Buyers Seem Like Deer-in-Headlights: RBC Capital; Analyst Comments on Biotech Rout
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S&P 500 bounces back after nearing August low
September 29, 2015 7:34 AM EDTBy Noel Randewich
(Reuters) - U.S. stocks ended higher after a volatile session on Tuesday as concerns about the health of the global economy kept investors cautious after more than a month of turbulence.
The S&P 500 recovered after falling earlier to within 0.26 percent of lows it touched in August, when fears of a slowdown in China shocked global markets.
"I would never have expected that we would take out that low and we havent yet, but we sure are close. A retest is a good thing but it needs to hold," said Randy Frederick,... More
Democrats take aim at drug prices, prompting sharp drops in biotech stocks
September 28, 2015 2:03 PM EDTBy Ransdell Pierson and Bill Berkrot
(Reuters) - Democratic lawmakers on Monday attacked "massive" price increases of two heart drugs by Canada's Valeant, fueling a rout in drugmaker shares on worries of a government and insurer clampdown on U.S. drug prices.
All 18 Democratic members of the House of Representatives Committee on Oversight and Government Reform urged their chairman to subpoena Valeant Pharmaceuticals International Inc (NYSE: VRX) (NYSE: VRX) and force it to provide documents relating to price increases of 212 percent for Isuprel and 525 percent for Nitropress. Valeant boosted the prices immediately after buying the heart drugs last February.
Shares of Valeant tumbled 16.5 percent on the New York Stock Exchange, and other pharmaceutical company shares also slid. Investors are worried that the drug industry faces a moment of reckoning for steep price hikes for both new and older medicines.
Shares of many pharmaceutical companies have slumped since 2016 Democratic presidential hopeful Hillary Clinton last week proposed ways for the government to prevent... More
Argus Upgrades Vertex (VRTX) to Buy
September 28, 2015 8:01 AM EDTArgus upgraded Vertex (NASDAQ: VRTX) from Hold to Buy with a price target of $126.00, saying they have been waiting for a pullback to upgrade the shares.
The analyst notes shares have declined 16% in the past week, as investors rotated out of Biotech stocks over... More
