Canaccord Genuity on Pharmaceuticals: Generic Valuation at Historical Trough Level Ahead of Meetings
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Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on Life Sciences/Specialty Pharmaceuticals: Generic valuation at historical trough level ahead of upcoming meetings
Analyst, Randall Stanicky, said, "The last three weeks have brought mixed generic news flow combined with macro headwinds, leaving us with a sector down -6% to -14% against an 8% S&P500 decline. The net effect is that the group trades at 8.5x 2013 x 2013 EPS and a ~ 30% discount to the S&P500 –– now an historical trough level on both fronts. Our call volume on the sector is at the highest level in months, with catalysts ahead that could set the group up for a potential rally if market pressures subside. Stock selection and catalysts are still key, and we’ll look to pick up color and shape views on both at upcoming Watson (NYSE: WPI) and TEVA (Nasdaq: TEVA) (both BUY) meetings. We’ll also look for answers to structural questions for the industry we see evolving over the next 5-10 years. We make no change to our HOLD rating on Mylan (NYSE: MYL)."
Analyst, Randall Stanicky, said, "The last three weeks have brought mixed generic news flow combined with macro headwinds, leaving us with a sector down -6% to -14% against an 8% S&P500 decline. The net effect is that the group trades at 8.5x 2013 x 2013 EPS and a ~ 30% discount to the S&P500 –– now an historical trough level on both fronts. Our call volume on the sector is at the highest level in months, with catalysts ahead that could set the group up for a potential rally if market pressures subside. Stock selection and catalysts are still key, and we’ll look to pick up color and shape views on both at upcoming Watson (NYSE: WPI) and TEVA (Nasdaq: TEVA) (both BUY) meetings. We’ll also look for answers to structural questions for the industry we see evolving over the next 5-10 years. We make no change to our HOLD rating on Mylan (NYSE: MYL)."
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