Allergan Stock Is Falling Because It’s Facing Off With an Activist Investor

与对冲基金公司 Appaloosa 对抗,艾尔建公司股价大幅下挫

2019-03-27 12:50:00


Allergan stock was trading down on Monday as shareholders digested its 2019 proxy statement, in which the company butted heads with activist investor Appaloosa. The back story.  Allergan (AGN) has had a few wins in 2019, including the Food and Drug Administration’s acceptance of two of the company’s applications to expand uses of Botox. That overshadowed a setback in its major depressive disorder (MDD) franchise. Its CEO has been snapping up the stock. However, some have questioned the company’s earnings profile, especially after Allergan delivered disappointing results in late January. Analysts have revisited the idea of breaking up the company, a possibility we previously noted could help re-energize the stock, which never fully recovered from a failed 2015 deal with Pfizer Allergan stock is up 9.5% year to date, although it’s off almost 9% in the past 12 months. What’s new. After the close of trading on Friday, Allergan delivered its proxy statement for the year, a filing that included hedge fund Appaloosa’s recommendation to establish an independent chairman of the board (originally proposed last month). Allergan noted its disagreement with the proposal—no surprise given that it had previously rejected the idea of splitting the chairman and chief executive roles. (Currently, Brenton Saunders holds both titles.) The next major date is May 1, when Allergan will hold its shareholder meeting and a vote on the proposal. Allergan was down about 2% in Monday morning trading, to $146.21 per share, while the S&P 500 was mostly flat. Looking ahead. The proxy filing didn’t do much to move analysts. Credit Suisse’s Vamil Divan reiterated a Neutral rating and $155 price target on Allergan stock, writing that he was surprised to hear the proposal to split the chairman and CEO position isn’t binding. And “even if the proposal is immediately adopted,” Divan wrote, “the actual separation of the roles would happen at the time of the next CEO transition, with no details on when that might actually be.” That’s consistent with Allergan’s previously stated strategy, leaving him to wonder “if investors who have been frustrated with the team and the stock's performance will be satisfied with that as an outcome.” And it may be that the majority of shareholders fall into that category. RBC Capital Markets’ Randall Stanicky said his recent research shows that 90% of investors support separating the roles—and not at some indeterminate time in the future, but “within a year or less.” That means there will be plenty of focus on the May meeting, as “[m]any investors are viewing this vote as a first step towards broader strategic change following multiple years of underperformance.” Stanicky  reiterated a Sector Perform rating and $165 price target on Allergan stock. Stifel’s Annabel Samimy reiterated a Hold rating and $175 price target on the shares, but at least sees some reason for optimism ahead of the May meeting. “We are also encouraged that there will be a separate committee to provide oversight on M&A and divestments, which we hope will bring more balanced capital allocation and better outline a strategic direction for Allergan,” Samimy wrote. “After a strategic review that brought little change in the last year, we hope these efforts will prove more product in setting Allergan in the right direction.”
艾尔建(Allergan)周一,由于股东们消化了2019年的委托书,该公司股价下跌。在委托书中,该公司与激进投资者阿巴洛萨( Appaloosa )正面交锋。 后面的故事。艾尔建(Allergan)( AGN )在2019年取得了一些胜利,包括美国食品和药物管理局( Food and Drug Administration )接受了该公司两项扩大肉毒杆菌素用途的申请。这掩盖了它的主要抑郁障碍( MDD )专营权的挫折。它的首席执行官一直在抢购这只股票。 然而,一些人质疑该公司的盈利状况,尤其是在艾尔建(Allergan)在1月底发布令人失望的业绩之后。分析师们重新审视了拆分该公司的想法,我们之前提到的这一可能性可能有助于重振该公司的股价,该公司从未从2015年的交易中完全恢复元气 辉瑞(Pfizer)公司 艾尔建(Allergan)股票今年迄今上涨了9.5%,尽管过去12个月下跌了近9%。 什么是新的。上周五交易结束后,艾尔建(Allergan)提交了今年的委托书,其中包括对冲基金 Appalosa 关于设立独立董事长的建议(最初是在上个月提出的)。艾尔建(Allergan)指出,它不同意这一提议——考虑到该公司此前曾拒绝将董事长和首席执行官职位分开的想法,这并不令人意外。(目前, Brenton Saunders 同时拥有两个头衔。)下一个主要日期是5月1日,届时艾尔建(Allergan)将召开股东大会,并对该提案进行表决。 艾尔建(Allergan)周一早盘下跌约2%,至每股146.21美元,而 标准普尔500指数 大部分是平的。 展望未来.提交给代理人的文件对推动分析师的行动没有太大作用。瑞士信贷( Credit Suisse )的瓦米利夫( Vamil Divan )重申了对艾尔建(Allergan)股票的中性评级和155美元的价格目标。他写道,听到有关拆分董事长和首席执行官职位的提议不具约束力,他感到意外。迪万写道:“即使该提议立即获得通过,但在下一次 CEO 换届时,实际的角色分离将会发生,具体时间可能不会确定。” 这与艾尔建(Allergan)之前提出的战略是一致的,这让他怀疑“那些对该团队感到失望的投资者,以及该公司的业绩是否会因此而满意。” 大多数股东可能属于这一类别。RBC Capital Markets 的 Randall Stanicky 表示,他最近的研究表明,90%的投资者支持将这两种角色分开,而不是在未来某个不确定的时候,而是“在一年或更短的时间内”。这意味着人们将在5月的会议上进行大量关注,因为“在多年表现不佳之后,任何投资者都将这次投票视为朝着更广泛的战略变革迈出的第一步。” Stanicky 重申了行业表现评级和艾尔建(Allergan)股票165美元的价格目标。 Stifel 的 Annabel Samimy 重申了该公司的持股评级和175美元的股价目标,但至少在5月会议之前看到了一些乐观的理由。“我们还感到鼓舞的是,将设立一个独立的委员会,对并购和资产剥离进行监督,我们希望这将带来更平衡的资本配置,并更好地勾勒出艾尔建(Allergan)的战略方向,”萨米写道。“在去年进行了一次几乎没有变化的战略评估后,我们希望这些努力将证明是在让艾尔建(Allergan)朝着正确方向发展方面取得更多成果。”