Posts for Ticker ‘SGEN’

Top 10 Pre-Market Analyst Upgrades & Downgrades (RE, FIG, PRE, SGEN, TROW, AUY, NT, RICK, RDS.A, X)

These are ten of the top analyst upgrades and downgrades we have seen this Monday morning with about 2 hours to the the open:

  • Everest Re (RE) to Outperform at Wachovia.
  • Fortress Investment (FIG) Raised to Hold from Sell at Citigroup.
  • PartnerRe (PRE) Raised to Outperform at Wachovia.
  • Seattle Genetics (SGEN) Raised to Outperform at Oppenheimer.
  • T. Rowe Price (TROW) Raised to Outperform at KBW; raised to Outperform at Wachovia.
  • Yamana Gold (AUY) Raised to Outperform at CIBC.
  • Nortel (NT) Cut to Neutral at UBS.
  • Rick’s Cabaret (RICK) Cut to Neutral at Merriman Curhan Ford.
  • Royal Dutch Shell (RDS.A) Cut to Underperform at Credit Suisse.
  • US Steel (X) Cut to Sell at UBS.

Jon C. Ogg
October 27, 2008

Posted on: October 27, 2008 – 6:50 am in Analyst Calls, , , , , , , , , ,

Genentech to Set Biotech Tone For Earnings Season (DNA, OSIP, SGEN, ABT, BIIB)

Thursday after the close, we’ll get to see earnings out of Genentech (NASDAQ: DNA). The estimates from First Call are $0.82 EPS on $3.11 billion in revenues.  Next quarter estimates are $0.86 EPS on $3.24 billion in revenues. Estimates for fiscal Dec-2008 are $3.43 EPS on $13.06 billion in revenues.

Genentech is tied to many other drug and biotech companies because of partnerships, so as the number one biotech stock it has implications in many companies based upon the breakdown of its trends and its individual drug comments.  Below are some of its partners:

  • OSI Pharmaceuticals (NASDAQ: OSIP) for Tarceva,
  • Seattle Genetics (NASDAQ: SGEN),
  • Abbott Laboratories (NYSE: ABT),
  • Roche for Avastin 9and ownership),
  • and Biogen-Idec (NASDAQ: BIIB) for Rituxan.

Analysts have an average price target north of $85.00.  Shares were down almost 1% at $79.00 late today before the market closed.  That price target used to be significantly higher before this on peaked out around $90.00 and fell to under $70.00 in Dec-2007 and Jan-2008.  Genentech’s 52-week trading range is $65.35 to $83.41.

Genentech’s annual meeting of stockholders will also be held on April 15, 2008, so there is another round of much of the same presentation data to see next week.  While the woes of one biotech may be mothers milk for another biotech company, Genentech can create at least somewhat of bias for traders going into an earnings season.  As traders are constantly looking for stocks and sectors with less and less economic sensitivity, that may be more true than in many years and quarters of the past.

Jon C. Ogg
April 7, 2008   

Posted on: April 7, 2008 – 3:45 pm in Biotech, Drug companies, Earnings, , , , ,

Biotech Movers & Shakers (FOLD, BAX, CYTK, DSCO, HALO, IMCL, SGEN)

Amicus Therapeutics (NASDAQ: FOLD) had a late afternoon surge, up 7% to $10.73. The 52 week range is $9.00 to $18.22.

Baxter International (NYSE: BAX)—contaminant in recalled Heparin identified by the FDA today. Shares rose slightly to $58.18 in response to board approved $2 billion stock buyback program. maybe it’s a major drug stock, but this has been a pending issue for some time.

Cytokinetics Inc. (NASDAQ: CYTK) up almost 10% to $3.38 today; annual report filed last week.

Discovery Laboratories Inc. (NASDAQ: DSCO) up over 10% today to $2.38 on a late afternoon rise on no new news.

Halozyme Therapeutics, Inc. (NASDAQ: HALO) up 23% today to $6.06 on heavy late afternoon trading volume and no news. Halozyme dipped earlier this week due to downgrades.

ImClone Systems (NASDAQ: IMCL) showed little response to upgrades in anticipation to cancer clinical trial data. Shares inched up $0.20 to $43.30.

Seattle Genetics Inc. (NASDAQ: SGEN) upgraded by RBC Capital Markets and noted for strong research platform. Up 4% to $8.70. The 52-week range is $7.20 to $3.44.

Rachel Lopez
March 19, 2008

Posted on: March 19, 2008 – 3:56 pm in Biotech, , , , , , ,

Top 10 Pre-Market Analyst Calls (AZN, BG, CCJ, CFC, DWSN, INAP, LAMR, MNST, NCC, SGEN)

Below are the ten analyst calls that 247WallSt.com is focusing on in pre-market trading this Wednesday morning:

  • AstraZeneca (NYSE: AZN) raised to Overweight at HSBC Securities.
  • Bunge (NYSE: BG) raised to Overweight at JPMorgan.
  • Cameco (NYSE: CCJ) cut to Hold at TD.
  • Countrywide Financial (NYSE: CFC) raised to Market Perform at Wachovia.
  • Dawson Geophysical (NASDAQ: DWSN) started as Hold at Jefferies.
  • InterNAP (NASDAQ: INAP) cut to Neutral at Merriman Curhan Ford.
  • Lamar Advertising (NASDAQ: LAMR) cut to Underweight at JP Morgan.
  • Monster Worldwide (NASDAQ: MNST) cut to Neutral at JPMorgan.
  • National City (NYSE: NCC) Raised to Sector Perform at RBC
  • Seattle Genetics (NASDAQ: SGEN) raised to Outperform at RBC Capital Markets.

Jon C. Ogg
March 19, 2008

Posted on: March 19, 2008 – 6:36 am in Analyst Calls, , , , , , , , , ,

Biotech Finance Daily (DNDN)(MRK)(DNA)(BRCX)

Shares of ImaRx Therapeutics (IMRX) are off 15% to $1.18. The company’s news about it Transcranial Ultrasound in Clinical SONolysis clinical trial in patients with acute ischemic stroke disappointed the market a little over a week ago and shares have not recovered. The stock was at $4.75 in August.

Seattle Genetics (SGEN) announced an offering of private stock which took shares down 12% to $10.32.

Genentech (DNA) is set to report earnings after hours. The 24/7 Wall St. preview is already available.

Dendreon (DNDN) was hit with a wave of buying early in the day and is trading at three times normal volume up 8% to $6.56. Perhaps an unusual options activity in the FEB-08 $7.50 Calls is the culprit.  It had 18,457 contracts trade at that strike and the open interest before today was listed as 107,199 contracts.

BioCryst Pharmaceuticals (BCRX) is trading up 8% on well above normal volume. Named an interirm medical officer on Friday.

Compugen Ltd (CGEN) disclosed a collaboration with Merck (MRK) targeted at predicting peptides likely to activate selected G-protein coupled receptors and validating their agonistic activity. The agreement includes an option to Merck for exclusive worldwide licenses for such peptides. Shares moved up 10% to $2.06

Douglas A. McIntyre

Posted on: January 14, 2008 – 3:02 pm in Biotech, , , , , ,