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Fly News Breaks for March 10, 2015
Mar 10, 2015 | 08:08 EDT
Jefferies says AbbVie (ABBV) remains its Top Global Pick in Pharmaceuticals on its belief the Pharmacyclics (PCYC) deal will be an inflection point for the stock. Pfizer (PFE) remains the firm's second pick and AstraZeneca (AZN) third, with the latter being promoted to Top European Pick. Roche (RHHBY) is in the fourth spot and Eli Lilly (LLY) has been moved to fifth in place of Bayer (BAYRY) which dropped to eighth. Bristol-Myers (BMY) and GlaxoSmithKline (GSK) are Jefferies' least preferred stocks in the space.
Aug 16, 2018 | 15:35 EDT
Bayer (BAYRY) announced this morning that the integration of Monsanto into the Bayer Group can begin following the completion on Thursday of the divestment by Bayer to BASF (BASFY) of certain Crop Science businesses with a total sales volume of around 2.2 billion euros. Bayer already became the sole owner of Monsanto Company on June 7, 2018. "One of the requirements of the U.S. Department of Justice was that Bayer and Monsanto remain separate companies and continue to operate separately until completion of these divestments to BASF, and that has now taken place," the company said. Bayer added: "As regards the glyphosate verdict in California on August 10, 2018, Bayer believes that the jury's decision is at odds with the weight of scientific evidence, decades of real world experience and the conclusions of regulators around the world that all confirm glyphosate is safe and does not cause non-Hodgkin's lymphoma. The National Institutes of Health recently reaffirmed glyphosate does not cause cancer. The U.S. Environmental Protection Agency, the European Food Safety Authority, the European Chemicals Agency and other regulators around the world have also concluded that glyphosate can be used safely. The jury's verdict is just the first step in this case, and it remains subject to post-trial motions in the trial court and to an appeal, as announced by Monsanto. As this case proceeds, Bayer believes courts ultimately will find that Monsanto and glyphosate were not responsible for Mr. Johnson's illness. Due to the aforementioned requirements imposed by the U.S. Department of Justice, Bayer did not have access to detailed internal information at Monsanto. Under these conditions, Bayer was not permitted to influence matters relating to Monsanto's business, and its ability to actively comment on them in detail was extremely limited. Today, however, Bayer also gains the ability to become actively involved in defense efforts in the glyphosate trials and any other legal disputes, such as potential claims for damages in connection with the product Dicamba." Reference Link
Aug 16, 2018 | 14:40 EDT
Aug 16, 2018 | 10:12 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AstraZeneca (AZN) downgraded to Hold from Buy at Jefferies with analyst Ian Hilliker citing valuation following the stock's outperformance since he upgraded it in March. 2. Cemex (CX) downgraded to Hold from Buy at HSBC with analyst Eduardo Altamirano saying Cemex's deleveraging remains intact, but the pace at which debt is converted to equity is slowing down due to weaker than expected pricing and volumes in most regions, combined with higher input costs. 3. Cenovus Energy (CVE) downgraded to Hold from Buy at Canaccord with analyst Dennis Fong saying cash flow valuation is in line versus the large-cap group, which he thinks is appropriate given the company's above-average heavy oil exposure, moderated production growth profile, and higher leverage. 4. Nanometrics (NANO) downgraded to Neutral from Buy at DA Davidson with analyst Thomas Diffely saying that after outperforming its peer group over the past few years, the stock now trades at a 40% premium to its peers. 5. Coty (COTY) downgraded to Underperform from Buy at BofA/Merrill with analyst Olivia Tong citing inconsistent execution and increasing disruption across the mass beauty segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Aug 16, 2018 | 07:09 EDT
H.C. Wainwright analyst Swayampakula Ramakanth initiated Aveo Pharmaceuticals (AVEO) with a Buy rating and $6.50 price target, citing the view that tivozanib offers potentially the "best-in-class" safety profile when compared to leading TKIs on the market, such as Pfizer's (PFE) Sutent and Bayer's (BAYRY) Nexavar. Ramakanth projects tivozanib to reach the U.S. market in 2020 and achieve risk-adjusted revenues of $651M by 2030.
Aug 16, 2018 | 05:43 EDT
Some types of oat cereals, oatmeal, granola and snack bars contain higher levels of a chemical found in the weed killer Roundup than what the Environmental Working Group considers safe, according to a report released Wednesday by the advocacy group. Almost three-quarters of food samples tested showed higher glyphosate levels than what the group's scientists believe to be "protective of children's health," the report says. Glyphosate is the active ingredient in Roundup, the Monsanto (BAYRY) weed killer that is the most heavily used pesticide in the U.S. Last week, a California jury ordered Monsanto to pay $289M in damages to a man dying of cancer, which he says was caused by his repeated exposure to large quantities of Roundup and other glyphosate-based weed killers while working as a school groundskeeper. The highest levels, greater than 1,000 ppb, were detected in two samples of Quaker Old Fashioned Oats (PEP). Three samples of Cheerios (GIS) had glyphosate levels ranging from 470 ppb to 530 ppb. Twelve of the food samples had levels of glyphosate lower than EWG's health benchmark, ranging from 10 ppb to 120 ppb. Only two samples had no detectable glyphosate. Reference Link
Aug 16, 2018 | 05:10 EDT
BioNTech AG announced that it has entered into a multi-year research and development collaboration with Pfizer to develop mRNA-based vaccines for prevention of influenza. Under the terms of the agreement, BioNTech and Pfizer will jointly conduct research and development activities to help advance mRNA-based flu vaccines. Pfizer will assume sole responsibility for further clinical development and commercialization of mRNA-based flu vaccines, following BioNTech's completion of a first in human clinical study. BioNTech will receive $120M in upfront, equity and near-term research payments and up to an additional $305M in potential development, regulatory and commercial milestone payments. In addition, BioNTech will receive up to double-digit tiered royalty payments associated with worldwide sales if the program reaches commercialization.
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