Perrigo downgraded to Equal Weight from Overweight at Barclays. Barclays analyst Douglas Tsao downgraded Perrigo to Equal Weight and lowered his price target for the shares to $80 from $93. The company’s inability to win approval for its generic version of ProAir reduces near-term earnings momentum, Tsao tells investors in a research note. The analyst feels it will be hard for investors to get comfortable with Perrigo’s long-term outlook given secular changes in over-the-counter space.
Wednesday, June 6, 2018
CymaBay target hiked by Wainwright
CymaBay price target raised to $23 from $21 at H.C. Wainwright. H.C. Wainwright analyst Ed Arce raised his price target for CymaBay Therapeutics to $23 saying the company is well positioned to successfully execute its strategy with seladelpar. The analyst reiterates a Buy rating on the shares
Kitov target upped by Wainwright
Kitov Pharmaceuticals price target raised to $12.50 from $10 at H.C. Wainwright. H.C. Wainwright analyst Raghuram Selvaraju raised his price target for Kitov Pharmaceuticals to $12.50 after the FDA approved Consensi “on schedule.” The analyst reiterates a Buy rating on the shares.
Sage started at buy by Ladenburg
Sage Therapeutics initiated with a Buy at Ladenburg. Ladenburg Thalmann analyst Michael Higgins started Sage Therapeutics with a Buy rating and $230 price target.
Marinus started at buy by Ladenburg
Marinus Pharmaceuticals initiated with a Buy at Ladenburg. Ladenburg Thalmann analyst Michael Higgins started Marinus Pharmaceuticals with a Buy rating and $20 price target.
Athenahealth to explore strategic alternatives, CEO steps down
Athenahealth Inc. ATHN, +4.17% said Wednesday it has begun exploring “strategic alternatives,” in which the hospital and ambulatory services company will consider a sale, merger or other transaction. The stock is currently halted for news. The company said Chief Executive Jonathan Bush has stepped down from his role, which he has held since co-founded the company in 1997, effective immediately. The New York Post reported last week that sexual harassment claims against Bush were settled in 2009. The company said Jeff Immelt, who was CEO of General Electric Co. GE, -1.16% from 2001 to 2017, was appointed executive chairman. The company said it has initiated a search for a new CEO. Also in May, Elliott Management said it planned to buy the company in a deal valued at about $7 billion. The stock is set to resume trade at 9:50 a.m. ET. It has run up 13.6% year to date through Tuesday, while the SPDR Health Care Select Sector ETF XLV, +1.13% has edged up 1.0% and the S&P 500 SPX, +0.86% has gained 2.8%.
DaVita started at buy by Blair
DaVita assumed with an Outperform at William Blair. William Blair analyst Matt Larew assumed coverage of DaVita from Margaret Kaczor and keeps an Outperform rating on the shares. The company’s renewed focus on execution within the kidney care business will provide more predictable results in the United States, while the international business should become profitable in 2018 and beyond, Larew tells investors in a research note.
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