Wall St. climbs, led by energy, healthcare; Nasdaq 100 hits 15-year high
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November 2, 2015 9:04 PM EST
Evercore ISI analyst Umer Raffat noted two new developments in the Valeant Pharma (NYSE: VRX) saga. First the company sent a dear doctor letter to dermatologists and separately, Philidor issued a press release.
Raffat highlighted the following from the letter:
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November 2, 2015 3:17 PM EST
Citron Research founder Andrew Left's decision to step back from publishing incremental negative research on Valeant (NYSE: VRX) does absolutely nothing to change the fact that there are things we simply don't know about the company's financials, however it does temporarily remove the threat of death by 1000 tweets. This could open the door for analysts who had been supportive of the company... More
November 2, 2015 9:58 AM EST
UBS reiterated a Buy rating and $78.00 price target on Abbvie (NYSE: ABBV) following the company's conference call. Management assumes no biosimiliars before 2022, and low mid-single digit annual price increases. On Humira biosimilar, management believes US biosimilars will likely infringe its dosing patents as they have to demonstrate efficacy at equal dosing.
Analyst... More
