Democrats take aim at drug prices, prompting sharp drops in biotech stocks
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Valeant Pharmaceuticals (VRX) Subpoena 'Far from Certain', UBS Says; Sees Bounce Back in Stock
September 29, 2015 8:46 AM EDTUBS analyst Marc Goodman reiterated a Buy rating and $285 price target on Valeant Pharmaceuticals (NYSE: VRX) following yesterday's sell-off amid news Democratic members of the House Committee on Oversight and Govt Reform sent a letter requesting Chairman Jason Chaffetz (Republican) to subpoena Valeant to turn over documents related to price increases for these products.
Goodman notes that, importantly,... More
Guggenheim Reiterates Buy on Allergan (AGN) Following Updated Guidance
September 29, 2015 8:04 AM EDTGuggenheim reiterated a Buy rating and $400.00 price target on Allergen (NYSE: AGN) following updated 2H15 guidance. The guidance excludes the generics business AGN plans to divest to TEVA (NEUTRAL, $56.90) by 1Q16, but includes all of AGN's interest expense.
Analyst Louise Chen commented, "After... More
Fear and Uncertainty Creates Buying Opportunity in Valeant (VRX) - BMO Capital
September 29, 2015 7:50 AM EDTBMO Capital analyst Alex Arfaei has come out to defend Valeant Pharmaceuticals (NYSE: VRX) which has been under pressure amid the political backlash over soaring drug prices, including yesterday's request for a subpoena from all 18 Democratic... More
RBC Capital Cuts Price Target on Allergan (AGN) Following 2H15 Guidance
September 29, 2015 7:22 AM EDTRBC Capital maintained an Outperform rating on Allergen (NYSE: AGN), and cut the price target to $354.00 (from $375.00), after the company provided its anticipated 2H2015 "continuing operations" guidance. AGN provided 2H2015E revenue of >$8 billion, EBIT of $3.8 to $4.0 billion and EPS of $6.25 to $6.65.
Analyst Randall... More
