35.80 +0.01 (0.03%)
After hours: 4:26PM EST
|Bid||35.00 x 1300|
|Ask||38.00 x 4000|
|Day's Range||35.63 - 36.02|
|52 Week Range||32.69 - 41.78|
|Beta (3Y Monthly)||0.64|
|PE Ratio (TTM)||37.48|
|Forward Dividend & Yield||1.40 (3.94%)|
|1y Target Est||N/A|
Jan 16 (Reuters) - Luye Pharma Group Ltd: * LUYE PHARMA REACHES STRATEGIC PARTNERSHIP WITH ASTRAZENECA, STRENGTHENS COMMITMENT TO CARDIOVASCULAR THERAPEUTIC FIELD * LUYE PHARMA GROUP LTD - GRANTS ASTRAZENECA ...
Jan 16 (Reuters) - Luye Pharma Group Ltd: * ANNOUNCES GRANT OF PROMOTION RIGHT OF XUEZHIKANG CAPSULES IN MAINLAND CHINA TO ASTRAZENECA Source text for Eikon: Further company coverage:
House Democrats launched an investigation into a dozen pharmaceutical companies on Monday, focusing on drug prices and prompting shares to topple. AstraZeneca and Novo Nordisk fell hard.
AbbVie, Amgen, AstraZeneca, Celgene, Eli Lilly, Johnson & Johnson, Mallinckrodt, Novartis, Novo Nordisk, Pfizer, Sanofi and Teva Pharmaceuticals received letters seeking detailed information and documents about the companies' pricing practices.
Shares of cardiovascular health sciences company Amarin (NASDAQ:AMRN) surged 22% on Thursday. That continues an amazing ride for the maker of Vascepa, an Omega-3 fatty acids treatment to fight very high triglycerides. Amarin stock has soared from $3 in September to as high as $23 following its decisive REDUCE-IT study results. These results showed that Amarin's formulation of Omega-3 oils performs superiorly to other generic options. After years of criticism, Amarin demonstrated that it isn't "just another fish oil pill" as the bears had always retorted. Since the trial results, Amarin stock has remained highly volatile. Yes, it's clear Amarin has a viable commercial product on their hands now, but how many doctors will start prescribing it? InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 A-Rated Stocks the Smart Money Is Piling Into Can Amarin make it as a standalone operation or does it need a larger commercial backer? All these questions came to a head on Thursday when rumors broke that Pfizer (NYSE:PFE) or perhaps AstraZeneca (NYSE:AZN) was going to acquire Amarin outright. Amarin stock soared. ### Pfizer Buying Amarin? Probably Not Biotech journalist and Twitter heavyweight Adam Feuerstein weighed in on the Pfizer rumors, tweeting: "Help me with the logic here: $AMRN CEO John Thero just spent 4 days in [San Francisco] meeting face to face with investors while ALSO negotiating a $PFE takeout? People, please…" It's not uncommon for biotech management teams to pull out of conferences when they are about to be acquired. Particularly if Amarin already knew that Pfizer or someone else would bid for the company, why bother with in-person investor relations? There'd be more important business to attend to. Also, it's worth noting that Pfizer's comments at that same biotech conference didn't indicate that a deal is coming soon. Pfizer's CEO Albert Bourla noted that the company greatly stepped up its share buyback in 2018. It did so, Bourla said, in order to be able to boost R&D spending without hitting earnings. Adding to that Bourla commented rather directly that: "In the years before we had an issue with growth, so we were looking to buy revenues now or soon because this is what was lacking. Right now we are not in this situation. Right now we are in a situation that our R&D is very productive and I feel that mostly R&D type of deals is what we need to enhance even further our pipeline, given that we have higher confidence in our capabilities to do it, given that now we have very good focus on R&D." Pfizer's CEO stated it clearly: they don't need to acquire more drugs to obtain growth. The R&D pipeline is stuffed. Pfizer is unlikely to want to drop $8 billion or more to acquire Amarin at this time. ### Amarin: Short-Term Struggles A lot of Amarin stock bulls expected shares to fly up toward $30 in the immediate wake of the shockingly good REDUCE-IT trial data. Analysts have pegged future peak annual sales estimates for Vascepa at $2 billion to $4 billion sometime in the 2020s. Given Amarin's healthy patent position on the drug, this has the makings of being a blockbuster therapeutic. There's still the hitch that the company needs to convince the FDA to expand its marketing label for the drug later this year. However, given the strong data, this shouldn't be too much of an issue. For now, however, Amarin is still experiencing relatively soft sales. Amarin released guidance suggested that it will sell just $350 million of Vascepa in 2019. That was well short of the market's expectations. So far, since the REDUCE-IT data came out, Amarin has seen a decent bump in its weekly prescriptions. They're up from 11,000 pre-data release to 15,000 now. That's solid progress. Still, it's clear that without much more marketing and/or a wider label approval from the FDA, it will take awhile for Amarin to gain serious sales traction. ### Amarin Stock Takeaway That said, Amarin finds itself in a decent position nonetheless. It had $249 million in cash as of the latest report, suggesting that it has time to ramp up its sales operations as a separate company. Amarin lost $98 million on $205 million in revenues last year, suggesting it isn't especially close to profitability. Analysts forecast a much smaller, but still negative, net income figure for this year as well. Regardless, with that cash position, Amarin isn't desperate to find a suitor and can wait for an attractive offer. For now, I see AMRN as a solid trading stock. When there are short-term rips, such as the 22% pop on the Pfizer rumors, it is a good time to take profits. When the stock dips, say on weaker than expected earnings or prescription fills data, you can buy back in at a better price. In the short-term, I consider it highly unlikely that Pfizer or someone else like AztraZeneca is about to purchase Amarin. The actions from both companies' management teams suggest that a deal is not imminent. As such, it makes sense to ring the register on AMRN stock following the recent move from $13.50 at the start of the year to $18 now. If you like the Amarin story, you will get another chance to buy back in at a cheaper price as there are no immediate catalysts to drive Amarin stock higher. At the time of this writing, Ian Bezek held no positions in any of the aforementioned securities. You can reach him on Twitter at @irbezek. ### More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Key Emerging-Market Stocks to Buy for Contrarian Investors * 7 Stocks at Risk of the Global Smartphone Slowdown * 7 Pharmaceutical Stocks That Just Raised Prices This Year Compare Brokers The post Sell Amarin Stock on the Recent Takeover Rumors Rally appeared first on InvestorPlace.
Sean Bohen, who’s also executive vice president for global medicines development, will part ways with Cambridge, England-based AstraZeneca after it completes the transition to the new structure unveiled last week, a spokesman said in emailed answers to questions. Chief Executive Officer Pascal Soriot announced the overhaul last week, bringing in a cancer expert, Jose Baselga, to reign over oncology research and development.
About three years after Astrazeneca purchased biotech drug manufacturing plants in Longmont and in Boulder, the pharmaceutical giant is closing both plants and laying off 210 workers. The decision to close the plants are tied to a company decision to consolidate into a large-scale drug manufacturing facility in Frederick, Maryland, in order to improve global supply chain efficiencies, according to a company statement. In addition, the Colorado BioScience Association will offer assistance.
Based in the UK, AstraZeneca PLC (AZN) focuses on treatments for respiratory, autoimmune, and metabolic conditions, as well as on cardiology, neurology, and oncology drugs, explains John Eade, analyst with the leading independent research firm, Argus Research.
Hey Boston, Montgomery County wants your biotech talent. In an unprecedented move, the Montgomery County Economic Development Corp. is in the early stages of planning an office in the Boston-Cambridge area to recruit companies from the region's rich biotech and life sciences industry. Bob Buchanan, a local developer who chairs the Montgomery County Economic Development Corp., told me Wednesday afternoon the corporation will hire real estate company JLL (NYSE: JLL) to conduct a life sciences market analysis, identify recruitment opportunities and propose potential locations for the office.
Modern's pipeline of mRNA candidates, which are being developed for several cancer indications and rare diseases, is progressing well.
AstraZeneca PLC has appointed José Baselga, a prominent but controversial cancer doctor, to lead oncology research and development as part of a wider overhaul designed to get drugs to market faster. AstraZeneca Chief Executive Pascal Soriot said in an interview that the company’s chief ethics officer was satisfied that these omissions were accidental, as Dr. Baselga has maintained since his failures were highlighted in a New York Times report in September.
AstraZeneca has hired Dr. José Baselga to serve as its head of research and development for oncology. Baselga also resigned from the Bristol-Myers Squibb Co.'s board of directors that same month. The hiring of Baselga at AstraZeneca was part of a series of organization changes announced by the Big Pharma company on Monday.
The 59-year-old Spaniard resigned as chief medical officer of Memorial Sloan Kettering Cancer Center in September after the New York Times and Pro Publica revealed that he had not disclosed millions of dollars in payments from healthcare firms. Baselga told Reuters he accepted he had "failed to make the appropriate disclosures" in a number of articles and had corrected them, while a spokesman said the validity of his research was not under question and AstraZeneca viewed the episode as over. Baselga, who last year acknowledged a failure to disclose his links to companies in his medical journal articles and at professional meetings, also resigned from the board of Bristol-Myers Squibb (BMY.N) at the time.
Ironwood Pharma (IRWD) appoints AstraZeneca executive, Mark Mellon, as its new chief executive officer. Peter Hecht, the current CEO, will lead the new spinoff company focusing on rare disease.
AstraZeneca Plc has appointed José Baselga to head research and development for oncology as it looks to align the unit with its commercial operations to drive growth. Baselga resigned as Memorial Sloan ...
AstraZeneca has appointed José Baselga, a controversial cancer expert, to run its oncology research and development operations as part of a wider shake-up by the UK-listed drugmaker to “double down” on the area. Mr Baselga was the physician-in-chief at Memorial Sloan Kettering Cancer Center and professor of medicine at Weill Cornell Medical College, both in New York. , described Dr Baselga as “one of the top, if not the top, scientific leaders in oncology”.
An executive at British drugmaker AstraZeneca PLC has been tapped to lead Ironwood Pharmaceuticals Inc. after the biotech company reorganizes to focus on selling drugs for stomach diseases. Mark Mallon is slated to join Ironwood, the company said, after a 24-year career at AstraZeneca, most recently overseeing strategy. Mr. Mallon will initially serve as an adviser to the Ironwood board and then take over from Ironwood CEO Peter Hecht after the company spins out a new firm developing drugs for rare diseases, Ironwood said.
Mark Mallon will replace co-founder and current CEO Peter Hecht, who will move to the new rare disease-focused biotech spinoff.
Bristol-Myers (BMY) is spending $74 billion to buy Celgene. Merck (MRK) exercises option to gain rights to a NASH candidate from partner NGM Biopharmaceuticals.
Astrazeneca (AZN) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
An analyst initiated coverage of Moderna stock Wednesday with a buy rating, saying he expects the biotech to have an approved drug in 2024. Moderna is working in messenger RNA, or mRNA.