|CATEGORY: RISERS AND FALLERS
Fri 18 Aug 2017
LONDON (SHARECAST) - (ShareCast News) - Hikma Pharmaceuticals shares continued their downward spiral as HSBC slashed their target price, telling clients its first half numbers contained lower guidance for generics and a tougher outlook for injectables and branded drugs.
What was missing from the update, for some investors, was any substantive update on generic Advair in the US, they added.
In particular, they took issue with management's assertion that the downwards pressure on margins they were now forecasting for the rest of the year and into 2018 was "cylical" and that the industry had been there before.
"We disagree," they replied.
The target price was thus knocked down from 1,410p to 1,060p and the recommendation on the shares kept at 'reduce'.
On the risers list Kaz Minerals were back in favour after Thursday's fall in response to interim figures.
The company reported a jump in first-half profits to £240m from £91m but stopped short of paying a dividend
Revenue at the Kazakh copper miner leapt from $363 million to $837 million, boosted by its new mines and the higher copper price.
FTSE 250 (MCX) 19,625.02 -0.75%
FTSE 250 - Risers
Ferrexpo (FXPO) 276.60p 2.29%
Kaz Minerals (KAZ) 717.50p 1.63%
TalkTalk Telecom Group (TALK) 197.30p 1.60%
Acacia Mining (ACA) 184.70p 1.32%
Metro Bank (MTRO) 3,474.00p 1.19%
Rathbone Brothers (RAT) 2,803.00p 1.19%
Dunelm Group (DNLM) 629.50p 1.04%
CLS Holdings (CLI) 216.00p 1.03%
Rank Group (RNK) 227.30p 1.02%
Telecom Plus (TEP) 1,155.00p 0.96%
FTSE 250 - Fallers
Hikma Pharmaceuticals (HIK) 1,124.00p -5.55%
Nostrum Oil & Gas (NOG) 400.20p -4.49%
IP Group (IPO) 134.30p -3.17%
Restaurant Group (RTN) 343.50p -2.91%
Balfour Beatty (BBY) 271.20p -2.76%
Ocado Group (OCDO) 284.20p -2.70%
Cobham (COB) 135.30p -2.66%
Marshalls (MSLH) 409.80p -2.52%
JD Sports Fashion (JD.) 352.90p -2.51%
Tullow Oil (TLW) 151.90p -2.50%