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Amgen's erenumab shows positive results in second late-stage migraine study - $AMGN phase 3 STRIVE study has shown positive results in migraine patients, meeting primary endpoint of statistically valid change from baseline in mean monthly migraine days at week 24 compared to placebo.It was also successful in another Phase 3 study called ARISE. FDA submissions in 2017.

Mallinckrodt CEO accused of securities fraud by short seller from Citron Research - Mallinckrodt $MNK went down 12% after Andrew Left from Citron accused CEO Mark Trudeau of committing securities fraud."Trudeau has been caught red handed committing securities fraud - exposed by none other than the newly released Medicare drug-spending dashboard," said Citron, bringing an issue up reminiscent of Mylan recently with EpiPen.

Gilead's momelotinib wins some, loses some more - $GILD momelotinib in myelofibrosis matched Incyte's Jakafi in one trial, but failed to show superiority to best alternative therapy in another. Gilead will have more work to do before it can move towards regulatory submissions.

Regeneron and Sanofi's sarilumab beats AbbVie's Humira in late-stage RA study - Regeneron $REGN and Sanofi's $SNY sarilumab showed superiority to AbbVie's $ABBV HUMIRA (adalimumab) in adult patients with rheumatoid arthritis (RA). AES were similar, including serious AEs. Sanofi's U.S. marketing application is currently under review. The FDA issued a CRL last month citing manufacturing deficiencies at the Sanofi site.

Sorrento subsidiary to acquire Scottish biotech Virttu Biologics for $25M in all-stock deal
Sorrento Therapeutics $SRNE subsidiary TNK Therapeutics will acquire privately held Scotland-based Virttu Biologics, whose lead product candidate is an oncolytic immunotherapy based on a modified version of the human herpes simplex virus (HSV-1) called SEPREHVIR. It is designed to kill cancer cells and elicit an anti-tumor immune response.Under the terms of the agreement, Virttu shareholders will receive $5M in Sorrento stock at closing, expected in Q1 2017, and $20M in TNK stock within 12 months following the next round of financing.

Flexion equity offering at $18; shares down 11% - Flexion Therapeutics $FLXN went down 11% on very high volume after pricing of its public offering of 3.6M shares of common stock at $18. Yesterday's close was $20.29.

Tenet Healthcare to offer $500M of senior debt in private placement - Tenet Healthcare $THC plans to sell $500M aggregate principal amount of newly issued senior secured lien notes in a private transaction, to repay current outstanding debt under the company's revolving credit facility and for general corporate purposes.

PDL BioPharma $150M convertible debt offering - PDL BioPharma $PDLI made an offering of $150M aggregate principal amount of convertible senior notes to fund the cost of capped call transactions, the repurchase of a portion of outstanding 4.00% Senior Convertible Notes due 2018, the acquisition of income-generating assets and pharmaceutical products and general corporate purposes.Update: Shares down 16% premarket.

Brokerage Action Company Rating Price Target
Jefferies Group Reiterates Alcobra (ADHD) Buy $6.00
Needham & Company LLC Reiterates Alnylam Pharmaceuticals (ALNY) Buy $137.00 -> $98.00
RBC Capital Markets Lowers Target Aptose Biosciences (APTO) Outperform $18.00 -> $12.00
Royal Bank Of Canada Lowers Target Aptose Biosciences (APTO) Outperform $18.00 -> $12.00
HC Wainwright Reiterates CASI Pharmaceuticals (CASI) Buy
Mizuho Downgrades Eagle Pharmaceuticals (EGRX) Buy -> Neutral $78.00
Morgan Stanley Upgrades Hikma Pharmaceutic (HKMPF) Equal -> Weight
Royal Bank Of Canada Raises Target The Medicines Company (MDCO) Outperform $45.00 -> $52.00
RBC Capital Markets Raises Target The Medicines Company (MDCO) Outperform $45.00 -> $52.00
Jefferies Group Reiterates The Medicines Company (MDCO) Buy $43.00
Axiom Securities Reiterates NeoGenomics (NEO) Hold -> Sell
Wedbush Lowers Target Omeros Corporation (OMER) Outperform $56.00 -> $47.00
RBC Capital Markets Reiterates Puma Biotechnology (PBYI) Sector Perform
FBR & Co Reiterates RedHill Biopharma (RDHL) Buy
Ladenburg Thalmann Upgrades Repros Therapeutics (RPRX) Neutral -> Buy
RBC Capital Markets Raises Target Summit Therapeutics PLC (SMMT) Outperform $26.00 -> $29.00
Royal Bank Of Canada Raises Target Summit Therapeutics PLC (SMMT) Outperform $26.00 -> $29.00
Jefferies Group Reiterates Supernus Pharmaceuticals (SUPN) Buy
Morgan Stanley Downgrades Teva Pharmaceutical Industries (TEVA) Overweight -> Equal Weight $63.00 -> $42.00
Mizuho Lowers Target Teva Pharmaceutical Industries (TEVA) Neutral $45.00 -> $40.00
Jefferies Group Downgrades Teva Pharmaceutical Industries (TEVA) Buy -> Hold $69.00 -> $40.00
BTIG Research Downgrades Teva Pharmaceutical Industries (TEVA) Buy -> Neutral
RBC Capital Markets Lowers Target Teva Pharmaceutical Industries (TEVA) Outperform $58.00 -> $51.00
Maxim Group Reiterates Teva Pharmaceutical Industries (TEVA) Buy $72.00 -> $52.00
Deutsche Bank AG Lowers Target Teva Pharmaceutical Industries (TEVA) Buy $68.00 -> $54.00
Ladenburg Thalmann Reiterates Xoma Corp. (XOMA) Neutral

Exact Sciences down 11% on stock sales by execs - After 2 senior management at Exact Sciences $EXAS exercised options totalling about $20mn, stock plunged 11% on moderate volume as investors assumed the worst. However, this was strictly an option sell and not an outright sell.

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