Top Biotechs With Upside Ahead of Earnings (GILD, AMLN, ARIA, INCY, JAZZ, DNDN, HGSI, ILMN, AMGN, CELG, BIIB, BMRN, LIFE, REGN, AMLN, CBST, ONXX, THRX, VPHM)

October 19, 2011 · Filed Under analyst calls, Cancer, dendreon, Financial, M&A, R&D · 8 Comments 

Earnings season is afoot and we wanted to see how the analysts are ranking the top biotech stocks before these companies begin their earnings reports.  We pulled the top biotech and biohealth related stocks which have market caps of $1 billion and higher and we broke these out into three separate groups by size.  The large-cap biotechs are ranked in descending order by size.  The stocks under $10 billion in market cap and then under $3 billion were broken out in alphabetical order. 

We have compiled some color on selected names, but we also listed the current trading prices, the implied price targets from Thomson Reuters, gave multiples of earnings estimates (from Thomson Reuters) for the forward year (2012 in most cases), showed the trading history and listed a price-to-book ratio.  We did not take any merger news into consideration so that we could just show an as-is model here.

Of the large cap stocks in biotech, Gilead Sciences, Inc. (NASDAQ: GILD)  was the leader.  Several other standouts in the biotechs under $10 billion with a high degree of expected upside were as follows: Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN), ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA), Incyte Corporation (NASDAQ: INCY), and Jazz Pharmaceuticals, Inc. (NASDAQ: JAZZ).  Other biotechs such as Dendreon Corporation (NASDAQ: DNDN), Human Genome Sciences, Inc. (NASDAQ: HGSI) , and Illumina, Inc. (NASDAQ: ILMN) also screen out as those with the most upside, but that is because of huge share price drops of late.

THE $10 BILLION AND OVER IN MARKET CAP

Amgen Inc. (NASDAQ: AMGN) is the largest of the independent biotechs and it remains stuck like Chuck.  At $56.71, the consensus target is $64.85 and the stock trades at a mere 10-times 2012 earnings estimates.  Its 52-week range is $47.66 to $61.53 and its market cap is north of $52 billion.  It is also worth about 2-times book value.  Implied Upside: 14.3%.

Gilead Sciences, Inc. (NASDAQ: GILD) trades around $40.37 and estimates have a consensus price target of $47.96.  This forward earnings multiple is only about 9.0 now.  The 52-week range is $35.28 to $43.49, the market cap is $31.1 billion and the company trades at more than 5-times book value.  Implied Upside: 18.5%.

Celgene Corporation (NASDAQ: CELG) trades at $64.97 and the consensus price target is about $71.86.  This one is more expensive than many of the established biotech players at more than 15-times forward earnings.  Celgene’s 52-week range is $48.92 to $67.01, its market cap is $29.8 billion, and it trades at nearly 5-times book value.  Implied Upside: 9.8%.

Biogen Idec Inc. (NASDAQ: BIIB) remains the big-cap recovery stock of biotech.  At $102.00, its consensus price target is $110.36, and it trades at close to 16-times forward earnings.  The market cap is about $24.7 billion, the 52-week range is $57.58 to $109.63, and the company is worth about 4-times book value. Implied Upside: 8.5%.

UNDER $10 BILLION IN MARKET CAP

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) trades at $33.05 and analysts have a consensus price target of $36.25. Unfortunately, this one is expected to lose money this year at -$0.31 EPS and next year’s earnings are expected to be -$0.04.  The 52-week range is $21.70 to $34.50, its market cap is $3.7 billion, and it is listed as trading at close to 5.0-times book value. Implied Upside: 9.6%.

Illumina, Inc. (NASDAQ: ILMN) trades around $26.56 and the consensus price target is about $42.90.  The company trades at more than 18-times next year’s earnings estimates, its 52-week range is $25.57 to $79.40, its market cap is about $3.3 billion, and it trades at almost 2.9-times its book value.  Implied Upside: 62%.

Life Technologies Corporation (NASDAQ: LIFE) may be difficult to compare after a huge run higher followed by a recent tank in the share price. It is also on the equipment side. Shares are back down around $37.24 and the consensus analyst price target is now down to $52.66.  The company now trades at barely 9-times forward earnings, if you trust the “E” in that P/E ratio.  LIfe’s 52-week trading range is $35.30 to $57.25, its market cap is about $6.7 billion, and the stock is worth about 1.5-times the stated book value. Implied Upside: 41%.

Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) trades around $60.00 after a large drop due to a $400 million convertible note offering.  The consensus price target is about $66.14.  The company is also expected to lose as much as $2.00 per share in 2012.  It has a 52-week trading range of $24.29 to $79.90, its market cap is $5.5 billion, and it trades at more than 12-times its previously stated book value.  Implied Upside: 10.1%.

UNDER $3 BILLION IN MARKET CAP

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) trades around $10.14 and the consensus price target from analysts is $13.44.  The 52-week trading range is $8.03 to $21.23, its market cap is about $1.5 billion, and it is worth about 4.6-times book value. Implied Upside: 32.5%.

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) trades around $10.25 and the consensus price target is $15.44.  The company is expected to have losses this year and next.  Its 52-week trading range is $3.51 to $13.50, its market cap is $1.35 billion, and the book value at the last report was barely positive.  Implied Upside: 50%.

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) was another big winner earlier in the year and its shares are now at $36.71 versus a consensus price target of $40.82.  This used to be a value stock but now trades at closer to 22-times next year’s earnings estimates.  The 52-week range is $20.81 to $39.29, the market cap is $2.24 billion, and it trades at just over 3-times book value.  We once considered this a biotech buyout target, but that is in the past. Implied Upside: 11%.

Dendreon Corporation (NASDAQ: DNDN) shares are now around $9.40 and the consensus analyst target has come down all the way to $13.72.  The company has no forward P/E ratio now as it is expected to lose money.  The 52-week range is $7.81 to $43.96, its market cap is down to $1.4 billion, and it is listed as being worth more than 3-times its own stated book value.  Implied Upside: 45%.  Shares have fallen far from grace, so analyst targets and the ratios may all look a bit off.  We also cannot count on estimates since the analysts and the company got this one so wrong on the end demand for Provenge.  Now we have to hope that Provenge can have many more expanded uses outside of prostate cancer or this is a hard one to follow.  What is odd is that Provenge is being tested for other uses and those could reignite interest if more promising data ever comes out.  If not, let’s just say this was a painful lesson in biotech.

Human Genome Sciences, Inc. (NASDAQ: HGSI) is now up around $12.81 after buyout rumors and the consensus target is still listed as being roughly $24.00.  The company trades at about 24-times next year’s earnings estimates, its 52-week range is $10.40 to $30.15, its market cap is now under $2.5 billion, and it is worth about 5.3-times its book value. Implied Upside: 87%.

Incyte Corporation (NASDAQ: INCY) trades around $14.04 and anlaysts have a consensus price target of $22.92 on the stock.  It is expected to lose money this year and next year and the 52-week range is $12.58 to $21.15. While there is a $1.77 billion market cap, Incyte’s is listed as having a negative book value as laibilities exceed assets.  Implied Upside: 63%.

Jazz Pharmaceuticals, Inc. (NASDAQ: JAZZ) trades around $40.00 after a sharp drop due to an FDA warning.  That may make the figures a bit distorted.  The consensus price target is $54.00 but that does not include the FDA impact.  Jazz trades at only about 10.6-times next year’s earnings estimates. Its 52-week range is $10.51 to $47.88, its market cap is almost $1.7 billion, and the company trades at close to 16-times an implied book value. Implied Upside: 35%.

ONYX Pharmaceuticals, Inc. (NASDAQ: ONXX) trades at close to $34.50 and the consensus target is closer to $44.60.  It is one which is also expected to lose money this year and next year.  The 52-week trading range is $26.17 to $45.90, its market cap is $2.2 billion, and the stock trades at close to 3.5-times its book value. Implied Upside: 29.2%.

Seattle Genetics, Inc. (NASDAQ: SGEN) trades around $20.50, above the $19.15 consensus analyst price target.  The company is expected to lose money in 2011 and 2012. With a 52-week range of $12.29 to $22.37, its market cap is $2.35 billion, and it trades at close to 9-times book value.  Implied Upside: NEGATIVE by -6.5%.

Theravance, Inc. (NASDAQ: THRX) trades around $21.40 and analysts have a price target of $27.43 for the stock.  The company is another one expected to lose money this year and next.  The 52-week range is $16.44 to $28.95, the market cap is $1.8 billion, and it is another one that trades with a negative tangible asset level.  Implied Upside: 28%.

ViroPharma Incorporated (NASDAQ: VPHM) trades around $19.00 and the consensus price target is $23.54. Due to an expected drop in royalties, its earnings are expected to be halved in 2012 versus 2011.  Its 52-week range is $14.39 to $22.16, its market cap is about $1.45 billion, and it trades at about 1.5-times its stated book value with a large portion of assets as intangible assets.  How this one looks on a standalone basis through time is a guess.  Implied Upside: 24%.
*******

On all of these implied upsides, please be sure to do your own research.  We encourage our readers to challenge Wall Street analysts rather than merely following them blindly.  Many cases have been there before were the analysts were just dead wrong.  We also cannot help but notice how the biotech sector often has two very same observations based upon the exact same set of data, yet one analyst will say “Buy” and the other will say “Sell.”

JON C. OGG

Alkermes & Elan, Game-Changing Deal For Both Companies (ALKS, ELN, JNJ, ACOR, AMLN, LLY)

May 9, 2011 · Filed Under Diabetes, Diagnostics, Financial, M&A, multiple sclerosis, R&D · Comment 

The biotech sector has been full of consolidation and mergers of late, but now we have a new model whereby a smaller company is set to grow by taking a part of a larger company.  We cannot exactly call it a reverse merger. Alkermes, Inc. (NASDAQ: ALKS) and Elan Corporation, plc (NYSE: ELN) have signed a definitive pact where Alkermes will merge with Elan’s unit called Elan Drug Technologies.

The drug technologies unit is profitable and is the drug formulation and manufacturing unit.  The cash and stock transaction is valued toda at roughly $960 million and Alkermes and the unit will be combined under a new holding company structure that is incorporated in Ireland called Alkermes plc.

Alkermes says this deal will be immediately accretive to cash earnings.  It also is said to accelerate Alkermes’ path “to building a sustainably profitable biopharmaceutical company with expertise in developing treatments for central nervous system diseases and a broad, diversified portfolio of products and pipeline based on proprietary science and technologies.”

The deal is a game-changer because on a standalone basis Alkermes was set to have a loss of -$0.31 EPS on $213.27 million in its fiscal year March-2012. The combined company is said to see a growing product, royalty and manufacturing revenues in excess of $450 million annually.  Alkermes said it will also become immediately profitable on a cash earnings basis.  In short, Alkermes instantly transforms. Now the company will have a revenue stream from 25 commercialized products and its 5 growth products will now be from RISPERDAL CONSTA, INVEGA SUSTENNA, AMPYRA, VIVITROL, and BYDUREON.

For Elan, it gets to cut the debt on its balance sheet and will get to improve its capital structure, increase its operating leverage, and this will allow for additional focus and disciplined investments.  It also gets a stake in Alkermes plc that can drive its value ahead.

RISPERDAL CONSTA and INVEGA SUSTENNA are both commercialized by Johnson & Johnson (NYSE: JNJ) as long-acting injectable atypical antipsychotic medications for schizophrenia and bipolar I disorder.  Ampyra is an MS drug under Acorda Therapeutics, Inc. (NASDAQ: ACOR). Bydureon is an extended release Typy-II diabetes treatment that Alkermes is in with Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) and Eli Lilly and Company (NYSE LLY).

Elan is set to receive $500 million plus it will also receive 31.9 million ordinary shares of Alkermes plc common stock.  The companies will also enter into a shareholder agreement that contains a lockup, standstill and voting agreement for Elan’s shares of Alkermes plc.

As far as existing Alkermes holders, they will receive one ordinary share of Alkermes plc per each share of Alkermes, Inc. owned at the merger date.  The new Alkermes plc shares will be registered in the United States and are expected to trade on NASDAQ. Alkermes plc will be headquartered in Dublin, Ireland  The company did note that this transaction is expected to be taxable to existing Alkermes holders and it has obtained a commitment from Morgan Stanley & Co. and HSBC to provide up to $450 million of term loans to finance the transaction.

Revenues are expected to grow in fiscal 2012 and is expected to reach double-digit growth rates in fiscal 2013 and beyond. Pro forma Adjusted EBITDA margins in fiscal 2012 are projected at 15% to 20%, pro forma Adjusted EBITDA is put at $70 million to $90 million, and pro forma adjusted EBITDA margins should expand to 30% to 35% in fiscal year 2013 and beyond.  Also noted was that it has identified about $20 million of annual synergies in U.S. operations that can be fully realized by fiscal 2013.

JON C. OGG

2011′s Overvalued Big BioHealth Names (AMLN, BIIB, EXEL, ILMN, JAZZ, MDVN, OSIR, SQNM)

January 4, 2011 · Filed Under analyst calls, Cancer, Financial, Sleep Disorder, stem cells · 10 Comments 

It is already 2011 and we have begun the coverage of our annual outlook series.  We covered the best of 2010 and an outlook for big-biotech stocks with the most implied upside already. Sometimes it is important to know also which of the big biotech and biohealth names may be overvalued when it comes to analyzing the current price and valuation data.  We have compiled data on the active biotech stocks which have at least five analysts making price target calculations for a year ahead. What we found was that a whole slew of companies were trading above the Thomson Reuters mean consensus price target objectives.  That does not assure that the analysts are right, but it means that either the analysts will have to play catch-up with price hikes or that they will be considering downgrading their expectations.

Our screen generated the following names: Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN), Biogen Idec Inc. (NASDAQ: BIIB), Exelixis, Inc. (NASDAQ: EXEL), Illumina, Inc. (NASDAQ: ILMN), Jazz Pharmaceuticals, Inc. (NASDAQ: JAZZ), Medivation, Inc. (NASDAQ: MDVN), Osiris Therapeutics, Inc. (NASDAQ: OSIR), and Sequenom, Inc. (NASDAQ: SQNM).

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) is way off its highs but may still be overvalued.  The company is seeking expanded approval for its BYETTA along with Basal insulin for diabetes but it may not be enough unless the analysts are missing the boat here.  At $14.80 and with a market cap of $2.1 billion, its 52-week trading range is $9.51 to $24.21.  The unfortunate issue is that Amylin’s consensus price target is $13.21 and the great huge hope here has yet to pay off for the company.  For whatever it is worth, Amylin’s CEO Dan Bradbury was given the honor of “The worst biotech CEO in 2010″ just last month.

Biogen Idec Inc. (NASDAQ: BIIB) has handily recovered from its past woes, perhaps recovered too much if analysts are anywhere close.  Shares are now trading at $67.20, with a market cap of $16.01 billion and a 52-week range of $45.96 to $68.60.  The consensus analyst target is listed as $62.83.  In early December Credit Suisse only gave a neutral rating but did assign a $68 target.  Biogen Idec was also reiterated Neutral but its target was raised to $70 at BofA/Merrill Lynch.

Exelixis, Inc. (NASDAQ: EXEL) may be overvalued to formal targets and maybe not… It came back in focus in November-2010 on news that Phase II clinical trial data on XL184 in ovarian and prostate cancer showed that the drug appears to be a help in both tumor types after it was effectively given back rights to the drug by Bristol-Myers Squibb earlier.  Share shave jumped and jumped and now trade at $8.49 with a market cap of $925 million and a 52-week trading range of $2.86 to $9.20.  Unfortunately, its consensus price target is $7.75 and there have been shares registered for sale by insiders over the last month.

Illumina, Inc. (NASDAQ: ILMN) was one of the best of the best in 2010, but that was then and this is about valuations.  The most recent price of $64.34 generates an $8.05 billion market cap and its 52-week trading range is $29.76 to $66.59.  We’ll be looking for analysts to catch up or for the stock to back off because the consensus target is listed as $60.34 still.  This is on the instrument side of the biohealth sector in integrated systems for the analysis of genetic variation and biological function.

Jazz Pharmaceuticals, Inc. (NASDAQ: JAZZ) appears on the list of ‘overvalued’ biohealth names apparently just over extreme end of year performance in November and December.  Jazz shares rocked higher from under $11.00 per share to right at $20.00 for its most recent $19.96 close.  The market cap is about $776 million and the 52-week range is $6.38 to $20.28.  The consensus target is $16.80. Its sleep-disorder treatment Xyrem recently won a new patent for narcolepsy and it has seven other Xyrem patents that expire between 2019 and 2024. It also raised guidance in November after swinging to a better profit.  Jazz is still greatly under-followed by analysts with only 5 real targets out there.  This may be a situation of catching-up that is needed by analysts rather than a major concern that something is wrong at Jazz.

Medivation, Inc. (NASDAQ: MDVN) imploded early in 2010 on an Alzheimer’s disappointment.  Shares are now around $16.09 with a $556 million market cap and a very wide trading range of $8.43 to $40.49.  Unfortunately, its consensus price target is $14.50 per share.

Osiris Therapeutics, Inc. (NASDAQ: OSIR) is tricky considering that it aims for the stem cell therapeutic segment.  At $7.77, its market cap is $255 million and its 52-week trading range is $5.39 to $9.24.  Unfortunately, its consensus target is $5.88.  Shares have been in a trading range for more than a year after a big sell-off and there is just an information gap that implies that Osiris could end up like “Ra” or “Rat” if you forgive the Egyptian mythology pun.

Sequenom, Inc. (NASDAQ: SQNM) is currently back up off its post-implosion lows.  The investing public has no idea how lucky they are that it is even still a public and traded company because it could have disintegrated entirely.  Shares are trading around $7.85 and have a market cap of almost $600 million and a 52-week trading range of $3.91 to $8.65.  The consensus price target is unfortunately $7.13

Sequenom was an interesting name in the screen even if it is more into diagnostics rather than cures.  It recently raised capital at $6.00 per share, so it has popped rather well.  The $7.85 price is trading above the $7.13 consensus price target.  Piper Jaffray initiated coverage with an Overweight rating in mid-December and gave it a $8.00 price target.

As you can see, being screened as ‘overvalued’ may be no fault of the company and may not even matter in the long-term development plans of a company.  Sometimes stocks outperform the market and they can outperform enough that the analysts have either not updated their coverage or maybe it was ‘too much too fast’ in that performance.

JON C. OGG

Amylin Back to Drawing Table via FDA Denial (AMLN, ALKS, LLY)

October 20, 2010 · Filed Under Diabetes, fda · Comment 

Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) is getting pounded this morning.  Shares are effectively cut in half after the FDA declined to approve Bydureon as a potential diabetes drug with the request that it and partners need to do more testing..

The FDA requested a thorough QT study to analyze the effect on heart rates.  Also requested was the evaluation of the efficacy and the labeling of the safety and effectiveness.

Eli Lilly & Co. (NYSEL LLY) and Alkermes Inc. (NASDAQ: ALKS) plan to respond to the FDA request, however the release said “by the end of next year” and that this was pending FDA discussions.  The requirement for this additional data will requiring a six month review.

Amlylin’s Bydureon is the once a week injectable treatment of Byetta.

Amylin also gave preliminary data on revenues showing that revenues were approximately $154 million versus $192.9 million in the same quarter a year ago.

Amylin shares are down a whopping 48% at $10.65, under the 52-week trading range before of $11.01 to $24.21.  Eli Lilly is down 4.2% and Alkermes is down 23% at $11.05 in pre-market trading.

JON C. OGG

Unusual Alkermes Options Trading (ALKS, LLY, AMLN)

June 9, 2010 · Filed Under Financial, Options · 1 Comment 

Alkermes, Inc. (NASDAQ: ALKS) is seeing some unusual options trading going into investor presentations this week:

  • Bank of America Merrill Lynch S-Mid Cap Conference on Wednesday, June 9, 2010, at 2:30 p.m. EST;
  • Jefferies Global Life Sciences Conference on Thursday, June 10, 2010, at 4:30 p.m. EST.

Alkermes (ALKS) with a large bullish covered risk reversal as 5,000 November $10 puts are sold at $1.35 and 5,000 November $12.50/$15 call spreads are bought at $0.95, a net credit of $0.40.  Therefore the trader makes $0.40 per spread if shares remain above $10 and can make as much as $2.90 per spread with shares above $15.  The trade takes options volume to 7X daily average volume.  Alkermes is best known for being partnered with Eli Lilly & Co. (NYSE: LLY) and Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) for the potential blockbuster diabetes drug Byetta, the FDA decision on October 22nd, so this is a bullish bet on that outcome.  Alkermes presents at the Lynch Smid Cap Conf. today and Jefferies Conf. tomorrow.  Alkermes also is getting an expedited review of it’s Vivitrol for opioid painkillers.  So, we have two major catalysts in October for Alkermes, and these large option trades are bullish.  Also, Alkermes becomes an obvious takeover target by one of it’s partners on a successful outcome.  Shares have held the $10.50 support level, also the 200 day EMA here.

-Joe Kunkle, OptionsHawk.com

Major Short Selling Changes in Biotech (AMGN, BIIB, GILD, CELG, GENZ, GERN, DNDN, HGSI, AMLN, CTIC)

March 25, 2010 · Filed Under Financial · Comment 

We have now seen the changes in short selling in biotech stocks via the Mid-March short interest report from NASDAQ.  This marks the changes seen at the March 15, 2010 settlement date versus a prior February 26 settlement date.   We took a look at Amgen Inc. (NASDAQ: AMGN), Biogen Idec Inc. (NASDAQ: BIIB), Gilead Sciences Inc. (NASDAQ: GILD), Celgene Corporation (NASDAQ: CELG), Genzyme Corp. (NASDAQ: GENZ), Geron Corporation (NASDAQ: GERN), Dendreon Corp. (NASDAQ: DNDN), Human Genome Sciences Inc. (NASDAQ: HGSI), and Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN).  We even included the wild Cell Therapeutics, Inc. (NASDAQ: CTIC) to see what the shorts were betting on there.

There were some rather large changes both up and down.  Again, the change reflects the March 15 settlement date versus a prior date of February 26:

Read more

Amylin & Friends Brace for Diabetes Review (AMLN, LLY, ALKS)

March 8, 2010 · Filed Under Diabetes, fda, Financial · 1 Comment 

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) has a big event on deck this week.  This Friday, March 12, is its Prescription Drug User Fee Act (PDUFA) action date for an FDA panel to issue a recommendation on Byetta as the the first once a week treatment for Type II diabetes.  The date had been moved due to recent weather closures in February in and around Washington D.C.

Analysts are mixed on the stock with BMO cutting its rating last week, but there were two positive calls from Credit Suisse and Jesup & Lamont.

Options are elevated today, but not overly active.  The open interest of stock options is also large enough that the $20 synthetic options straddle would imply that shares have to rise above $24.70 or drop below $15.30 to be profitable.

Byetta is already sold with Eli Lilly & Co. (NYSE: LLY), and Alkermes, Inc. (NASDAQ: ALKS) provides the technology that makes Byetta last longer in the delivery mechanism for a once per week use.  Open interest in the Alkermes options is elevated but not astronomical.

There is a risk here for a potential delay on top of what has already been seen.  Some feel the FDA will delay this recommendation with a request for more side effect data.

Amylin is currently believed to be the winner of ultimate once-weekly approval, even if a delay comes this week.  But that notion also depends upon whom you ask.  The most recent short interest data shows about 16.25 million shares (almost 12% of the float) are listed as being in the short interest.  The stock is at $20.10 and the 52-week trading range is $7.89 to $20.46.  That 52-week high was also hit today.

JON C. OGG

Key Biotech Short Selling Changes in November (AMGN, BIIB, CELG, GILD, GENZ, GERN, LIFE, DNDN, HGSI, AMLN, OSIP)

December 10, 2009 · Filed Under Financial · Comments Off 

We have now seen the changes in short selling in biotech stocks via the late-November short interest report from NASDAQ.  This marks the changes seen at the November 30, 2009 settlement date versus a November 13 settlement date.  We have given short interest data on Amgen Inc. (NASDAQ: AMGN), Biogen Idec Inc. (NASDAQ: BIIB), Gilead Sciences Inc. (NASDAQ: GILD),  Celgene Corporation (NASDAQ: CELG), Genzyme Corp. (NASDAQ: GENZ), Geron Corporation (NASDAQ: GERN), Life Technologies Corporation (NASDAQ: LIFE), Dendreon Corp. (NASDAQ: DNDN), Human Genome Sciences Inc. (NASDAQ: HGSI), Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN), and OSI Pharmaceuticals Inc. (NASDAQ: OSIP).

Again, the change reflects the November 30 date versus a prior date of November 13:

Amgen Inc. (AMGN) 18,247,560 shares versus 15,888,876, a gain of 14.8%.

Biogen Idec Inc. (NASDAQ: BIIB) 8,914,221 shares versus 8,201,010, a gain of 8.7%.

Gilead Sciences Inc. (NASDAQ: GILD) 19,334,491 shares versus 20,330,539, a drop of -4.9%.

Celgene Corporation (NASDAQ: CELG) 7,800,195 shares versus 8,122,937, a drop of -4.0%.

Genzyme Corp. (NASDAQ: GENZ) 3,835,576 shares versus 4,531,522, a drop of -15.4%

Geron Corporation (NASDAQ: GERN) 13,846,894 shares versus 13,653,745, a gain of 1.4%.

Life Technologies Corporation (NASDAQ: LIFE) 8,686,786 shares versus 8,950,719, a drop of -3.0%.

Dendreon Corp. (NASDAQ: DNDN) 9,881,341 shares versus 9,105,303, a gain of 8.5%.

Human Genome Sciences Inc. (NASDAQ: HGSI) 17,100,782 shares versus 17,571,094, a drop of -2.7%.

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) 8,353,185 shares versus 8,538,392, a drop of -2.2%.

OSI Pharmaceuticals Inc. (NASDAQ: OSIP) 5,471,010 versus 5,517,134, a drop of -0.8%.

JON C. OGG
December 10, 2009

Carl Icahn Narrows BioHealth Focus (AMLN, BIIB, ENZN, CYBX, EXEL, FRX, GENZ, REGN)

November 16, 2009 · Filed Under Financial · Comments Off 

Carl Icahn, via his Icahn Capital LP and other entities owned the following drug and biotech or biohealth names.  There may be some overlaps because of more than 1 filing, but here goes:

Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) 12,971,328 shares;
Biogen Idec Corp. (NASDAQ: BIIB) 3,215,051 shares, second filing showed 12,860,205 shares;
Enzon Pharmaceuticals Inc. (NASDAQ: ENZN) 704,214 shares;
Cyberonics Inc. (NASDAQ: CYBX) 2,107,972 shares;
Exelixis Inc. (NASDAQ: EXEL) 2,357,110 shares;
Forest Labs (NYSE: FRX) 1,000,000 shares
Genzyme Corp. (NASDAQ: GENZ) 1,450,800 shares;
Regeneron Pharmaceuticals (NASDAQ: REGN) 2,508,001 shares.

Two smaller positions were omitted.

This is not the smallest amount he has held in biotechs and biohealth plays, but the focus looks narrower than in the past when there were more positions.

JON C. OGG

Key Biotech Short Interest Changes (AMGN, GILD, BIIB, CELG, GENZ, GERN, LIFE, DNDN, HGSI, AMLN, OSIP)

November 11, 2009 · Filed Under Financial · Comments Off 

We have now been able to see the short interest changes that took place over the month of October-2009 in the world of biotech stocks.  There were some key gains seen in a couple names, but the overall trend in biotech short selling seems to be down.   We have given short interest data on Amgen Inc. (NASDAQ: AMGN), Gilead Sciences Inc. (NASDAQ: GILD), Biogen Idec Inc. (NASDAQ: BIIB), Celgene Corporation (NASDAQ: CELG), and Genzyme Corp. (NASDAQ: GENZ), Geron Corporation (NASDAQ: GERN), Life Technologies Corporation (NASDAQ: LIFE), Dendreon Corp. (NASDAQ: DNDN), Human Genome Sciences Inc. (NASDAQ: HGSI), Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN), and OSI Pharmaceuticals Inc. (NASDAQ: OSIP).

Key data is below with the short interest and the percentage change from mid-October to the end of october:

Amgen Inc. (AMGN)
AS OF DATE Short Int. Change
10/30/2009. 14,737,921  -9.5%
10/15/2009. 16,286,597

Gilead Sciences Inc. (NASDAQ: GILD)
AS OF DATE Short Int. Change
10/30/2009. 16,198,837  +10.2%
10/15/2009. 14,703,407

Celgene Corporation (NASDAQ: CELG)
AS OF DATE Short Int. Change
10/30/2009. 7,370,581  -4.6%
10/15/2009. 7,725,108

Biogen Idec Inc. (NASDAQ: BIIB)
AS OF DATE Short Int. Change
10/30/2009. 8,574,239  -2.9%
10/15/2009. 8,827,991

Genzyme Corp. (NASDAQ: GENZ)
AS OF DATE Short Int. Change
10/30/2009. 5,118,715  -36%
10/15/2009. 8,085,099

Geron Corporation (NASDAQ: GERN)
AS OF DATE Short Int. Change
10/30/2009. 12,907,169   -1.9%
10/15/2009. 15,152,295

Life Technologies Corporation (NASDAQ: LIFE)
AS OF DATE Short Int. Change
10/30/2009. 7,746,689  +8.0%
10/15/2009. 7,173,192

Dendreon Corp. (NASDAQ: DNDN)
AS OF DATE Short Int. Change
10/30/2009. 8,427,630 +0.4%
10/15/2009. 8.398,235

Human Genome Sciences Inc. (NASDAQ: HGSI)
AS OF DATE Short Int. Change
10/30/2009. 17,160,491  -4.5%
10/15/2009. 17,967,328

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN)
AS OF DATE Short Int. Change
10/30/2009. 10,199,665  -17%
10/15/2009. 12,347,842

OSI Pharmaceuticals Inc. (NASDAQ: OSIP)
AS OF DATE Short Int. Change
10/30/2009. 5,415,588  +4%
10/15/2009. 5,212,729

JON C. OGG
NOVEMBER 11, 2009

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