Top Analyst Upgrades-Downgrades in BioHealth Sector (BMRN, CBST, CYTK, ELN, PPDI, RGEN)
This morning we have seen an unusual number of analyst upgrades and downgrades in the drug and biotech space that comprises BioHealth. These are the top analyst upgrades, downgrades, and initiations in the BioHealth sector this Thursday morning:
- BioMarin (NASDAQ: BMRN) Raised to Outperform at Credit Suisse.
- Cubist Pharmaceuticals (NASDAQ: CBST) Raised to Perform at Oppenheimer.
- Cytokinetics (NASDAQ: CYTK) Cut to Hold at Needham.
- Elan Corp. plc (NYSE: ELN) Cut to Neutral at UBS.
- Pharmaceutical Product Development (NASDAQ: PPDI) Cut to Market Perform at Wells Fargo.
- Repligen (NASDAQ: RGEN) Cut to Sector Perform at RBC Capital.
If you like analyst upgrades, downgrades, and initiations, you can join our open email distribution list from 24/7 Wall Street to get updates on top analyst upgrades and downgrades, top day trader alerts, IPO’s, secondary offerings, Warren Buffett and other guru activity, M&A and more.
JON C. OGG
Biotech Short Selling Positions (XBI)(VRTX)(UTHR)(REGN)(MATK)(GENZ)(CBST)(BMRN)(BIIB)(ALNY)(AMGN)
There were some major moves in the short positions in major biotechs for the period ending August 11.
Amgen (AMGN) short interest was flat at 21 mllion shares.
Alnylam Pharmaceuticals (ALNY) share short rose 2% to 5.8 million.
Biogen Idec (BIIB) short interest dropped a fraction to 9.1 million.
BioMarin Pharmaceutical (BMRN) shares short dropped 6% to 11.7 million.
Cubist Pharmaceuticals (CBST) short interest dropped 8% to 4.8 million.
Genzyme Corporation (GENZ) share sold short fell 5% to 5.7 million.
Martek Biosciences (MATK) shares short rose 2% to 4.2 million.
The short interest in Regeneron Pharmaceuticals (REGN) rose 9% to 5.9 million.
United Therapeutics (UTHR) shares sold short moved down 10% to 3.1 million.
Vertex Pharmaceuticals (VRTX) shares short dropped 2% to 18.1 million
These ten stocks are the top holding of the SPDR S&P Biotech ETF (XBI)
Data from NYSE and Nasdaq
Douglas A. McIntyre
Bill Gates, Small Biotech's New Biggest Investor (ALTH, AMAG, RDEA, ARYX, AUXL, BMRN, ETRM, INCY, ITMN, MAPP, OREX, VRUS, REGN, SGEN, VRTX, XNPT)
Late yesterday came the 13-F quarterly filing from the Bill & Melinda Gates Foundation Trust. Bill and Melinda have invested in drugs and research before, as well as dug companies, but there was a slew of biotech stocks in their quarterly holdings. Some of these are cancer winners, while others may seem random. Below we have broken these out by company and size of the position in dollars (M for million; K for thousand) as well as the number of shares.
ALLOS THERAPEUTICS INC. (NASDAQ: ALTH) $3.090M; 500,000 shares
AMAG PHARMACEUTICALS INC. (NASDAQ: AMAG) $1.839M; 50,000 shares
ARDEA BIOSCIENCES INC. (NASDAQ: RDEA) $2.165M; 210,386 shares
ARYX THERAPEUTICS INC. (NASDAQ: ARYX) $1.635M; 480,799 shares
AUXILIUM PHARMACEUTICALS INC. (NASDAQ: AUXL) $2.062M; 74,400 shares
BIOMARIN PHARMACEUTICAL INC. (NASDAQ: BMRN) $1.295M; 104,856 shares
ENTEROMEDICS INC. (NASDAQ: ETRM) $81K; 59,700 shares
INCYTE CORP. (NASDAQ: INCY) $1.02M; 435,700 shares
INTERMUNE INC. (NASDAQ: ITMN) $1.807M; 109,900 shares
MAP PHARMACEUTICALS INC. (NASDAQ: MAPP) $98K; 46,524 shares
OREXIGEN THERAPEUTICS INC. (NASDAQ: OREX) $36K; 13,900 shares
PHARMASSET INC. (NASDAQ: VRUS) $821K; 83,641 shares
REGENERON PHARMACEUTICALS (NASDAQ: REGN) $492K; 35,500 shares
SEATTLE GENETICS INC. (NASDAQ: SGEN) $34.718M; 3,521,088 shares
VERTEX PHARMACEUTICALS INC. (NASDAQ: VRTX) $2.729M; 95,000 shares
XENOPORT INC. (NASDAQ: XNPT) $2.517M; 130,000 shares
La Jolla Pharma Gets Lupus Lifeline from BioMarin (LJPC, BMRN)
La Jolla Pharmaceutical Company (NASDAQ: LJPC) may have just gotten a much needed lifeline after the close. The company has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®, La Jolla’s investigational drug for lupus nephritis. Riquent is currently being evaluated in a Phase 3 clinical study for Lupus Nephritis, a condition which is currently considered a high unmet need and orphan disease.
If you have followed La Jolla Pharmaceuticals very long, you will likely know how dire their situation was previously looking. Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent. The terms state that La Jolla could receive up to $289 million in cash, which would come through milestones and equity purchases by BioMarin.
Specific payments include $15 million upfront, and can be up to approximately $92.5 million related to clinical milestones. This is via $55 million for regulatory milestones, and up to approximately $126 million for achieving specified annual net sales milestones beginning at $250 million in sales.
Read more
Is BioMarin the Next Biotech Takeover Candidate? (BMRN)
Everyone is looking fo rthe next biotech takeover candidate for their investment portfolios, but you can’t look at just market caps nor just at sales. Those are critical because many aren’t worth the time for larger players, but you also have to consider the pipeline and have to consider its partnerships and total reach that can be attained (among other issues).
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is one of the biotech players that has come up over and over in the last couple of years over its market cap and with 2008 being the year that its revenues finally start to ramp up. It showed $121 million in 2007 revenues, and analysts are looking for $312 million in 2008 and over 4420 million in 2009. This is also the year its P/E is finally supposed to go positive with analysts looking for $0.49 EPS for 2008 and $1.13 EPS for 2009.
It also has partnerships with the following:
- Genzyme (NASDAQ: GENZ) for the development and commercialization of Aldurazyme® (laronidase) for MPS I;
- Alliant Pharmaceuticals for the North American commercialization of the Orapred product line, including Orapred ODT (prednisolone soduim phosphate orally disintegrating tablets)’
- and Merck Serono for the development and ex-U.S./ ex-Japan/ ex-Canada commercialization (pending regulatory approvals) of BioMarin’s Kuvan and 6R-BH4 for other indications.
The company also just yesterday announced that Summit plc signed a worldwide licensing agreement for Duchenne Muscular Dystrophy program.
This was mentioned as a potential buyout candidate yesterday by an analyst on CNBC. Shares closed up $1.21 at $31.40 yesterday and shares are up 1.5% at $31.90 at 9:54. Its 52-week trading range is $17.63 to $41.00.
Whether or not this is the next biotech to fall is still an unknown. But it fits the bill and this is one that traders seem to be putting funds toward over the last couple of weeks.
Jon Ogg
July 23, 2008
Latest from 247Wallst.com- Latest from VSInvestor
- Exponential Volume Club (AKNS, BBI, FNM, FUQI, LSI, VIVO, PLCM, SNV, VHC, VLTR)
- Top Day Trader Alerts (ERIC, CIT, FUQI, GGP, PLCM, HOG, GE, ABK)
- Rumors Drive Volume (GGP, SPG, HOG)
- Stock/Option Explosion: The GE Breakout on 52-Week Highs (GE)
- Top Day Trader Alerts (ICGN, SQNM, MPEL, ATHN, BSX, MCHP, GE)
