole, our topical product candidate for the treatment of onychomycosis, will not occur until after the September arbitration hearing to resolve the breach of contract dispute with Anacor Pharmaceuticals (ANAC). As a result, the preliminary injunction hearing which was scheduled for May 6-8, has been canceled. Valeant intends to vigorously contest Anacor's claims and continues to expect to launch the product in 2013.
News For VRX From The Last 14 Days
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October 6, 2015
08:44 EDTVRXValeant refutes 'misleading' reports from Veritas, Citron and AZ Blog
In a regulatory filing, Valeant refutes reports that it would have missed Q1 and Q2 estimates without price increases. The company said the impact of acquired products and price increases was included in the company's 2015 guidance and subsequent guidance updates throughout the year include the 80c and 60c raises Valeant announced during our Q1 and Q2 earnings calls. Valeant refutes says a Veritas report on Glumetza's impact on Q3 is inaccurate, as the real impact is significantly less once actual gross to net rates, timing of price increases, declining product volumes, and royalties to 3rd parties are accounted for. Valeant also said, All prices presented are WAC pricing and not the ASP pricing Valeant actually achieves, which is significantly lower. The actual net effect is determined after taking into account any rebates/fees to: patients, managed care, government, wholesaler, group purchasing organizations, and customers."
08:32 EDTVRXRitter Pharmaceuticals names AnnKatrin Petersen-Jappelli as CMO
Ritter Pharmaceuticals (RTTR) announced the appointment of AnnKatrin Petersen-Jappelli, M.D., M.Sc. as its Chief Medical Officer. Petersen-Jappelli joins Ritter with 25 years of pharmaceutical and biotechnology drug development experience. Formerly, she was with Santarus (VRX) where she served as Advisor, Scientific Research and Clinical Development Leader of rifamycin SV MMX, a Phase 3 program for Traveler's Diarrhea.
October 5, 2015
17:02 EDTVRXValeant announces receipt of antitrust clearance for acquisition of Synergetics
Valeant Pharmaceuticals (VRX) announced that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced tender offer by its indirect wholly owned subsidiary, Blue Subsidiary Corp., for all of the outstanding shares of common stock of Synergetics USA (SURG) at a price per share of $6.50, net to the holder in cash, plus one contractual contingent value right per share, which represents the right to receive up to two contingent payments, if any, of up to $1.00 in the aggregate net to the holder in cash was granted early termination, effective October 5, by the U.S. Federal Trade Commission. The waiting period was scheduled to expire at 11:59 p.m., New York City time on October 7. The early termination of the HSR waiting period satisfies one of the conditions to consummate the tender offer. The completion of the tender offer remains subject to certain other conditions as described in the Tender Offer Statement on Schedule TO filed by Valeant on September 16, as amended. Subject to the satisfaction of the other conditions to closing, the transaction is expected to close in Q4.
16:16 EDTVRXOn The Fly: Top stock stories for Monday
The Dow began the day with a triple digit jump and continued to tack on gains from there, rising nearly 2% by the time the closing bell rang. The Nasdaq and S&P also posted significant gains in the market's broad based advance. The number of advancing stocks crushed the number of declining stocks while the up volume overwhelmed the down volume. The S&P 500 is now on a five day winning streak with earnings season set to unofficially begin on Thursday, when Alcoa (AA) releases its quarterly report after the close. ECONOMIC EVENTS: In the U.S., Markit's services PMI dropped to 55.1 in the final September print, compared to the preliminary reading of 55.6 and August's 56.1 figure. ISM's services index dropped 2.1 points to 56.9 in September, versus expectations for a more modest pullback to a reading of 57.5. COMPANY NEWS: General Electric (GE) was the best performer on the Dow, advancing $1.35, or 5.3%, to $26.82 after activist investor Nelson Peltz disclosed that his firm, Trian Fund Management, has accumulated a $2.5B stake, making it one of the company's top ten shareholders. Trian, which believes GE is "executing a bold transformation" from a broad conglomerate into an industrial company, predicted that GE stock may be worth $40-$45 per share by 2017... Shares of Twitter (TWTR) rose $1.85, or 7.03%, to $28.16 after the company appointed co-founder and interim Chief Executive Jack Dorsey as permanent CEO. Analysts welcomed the news, saying Dorsey was simply "too good to pass up" despite his concurrent role as head of payments company Square. Axiom analyst Victor Anthony upgraded the stock to Buy from Hold, though the rating change was made prior to this morning's CEO news, which had been previewed last week by Re/code, was confirmed by the company... The U.S., Japan and ten other countries came to terms on the Trans-Pacific Partnership, a trade agreement meant to open agricultural markets, tighten intellectual property rules and establish a group that will have the clout to challenge China's influence in the region. Reacting to the deal, Honeywell (HON) said trade agreements like the TPP have the potential to boost exports, support jobs, and increase access abroad, while Boeing (BA) pointed out that more than 70% of its commercial airplane revenue last year came from customers outside the U.S. MAJOR MOVERS: Among the notable gainers was Spark Therapeutics (ONCE), which surged $9.09, or 20.69%, to $53.02 after the Phase 3 trial of the company's lead gene therapy product met its primary endpoint. Also higher was SunEdison (SUNE), which gained 77c, or 9.31%, to $9.04 after announcing plans to optimize its business operations by refocusing on its core markets and simplifying its structure, among other initiatives. Among the noteworthy losers were a number of Apple (AAPL) chip suppliers, with Cirrus Logic (CRUS), Skyworks (SWKS) and Avago (AVGO) falling a respective 4.5%, 1.7%, and 2.6% after Citi analysts lowered fourth quarter iPhone sales estimates. Also lower was Valeant (VRX), which lost $18.86, or 10.34%, to $163.46 after its alleged "price hike" business strategy was highlighted in reports by the New York Times and Barron's. Additionally, AtriCure (ATRC) declined 8.8% to $20.47 after releasing preliminary third quarter results and agreeing to acquire cardiac device maker nContact. INDEXES: The Dow gained 304.06, or 1.85%, to 16,776.43, the Nasdaq advanced 73.49, or 1.56%, to 4,781.26, and the S&P 500 rose 35.69, or 1.83%, to 1,987.05.
12:22 EDTVRXOn The Fly: Top stock stories at midday
The Dow opened with triple digit gains as the market extended the rally that began Friday afternoon. The sharp reversal from a deep selloff to big gains that followed the disappointing monthly jobs data may indicate that investors now believe the Fed's first interest rate hike may be pushed out beyond December and into next year. The market has moved in a fairly narrow range since the open, with gains in the major averages of roughly 1%. ECONOMIC EVENTS: In the U.S., Markit's services PMI dropped to 55.1 in the final September print, compared to the preliminary reading of 55.6 and August's 56.1 figure. ISM's services index dropped 2.1 points to 56.9 in September, versus expectations for a more modest pullback to a reading of 57.5. In Europe, Markit's Eurozone PMI composite output index came in at 53.6 in the final September look, below the earlier flash estimate of 53.9 and down from 54.3 in August. In Asia, mainland China markets remained closed for the "Golden Week" holiday but the other major markets in the region all saw gains. COMPANY NEWS: Activist investor Nelson Peltz and his hedge fund, Trian Fund Management, has acquired a $2.5B stake in General Electric (GE). The stake, which is now Trian's largest investment, makes the fund one of the company's top ten shareholders. Trian has not asked GE for a board seat, but it has called for the company to step up cost cuts, consider getting rid of even more of its finance arm and be more cautious on acquisitions... Twitter (TWTR) confirmed a report from last week that founder and interim CEO Jack Dorsey has been selected to continue as permanent Chief Executive despite also remaining the CEO of his payments start-up, Square. Adam Bain was also promoted to Chief Operating Officer and former CEO Richard Costolo resigned from the board of Twitter, as predicted by Re/code's Kara Swisher and Kurt Wagner. MAJOR MOVERS: Among the notable gainers was Spark Therapeutics (ONCE), which jumped 24% after the company announced that a Phase 3 trial of its lead gene therapy product candidate met its primary endpoint. Also higher was SunEdison (SUNE), which gained 9% after announcing plans to optimize with a focus on its core, high profit-potential markets and accelerate its cash flow positive operations. Among the noteworthy losers was Valeant (VRX), which dropped 10% after being mentioned cautiously in reports published over the weekend by the New York Times and Barron's. Also lower was Sientra (SIEN), which fell 20% after reporting that Brazilian regulatory agencies have temporarily suspended the manufacturing of all medical devices made by Silimed, one of Sientra's contract manufacturers. INDEXES: Near midday, the Dow was up 207.88, or 1.26%, to 16,680.25, the Nasdaq was up 47.07, or 1.00%, to 4,754.84, and the S&P 500 was up 25.55, or 1.31%, to 1,976.91.
10:24 EDTVRXOptions with decreasing implied volatility
Options with decreasing implied volatility: HZNP EMES BIB RJET VIX NVAX SRPT GLNG VRX
10:02 EDTVRXBofa/Merrill healthcare analysts hold an analyst/industry conference call
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06:30 EDTVRXValeant price strategy infuriates patients and lawmakers, NY Times reports
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October 4, 2015
13:42 EDTVRXValeant shares could slip further amid political pressure, Barron's says
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October 2, 2015
16:46 EDTVRXStocks end week higher after Friday reversal following disappointing jobs data
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
12:36 EDTVRXValeant puts active after Citron mentions cautiously again
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12:02 EDTVRXCitron mentions Valeant cautiously again, lowers target to $125
Citron Research, which previously tweeted that it puts a $130 short-term price target on shares of drugmaker Valeant after House Democrats asked to subpoena documents relating to the company's drug price increases, has now lowered its target to $125. In a new tweet, Citron writes: "Valeant too dangerous to own...Citron exposes what congress will find if granted subpoena - and it's not pretty."
11:59 EDTVRXCitron Research puts $125 price target on Valeant
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11:18 EDTVRXMorgan 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 EDTVRXOn 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.
09:13 EDTVRXOn The Fly: Pre-market Movers
HIGHER: Wynn Resorts (WYNN), up 6.7% after reports indicate Chinese government may enact new policies to support Macau's economy. Shares of fellow Macau casino operators Las Vegas Sands (LVS) and MGM Resorts (MGM) are also higher in pre-market trading. UP AFTER EARNINGS: Micron (MU), up 3.3%... CalAmp (CAMP), up 9%. DOWN AFTER EARNINGS: Progress Software (PRGS), down 14.5%. ALSO LOWER: Valeant (VRX), down 4.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley... Keurig Green Mountain (GMCR), down 3.4% after disclosing that its president of U.S. sales and marketing resigned... AIG (AIG), down 3% after being downgraded to Market Perform from Outperform at FBR Capital... Gilead (GILD), down 2% following a downgrade to Equal Weight at Morgan Stanley.
07:06 EDTVRXValeant downgraded to Equal Weight from Overweight at Morgan Stanley
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October 1, 2015
07:39 EDTVRXJPMorgan sees opportunities in pharma after pullback
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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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