Thursday, November 1, 2018
Leerink stills believes Athenahealth will sell in $135-$140 range
Leerink analyst David Larsen continues to believe that Athenahealth will sell and the reported partnership of Veritas Capital and Elliott Management makes strategic sense. Veritas has several HCIT companies within its existing portfolio and Elliot still retains a about 9% stake in Athenahealth, according to Bloomberg, he contends. While a deal may still take some time to complete, Larsen continues to believe Athenahealth will sell in the $135-$140 range. The analyst reiterates a Market Perform rating on the shares.
https://thefly.com/landingPageNews.php?id=2815291
Baxter price target lowered to $77 form $90 at Leerink
Leerink analyst Danielle Antalffy lowered her price target for Baxter to $77 from $90 after the shares sold off in reaction to the company’s first sales miss since Q4 of 2016 and first downward operational sales growth guidance since the mid-2015 split. However, the analyst believes that a Medication Delivery turnaround is achievable with solid execution. Antalffy reiterates an Outperform rating on the shares.
https://thefly.com/landingPageNews.php?id=2815309
Alkermes trading temporarily halted by Nasdaq
Alkermes announced that Nasdaq has temporarily halted trading of the company’s ordinary shares. The joint meeting of the Psychopharmacologic Drugs Advisory Committee and the Drug Safety and Risk Management Advisory Committee, appointed by the U.S. FDA, will meet today to review the company’s New Drug Application for ALKS 5461. ALKS 5461 is a once-daily, oral investigational medicine with a novel mechanism of action for the adjunctive treatment of major depressive disorder in patients with an inadequate response to standard antidepressant therapies.
https://thefly.com/landingPageNews.php?id=2815209
Teva Pharmaceutical beats by $0.13, misses on revenue
Teva Pharmaceutical (NYSE:TEVA): Q3 Non-GAAP EPS of $0.68 beats by $0.13; GAAP EPS of -$0.27 misses by $0.37.
Revenue of $4.53B (-19.4% Y/Y) misses by $20M.
Shares +1.15% PM.
Cigna profit beats on strength in commercial health plan unit
Cigna Corp (CI.N) on Thursday posted a better-than-expected third-quarter profit as the health insurer earned more in premiums and added more members to its commercial health plans.
The company also raised its earnings forecast for the year and now expects full-year adjusted income of $14.20 to $14.40 per share, compared with its prior forecast of $13.60 to $13.90 per share.
Cigna’s commercial medical loss ratio – the amount it spends on medical claims compared to income from premiums – improved to 76.3 percent in the third quarter, from a year-ago ratio of 78.6 percent.
The commercial business, which saw a 3 percent rise in membership to 15.8 million, benefited from corporate and individual health plans sold.
Net income for Cigna shareholders rose to $772 million, or $3.14 per share, in the third quarter ended Sept. 30, from $560 million, or $2.21 per share, a year earlier.
Excluding items, Cigna earned $3.84 per share, above the average analyst estimate of $3.44 per share, according to Refinitiv data.
Cigna, which is buying pharmacy benefit manager Express Scripts Holding Co (ESRX.O) in a $52 billion deal, said total revenue rose 9.2 percent to $11.46 billion.
Eagle Pharmaceuticals reports Q3 adjusted EPS $1.18, consensus 98c
https://thefly.com/landingPageNews.php?id=2815138
Shire reports Q3 net result per share EUR20 vs. EUR35 last year
Primary customer base increased in 3Q18 by 200,000 to 12.2 million and the total retail customer base stood at 38.0 million. Net core lending was well diversifi ed and grew by EURO$6.8 billion in 3Q18; net customer deposit infl ow amounted to EURO$3.4 billion. ING 3Q18 underlying pre-tax result of EURO$2,124 million; Net result was EURO$776 million after EURO$775 million settlement amount. 3Q18 result reflects continued business growth at resilient margins, low level of risk costs and expense control. 3Q18 net result includes EURO$775 million settlement agreement with the Dutch authorities as announced on 4 September 2018. ING’s 3Q18 four-quarter rolling average underlying ROE was 10.7% and the fully loaded CET1 ratio remained strong at 14.0%. “”The third quarter of 2018 for ING was deeply marked by the settlement agreement with the Dutch Public Prosecution Service. As a bank, we have the responsibility to ensure that our operations meet the highest standards, especially when it comes to securing the integrity of our own operations and that of the fi nancial system,” said Ralph Hamers, CEO of ING Group. “Not meeting these standards is unacceptable. It is sincerely regrettable that the investigations identifi ed serious shortcomings in the execution of policies to prevent fi nancial economic crime at ING Netherlands. We take this very seriously and accept full responsibility. Under the terms of the agreement, ING has paid a fi ne of EURO$775 million in the third quarter of 2018.”
https://thefly.com/landingPageNews.php?id=2815101
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