It is fairly light out in there in realm of analyst downgrades this morning. These are this Thursday’s top analyst downgrades or cautious calls from Wall Street this morning:
Alkermes (ALKS) Cut to Hold at Jefferies.
Jackson Hewitt (JTX) Cut to Perform from Outperform at Oppenheimer.
Medical Properties Trust (MPW) Cut to Underperform at Wells Fargo.
Natural Fuel Gas (NFG) Cut to Hold at Argus.
JON OGG
These are some of this morning’s top stocks to watch for active trading today based on pre-market and after-hours volume activity. There are links through to more detailed coverage and volume analysis at VSInvestor.com:
Alkermes Inc. (Nasdaq: ALKS) shares are ones to watch for volume upside following positive study results that may also affect shares of Eli Lilly & Co. (NYSE: LLY) and Sanofi Aventis (NYSE: SNY).
Merck & Co. (NYSE: MRK) shares are up over 3% after it beat EPS by 6 cents a share and reaffirmed fiscal 2009 guidance.
Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) shares are rising in premarket trade after getting FDA fast-track status for a bladder cancer candidate.
Lexmark International Group Inc. (NYSE: LXK) shares are ones to watch for volume downside after it missed expectations by 5 cents a share and guided Q3 EPS lower.
JDA Software Group Inc. (Nasdaq: JDAS) are ones to watch for volume upside after it posted a 17-cent a share EPS beat.
Idenix Pharmaceuticals Inc. (Nasdaq: IDIX) shares are ones to watch for volume downside after it missed EPS expectations by 3 cents a share.
Packaging Corp. of America (NYSE: PKG) shares are ones to watch for volume upside following a 12-cent EPS beat.
Boston Scientific (NYSE: BSX) is up strongly in early premarket trade on stronger-than-expected earnings.
CVB Financial Corp. (Nasdaq: CVBF) shares are ones to watch for downside after it announced a stock offering.
Werner Enterprises Inc. (Nasdaq: WERN) are ones to watch for volume downside on concerns about a revenue miss.
-The 24/7 Wall St. Team
These are some of the top stories affecting key drug and biotech stocks that are covered with more in-depth details and analysis this morning at BioHealthInvestor.com:
Amgen Inc’s (Nasdaq: AMGN)’s osteoporosis drug did so well in a head-to-head Phase III trial vs. the current standard drug from Novartis Inc. (NYSE: NVS) that the Amgen’s drug may become the new standard for patients with breast cancer.
Amylin Pharmaceuticals Inc. (Nasdaq: AMLN), along with partners Eli Lilly & Co. (NYSE: LLY) and Alkermes Inc. (Nasdaq: ALKS), announced its new drug application for a once-weekly version of Byetta will be reviewed by the FDA, which may help invigorate growth for the franchise.
Vical Inc. (Nasdaq: VICL) announced a positive four-month interim analysis for what is arguably its second-largest market opportunity, taking potentially another small step toward the goal of attracting a partner for its herpes vaccine program.
SciClone Pharmaceuticals Inc. (Nasdaq: SCLN) shares are down more than 7 percent on revenue and secondary offering fears. And Arena Pharmaceuticals Inc. (Nasdaq: ARNA) shares are falling after another dilutive offering.
Also, see our in-depth feature this week on five of the fastest-growing biotechs with improving analyst estimates: Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY), Amicus Therapeutics Inc. (Nasdaq: FOLD), Halozyme Therapeutics Inc. (Nasdaq: HALO), American Oriental Bioengineering Inc. (NYSE: AOB), and Stemcells Inc. (Nasdaq: STEM).
-The 24/7 Wall St. Team
Amylin Pharmaceuticals, Inc., (NASDAQ: AMLN) has been a battered biotech lately. But shares have just now gotten back above the single-digit threshold and are up more than 80% from recent lows. This morning Amylin and partner Eli Lilly & Co. (NYSE: LLY) announced that the US FDA feedback on the DURATION-1 study is appropriate to use as the basis for demonstrating comparability between intermediate-scale clinical trial material made in Alkermes’ (NASDAQ: ALKS) manufacturing facility, and commercial-scale drug product made at Amylin’s manufacturing facility.
Alkermes (NASDAQ: ALKS) and Johnson & Johnson Pharmaceutical Research and Developed today submitted paperwork seeking approval of their partnership drug, RISPERDAL CONSTA, to be allowed for treatment of bipolar disorder chronic relapse. The drug was already approved for treatment of schizophrenia in 2003. Shares of Alkermes are down to by $0.17 to $10.94 in mid-day trading on a 52-week range of $10.32 to $18.78.
Cadence Pharmaceuticals Inc. (NASDAQ: CADX) up over 8% today on no new developments to $6.74 off a 52-week range of $4.84 to $20.67. Cadence Pharmaceuticals is a development stage biopharmaceutical company with two products in Phase III testing, Acetavance and Omigard.
CV Therapeutics (NASDAQ: CVTX) down today despite FDA approval for its coronary artery treatment, Lexiscan, granted last Friday. The drug is injected into patients during heart tests that cannot exercise to increase blood flow in their arteries. The drug will be marketed by OTC company Astellas Pharma US Inc. and will pay CV Therapeutics $12 million now that drug has been approved. CV Therapeutics is down over 5% to $7.57 on a 52-week range of $5.41 to $13.74.
Mannkind Corp. (NASDSQ: MNKD) still slipping today on Pfizer’s insulin scare earlier this month. Pfizer markets an inhaled insulin product, Exubera, that recently studies showed it be connected with lung cancer in its users. Despite the failings of Pfizer’s inhaled insulin product and other developers of similar treatments (including Alkermes above), Mannkind intends to continue developing its similar product, Technosphere. Shares are down almost 7% to $2.33 today on a 52-week range of $2.15 to $15.65. Pfizer (NYSE: PFE) up marginally today to $20.53 on a 52-week range of $20.19 to $27.73.
Generex Biotechnology Corp. (NASDAQ: GNBT) could benefit from Pfizer’s and Mannkind’s struggles with inhaled insulin treatments. Generex’s product Oral-lyn is viewed as a competing oral insulin product that is safe and effective. Shares are up over 2% to $1.18 today on a 52-week range of $0.81 to $2.14.
Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) down almost 11% today after they announced that the pre-clinical study of their anti-PS Vascular Targeting Antibodies showed a broad range of potential for cancer treatment at the American Association of Cancer Research annual meeting. Shares are down to $0.44 on a 52-week range of $0.35 to $1.40.
Rachel Lopez
April 14, 2008
Credit Suisse downgraded key power stocks: NRG Energy (NRG), Edison(EIX), and Entergy (ETR) all downgraded to Neutral on valuation afterlarge runs.
The top 10 individual analysts calls 24/7 Wall St. is looking at today:
Jon C. Ogg
November 9, 2007
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