India Approves Anika Therapeutics’ Treatment for Osteoarthritis Pain

Anika Therapeutics says Monovisc approved in India

Anika Therapeutics says Monovisc approved in India. See Stockwinners.com Market Radar for Stock Upgrades, stock downgrades, stock earnings, stocks to watch

Anika Therapeutics (ANIK) announced that regulatory authorities in India granted approval to MONOVISC, its single injection viscosupplement for the treatment of pain associated with osteoarthritis of all human synovial joints.

#MONOVISC is commercially available in the United States, Canada and Europe, and Anika plans to expand into India, Australia, New Zealand and additional international markets over the next six to nine months.

“Expanding our global commercial footprint is one of our key strategic pillars of growth, and the approval of MONOVISC in India is a proof point for our ability to execute against the benchmarks we define each year,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer of Anika Therapeutics.

“There is a growing demand for non-invasive, long-acting treatments for osteoarthritis in emerging countries such as India where knee replacement surgery is often the last option or not an option at all, due to limited medical resources outside major cities and high costs of surgery and postsurgical care.

With its ability to safely relieve pain for up to six months with fewer office visits, lower treatment costs and no downtime after treatment, MONOVISC is poised to be well-received by physicians and patients in India.”

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Hibbett Sports Brings the Sector Down!

Foot Locker, Under Armour slide following Hibbett Sports profit warning

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Shares of Foot Locker (FL) and Under Armour (UA) are sliding after Hibbett Sports (HIBB) provided negative preliminary results for the second quarter.

Commenting on the news, Raymond James analyst Dan #Wewer added that the read through is negative not only for Hibbett’s vendors but also appears negative for Dick’s Sporting Goods (DKS).

PRELIMINARY RESULTS

Hibbett Sports has provided preliminary results for the second quarter ended July 29, stating that based on “very challenging sales trends,” comparable store sales are expected to decrease approximately 10% for the second quarter.

The company, which also and announced the launch of its new e-commerce site this morning, added that the decline in sales, along with significant pressure on gross margin, is expected to result in a loss of (19c) to (22c) per diluted share for the quarter.

NEGATIVE READ-THROUGH

In a research note to investors, Raymond James’ Wewer noted that Hibbett’s same-store sales warning follows Finish Line’s (FINL) first quarter release on June 23 that May sales suffered from weak consumer traffic and difficult product launch comparisons. The read through is negative for Hibbett’s vendors, including Under Armour (UAA), said Wewer.

While the analyst acknowledged that he is not sure if Hibbett’s sales trends were company specific or reflective of the industry, he said the preannouncement also appears negative for Dick’s.

Meanwhile, Stifel analyst Jim #Duffy told investors in a research note of his own that Hibbett’s release is symptomatic of difficult retail trends in North America. While the analyst noted he sees negative comparable sales as a structural challenge to the retail business, he does expect poor second quarter performance to set up for an easy compare in the second quarter of 2018.

Nonetheless, Duffy pointed out that the e-commerce launch timing is welcome ahead of back-to-school, providing a revenue benefit at lower operating margins near-term. He reiterated a Hold rating on Hibbett’s shares.

Voicing a similar opinion, his peer at #SunTrust noted that Hibbett’s profit warning was just the latest data point showing a lack of sector vitality right now.

Fashion shifts, macro sluggishness and e-commerce shifts are all playing a role, analyst David #Magee contended.

Furthermore, the analyst pointed out that he does not think the sector weakness is confined to the company in what is usually a seasonally challenging period. Magee also reiterated a Hold rating on Hibbett.

PRICE ACTION

In Monday afternoon trading, shares of Hibbett have dropped about 31% to $13.52, while Foot Locker and Under Armour have slipped about 4% and 2%, respectively. Dicks Sporting Goods has also slid almost 6% to $35 per share.

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Goldman Sachs Shares Continue to Decline due to Weak FICC Revenue

Goldman Sachs gets second downgrade after earnings

Goldman get second downgrade following earnings. See Stockwinners.com Market Radar

Shares of Goldman Sachs (GS) are sliding after UBS analyst Brennan #Hawken downgraded the stock to Neutral as he has “limited confidence” in a revenue recovery.

Last week, his peer at Keefe Bruyette also cut the stock’s rating to Market Perform, citing his view of its weakening revenue outlook following the investment bank’s second quarter results.

MOVING TO THE SIDELINES

In a research note to investors this morning, UBS’ Hawken downgraded Goldman Sachs to Neutral from Buy and cut his price target on the shares to $230 from $255 as the market seems to be pricing an inflection in their FICC revenues despite the recent weakness, suggesting a recovery is needed to justify 2018 consensus.

#FICC – the group within an investment bank that handles fixed income instruments, currencies, and commodities.

While the analyst recognized recent weak results could rebound, he believes a recovery in trading revenues would need to be substantial as he estimates a roughly 25% rebound in FICC revenues is implied in 2018 consensus estimates.

Further, trading could rebound but that has not happened over the past year for Goldman Sachs absent a surprise event such as #Brexit or the Trump election, Hawken argued, adding that he has difficulty relying on such an event to justify a bullish thesis.

The analyst told investors there are “better opportunities,” such as Morgan Stanley (MS).

On July 19, Keefe Bruyette analyst Brian #Kleinhanzl had also downgraded Goldman Sachs to Market Perform from Outperform, while lowering his price target on the shares to $230 from $260.

The analyst told investors in a research note of his own that he does not expect his previous Outperform thesis for a materially better revenue outlook to emerge near-term, partially due to market activity and partially due to weak performance by the company. Kleinhanzl pointed out that Goldman Sachs has become a “show-me stock,” and it would need to consistently outperform in FICC trading for more than one quarter in order for the analyst to become more constructive.

EARNINGS 

Last week, Goldman Sachs reported second quarter earnings per share of $3.95 and revenue of $7.89B, both above consensus of $3.39 and $7.52B. The company also said that net revenues in Fixed Income, Currency and Commodities Client Execution were $1.16B for the second quarter, 40% lower than the second quarter of 2016, due to significantly lower net revenues in interest rate products, commodities, credit products and currencies, partially offset by higher net revenues in mortgages.

PRICE ACTION

In Monday’s trading, shares of Goldman Sachs dropped 0.5% to $219 per share. Since the morning of its earnings report on July 18, Goldman shares have slid over 4%.

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Nektar Gets $150 Million from Eli Lilly

Eli Lilly and Nektar announce collaboration to develop NKTR-358

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Eli Lilly and Company (LLY) and Nektar Therapeutics (NKTR) have announced a strategic collaboration to co-develop NKTR-358, a novel immunological therapy discovered by Nektar.

NKTR-358, which achieved first human dose in Phase 1 clinical development in March, has the potential to treat a number of autoimmune and other chronic inflammatory conditions.

Under the terms of the agreement, Nektar will receive an initial payment of $150M and is eligible for up to $250M in additional development and regulatory milestones.

The parties will share Phase 2 development costs 75% Lilly and 25% Nektar.

Nektar will have the option to participate in Phase 3 development on an indication-by-indication basis.

Nektar has the opportunity to receive double-digit royalties that increase commensurate with their Phase 3 investment and product sales. Lilly will be responsible for all costs of global commercialization.

Nektar will have an option to co-promote in the U.S. under certain conditions. This transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.

Lilly expects to incur an acquired in-process research and development charge to earnings in 2017 of approximately 9c per share. The company’s reported EPS guidance in 2017 is expected to be reduced by the amount of the charge. There will be no change to the company’s non-GAAP EPS guidance as a result of this transaction.

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WebMD Sold for $2.8 Billion in Cash

WebMD to be acquired by KKR in $2.8B deal for $66.50 per share

 

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WebMD Health (WBMD) and Internet Brands, a KKR (KKR) portfolio company, announced that Internet Brands has entered into a definitive agreement to acquire WebMD in a transaction valued at approximately $2.8B.

WebMD Health Corp. provides health information services to consumers, physicians and other healthcare professionals, employers, and health plans through its Websites, mobile platforms, and health-focused publications in the United States. Its primary portal, WebMD.com enables consumers to obtain information on health and wellness topics or on a particular disease or condition; assess personal health status; use online trackers, tools, and quizzes; locate physicians; receive periodic e-mailed newsletters and alerts on topics of individual interest; and participate in online communities with peers and experts.

Under the terms of the agreement, a subsidiary of Internet Brands will commence a tender offer in the next 10 business days to acquire all of the issued and outstanding shares of WebMD common stock for $66.50 per share to be paid in cash upon completion of the transaction.

This valuation represents a premium of approximately 30% to WebMD’s share price on February 15, the day before WebMD announced that it was commencing a process to explore and evaluate potential strategic alternatives, as well as a premium of approximately 20% over WebMD’s closing share price on July 21.

The financing for the transaction is fully committed.

The WebMD Board of Directors approved the merger agreement. The acquisition is expected to close during the fourth quarter of 2017, subject to the satisfaction of customary closing conditions.

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NeuroDerm Sold for $1.1 Billion Cash

NeuroDerm agrees to be acquired by Mitsubishi Tanabe Pharma for $39 a share

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NeuroDerm (NDRM) announced that it has signed a definitive agreement under which Mitsubishi Tanabe Pharma will acquire NeuroDerm for $39 per share in cash.

The transaction has received unanimous approval by NeuroDerm’s board and implies an equity value of approximately $1.1B.

NeuroDerm Ltd. engages in developing drug-device combinations for the treatment of central nervous system (CNS) disorders. The company’s levodopa and carbidopa (LD/CD) product candidates, which have completed Phase IIa clinical trial, include ND0612L and ND0612H for the treatment of patients with moderate and advanced Parkinson’s disease.

The offer of $39 per share in cash represents a premium of 79%over the unaffected price on June 9 of NeuroDerm’s ordinary shares on the Nasdaq Stock Market and a 17% premium over the closing stock price on July 21.

A special meeting of shareholders to approve the transaction is expected to be held this fall. Assuming typical regulatory and shareholder approval timeframes, NeuroDerm currently anticipates the transaction will close in Q4.

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