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Troubled regional bank New York Community Bank faced a downgrade from JPMorgan, which said NYCB is facing a multitude of challenges. The firm upped its price target for the drug maker to $850, all the way from $200. Wells Fargo : Analyst Zachary Fadem kept his overweight rating and raised his target price by $200 to $2,800, implying 12.5% upside for shares. "After speaking to management, we confirmed these two executives had indeed left the company, wrote JPMorgan analyst Steven Alexopoulos. NXP's stock price is down 2.9% for the year, but still higher than 15% over the past 12 months.
Persons: Eli Lilly, Eric Gonzalez, Gonzalez, Wells, Zachary Fadem, Sara Senatore, Chipotle, — Pia Singh, JPMorgan downgrades, Steven Alexopoulos, Alexopoulos, John Melloy, Vivek Arya, Arya, Robyn Karnauskas, Karnauskas, Zepbound Organizations: CNBC, New York Community Bank, JPMorgan, Pharma, Truist Securities, Semiconductors, Bank of America, KeyBanc, Barclays, New York Community Bank JPMorgan, New, Community Bank, Financial Times, Bloomberg News, New York Community Bancorp, Battery Management Systems, Food and Drug Administration Locations: Wells Fargo, Tuesday's
That includes the agency's examination of Pfizer 's proposed $43 billion purchase of cancer drug developer Seagen . Some also speculated that the restrictions imposed on Amgen as part of the settlement could have implications for other deals. The FTC's lawsuit against Amgen in May was the agency's first legal challenge to a pharmaceutical buyout in 14 years. The settlement agreement prohibits Amgen from bundling any of its products with two of Horizon's blockbuster drugs, among other restrictions. Still, some analysts said the restrictions suggest the FTC could apply similar rules to other buyouts in the future.
Persons: Amgen, William Blair, Matt Phipps, Robyn Karnauskas, baring, Nathan Ray, West, Biden, Evan Seigerman Organizations: Federal Trade Commission, Horizon Therapeutics, Pfizer, FTC, West Monroe, Amgen, Pharmaceutical, Pharma, BMO Capital Locations: Amgen
June 29 (Reuters) - BioXcel Therapeutics (BTAI.O) flagged issues related to the recording of safety data at one of the sites for late-stage trial of its Alzheimer's drug, sending its shares plunging more than 67% in premarket trading on Thursday. The drug, named BXCL501, was being studied to treat patients with agitation related to Alzheimer's disease. The issue highlighted by the company overshadowed results of the drug's trial, which was also reported on Thursday. BioXcel said it plans to submit an application to expand the use of the drug in the second half of this year. The drug is already approved by the FDA for treating agitation associated with schizophrenia or bipolar I or II disorder in adults.
Persons: Vimal Mehta, Robyn Karnauskas, BioXcel, Khushi Mandowara, Krishna Chandra Eluri Organizations: BioXcel Therapeutics, U.S . Food, Drug Administration, Truist Securities, Thomson Locations: Bengaluru
Pfizer CEO Albert Bourla has said an obesity pill could eventually be a $10-billion-a-year product for Pfizer. Truist Securities analyst Robyn Karnauskas said Lilly is now ahead in the race for a once-a-day obesity pill. Pfizer said last month that danuglipron helped patients lose weight on par with Novo Nordisk's (NOVOb.CO) Ozempic in a mid-stage study that tested it in patients with Type 2 diabetes. None of the patients in the lotiglipron trials reported liver-related symptoms or side effects, there was no evidence of liver failure and none required treatment, Pfizer said. Liver enzyme elevations observed in lotiglipron trials have not been seen in patients enrolled in danuglipron trials, the company added.
Persons: Albert Bourla, Eli Lilly, LLY.N, Robyn Karnauskas, Lilly, Pfizer, danuglipron, Manas Mishra, Leroy Leo, Michael Erman, Pooja Desai, Jason Neely, Deepa Babington Organizations: Pfizer Inc, Pfizer, NYSE Arca Pharmaceutical, Truist Securities, Novo Nordisk's, Thomson Locations: United States, Bengaluru, New Jersey
Stabilization of Humira sales after the initial erosion, coupled with strong growth of its newer drugs Skyrizi and Rinvoq for autoimmune disorders, could provide a floor to its earnings in 2024. "Now it's a question of what will the volume erosion look like?" In the fourth quarter, Humira sales dropped 26.5% to $573 million in international markets such as Europe, where it already faces competition from multiple less expensive versions. Overall, Humira sales rose 4.6% to $5.58 billion, in line with estimates, lifted by growth in the U.S. market. Excluding items, AbbVie earned $3.60 per share in the fourth quarter, beating analysts' average estimates by 4 cents.
Piper Sandler and Truist upgraded the stock to overweight and buy ratings, respectively, after the company topped earnings expectations for the recent quarter and shared upbeat guidance. Both firms said they anticipate solid growth from Gilead's oncology and HIV franchises going forward, saying now is the time to get in on the stock. Kim upped the firm's price target on the stock to $96 from $79 a share, suggesting 37% upside from Thursday's close. Truist's Robyn Karnauskas highlighted the potential of Gilead's cancer drugs and therapies in a note to clients, hiking the firm's price target on the stock to $91 per share. Gilead's stock jumped nearly 5% in Friday's premarket.
Merck's blood vessel disorder drug succeeds in late-stage study
  + stars: | 2022-10-10 | by ( ) www.reuters.com   time to read: +1 min
Oct 10 (Reuters) - Merck & Co (MRK.N) said on Monday a therapy it gained through the drugmaker's $11.5 billion acquisition of Acceleron Pharma last year met the main goal of a late-stage study in patients with a progressive blood vessel disorder. Sotatercept, when compared to placebo, significantly extended how far patients with pulmonary arterial hypertension (PAH) could walk in six minutes. The trial data validates the Acceleron acquisition, and also supports Merck's budding portfolio of cardiovascular drugs, Truist Securities analyst Robyn Karnauskas said in a note. Pulmonary arterial hypertension is a rare type of high blood pressure that affects an estimated 40,000 people in the United States, according to Merck. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khushi Mandowara and Mrinalika Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
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