Earlier this month, Medivation, Inc. (MDVN) and Pfizer, Inc. (PFE) initiated two phase III studies, CONTACT and CONSTELLATION, with Dimebon in patients with moderate-to-severe Alzheimer's disease (AD). Dimebon is being developed in collaboration with Pfizer for the treatment of Alzheimer’s and Huntington diseases. The CONTACT study will assess the potential benefits of adding Dimebon to ongoing treatment with Pfizer’s Aricept on neuropsychiatric symptoms and activities of daily living. Meanwhile, the CONSTELLATION study will evaluate the effects of adding Dimebon to Forest Lab’s (FRX) Namenda, another standard of care, on cognition, memory and activities of daily living. Preclinical studies indicate that Dimebon has the potential to protect brain cells from damage and enhance brain cell survival, by stabilizing and improving mitochondrial function. Dimebon’s mechanism is distinct from currently available Alzheimer’s medications. Dimebon is currently in seven studies which are evaluating the safety and efficacy ...

• Wynn (NASDAQ:WYNN) IPO, representing a 25% stake in Wynn's Macau operations, priced its $1.6 billion listing at the high end of the projected range

• Deutsche Bank (NYSE:DB) raised its price targets on numerous applications software firms, noting positive signs for the second half. Included in this group were: Adobe (NASDAQ:ADBE) with its target lifted to $22 from $20; Oracle (NASDAQ:ORCL) hiked to $44 from $40; and Salesforce.com (NYSE:CRM) raised to $80 from $65

• Bristol-Myers-Squibb (NYSE:BMY) coverage was initiated by Wells Fargo (NYSE:WFC) with "outperform," rating noting that, "strategic repositioning ahead of patent cliff, new product flow between 2009-2012, broadening R&D portfolio through selective risk-sharing, and high dividend yield underlie our positive thesis"

• Wells Fargo (NYSE:WFC) initiated coverage of Eli Lilly (NYSE:LLY) with "market perform," and with a $33-$35 valuation, noting concerns over a "steep and lengthy patent cliff and recent clinical setbacks."  The firm cautioned its Alzheimer's program and the Imclone pipeline "do

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Baxter International Inc. (BAX) discussed its long-term financial objectives, growth opportunities and various research and development (R&D) programs at its recently concluded Investor Conference in Chicago.

The long-term (5-year) financial objectives are as follows:

Increase sales roughly 7% to 8% per annum, excluding foreign exchange translation effect Grow earnings per share in the range of 11% to 13% per annum Generate annual cash flow of approximately $4 billion by 2014 Baxter also plans to expand its strong existing product portfolio by enhancing R&D investments at a compound annual rate of a minimum 8% to 10% from 7% at the end of fiscal 2008. The company will continue to hunt for business development opportunities through its disciplined acquisition strategy.    

We are confident that Baxter will be able to deliver on its commitments. The company has achieved record sales, earnings and strong cash flows

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For Immediate Release

Chicago, IL - July 6, 2009 - Zacks Equity Research highlights Alvarion Ltd (ALVR) as the Bull of the Day and MBIA (MBI) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Johnson & Johnson (JNJ), Elan (ELN) and Wyeth Pharmaceuticals (WYE).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all five stocks:

Bull of the Day:

We upgrade our rating to Buy for Alvarion Ltd (ALVR), a pure-play wireless solutions provider. This follows a series of impressive contract awards to deploy several large-scale wireless systems. The value of one of these contracts was the largest ever attained by the company.

Alvarion has more than 250 WiMAX deployments in diversified geographic regions. According to our assessment, higher

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J&J Acquires Key Assets From ElanThis morning, Johnson & Johnson (JNJ) announced a definitive agreement whereby J&J will acquire substantially all of the assets and rights to Elan's (ELN) Alzheimer's Immunotherapy Program (AIP).  J&J will invest approximately $1 billion in cash in Elan in the form of newly issued shares (American Depositary Receipts - ADR's), which represents an 18.4% stake.Elan has been collaborating with Wyeth Pharmaceuticals (WYE) -- itself in a deal to be acquired by Pfizer (PFE) -- for the Alzheimer's program. J&J will assume and continue these activities with Wyeth (and, in time, Pfizer) in a 50/50 venture.J&J has committed $500 million to continue the development and launch activities for lead AIP candidate, bapineuzumab, a potential first-in-class treatment for Alzheimer's disease. Bapineuzumab, which is designed ...

Medivation Inc. (MDVN) reported first quarter 2009 financial results following the market close on May 11, 2009. Revenue came in at $16.34 million, exactly where we had it modeled. Revenue consisted solely of collaboration revenue from Pfizer. EPS was ($0.19), significantly ahead of our forecast of ($0.34), due to substantially lower-than-expected operating expenses.

Pfizer makes quarterly true-up payments to Medivation as reimbursement for a significant portion of Dimebon-related development and commercialization expenses. In the first quarter 2009, Pfizer made a $5.8 million true-up payment to MDVN, which is reflected as a reduction in operating expenses - approximately $5.4 million of the true-up payment hit the R&D expense line-item.

In October 2008 Medivation received $225 million in collaboration revenue from Pfizer, which will be recognized on a straight-line basis through the first quarter of 2012. The company will likely not generate any other revenue or receive any development milestone

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* FBR Capital downgraded Alcoa (NYSE:AA) to "underperform" from "market perform," citing valuation and oversupply concerns

* According to an unidentified report of a clinical study out of Europe, insulin users of long-acting drugs showed increased cancer risks. Manufactures of such drugs include Sanofi Aventis (NYSE:SNY) and Novo Nordisk (NYSE:NVO), while Amylin (NASDAQ:AMLN) manufactures a non-insulin-based treatment

* According to news reports, Novartis (NYSE:NVS) is in talks to acquire parts of Elan (NYSE:ELN), including its multiple sclerosis drug Tysabri and its pipeline of Alzheimer's drugs

Zacks Investment Research

MDVN Q1 Results Aided by Lower Operating ExpensesMedivation Inc. (MDVN) reported first quarter 2009 financial results following the market close on May 11, 2009. Revenue came in at $16.34 million, exactly where we had it modeled. Revenue consisted solely of collaboration revenue from Pfizer Inc. (PFE). EPS was ($0.19), significantly ahead of our forecast of ($0.34) due to substantially lower-than-expected operating expenses.Pfizer makes quarterly true-up payments to Medivation as reimbursement for a significant portion of Dimebon-related development and commercialization expenses. In the first quarter 2009, Pfizer made a $5.8 million true-up payment to MDVN, which is reflected as a reduction in operating expenses -- approximately $5.4 million of the true-up payment hit the R&D expense line-item.In October 2008, Medivation received $225 million in collaboration revenue from Pfizer, which will be recognized on a straight-line basis through the first quarter of 2012. ...

Alzheimer’s Care Key to Healthcare Facilities Sector

by The Investment U Research Team

We’ve been talking about Sunrise Assisted Living (NYSE: SRZ) recently, and the potential for some of its competitors to become major threats in this sector. There are only a couple of contenders likely to step up and do just that…

Emeritus (NYSE: ESC) and Five Star Quality Care (NYSE: FVE) are the most likely candidates. These companies run assisted living and nursing home communities for the elderly.

Based on the market capitalization, Five Star is the most undervalued prospect here followed by Sunrise and Emeritus. But all are profitable organizations making their principals quite happy. And like sunrise, the biggest issues these companies face is control of their debt loads.

Now what you need to look at carefully is

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For Immediate Release

Chicago, IL - May 6, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The Corporate Executive Board (EXBD), Amylin Pharmaceuticals, Inc. (AMLN), Eli Lilly (LLY), Alkermes (ALKS) and Pfizer Inc. (PFE).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579.

Here are highlights from Tuesday's Analyst Blog:

Corp. Exec Board Retains Sell Rec

We reiterate our Sell rating on shares of The Corporate Executive Board (EXBD) after the company lowered its full-year outlook in conjunction with its first-quarter earnings release.

The quarterly results were actually above our expectation

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