|Bid||104.14 x 900|
|Ask||105.15 x 900|
|Day's Range||104.64 - 105.05|
|52 Week Range||100.22 - 122.97|
|PE Ratio (TTM)||3.65|
|Beta (3Y Monthly)||1.60|
|Expense Ratio (net)||0.47%|
U.S. stocks snap a 3-day winning streak to wrap up a volatile trading week on Wall Street. Jared Blikre breaks down all the live market action from the floor of the New York Stock Exchange.
Trump says the GOP will protect pre-existing conditions, but their actions say otherwise. Rick Newman on what's going on.
Carter Worth, Cornerstone Macro, reacts to Gilead earnings and whether investors should trust the biotech bounce. With CNBC's Meg Tirrell and Melissa Lee, and the Fast Money traders, Tim Seymour, Karen Finerman, Dan Nathan and Steve Grasso.
Consider Gilead Sciences (GILD) and Celgene (CELG) for example. At recent prices of $70 and $75, they traded at market values that aren’t too far above the value of their operating businesses, according to discounted cash flow analysis by Jefferies biotech analyst Michael Yee and his team. Then add if they fall back to their “free pipeline” stock prices.
Jazz Pharmaceuticals generated revenues of $469.4 million in the third quarter, which reflects ~14% YoY (year-over-year) growth. Jazz Pharmaceuticals’ net revenues over the first nine months of 2018 were $1.4 billion—compared to $1.2 billion in the same period in 2017, which reflects ~20% YoY growth.
Earnings and U.S. midterm polls continued to positively influence biotech stocks, with the sector notching gains for the second straight week. These are some of the upcoming week's catalysts that could ...
Voting for Democrats was spectacular! A few weeks ago, we told investors that you really wanted to see the Democrats take the House. That way, we would get gridlock and a check on the president, maybe even some help with tariffs. Well, initially this looks to be right. The Dow Jones Industrials (DIA) are up 2% along with the S&P 500 (SPX), while the Nasdaq (QQQ) is up 2.5%. So far, so good.
Shares of MiMedx Group Inc. plummeted 34% to pace all Nasdaq losers in morning trade Wednesday, after the biopharmaceutical company disclosed that the Nasdaq will suspend trading in its stock starting Nov. 8, ahead of a delisting. The delisting notice comes as the company has failed to regain compliance with Securities and Exchange Commission reporting obligations amid an internal accounting investigation. Separately, the company said it has adopted a shareholder rights plan, also known as a "poison pill," that becomes exercisable of an investor acquires ownership of 10% or more of MiMedx common stock, in an effort to block an unsolicited buyout attempt. The stock has now lost 67% year to date, while the iShares Nasdaq Biotechnology ETF has gained 2.4% and the S&P 500 has advanced 3.9%.
In the third quarter, Exelixis’s (EXEL) Cabozantinib franchise generated revenues of $162.9 million, reflecting ~69% YoY growth. Exelixis’s Cabometyx generated revenues of $158.3 million in the third quarter, reflecting ~75% YoY growth.
Shares of Puma Biotechnology Inc. plummeted 38% toward a 2 1/2-year low, to pace all premarket decliners, after the company reported third-quarter earnings and revenue that beat expectations, but reported disappointing results of its key product, the breast cancer treatment Nerlynx. That prompted J.P. Morgan to swing to bearish from bullish and slash its stock price target. Total revenue rose to $62.6 million from $6.1 million a year ago, topping the FactSet consensus of $57.9 million, but Nerlynx sales of $52.6 million was below expectations of $58.1 million. The company said late Thursday on the post-earnings conference call with analysts that the percentage of patients who discontinued the use of Nerlynx because of adverse events increased to about 18%. J.P. Morgan's Cory Kasimov downgraded Puma to underweight from overweight and cut his price target to $23 from $83. "There simply doesn't appear to be enough new patient starts to offset the discontinuations and patients rolling off [Nerlynx] therapy after 12 months," Kasimov wrote in a note to clients. the stock had already tumbled 61% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 1.2% and the S&P 500 had tacked on 2.5%.
The market extended its rebound Thursday as small cap stocks took the lead in a broad advance, but leading stocks again lagged.
Incyte (INCY) released its Q3 2018 earnings today. The company beat Wall Street analysts’ estimates for revenue but missed estimates for EPS. It reported EPS of $0.14 on revenues of $449.68 million in the third quarter of 2018, compared to estimates for EPS of $0.40 on revenues of $449.20 million.
Shire (SHPG) is a biotechnology company focused on discovering, developing, and commercializing specialty medicines to treat rare diseases and other specialized conditions. Shire is set to release its third quarter of 2018 earnings on November 1. Wall Street analysts estimate EPS of $3.58 on revenues of $3.82 billion.
Only the most defensive sectors escaped Wall Street's severe rout, which thumped chip stocks and most other equity ETFs Wednesday.
Amgen (AMGN) is one of the leading pharmaceutical companies. Amgen is scheduled to release its third-quarter earnings on October 30. Wall Street analysts expect the EPS to be $3.45 on revenues of $5.77 billion during the third quarter.
Biotech price action at all capitalization levels has deteriorated in recent weeks, with the two major sector funds giving up the majority of their 2018 gains. The iShares Nasdaq Biotechnology Index Fund ( IBB) and the SPDR S&P Biotech ETF ( XBI) carve different price patterns due to their unique holdings and construction. The market-cap weighted Nasdaq fund is dependent upon its biggest components, with Amgen Inc. ( AMGN), Gilead Sciences, Inc. ( GILD), Biogen Inc. ( BGEN) and Celgene Corporation ( CELG) comprising more than 32% of portfolio weighting.
Biogen (BIIB), a leading biotechnology company, is scheduled to release its third-quarter earnings on October 23. Analysts expect the adjusted EPS to be $6.78 on revenues of $3.33 billion during the third quarter.
Shares of Merrimack Pharmaceuticals Inc. plummeted 35% toward a record low in premarket trade Friday, after the biopharmaceutical company said it terminated a phase 2 trial of its non-small cell lung cancer treatment after it failed to improve progression free survival. "Since futility was observed, the decision was made to terminate the study," the company said in a statement. Merrimack said it is implementing a review of its drug candidate pipeline, and will provide an update on its Nov. 7 conference call following third-quarter results. The stock had tumbled 50% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had gained 5.8% and the S&P 500 had tacked on 3.6%.
Shares of Equillium rose in their public debut, as they opened 2.5% above the initial public offering price. The first trade was at $14.35 at 11:12 a.m. Eastern for 130,085 shares. The stock edged higher since to be up 4.3%. The IPO priced late Thursday at $14, at the bottom of the expected range of $14 to $16, to value the biotechnology company at about $233.8 million. Equillium sold 4.67 million shares to raise about $65.4 million. The company went public at a time that the Renaissance IPO ETF has dropped 11.6% over the past three months, the IShares Nasdaq Biotechnology ETF has shed 5.8% and the S&P 500 has slipped 1.1%.
Shares of Immune Design Corp. took a 42% dive toward a record low in premarket trade Friday, after the immunotherapy company said it discontinued its CMB305 cancer vaccine program. The company said late Thursday it made the design after an early analysis of a phase 2 study showed CMB305 combined with Tecentriq is not likely to show a survival benefit in relapsed synovial sarcoma patients. The company said it plans to focus on accelerating and expanding the development of its lymphoma therapy, G100. Leerink analyst Jonathan Chang cut his rating on Immune Design to market perform from outperform and slashed his price target on the stock (IMDZ) to $3 from $7. Chang wrote in a note to clients that while he views the decision to focus on G100 as a positive, "in the context of past disappointments that have pressured IMDZ shares, we believe this recent update could add to investor concerns on company execution, which has been a critical part of the IMDZ story." The stock had lost 74% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has lost 2.9% and the S&P 500 has gained 7.0%.
Share of Corium International Inc. rocketed 50.7% to pace all premarket gainers Friday, after the biotechnology company agreed to be acquired by private investment firm Gurnet Point Capital. Under terms of the deal, announced late Thursday, Gurnet will pay $12.50 in cash for each Corium share outstanding, a 50.4% premium to Thursday's closing price of $8.31. The deal is expected to close by the end of the year. Corium shares have lost 13.5% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 2.2% and the S&P 500 has tacked on 2.1%.