div style="text-align: justify;"Citigroup is upgrading span style="font-weight: bold;"Advanced Micro Devices (NYSE:AMD/span) to Buy from Hold and raising price target to $5.50 (prev. $4.25).br /br /Firm notes they are upgrading AMD, given what they believe is a favorable risk/reward profile. They are raising our price target based on a sum of the parts of Global Foundries ($0.45) and Product Co ($5.08). Firm' estimates are tweaked given their more rigorous model for Global Foundries.br /br /span style="font-weight: bold;"Deep Discount to the Sector — /span3Q09 QTD, AMD shares are down 4.4%, underperforming the broader chip industry (SOXX up 14.5%, Samp;P up 11.6%). Citi recognizes that AMD’s competitive position is poor and its net debt position classifies the company as “low quality.” However, now trading at just 1.25x EV/sales, a 45% discount to the group (2.3x), they see risk/reward as favorable.br /br /span style="font-weight: bold;"Elements of Stabilization Evident/span — 3 fundamental factors are contemplated ...

Below is a summary of updates to the BioMedReports.com database of over 200 entries included in the FDA and Clinical Trial Calendars. The FDA Calendar includes companies with pending new drug, biological agent, or medical device new product decisions at the FDA sorted by their PDUFA decision deadline dates while the Clinical Trial Calendar encompasses pending clinical trial results (with a focus on late-stage, Phase 3 trials), pending new submissions to the FDA (e.g. NDA, BLA, 510k, PMA, sNDA, sBLA filings), and pending re-submissions to the FDA for complete response rulings by the agency which require more information before an approval can be granted.  

Genzyme [GENZ: 58.37, -0.29 (-0.49%)]: On 5/21/09, GENZ announced that it has submitted the final documentation to address all items in the FDA’s complete response letter from 3/2/09 (CRL) for Lumizyme (alglucosidase alfa), which is produced at the 2,000 L bioreactor

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Below is a summary of updates to the BioMedReports.com database of over 200 entries included in the FDA and Clinical Trial Calendars.

The FDA Calendar includes companies with pending new drug, biological agent, or medical device new product decisions at the FDA sorted by their PDUFA decision deadline dates while the Clinical Trial Calendar encompasses pending clinical trial results (with a focus on late-stage, Phase 3 trials), pending new submissions to the FDA (e.g. NDA, BLA, 510k, PMA, sNDA, sBLA filings), and pending re-submissions to the FDA for complete response rulings by the agency which require more information before an approval can be granted.

Theravance [THRX: 14.54, 0.00 (0.00%)]: On 4/24/09, the FDA accepted as complete for review Theravance’s response to the February 2009 Complete Response Letter (CRL), which outlined requirements for approval of telavancin for the treatment of complicated skin and skin structure infections (cSSSI). Telavancin is

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I profiled Cell Therapeutics [CTIC: 0.38, +0.02 (+5.56%)] two months ago as a cancer biotech that was down, but not out. Since then the stock price has more than quadrupled from $0.08 cents to $0.36 cents during intraday trading. CTIC continues to reduce operating expenses, and sold its remaining stake in a joint venture to market the cancer drug Zevalin to Spectrum Pharma [SPPI: 2.62, +0.12 (+4.80%)] for $16.5M last month (in addition to receiving $15M last December from SPPI for the initial 50% stake). CTIC reduced operating expenses in 2008 by 33% and provided guidance which included a forecast of slashing net operating expenses by about 50% during 2009. The company expects to complete its pixantrone NDA submission during 2Q09 with a six-month priority review request (for potential approval during 2009) since it is reporting positive Phase 3 results in patients with relapsed, aggressive

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King Pharma [KG: 6.93, -0.02 (-0.29%)] is a specialty pharmaceutical company which recently acquired Alpharma for $1.6B and has three pending NDAs at the FDA for new drug approvals and received a complete response late last year for Remoxy (an abuse deterrent form of extended-release oxycodone) along with Pain Therapeutics [PTIE: 4.23, +0.01 (+0.24%)].

BioMedReports.com FDA and Clinical Trial Calendars

King is currently trading at around decade lows in terms of stock price at a market cap of $1.7B and enterprise value of $2.2B. Consensus analyst estimates for 2009 revenue are about $1.8B with expected EPS of $0.67, yielding a forward PE of just over 10X and price/sales ratio of about 1X.

The Alpharma acquisition diversifies King’s revenue base thanks to over $350M in annual revenue from animal health (feed additives) and over $125M in sales for pain patch Flector.

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