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Wed, Jul. 8, 7:53 AM
- Relypsa (NASDAQ:RLYP) initiated with Buy rating and $42 (29% upside) price target by Cantor Fitzgerald.
- K2M Holdings (NASDAQ:KTWO) initiated with Buy rating and $30 (24% upside) price target by Needham.
- Baxter International (NYSE:BAX) downgraded to Market Perform from Outperform by BMO Capital Markets. Price target lowered to $36 (3% downside risk) from $80.
Tue, Jul. 7, 10:50 AM
- Edwards Lifesciences (EW -0.8%) upgraded to Overweight from Equal Weight with a $168 (17% upside) price target (up from $135) by Morgan Stanley.
- HealthSouth (HLS -0.7%) upgraded to Market Outperform from Market Perform with a price target of $54 (15% upside) by JMP Securities.
- AstraZeneca (AZN -0.6%) upgraded to Buy from Hold with an $81 (25% upside) price target by Berenberg.
- Humana downgraded to Hold from Buy by Argus Research.
- Intuitive Surgical (ISRG -1.1%) downgraded to Underweight from Equal Weight by Morgan Stanley. Price target lowered to $500 (6% upside) from $560.
- Aegerion Pharmaceuticals (AEGR -0.5%) downgraded to Sell from Neutral by Guggenheim Securities.
- Centene (CNC -3.3%) downgraded to Equal Weight from Overweight by Barclays. Price target lowered to $81 (20% upside) from $88.
- Raptor Pharmaceutical (RPTP -1.8%) downgraded to Underperform from Perform with an $8 (40% downside risk) price target by Oppenheimer.
- Aetna (AET -3.5%) downgraded to Market Perform from Outperform by FBR Capital Markets. Price target lowered to $120 (6% upside) from $130.
- Baxter International (BAX -2.3%) downgraded to Neutral from Buy by Bank of America. Price target lowered to $40 (8% upside) from $78.
Wed, Jul. 1, 10:54 AM
- Baxter International (BAX -45.9%) spin-off Baxalta (BXLT -2.1%) begins trading today. Baxter retains almost a 20% stake in the firm.
- Previously: Baxter details post-split financial objectives (May 18)
- Previously: Baxter moves ahead on Baxalta spin-off; share dividend declared (June 5)
- Previously: Baxalta projected to log $5.9B in sales this year (May 19)
Wed, Jun. 24, 12:40 PM
- Baxter International (BAX +1.6%) initiated with Buy rating and $45 (post Baxalta) price target by Goldman Sachs.
- UnitedHealth Group (UNH -2%) initiated with Outperform rating and $159 (33% upside) price target by RBC Capital.
- Esperion Therapeutics (ESPR +2.1%) initiated with Neutral rating and $86 (4% upside) price target (down from $130) by Credit Suisse.
- Corindus Vascular Robotics (OTCPK:CVRS +0.2%) initiated with Buy rating and $6 (38% upside) price target by Stifel.
- Perrigo (PRGO -0.1%) initiated with Outperform rating and $246 (30% upside) price target by BMO Capital.
- Signal Genetics (SGNL +3.8%) initiated with Buy rating and $2.50 (55% upside) price target by Chardan Capital.
- CASI Pharmaceuticals (CASI +2.8%) initiated with Buy rating and $2.50 (39% upside) price target by HC Wainwright.
- Eagle Pharmaceuticals (EGRX -0.8%) initiated with Outperform rating and $97 (11% upside) price target by RBC Capital.
- BioLineRx (BLRX -0.2%) initiated with Outperform rating and $5 (117% upside) price target by JP Morgan.
- OncoSec Medical (ONCS -2.5%) initiated with Buy rating and $25 (255% upside) price target by HC Wainwright.
- Ignyta (RXDX +1.4%) initiated with Overweight rating and $34 (103% upside) price target by Piper Jaffray.
- Acadia Healthcare (ACHC -1.6%) initiated with Buy rating and $84 (11% upside) price target by Mizuho Securities.
- Pacira Pharmaceuticals (PCRX -6.2%) initiated with Market Perform rating and $86 (23% upside) price target by Leerink Swann.
Mon, Jun. 22, 7:48 AM
- Kamada (NASDAQ:KMDA) collaborates with Baxter (NYSE:BAX) subsidiary Baxalta on a Phase 1/2 clinical trial evaluating Kamada's proprietary alpha-1 antitrypsin (AAT) for the prevention of lung transplant rejection.
- Under the terms of the agreement, Baxalta will assist in the development of the study as well as the funding. The trial is expected to commence in H1 2016.
- Kamada's AAT demonstrated positive results in a proof-of-concept Phase 2 study in Graft-versus-Host-Disease conducted with Baxalta.
- Baxalta has distribution rights to AAT, branded as Glassia, for all indications in the U.S., Canada, Australia and New Zealand. Kamada retains full rights in all other territories.
- Baxalta will begin trading as a separate company on July 1 under the symbol "BXLT."
Fri, Jun. 19, 8:28 AM
- Baxter International (NYSE:BAX) subsidiary Baxalta prices a $5B private offering of senior notes with yields ranging from 2.00% to 5.25%, with one floating rate tranche ($375M). Net proceeds will be used to make a $4B cash distribution to Baxter and for general corporate purposes, including acquisitions.
- Baxter will use the cash to redeem certain outstanding debt.
- Baxalta will be spun out by the end of the month. Shares will begin trading on the NYSE under the symbol "BXLT" on July 1.
Fri, Jun. 5, 4:45 PM
- Baxter International's (NYSE:BAX) Board of Directors approves the separation of its biopharmaceuticals business, known as Baxalta, and declares a special dividend distribution of 80.5% of Baxalta's common stock to Baxter shareholders who will receive one share of Baxalta for each BAX share owned. Baxter will retain a 19.5% stake.
- Baxalta will begin trading as an independent company on the New York Stock Exchange on July 1 under the symbol "BXLT."
Mon, Jun. 1, 10:13 AM
- CTI BioPharma (CTIC +17.5%) jumps in early trading in response to its announcement at ASCO (abstract #LBA7006) that patients with myelofibrosis treated with its lead product candidate, pacritinib, in a Phase 3 trial called PERSIST-1 met the primary efficacy endpoint of a statistically significant reduction in spleen volume compared to baseline at week 24. The results were originally reported in March.
- Fast Track-designated pacritinib, an oral tyrosine kinase inhibitor, is being co-developed with Baxter International (BAX -0.2%). Tyrosine kinase is an enzyme that serves as an "on/off" switch in many cellular functions. If stuck in the "on" position, unregulated cell growth occurs.
- Previously: CTI Bio up 19% premarket on Phase 3 results (March 9)
Thu, May 21, 11:18 AM
- Under the decentralized procedure, Baxter International (BAX -0.7%) submits a marketing authorization application to 17 authorities in Europe seeking approval of its 20% concentration subcutaneous immune globulin treatment for patients with primary immunodeficiencies. The company is advancing the 20% product in an effort to expand its treatment portfolio in primary immunodeficiencies.
Thu, May 21, 9:30 AM
- Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
- New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
- The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
Tue, May 19, 12:41 PM
- In this morning's Baxter International (BAX +1%) webcast, management said Baxalta's pro forma revenues this year should be close to $5.9B, a ~4% decline from 2014's $6.1B. In H2, gross margin should be 58 - 59%, operating margin should be ~29% and EBITDA margin ~33%.
- New product launches will drive over $300M in new sales.
- 2016 - 2020 outlook: annual sales growth: 6 - 8%; gross margin: 60 - 61%; annual operating earnings growth: 8%+; operating margin: 30 - 31% and EBITDA margin: 35 - 36%.
- The business will focus on three main areas: hematology, immunology and oncology. In hematology (2014 sales: $3.7B), the CAGR through 2020 is projected to be 3 - 5% led by inhibitors (5 - 7% CAGR) and hemophilia (1 - 3% CAGR). Blood disorders should contribute ~$200M in sales by 2020. In immunology (2014 sales: $2.2B), the CAGR through 2020 is expected to be at least 8% led by Immunoglobin at 8% and BioTherapeutics at 3 - 5% per annum. Biosimilars should contribute ~$150M in sales by 2020. Oncology is expected to ramp to $700M by 2020 based on the inclusion of Oncaspar ($500M without).
Mon, May 18, 3:59 PM
- In advance of the July 1 split-up of Baxter (BAX -1.6%) into two companies, the other named Baxalta, management announces key financial goals of the two independent organizations.
- Baxter's over-arching intent is to accelerate profit growth. It expects to grow sales ~4% per year through 2020 via deeper penetration of existing products, geographic expansion and new product introduction. It plans to expand operating margin 100 bps (1%) annually from ~9% in H2 2015 to ~14% by 2020 driving non-GAAP EBITDA from ~15% to ~20%. Cash flow from operations should grow more than 12% per year to greater than $2B by 2020. It expects to launch more than 20 new products over the next several years.
- Baxalta will implement a more focused and agile business model to drive its growth, led by new personalized treatments for patients with rare and orphan diseases in hematology, immunology and oncology. It expects to achieve sales growth of 6 - 8% per year and non-GAAP operating income growth of at least 8% per annum. Non-GAAP operating margin is expected to expand from ~29% to 30 - 31% by 2020 and non-GAAP EBITDA from ~33% to 35 - 36%. Cash flow from operations should be ~$2.1B by 2020.
- In conjunction with the separation, Baxter will receive ~$4B cash dividend from Baxalta and retain a 19.5% equity stake in the new firm. The monetization of the equity stake is expected to be tax-free and executed with 18 months of the split-off.
- Baxalta will host a conference call tomorrow morning at 8:00 am ET for investors.
Mon, May 18, 3:03 PM
- Goldman's sees the S&P 500 hitting a mid-year high of 2,150 by mid-year, but fading to 2,100 by year-end after the Fed hikes rates. Its 12-month forecast of 2,125 stands against the current level of 2,130.
- With appreciation returns expected to be nil, Goldman suggests having a look at its dividend growth portfolio - a sector-neutral basket of 50 stocks. They have a median yield of 2.5% and are expected to boost payouts by 16% this year and 12% in 2016. The group's P-E ratio is 15 vs. 17.3 for the S&P 500.
- The ten highest-yielding additions: Harley-Davidson (NYSE:HOG) - with a 2.3% yield, Home Depot (NYSE:HD) - 2.1%, Dr. Pepper Snapple (NYSE:DPS) - 2.5%, National Oilwell Varco (NYSE:NOV) - 3.6%, Regions Financial (NYSE:RF) - 2.3%, Baxter International (NYSE:BAX) - 3.1%, Cummins (NYSE:CMI) - 2.4%, Seagate Technology (NASDAQ:STX) - 3.9%, International Paper (NYSE:IP) - 3.1%, AES Corp (NYSE:AES) - 3%.
- Looking over a ten-year horizon, Goldman expects dividends to account for 46% of the S&P 500's 5% annualized return, up from 20% during the current bull market which started in 2009.
- ETFs: DVY, SCHD, ADX, SDOG, DLN, DHS, FDL, DTD, FVD, DVYL, SDYL
Baxter International Inc is a healthcare company. It develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic conditions.
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