Every time a door shuts, another window of opportunity opens, the old saying sort of goes. At least that is how one analyst currently sees the situation for Amarin (AMRN), the maker of high triglycerides treatment, Vascepa.The biotech was assaulted last week on two fronts. First, the company lost a patent trial against two generic drug makers seeking to sell their own versions of Vascepa. The negative verdict was swiftly followed by a massive sell-off, sending the stock tumbling by 70% in one trading session.But all hope is not lost yet, says Cowen’s Ken Cacciatore. The verdict against Amarin pertains only to the US market, which now means the international market, and predominantly Europe, are where Vascepa’s commercial opportunities lie. The marketing authorization application for Vascepa is expected to be decided by the European Marketing Agency (EMA) in 4Q20.With this in mind, Cacciatore thinks there is only one way to go:...
Teva Pharmaceutical Industries Ltd (NYSE: TEVA), which is beset by fundamental and legal woes, is entering a recovery phase, according to UBS Securities.The Teva Analyst Analyst Kevin Caliendo upgraded Teva from Neutral to Buy and lowered the price target from $14 to $12. The Teva Thesis Teva shares have underperformed the broader market, which is overly discounting earnings, business disruption and credit risks, Caliendo said in a Monday upgrade note. (See his track record here.)The analyst said he sees minimal near-term credit risk for Teva, even in the most stressed environment. The company closed refinancing for near-term expiries in the fourth quarter of 2019 at investment-grade terms, he said. While noting that the company has access to over $3 billion in liquidity if needed, Caliendo said he believes its free cash flow will cover outstanding balances."Also, our research suggests TEVA's supply chain exposure is manageable, with the biggest risk being if...
Luckin Coffee Chairman Charles Zhengyao Lu and Chief Executive Jenny Zhiya Qian have handed over shares in the embattled Chinese coffee chain to lenders after a company controlled by Lu's family defaulted on a $518 million margin loan, one of the banks said on Monday. The default comes after Luckin, a major rival to Starbucks in China, said last week that much of its 2019 sales were fabricated, sending its shares plunging as much as 82% in U.S. trading and sparking an investigation by China's securities regulator. Luckin declined to comment....
Microsoft founder and billionaire Bill Gates is spending billions of dollars on seven possible vaccines for the coronavirus, or COVID-19, in hopes of finding an end to the pandemic....
Luckin Coffee Inc - ADR (NASDAQ: LK) shares dropped another 15% on Monday after the company said last week an internal accounting investigation has revealed COO Jian Liu allegedly fabricated fraudulent transactions to boost the company's sales.The stock is now down 89% in the past month, and short sellers have already made more than $1 billion in profits on the stock this year.On Friday, S3 Partners analyst Ihor Dusaniwsky said Luckin short sellers had made $1.14 billion in net-of-financing mark-to-market profits in 2020 as of the end of last week. Luckin has $240 million in short interest, making it the single most heavily shorted Chinese stock based on short percent of float. S3 estimates 37.9% of Luckin's float is currently held short. The day the company reported the alleged fraud, short sellers pocketed $687 million in profits.Since the outbreak of COVID-19 started getting mainstream attention, Dusaniwsky said Chinese stocks have gotten...
SeaWorld Entertainment's chief executive has resigned only five months into his job, becoming the third leader of the theme park company to depart in just over two years, according to a company filing released Monday. Sergio Rivera cited his disagreement with the board of directors' involvement in decision-making at the company, according to a filing with the U.S. Securities and Exchange Commission. The spread of the novel coronavirus has paralyzed the theme park industry....
