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Thursday, January 2, 2020

Arena Pharma teams up with Beacon Discovery in immune/inflammatory space

Arena Pharmaceuticals (NASDAQ:ARNA) inks a multi-year collaboration agreement with Beacon Discovery aimed at developing novel drugs across a range of G protein-coupled receptor (GPCR) targets for the potential treatment of immune and inflammatory disorders.
Beacon will be responsible for drug discovery while Arena will be responsible for development and commercialization. Financial terms are not disclosed.
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Neovasc shares halted pending news

Nasdaq has suspended trading in Neovasc (NASDAQ:NVCN) pending the release of news.
Update: The company has agreed to sell 2,418,322 Series A Units at $4.1351 each and Series B Units at $4.135 each in a direct offering to certain institutional investors.
Each Series A Unit consists of one common share and one four-year warrant to acquire one common share at $4.1351.
Each Series B Unit consists of one pre-funded warrant and one four-year warrant.
Gross proceeds should be ~$10M. Closing date is January 6.
Shares will resume trading at 8:45 am ET.
Tuesday’s close was $5.41.
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Analyst action, Jan. 2

Baxter International (NYSE:BAX) upgraded to Outperform with a $94 (12% upside) price target at Evercore ISI. Shares up 1% premarket.
Henry Schein (NASDAQ:HSIC) upgraded to In Line at Evercore.
Medtronic (NYSE:MDT) upgraded to Buy with a $135 (19% upside) price target at Guggenheim. Shares up 1% premarket.
Mettler-Toledo (NYSE:MTD) upgraded to In Line at Evercore.
PerkinElmer (NYSE:PKI) upgraded to Outperform with a $114 (17% upside) at Evercore. Shares up 1% premarket.
Varian (NYSE:VAR) upgraded to Outperform with a $164 (15% upside) at Evercore.
Abbott (NYSE:ABT) downgraded to Neutral at Guggenheim.
Edwards Lifesciences (NYSE:EW) downgraded to In Line at Evercore.
Hologic (NASDAQ:HOLX) downgraded to In Line at Evercore.
Illumina (NASDAQ:ILMN) downgraded to In Line at Evercore.
Incyte (NASDAQ:INCY) downgraded to Neutral at Guggenheim.
Intercept Pharmaceuticals (NASDAQ:ICPT) downgraded to Neutral at Citigroup.
Novocure (NASDAQ:NVCR) downgraded to In Line at Evercore.
Seattle Genetics (NASDAQ:SGEN) downgraded to Neutral at Guggenheim.
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PerkinElmer raised to Outperform from In-Line by Evercore

Target to $114 from $89
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Varian upped to Outperform from In-Line by Evercore

Target to $164 from $130
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Medtronic raised to Buy from Neutral by Guggenheim

Target $135
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Baxter upgraded to Outperform from In-Line by Evercore

Target $94
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