Zacks Analyst Blog Highlights: Cypress Bioscience, Inc., Forest
Laboratories, Inc., Allied Irish Banks, p.l.c., Baxter International and
CHICAGO -- May 14, 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: Cypress Bioscience, Inc. (NASDAQ: CYPB), Forest Laboratories,
Inc. (NYSE: FRX), Allied Irish Banks, p.l.c. (NYSE: AIB), Baxter International
(NYSE: BAX) and Pfizer (NYSE: PFE).
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Here are highlights from Wednesday’s Analyst Blog:
Cypress Bio Banks on Savella
Cypress Bioscience, Inc. (NASDAQ: CYPB) reported financial results for the
first quarter 2009 on May 11, 2009. Total revenues for the quarter were $7.9
million, and consisted primarily of collaborative payments from Savella
development partner, Forest Laboratories, Inc. (NYSE: FRX). This was generally
in-line with our $8.2 million forecast.
Net loss for the quarter was $9.2 million -- and significantly greater than
our expectations -- due to approximately $5.0 million in R&D expense
associated with a $3.0 million milestone payment to a licensor, Pierre Fabre,
upon NDA approval of Savella and a $2.0 million payment in connection with an
asset purchase transaction for a technology to diagnose and monitor Lupus.
Earnings per share (EPS) for the first quarter equated to ($0.24). Cypress Bio
exited the first quarter with $160.4 million in cash.
Allied Irish Banks Improves
In its first quarter trading update, Allied Irish Banks, p.l.c. (NYSE: AIB)
announced that operating profits before bad debt provisions were higher than
the year-ago quarter, reflecting strong performance of its Capital Markets and
Global Treasury divisions.
However, AIB's other operating divisions are experiencing year-over-year
declines in operating profits as loan demand continues weak, current account
and deposit funding contract, and net interest margins shrink. The decline in
the net interest margin principally reflects highly competitive markets, the
low interest-rate environment, and higher wholesale funding costs, partly
offset by better margins on lending.
Baxter: More Heparin Problems
Not long after reporting a decent first quarter, Baxter International (NYSE:
BAX) has made headlines once again for its heparin product.
A renewed heparin-related scare began over the weekend, with two deaths
announced and a third patient suffered complications. The common link between
all three patients is the administration of heparin. Initial reports indicate
that the pharmaceutical ingredients were sourced in North America, likely from
Pfizer (NYSE: PFE). The contaminant from the Chinese factory during the 2008
scare (over-sulfated chondroitin sulfate) was not found in the recently tested
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