MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 22, 2013
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5:17 AM Citi upgrades Bristol-Myers Squibb (BMY) to Buy from Neutral and raises its price target to $55 from $33 saying the company's "very broad checkpoint agent [is] positioned to capture a very significant share of an emergent $24 billion checkpoint agent market." Citi also hikes its FY17 EPS forecast by 31%. Comment!
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Tuesday, May 21, 2013
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7:38 PM Cyclacel Pharmaceuticals (CYCC) closes its previously announced underwritten offering totaling 6,833,334 shares at $3 per share for gross proceeds of approximately $20.5M. Shares +1% AH. Comment!
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6:12 PM Four companies ignoring their shareholders' votes, according to Theo Francis: Impax Labs (IPXL), where three directors were retained despite failing to reach 50% approval; Occidental Petro (OXY), which counted 55M non-voting shares as voting against a proposal; Hecla Mining (HL), which left open a say-on-pay vote for an extra month; and NYSE Euronext (NXY), which continues to thwart the right to call special shareholder meetings. Comment!
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5:50 PM Merck (MRK) says it's entered into an accelerated share repurchase agreement with Goldman Sachs to repurchase $5B worth of stock, as the company looks to alternative methods for increasing shareholder value. The company has been dealing with the loss of exclusivity for its blockbuster asthma-and-allergy treatment Singulair, leading to generic competition that wiped out much of the drug's more than $5B in peak annual sales. Shares +1% AH. Comment!
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5:00 PM Gilead Sciences (GILD) says its Marketing Authorization Application for sofosbuvir, for the treatment of chronic hepatitis C virus, has been fully validated by the European Medicines Agency and is now under assessment. 3 Comments
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4:18 PM Herbalife's (HLF +2.7%) naming of PricewaterhouseCoopers as its new outside auditor puts an end to a six-week search, which turned out to be an unusually difficult and drawn out process - the company actually had to seek counsel from the SEC to avoid conflict of interest issues - and was intensely scrutinized because of the bitter public battle between Ackman and Icahn over HLF's business model. The news is a positive for the shares today, if only because the company has been blocked temporarily from raising money in the markets because of its lack of an auditor. 1 Comment
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3:52 PM Accuray (ARAY +4.5%) pops today after presenting study results at UBS' Global Life Sciences Conference showing that 97% of low risk-prostate cancer patients remained cancer free when treated with its CyberKnife Robotic Radiosurgery System. 90.7% of intermediate-risk patients remained cancer-free after 5+ years. (Presentation Transcript) Comment!
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3:22 PM Parexel (PRXL -0.4%) slips on a tepid Neutral initiation at ISI today. The firm says that despite the potential tailwinds, current valuation is already reflective of the market's enthusiasm for the stock, and most of the near term good news has already been baked-in. Comment!
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2:31 PM Shares of Rosetta Genomics (ROSG +2.4%) recovered from early losses to trade back near the prior day's highs after the company announced yesterday that it had signed a credentialing agreement with PPO provider Prime Health Services under which ROSG's miRview mets2 test will be included in Prime's covered products and services. Comment!
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2:21 PM Shares of Cell Therapeutics (CTIC +6.5%) spike higher ahead of today's upcoming presentation at the UBS Global Healthcare Conference. The presentation will be held at 2:30 ET and is accessible on webcast here: [[CTIC} Presentation Webcast}. Comment!
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2:05 PM Given Imaging (GIVN -1.2%) gives back early morning gains after presenting new studies that confirm the value of its PillCam SB in the diagnosis, monitoring and management of Crohn's Disease and other small bowel conditions in patients at this year's Digestive Disease Week in Orlando, Florida. Trial data shows heightened sensitivity for detecting adenomas that are at least 6 mm and 10 mm. Comment!
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1:54 PM Synergy Pharma (SGYP -3.7%) slips despite presenting positive safety and efficacy results from trials of plecanatide, its drug candidate for patients with chronic idiopathic constipation at an industry conference earlier in Orlando, Florida. The data showed the best improvement in symptoms were observed in patients receiving 3-milligram doses of plecanatide. 2 Comments
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1:50 PM Biogen (BIIB +3.6%) submits Biologics License Application to the FDA for the approval of its injectable drug candidate Plegridy for the treatment of multiple sclerosis. The company says the application is supported by data from year one of a two year Phase 3 study which "met all primary and secondary endpoints." In March, BIIB said the drug cut annual relapse rates by 36% and analysts say it could generate revenue of $318M by 2017. (PR) Comment!
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1:28 PM WellCare Health Plans (WCG -5.1%) falls on a Goldman downgrade to Neutral from Buy (price target $60). Analyst Matthew Borsch cites downside risks to Medicare Advantage earnings in revising down his FY14 EPS estimate to $5.50 from $5.75 (consensus is $5.47) and his FY15 estimate to $6.30 from $6.65. See the CC transcript for Borsch's back and forth with management regarding Medicare Advantage, Medicaid, and STAR quality scoring. Comment!
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1:28 PM WellCare Health Plans (WCG -5.1%) falls on a Goldman downgrade to Neutral from Buy (price target $60). Analyst Matthew Borsch cites downside risks to Medicare Advantage earnings in revising down his FY14 EPS estimate to $5.50 from $5.75 (consensus is $5.47) and his FY15 estimate to $6.30 from $6.65. See the CC transcript for Borsch's back and forth with management regarding Medicare Advantage, Medicaid, and STAR quality scoring. Comment!
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12:26 PM Deutsche Bank isn't ready to give up on XenoPort (XNPT -3.1%) just yet. Despite the disappointing arbaclofen placarbil Phase 3 trial results reported Monday and the subsequent ~22% share price decline, analyst Greg Poole reiterates his Buy rating on the shares albeit with a lower price target of $9 ($12 previous). Comment!
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12:11 PM Bernstein analyst Aaron Gal says Mylan (MYL -0.4%) could still bid $22/share for Warner Chilcott (WCRX +2.2%) as the latter's "willingness" to accept an all-share deal from Actavis (ACT +0.6%) might bring others to the table. Comment!
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11:54 AM Boston Scientific (BSX +0.4%) says five-year data from its Asthma Intervention Research 2 clinical trial presented today demonstrated that the Alair Bronchial Thermoplasty System continues to show benefits in adult patients with severe uncontrolled asthma. The system was shown to provide a sustained reduction in the rate of severe asthma attacks and ER visits over a five year period after treatment. Results were presented at the annual meeting of the American Thoracic Society in Philadelphia Comment!
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11:03 AM Chembio Diagnostics (CEMI +4.1%) gains after entering into an international assembly and distribution agreement with Labtest Diagnostica SA, a leading diagnostics manufacturer and marketing organization in Brazil, for products based upon its patented Dual Path Platform in Brazil and potentially other markets in the region as well. Both companies plan to immediately begin product registration for an initial group of infectious disease products with sales expected to commence by early 2014. Comment!
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