Big pharma Pfizer (PFE) got a downgrade ahead of its Q2 earnings report scheduled for Tuesday, a day that will also feature reports from fellow big pharma Merck (MRK) as well as big biotech Amgen (AMGN). Analysts on average expect Pfizer earnings of 57 cents a share, up a penny from the year-earlier quarter, with sales dropping 3.9% to $12.47 billion due to patent expirations. In his downgrade note Monday, BMO Capital Markets analyst Alex Arfaei
Hot biotech stock Achillion Pharmaceuticals (ACHN) was up 2%, near 8.20, in midday trading in the stock market today after an analyst found more support for its prospects as a buyout candidate. R. W. Baird’s Brian Skorney noted that Merck’s (MRK) official tender offer statement Friday indicated that there was another bidder for Idenix Pharmaceuticals (IDIX), which accepted Merck’s $3.85 billion bid last week. In Skorney’s view, this means that
Big pharma Merck (MRK) upped its ante in the hepatitis C game Monday by agreeing to buy Idenix Pharmaceuticals (IDIX) for $3.85 billion. Idenix’s stock jumped more than 230% on the stock market today , near 24.10, while Merck’s dipped a fraction. Merck agreed to pay $4.50 a share for Idenix, triple its Friday closing price, for its portfolio of three