Momenta Pharmaceuticals’ (MNTA) stock dropped 8% Thursday after UBS downgraded it to sell, saying the company’s recent good news has already been priced into the stock. Analyst Marc Goodman wrote that last month’s launch of Momenta’s and partner Novartis’ (NVS) generic version of Teva Pharmaceutical’s (TEVA) blockbuster Copaxone should drive near-term earnings growth, but he says the doubling of the stock price this year has also been driven by
Biotech Applied Genetic Technologies Corp. (AGTC) inked a gene-therapy collaboration with Biogen (BIIB) that could be worth more than $1 billion, sending Applied Genetic stock soaring in massive volume. Biogen will pay $124 million upfront, including a $30 million purchase of AGTC stock at 20.63 a share, a 27% premium on Wednesday’s closing price. Applied Genetic stock jumped as much as 24% and was up 15%, near 19, in morning trading on the
Not only are young adults more likely to “cut the cord” and give up pay-TV services, they’re also more likely to switch among providers of Internet video streaming services, says a BMO Capital Markets report. The report cites data from TV ratings provider Nielsen. Young adults, oft-called called millennials, have been big users of Netflix (NFLX), Amazon.com ‘s (AMZN) video service, and Hulu. Dish Network (DISH) and Sony early in 2015 launched