Sanofi (NYSE:SNY): Closing price $49.93
Sanofi announced Friday that the FDA okayed Nasacort Allergy 24HR nasal spray as an over-the-counter treatment for seasonal and year-round nasal allergies in adults and children 2 years of age and up. Nasacort is the first and only medicine in its class to become available without a prescription, and will be marketed by Sanofi’s consumer healthcare unit, Chattem, Inc.
Myriad Genetics Inc. (NASDAQ: MYGN) Closing price $22.7
On Friday, analyst Amit Hazan at SunTrust Robinson Humphrey began coverage on Myriad with a Reduce, and $17 price target. Shares closed down 7.33 percent at $22.77. In the report, SunTrust noted, “Our due diligence leads us to believe that the most imminent threat from new competitors for BRAC Analysis is not market share loss, but pricing pressures. We believe private insurer re-evaluation is currently ongoing on a broad scale and could realistically drive the price down by as much as 50 percent over the next two years. The Street’s sales growth expectations for both FY14 and FY15 imply little to no pricing pressure, and we view that as a significant risk. The recent CMS reduction of COLARIS reimbursement by 46 percent is a good proxy here.”
Sagent Pharmaceuticals, Inc. (NASDAQ:SGNT): Closing price $20.50
Sagent announced the intro of Zoledronic Acid Injection 5 mg, representing the generic form of the bisphosphonate Reclast, in a ready-to-use premix IV bag presentation. As with all products in Sagent’s linup, Zoledronic Acid features Sagent’s PreventIV Measures packaging and labeling, craeted to help lower medication errors.
Biogen IDEC Inc. (NASDAQ: BIIB): Closing price $234.83
Analyst Thomas Wei Jefferies has reiterated his Buy on Biogen and raised the price target from $266 to $270 on Friday, attributing it to positive feedback from the National Hemophilia Foundation meeting. Wei wrote that, “We attended the patient-centric National Hemophilia Foundation meeting in Anaheim to gauge interest in the expected launches of new long-acting hemophilia factors. We were encouraged by feedback on the potential for expansion of prophylactic use with the removal of lifetime caps from health plans in 2014 concurrent with the launch of BIIB’s new long-acting factors.” Shares closed up 0.27 percent at $234.80.