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Biogen (BIIB) was one of the best performing biotech stocks on Tuesday, closing almost 10% higher. The rally in BIIB was sparked by takeover rumors. Reports surfaced that Allergan (AGN) and Merck & Co. are said to be interested in BIIB. The Wall Street Journal’s report also noted that BIIB might not go for a deal. Later in the day, CNBC reported that Allergan is not likely to pursue Biogen. BIIB shares have edged lower in pre-market trading today but Tuesday’s rally helped the stock to cross above $300 for the first time this year. BIIB longs have not had the best time over the past year as the stock has seen a sharp pullback from its early 2015 highs. Despite the 10% gains on Tuesday, BIIB still looks undervalued.

Pfizer Reports Q2 Results- Pfizer (PFE) reported its quarterly results on Tuesday. For the second quarter, the pharma major reported earnings of $0.64 per share, beating consensus forecast by 2 cents. The company’s revenue of $13.15 billion rose 11% on a year-over-year basis. Revenue also beat consensus forecast. In terms of segment, Pfizer’s Innovative Health unit reported 7.2% increase in revenue to $7.1 billion. In terms of products, IBRANCE sales came in at $514 million.

For the past year, there has been speculation over when PFE will announce a split. However, in recent months, the possibility of a split has reduced. On Tuesday, CEO Ian Read played down the prospect of splitting, highlighting the fact that splitting the company had become more complicated in the recent past. The pullback in PFE shares on Tuesday was mainly due to diminishing prospects of a split. Having said that a split has not been completely ruled out.

Pfizer also announced on Tuesday that it has reached a settlement relating to its Celebrex and Bextra pain-relieving drugs.

No approvals to report.

No patents to report.

No deals and collaborations to report.

Neos Therapeutics (NEOS) has filed a Form S-3 with the U.S. Securities and Exchange Commission (SEC). According to the filing, the company may from time to time issue, in one or more series or classes, up to $125 million in aggregate principal amount of our common stock, preferred stock, debt securities, warrants and/or units.

Bioventus has withdrawn its $150 million IPO. The company was planning to offer 8.8 million shares at a price range of $16 per share to $18 per share.

Mallinckrodt (MNK) reported third-quarter earnings of $2.20 per share, beating consensus forecast by 19 cents. The company’s revenue for the quarter was $970.6 million, up 10.6% on a year-over-year basis. Revenue beat consensus forecast by $48.78 million.

Kamada (KMDA) reported adjusted net loss of $1.3 million. The company’s revenue for the quarter was $19.07 million, down 0.9% on a year-over-year basis. Revenue beat consensus forecast by $0.57 million.

IDEXX Laboratories (IDXX) reported second-quarter earnings of $0.74 per share, beating consensus forecast by 12 cents. The company’s revenue for the quarter was $466.57 million, up 12.9% on a year-over-year basis. Revenue beat consensus forecast by $21.74 million.

Compugen (CGEN) reported a loss of $0.13 per share in its second quarter, beating consensus forecast by 4 cents. The company’s revenue for the quarter was $0.5 million, up 127.3% on a year-over-year basis. Revenue beat consensus forecast by $0.35 million.

Idera Pharmaceuticals (IDRA) reported a loss of $0.11 per share in its second quarter, in-line with the consensus forecast. The company’s revenue for the quarter was $0.3 million, beating consensus forecast by $0.16 million.

Shire PLC (SHPG) reported earnings of $3.38 per share in its second quarter, beating consensus forecast by 39 cents. The company reported revenue of $2.43 billion, up 55.8% on a year-over-year basis. Revenue beat consensus forecast by $220 million.

Biocept (BIOC) reported a loss of $0.20 per share in its second quarter. The company’s revenue for the quarter was $0.66 million, up 842.9% on a year-over-year basis.

Xencor (XNCR) reported second-quarter earnings of $1.13 per share. The company’s revenue for the quarter was $66 million, beating consensus forecast by $58.57 million.

Vital Therapies (VTL) reported a loss of $0.30 per share in its second quarter, beating consensus forecast by 3 cents.

Regulus Therapeutics (RGLS) reported a loss of $0.40 per share in its second quarter, missing consensus forecast by 2 cents. The company’s revenue for the quarter was $0.5 million, down 86.9% on a year-over-year basis. Revenue missed consensus forecast by $1.99 million.

Corcept Therapeutics (CORT) reported earnings of $0.03 per share in its second quarter, beating consensus forecast by 2 cents. The company’s revenue for the quarter was $19.7 million, up 64.7% on a year-over-year basis. Revenue beat consensus forecast by $1.34 million.

Prothena (PRTA) reported a loss of $1.18 per share in its second quarter, missing consensus forecast by 27 cents. The company’s revenue for the quarter was $0.33 million, up 17.9% on a year-over-year basis. Revenue missed consensus forecast by $0.01 million.

Cumberland Pharmaceuticals (CPIX) reported earnings of $0.04 per share in its second quarter. The company’s revenue for the quarter was $7.4 million, down 16.9% on a year-over-year basis.

Rigel Pharmaceuticals (RIGL) reported a loss of $0.15 per share in its second quarter, beating consensus forecast by 5 cents. The company’s revenue for the quarter was $8.6 million, up 66% on a year-over-year basis. Revenue beat consensus forecast by $4.59 million.

Supernus Pharmaceuticals (SUPN) reported earnings of $0.18 per share in its second quarter, beating consensus forecast by 5 cents. The company’s revenue for the quarter was $50.4 million, up 43.8% on a year-over-year basis. Revenue beat consensus forecast by $0.73 million.

Company (Ticker) Brokerage Action Recommendation Price Target My Price Target
AbbVie (ABBV) Barclays Plc Reiterate Equal Weight

$68

$80

Abeona Therapeutics (ABEO) Maxim Group Reiterate Buy

$6

N/A
Aeterna Zentaris (AEZS) Maxim Group Reiterate Buy

$11

N/A
Akorn (AKRX) Citigroup Downgrade/Price Target Raised Market Perform From $33.80 to $34 N/A
Akorn (AKRX) Raymond Financial James Downgrade From Outperform to Market Perform N/A N/A
Alnylam Pharmaceuticals (ALNY) Morgan Stanley Initiation Overweight

$93

$130

Biogen (BIIB) Standpoint Research Downgrade From Buy to Hold N/A

$420

Biogen (BIIB) Raymond Financial James Price Target Raised Strong Buy From $360 to $375

$420

Celgene (CELG) Stifel Nicolaus Reiterate Buy

$138

$140

Cempra (CEMP) Robert W. Baird Reiterate Outperform

$33

N/A
Cempra (CEMP) Jefferies Group Price Target Cut Buy From $42 to $40 N/A
Cempra (CEMP) Cowen and Company Reiterate Buy N/A N/A
Cytokinetics (CYTK) JMP Securities Reiterate Buy

$17

TBA
GlaxoSmithKline (GSK) Beaufort Securities Reiterate Buy N/A N/A
Horizon Pharma (HZNP) Brean Capital Reiterate Buy N/A N/A
Idera Pharmaceuticals (IDRA) Wedbush Reiterate Outperform

$6

N/A
Idexx Laboratories (IDXX) Canaccord Genuity Reiterate Buy N/A N/A
Ionis Pharmaceuticals (IONS) Barclays Plc Price Target Raised Equal Weight From $26 to $41 N/A
Ionis Pharmaceuticals (IONS) Morgan Stanley Initiation Equal Weight

$37

N/A
Ionis Pharmaceuticals (IONS) Leerink Swann Price Target Raised Market Perform From $26 to $36 N/A
Keryx Biopharmaceuticals (KERX) Stifel Nicolaus Downgrade From Buy to Hold N/A

$25

Keryx Biopharmaceuticals (KERX) Raymond Financial James Price Target Raised Outperform From $7 to $10

$25

Keryx Biopharmaceuticals (KERX) Ladenburg Thalmann Price Target Raised Buy From $9 to $10

$25

Keryx Biopharmaceuticals (KERX) Brean Capital Downgrade From Buy to Hold N/A

$25

Keryx Biopharmaceuticals (KERX) FBR & Co. Downgrade/Price Target Cut From Outperform to Market Perform From $16 to $7

$25

Eli Lilly & Co. (LLY) Argus Price Target Raised Buy From $90 to $95 N/A
Lexicon Pharmaceuticals (LXRX) Citigroup Initiation Buy

$21

N/A
The Medicines Company (MDCO) Citigroup Reiterate Hold N/A

$50

MEI Pharma (MEIP) Wedbush Reiterate Neutral

$2

TBA
Merck & Co. (MRK) BMO Capital Markets Reiterate Market Perform

$62

$70

Pacira Pharmaceuticals (PCRX) Mizuho Reiterate Buy

$64

N/A
Pfizer (PFE) Barclays Plc Reiterate Equal Weight

$34

N/A
Pfizer (PFE) Sanford C. Bernstein Price Target Set Buy

$38

N/A
PTC Therapeutics (PTCT) Citigroup Reiterate Buy

$48

N/A
T2 Biosystems (TTOO) Canaccord Genuity Price Target Cut Buy From $10 to $9 N/A

Opko Health (OPK)- Dr. Phillip Frost, CEO & Chairman, bought 10,000 shares at $9.88. The total value of the transaction was $98,802. Dr. Frost now owns 159,932,343 shares of OPK.

Novavax (NVAX)- Barclay A. Phillips, SVP, Chief Financial Officer, bought 422 shares at $4.29. The total value of the transaction was $1,810. Phillips now owns 9,979 shares of NVAX.

Ligand Pharmaceuticals (LGND)- John W. Kozarich, Director, sold 1,000 shares at $137.57. The total value of the transaction was $137,569. Kozarich still owns 40,983 shares of LGND.

Illumina (ILMN)- Jay T. Flatley, Director, sold 10,000 shares at $170. The total value of the transaction was $1.70 million. Flatley still owns 488,061 shares of ILMN.

Kite Pharma (KITE)- Jeffrey Wiezorek, SVP Clinical Development, sold 1,500 shares at $56.90. The total value of the transaction was $85,343. Wiezorek still owns 14,867 shares of KITE.

Five Prime Therapeutics (FPRX)- William R. Ringo, Director, sold 500 shares at $50.77. The total value of the transaction was $25,385. Ringo does not own any shares of FPRX.

Ophthotech (OPHT)- Samir C. Patel, President, sold 20,000 shares at $64.21. The total value of the transaction was approximately $1.28 million. Patel still owns 171,531 shares of OPHT.

Keryx Biopharmaceuticals (KERX)- Scott A. Holmes, Chief Financial Officer, sold 4,935 shares at $7.36. The total value of the transaction was $36,322. Holmes still owns 108,557 shares of KERX.

No management changes and additions to report.

NYSE- Mallinckrodt (MNK) shares were among the major gainers on the NYSE. The stock closed 14.16% higher. Intrexon (XON) shares were among the major losers on the NYSE. The stock closed 4.20% lower.

NASDAQ- IDEXX Laboratories (IDXX) shares were among the major gainers on the NASDAQ. The stock closed 13.23% higher. Biogen (BIIB) ended the day 9.37% higher. Amarin (AMRN) ended the day 9.28% higher. Concordia International (CXRX) shares were among the major losers on the NASDAQ. The stock closed 15.69% lower. T2 Biosystems (TTOO) ended the day 13.21% lower. Kura Oncology (KURA) ended the day 7.17% lower.

NYSEMKT- Palatin Technologies (PTN) shares were among the major movers on the NYSEMKT. The stock closed 21.43% lower.

OTC- Soligenix (SNGX) shares were among the major movers on the OTC market. The stock closed 4.07% higher.

Company (Ticker) Short Interest as a % of Float % Change Days to Cover
Histogenics (HSGX)

0.5%

-27.8%

1

Horizon Pharma (HZNP)

14.6%

0.4%

6

Icon Plc (ICLR)

4.9%

-0.4%

6

Idera Pharmaceuticals (IDRA)

11.7%

-0.9%

36

IDEXX Laboratories (IDXX)

4.5%

-2.9%

9

Ignyta (RXDX)

2.9%

-5.7%

5

Illumina (ILMN)

4.8%

-6.5%

6

ImmuCell (ICCC)

0.1%

-44.6%

1

Immune Design (IMDZ)

8.5%

-3.3%

15

Immune Pharmaceuticals (IMNP)

1.5%

43.9%

0