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Notable Buzz: Merrimack Pharmaceuticals Inc (NASDAQ:MACK), Insys Therapeutics Inc(NASDAQ:INSY), Brixmor Property Group Inc(NYSE:BRX)

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Merrimack Pharmaceuticals Inc(NASDAQ:MACK) has its tail in the air after “encouraging clinical data” from the expanded Phase 1 study of MM-302 for treatment of advanced HER2-positive breast cancer.”Patients treated with MM-302 showed no signs of clinical decline in cardiac function … These results are encouraging for the development of our nanoliposomal technology platform, and an important step towards successfully establishing the safety and activity profile of MM-302 in the HER2-positive breast cancer population.”A Phase 2 study is being planned.

” Brixmor Property Group Inc(NYSE:BRX) has delivered to investors a clean and simple way to play the U.S. grocery-anchored strips,” says Deutsche’s Vin Chao, starting the Blackstone (BX) spinoff with a Buy at $23 price target (Blackstone owns a 73% stake).”With portfolio and balance sheet repositioning addressed pre-IPO, BRX can focus its efforts on driving above-average earnings growth via occupancy gains, improving rents, and select redevelopment opportunities.”Chao also likes the relative valuation, and expects a total return of 20% over the next year – a combination of 10% earnings growth driving the shares to $23, and a 4% dividend yield.

Insys Therapeutics Inc(NASDAQ:INSY) -18.4% premarket following news it received a subpoena from the Department of Health and Human Services in connection with an investigation of potential violations involving HHS programs.The subpoena requests documents regarding Subsys, including INSY’s sales and marketing practices related to the product; Subsys, a sublingual spray to treat pain in opioid-tolerate cancer patients, is one of its INSY’s two marketed products.

Business

Top 3 Gainers: Zynga (NASDAQ:ZNGA), Eros International (NYSE:EROS), Borqs Technologies’ (BRQS)

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Zynga (NASDAQ:ZNGA) is up 2.5% after Benchmark reiterated its Buy rating in a look-ahead at Q2 earnings. The firm’s expecting a beat and solid guidance for Q3, and it’s raising its guidance for the fiscal year.

Tailwinds from the pandemic won’t dissipate easily, Benchmark suggests, and the videogame maker’s acquisition of Peak (and with it new “forever franchises” in Toon Blast and Toy Blast) will drive audience, bookings, margins and free cash flow, it says. The firm has an $11 price target, now implying 14% upside.

Eros International (NYSE:EROS) is up 5.8% today, making up the last week’s lost ground, after news that its streaming service Eros Now is partnering with Sony India (SNE +2.3%).

That will mean Eros Now’s app is pre-installed on selected Sony smart televisions in India, along with availability on a large base of existing models (Bravia E series and newer).

The country over the past year has seen a 25% growth in demand for smart TVs, fueled by overall industry growth of 15%, to a record 15M units/year.

Borqs Technologies’ (BRQS) personal safety tracker sees strong market with increased orders from the electronics retail chain in the US.

The boost in product demand comes ahead coronavirus pandemic that provides company to expect delivery of 250K units this year. It reflects over 3x the volume delivered in 2019, the year of its launch.

Borqs’ mobile personal safety devices designed particularly for senior citizens come with panic button, location tracking, and fall detection.

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Biotech

Biotech movers: Pfizer Inc. (PFE), Celgene Corporation (CELG)

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Pfizer Inc. (PFE) said on Thursday it received a request for documents as part of a U.S. investigation related to quality issues involving the manufacture of auto-injectors at its Meridian Medical Technologies site.

Pfizer, in a regulatory filing, said it would be producing records in response to the civil investigative demand from the U.S. Attorney’s office for the Southern District of New York.

Why ASDN Could Massively Outperform PFE in 2019

Meridian, a unit of Pfizer that manufactures EpiPen injectors used to deliver an emergency allergy antidote, has been hit by a series of manufacturing problems in recent years. Mylan NV, which markets EpiPens, has recalled tens of thousands of the devices after complaints that some had failed to activate.

Bristol-Myers Squibb has been meeting with shareholders in Boston and New York over the last two weeks to try to salvage its $74 billion purchase of cancer drugmaker Celgene Corporation (CELG), the biggest acquisition announced so far this year.

Why Investors Are Calling ASDN the CELG of the Sky!

The deal, announced in January, was hard sell to Bristol shareholders from the start. The acquisition adds about $32 billion in fresh debt to Bristol’s balance sheet while assuming $20 billion in Celgene’s debt, the companies said at the time. After factoring in debt, the acquisition was the largest health-care deal on record, according to data compiled by Refinitiv.

Now, hedge funds Wellington Management and Starboard Value say the deal doesn’t sit well with them. Bristol has sent executives to New York to meet with institutional investors several times over the last two weeks and met with investors in Boston on Wednesday and Thursday, according to a person who briefed on the meetings.

Bristol-Myers declined to comment.

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Biotech

Big Losers: Corbus Pharmaceuticals Holdings, Inc. (CRBP), Petróleo Brasileiro S.A. – Petrobras (PBR)

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Corbus Pharmaceuticals Holdings, Inc. (CRBP)’s shares slumped as much as 16% to $6.94 on huge volume. The stock has been showing intense sell off suddenly after a bearish article on seekingalph.com by Alpha Exposure.

The article stated that Corbus has ties to investors convicted of or alleged to have committed securities fraud. We believe lenabasum has failed its major trials in SSc and CF. Lenabasum was also denied Breakthrough Therapy Designation in SSc. We believe lenabasum will fail in its pivotal SSc and Phase 2b CF trials. We are short Corbus with a price target of $0.50.

Wow the future of Autonomous flight is finally here with the launch of ASDN passenger drone Elroy

Petróleo Brasileiro S.A. – Petrobras (PBR) is expanding its ambitious divestment program and has “bold” plans for sales, the Brazilian state-run oil company’s chief executive said after the firm posted its first annual profit in five years.

On a conference call with analysts to discuss fourth-quarter results, CEO Roberto Castello Branco said selling non-core assets will be key to deleveraging.

Petrobras, as the company is known, can reduce its ratio of net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, to 1.5 or even to 1, he added.

The University of Chicago-educated CEO, who took the reins in early January, has long been vocal about the need to slim down the sprawling firm and focus on core activities such as exploration and production. Thursday’s comments were some of his most assertive on the matter.

Why Investors Are Calling ASDN the TPC of the Sky!

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