Louisiana State Employees Retirement System Has $1.72 Million Position in Brown & Brown, Inc. (

Louisiana State Employees Retirement System increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,900 shares of the financial services provider’s stock after purchasing an additional 1,900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Brown & Brown were worth $1,716,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rowland & Co. Investment Counsel ADV purchased a new position in Brown & Brown in the 2nd quarter worth about $183,000. SevenBridge Financial Group LLC increased its stake in Brown & Brown by 100.0% in the 1st quarter. SevenBridge Financial Group LLC now owns 6,654 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 3,327 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new stake in Brown & Brown during the 4th quarter worth about $353,000. Jane Street Group LLC acquired a new stake in Brown & Brown during the 4th quarter worth about $358,000. Finally, Suntrust Banks Inc. acquired a new stake in Brown & Brown during the 1st quarter worth about $233,000. 70.81% of the stock is currently owned by hedge funds and other institutional investors.

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BRO has been the subject of a number of research reports. Morgan Stanley raised their price objective on Brown & Brown from $25.00 to $26.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 29th. Zacks Investment Research lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Wednesday, April 4th. ValuEngine lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Thursday, March 29th. Citigroup raised their price objective on Brown & Brown from $25.00 to $26.00 and gave the stock a “sell” rating in a research report on Thursday, July 12th. Finally, Wells Fargo & Co set a $26.00 price objective on Brown & Brown and gave the stock a “hold” rating in a research report on Monday, April 23rd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $26.80.

Shares of Brown & Brown opened at $29.67 on Friday, according to MarketBeat Ratings. Brown & Brown, Inc. has a one year low of $21.58 and a one year high of $29.78. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 27.60, a price-to-earnings-growth ratio of 2.39 and a beta of 0.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.03 and a quick ratio of 1.03.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 8th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, August 7th. This represents a $0.30 dividend on an annualized basis and a yield of 1.01%. Brown & Brown’s payout ratio is presently 31.25%.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.

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Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).

AJ Wealth Strategies LLC Has $6.93 Million Holdings in Corcept Therapeutics Incorporated (CORT)

AJ Wealth Strategies LLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 113.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 441,103 shares of the biotechnology company’s stock after acquiring an additional 234,483 shares during the quarter. Corcept Therapeutics comprises approximately 1.4% of AJ Wealth Strategies LLC’s portfolio, making the stock its 14th biggest holding. AJ Wealth Strategies LLC owned approximately 0.38% of Corcept Therapeutics worth $6,934,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CORT. BlackRock Inc. grew its position in shares of Corcept Therapeutics by 13.2% during the 1st quarter. BlackRock Inc. now owns 12,905,164 shares of the biotechnology company’s stock valued at $212,288,000 after purchasing an additional 1,505,877 shares in the last quarter. Federated Investors Inc. PA grew its position in shares of Corcept Therapeutics by 0.5% during the 1st quarter. Federated Investors Inc. PA now owns 12,686,727 shares of the biotechnology company’s stock valued at $208,697,000 after purchasing an additional 62,715 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Corcept Therapeutics by 24.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,576,649 shares of the biotechnology company’s stock valued at $25,936,000 after purchasing an additional 306,691 shares in the last quarter. Northern Trust Corp grew its position in shares of Corcept Therapeutics by 0.5% during the 1st quarter. Northern Trust Corp now owns 1,116,603 shares of the biotechnology company’s stock valued at $18,368,000 after purchasing an additional 5,342 shares in the last quarter. Finally, Nexthera Capital LP purchased a new position in shares of Corcept Therapeutics during the 1st quarter valued at $17,193,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

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Corcept Therapeutics traded down $0.39, hitting $13.22, during midday trading on Thursday, Marketbeat Ratings reports. The company had a trading volume of 2,865,100 shares, compared to its average volume of 1,574,573. Corcept Therapeutics Incorporated has a 52-week low of $11.88 and a 52-week high of $25.96. The firm has a market capitalization of $1.60 billion, a PE ratio of 30.07 and a beta of 1.93.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Tuesday, May 8th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Corcept Therapeutics had a net margin of 75.05% and a return on equity of 46.78%. The company had revenue of $57.66 million during the quarter, compared to analyst estimates of $58.18 million. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was up 108.9% compared to the same quarter last year. equities analysts predict that Corcept Therapeutics Incorporated will post 0.73 earnings per share for the current fiscal year.

In related news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction on Friday, May 11th. The shares were sold at an average price of $16.01, for a total value of $480,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction on Friday, July 6th. The stock was sold at an average price of $15.09, for a total transaction of $120,720.00. Following the completion of the transaction, the insider now owns 8,000 shares of the company’s stock, valued at $120,720. The disclosure for this sale can be found here. Insiders sold 54,000 shares of company stock valued at $888,300 over the last quarter. 15.00% of the stock is owned by company insiders.

A number of research analysts have recently commented on CORT shares. Stifel Nicolaus lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating and set a $20.00 price target for the company. in a research report on Thursday, May 31st. Seaport Global Securities assumed coverage on shares of Corcept Therapeutics in a research report on Friday, April 13th. They set a “buy” rating and a $32.00 price target for the company. Zacks Investment Research upgraded shares of Corcept Therapeutics from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Friday, April 27th. BidaskClub upgraded shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Friday, April 20th. Finally, ValuEngine upgraded shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research report on Monday, May 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $26.20.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery, as well as develops CLIA-validated assay to measure FKBP5 gene expression.

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American Tower (AMT) Rating Lowered to Neutral at Guggenheim

American Tower (NYSE:AMT) was downgraded by analysts at Guggenheim from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $135.00 target price on the real estate investment trust’s stock. Guggenheim’s target price would indicate a potential downside of 5.04% from the company’s previous close.

A number of other analysts have also recently commented on AMT. Citigroup cut their target price on shares of American Tower from $162.00 to $161.00 and set a “buy” rating for the company in a research note on Tuesday, March 27th. Zacks Investment Research raised shares of American Tower from a “sell” rating to a “hold” rating in a research note on Tuesday, April 3rd. ValuEngine cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Morgan Stanley cut their target price on shares of American Tower from $157.00 to $154.00 and set an “overweight” rating for the company in a research note on Thursday, May 31st. Finally, Wells Fargo & Co boosted their target price on shares of American Tower from $150.00 to $158.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $158.43.

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AMT stock opened at $142.17 on Monday. The stock has a market cap of $63.26 billion, a PE ratio of 22.28, a P/E/G ratio of 1.65 and a beta of 0.77. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.83 and a quick ratio of 0.83. American Tower has a 52 week low of $130.37 and a 52 week high of $155.28.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, May 1st. The real estate investment trust reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.05). The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. American Tower had a return on equity of 17.03% and a net margin of 17.51%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.68 EPS. equities analysts anticipate that American Tower will post 7.01 EPS for the current fiscal year.

In related news, Chairman James D. Taiclet, Jr. sold 43,843 shares of the business’s stock in a transaction dated Monday, July 9th. The shares were sold at an average price of $142.66, for a total transaction of $6,254,642.38. Following the transaction, the chairman now directly owns 223,227 shares in the company, valued at $31,845,563.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 131,529 shares of company stock worth $18,287,354 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Broadleaf Partners LLC boosted its holdings in American Tower by 18.6% in the 2nd quarter. Broadleaf Partners LLC now owns 22,340 shares of the real estate investment trust’s stock valued at $3,221,000 after purchasing an additional 3,508 shares during the last quarter. Carderock Capital Management Inc. boosted its holdings in American Tower by 11.1% in the 2nd quarter. Carderock Capital Management Inc. now owns 5,221 shares of the real estate investment trust’s stock valued at $753,000 after purchasing an additional 522 shares during the last quarter. Wendell David Associates Inc. boosted its holdings in American Tower by 2.1% in the 2nd quarter. Wendell David Associates Inc. now owns 41,934 shares of the real estate investment trust’s stock valued at $6,046,000 after purchasing an additional 875 shares during the last quarter. Bristol Advisors LLC acquired a new position in American Tower in the 2nd quarter valued at about $1,254,000. Finally, Bank of Montreal Can boosted its holdings in American Tower by 14.3% in the 2nd quarter. Bank of Montreal Can now owns 694,163 shares of the real estate investment trust’s stock valued at $100,076,000 after purchasing an additional 86,949 shares during the last quarter. Hedge funds and other institutional investors own 92.12% of the company’s stock.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 160,000 communications sites. For more information about American Tower, please visit the ?Earnings Materials? and ?Company & Industry Resources? sections of our investor relations website at www.americantower.com.

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Time to Welcome Another Marijuana Stock to the 100,000 Kilogram Club

In just three months and a day, the legal cannabis landscape will change forever. On Oct. 17, 2018, recreational marijuana will become legal for adults in Canada, making it the first industrialized country in the world to have approved adult use (and the second country overall, behind Uruguay).

As you might have rightly guessed, investors are champing at the bit to get a taste of the massive growth surge that awaits -- and so are the cannabis growers responsible for supplying the Canadian recreational market. We've witnessed no shortage of capacity expansion announcements, partnerships, and acquisitions since the beginning of the year as marijuana growers angle to gobble up as much market share as possible once the proverbial green flag waves.

Image source: Getty Images.

However, this rapid capacity expansion has led to a lot of fluidity in terms of production forecasts. Every attempt to quantify how much cannabis will be produced by Canadian domestic growers each year often proves obsolete within a matter of days. But one thing is certain: There will be no shortage of major players.

Introducing the biggest players in Canada's pot market

Four weeks ago, I took what's now an obsolete look at the Canadian cannabis industry and unearthed eight pot growers that are currently on track to produce in excess of 100,000 kilograms of cannabis-equivalent production each year. "Cannabis equivalent" refers to the fact that growers are producing cannabis alternatives, such as cannabis oils and concentrates, and not just dried cannabis. Below you'll see a now-updated list (as of July 12) of what each company expects to produce at full capacity -- or what I expect they'll produce, in the instance that they haven't offered peak production guidance.

Canopy Growth Corporation (NYSE:CGC): approximately 500,000 kg (author estimate) Aurora Cannabis (NASDAQOTH:ACBFF): 430,000 kg Aphria: 255,000 kg The Green Organic Dutchman: 195,000 kg MedReleaf: 140,000 kg OrganiGram Holdings: 113,000 kg Hydropothecary Corporation: 108,000 kg Emerald Health Therapeutics (NASDAQOTH:EMHTF): 100,000-plus kg (partial author estimate)

Even though these totals are up to date, they're still subject to near-term change. For instance, Aurora Cannabis is in the process of acquiring Ontario-based MedReleaf for $2.5 billion in an all-share deal. If completed, it would likely vault Aurora Cannabis to the top spot in terms of annual production at full capacity.

Image source: Getty Images.

Then there's Canopy Growth and Emerald Health Therapeutics, which haven't been entirely transparent about their peak annual production. Canopy Growth is working with 5.6 million square feet of capacity (2.4 million of which is currently licensed by Health Canada) that I anticipate could yield around 500,000 kg a year.

Meanwhile, Emerald Health Therapeutics' patnership with Village Farms International, known as Pure Sunfarms, is expected to yield 75,000 kg annually by 2020. Emerald Health's Metro Vancouver facility will span 500,000 square feet. And while there are no specific peak production estimates offered by the company, more than 25,000 kg from such a vast expanse of growing space seems almost assured, which would push the company to (or above) 100,000 kg.�

Say hello to the newest 100,000 kg member

Well, folks, there's yet another marijuana grower that's joined the ranks of Canada's major pot players: CannTrust Holdings (NASDAQOTH:CNTTF).

Near the end of June, CannTrust announced the official opening of its Niagara Perpetual Harvest Facility, which is a 450,000-square-foot hydroponic grow site. Hydroponics involves using a nutrient-rich solvent solution to grow cannabis plants, as opposed to growing plants in soil. The press release marking the occasion notes that the current output of the facility is estimated at 50,000 kg annually.

What's particularly interesting about this grow site is that it's the first to combine moving containerized benches with a perpetual harvesting system. This should allow for steady crop production and harvesting, as opposed to the potentially lumpy planting and harvesting cycle that many of its peers will contend with.

Image source: Getty Images.

But as you may rightly have guessed, CannTrust isn't done expanding. It's begun construction on the final phase of its Niagara expansion, which is fully funded, and will add 600,000 square feet when completed. This expansion is expected to "double CannTrust's annual capacity to in excess of 100,000 kilograms," per the release.

CannTrust President Brad Rogers said: "The size and scope of this facility is a testament of CannTrust's industry-leading achievements, and is setting new industry benchmarks for high-quality yields and reduced costs. Operating a facility of this scale, CannTrust is well positioned to meet the increased Canadian and global demand for cannabis."�

It's also worth pointing out that, as of its most recent quarter, CannTrust leaned on alternative cannabis products more so than any other marijuana stock. Over half the company's total sales (albeit, we're talking about a relatively small amount of sales) were derived from oils. Assuming CannTrust emphasizes product diversity and can keep its production costs low, it has a genuine chance to best its peers in terms of operating margin.

Though the aggregate production outlook remains fluid in Canada, one thing is for sure: The number of major players is growing, not shrinking.

Bellatrix Exploration (BXE) Price Target Cut to C$1.50

Bellatrix Exploration (TSE:BXE) (NYSE:BXE) had its price target dropped by analysts at Canaccord Genuity from C$1.75 to C$1.50 in a note issued to investors on Tuesday. Canaccord Genuity’s price objective suggests a potential upside of 16.28% from the company’s previous close.

Other analysts have also recently issued reports about the stock. TD Securities upped their price target on shares of Bellatrix Exploration from C$1.50 to C$1.75 in a research note on Wednesday, May 9th. National Bank Financial dropped their price target on shares of Bellatrix Exploration from C$2.75 to C$2.25 and set a “sector perform” rating on the stock in a research note on Wednesday, March 14th. Finally, Raymond James dropped their price target on shares of Bellatrix Exploration from C$1.50 to C$1.25 and set an “underperform” rating on the stock in a research note on Wednesday, April 4th. Four research analysts have rated the stock with a sell rating and one has issued a hold rating to the company’s stock. The company presently has an average rating of “Sell” and an average price target of C$2.03.

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Shares of BXE stock opened at C$1.29 on Tuesday. Bellatrix Exploration has a 12 month low of C$1.24 and a 12 month high of C$3.84.

Bellatrix Exploration (TSE:BXE) (NYSE:BXE) last announced its quarterly earnings results on Tuesday, May 8th. The company reported C($0.26) EPS for the quarter, meeting the Zacks’ consensus estimate of C($0.26). The company had revenue of C$64.49 million for the quarter, compared to analysts’ expectations of C$60.67 million. Bellatrix Exploration had a negative net margin of 49.98% and a negative return on equity of 11.12%.

About Bellatrix Exploration

Bellatrix Exploration Ltd., an oil and gas company, engages in the acquisition, exploration, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan in Canada. It primarily focuses on developing its two core resource plays, the Cardium and the Spirit River in Western Canada.

Do Surprising Alzheimer's Disease Results Make Biogen Stock a Smart Buy Now?

Surprising only begins to describe the latest clinical study results announced by Biogen (NASDAQ:BIIB) and its partner, Japanese drugmaker Eisai (NASDAQOTH:ESALY). On July 5, the two companies reported positive topline results from a phase 2 clinical study of experimental Alzheimer's disease drug BAN2401 at 18 months.

What's especially notable about the latest results is that BAN2401 had failed to meet preestablished criteria for success in an analysis conducted 12 months into the study. Needless to say, at that point, there was considerable skepticism about the drug's prospects.

Now, though, the potential for BAN2401 to make a difference for Alzheimer's patients looks real. Biogen's share price soared nearly 20% the day after the results were announced, instantly turning around a dismal year-to-date performance. Does BAN2401's promise make Biogen stock a smart pick to buy now?��

Image source: Getty Images.

A really big deal

It could be tempting to write off the importance of these trial results. Many other drugs have looked promising in phase 2 studies, only to crash and burn in phase 3 testing. Is the�BAN2401 study really a big deal? Actually, yes.

There are competing schools of thought on what causes Alzheimer's disease. Most of the research efforts so far have focused on what's called the amyloid hypothesis. This hypothesis got its start -- and its name -- after scientists discovered that Alzheimer's disease sufferers had accumulated amyloid protein in their brains. The thinking is that these amyloid deposits cause the disease by interfering with communication between brain cells and ultimately causing brain cells to die.

However, so many drugs that focused on addressing amyloid buildup have failed to improve the symptoms of Alzheimer's disease that it has cast doubt on the hypothesis. Among the major pharmaceutical companies to have had such�amyloid-focused candidates flop are Eli Lilly, Merck, Johnson & Johnson, and Pfizer.

The latest results for BAN2401, however, showed improvement on two key fronts. First, the drug slowed progression in Alzheimer's disease by a statistically significant amount. Second, it reduced the amount of amyloid accumulated in the brains of patients by a statistically significant amount. These positive results were observed among patients taking the highest dose of the drug -- 10 mg/kg biweekly. Biogen and Easai noted that this dose began to achieve improvement in Alzheimer's disease progression at statistically significant levels as early as six months into treatment.��

Quotes from Alzheimer's disease experts underscored just how big of a deal this study was for BAN2401, and for the amyloid hypothesis more broadly. Dr. Jeff Cummings, director of Cleveland Clinic's Lou Ruvo Center for Brain Health, stated that the results were "impressive and provide important support for the amyloid hypothesis." Eisai's chief clinical officer and chief medical officer, Dr. Lynn Kramer, noted that the study "further validated the amyloid hypothesis." And Dr. Alfred Sandrock, Biogen's chief medical officer, said that the data "underscores that neurodegenerative diseases may not be as intractable as they once seemed."�

Rethinking Biogen's prospects

Biogen has three candidates in phase 3 clinical testing. Two of them, like BAN2401, target the treatment of Alzheimer's disease. And both, also like BAN2401, seek to reduce amyloid accumulation in the brain.

E2609, which Biogen is co-developing with Eisai, inhibits beta-secretase 1 (BACE1), an enzyme involved in the production of amyloid. Other BACE1 inhibitors targeting Alzheimer's disease haven't been successful. Most recently, Merck threw in the towel on verubecestat after the BACE1 inhibitor failed to achieve improvement in a phase 3 clinical study.

The more promising late-stage Alzheimer's disease drug for Biogen is aducanumab, which it is co-developing with Neurimmune Holding. Like BAN2401, aducanumab is an amyloid-beta monoclonal antibody that binds to amyloid proteins. Aducanumab ranked third on market research firm EvaluatePharma's list of top pipeline assets in the biopharmaceutical industry.�

GlobalData analyst Tom Moore thinks that BAN2401 could generate peak annual sales of more than $1 billion if it earns FDA approval.�Terence Flynn of Goldman Sachs projects peak annual revenue for aducanumab of $12 billion. To put these estimates into perspective, Biogen's total revenue in 2017 was a little under $12.3 billion.

Here's the bottom line: If Biogen is successful in Alzheimer's disease, the biotech stock should produce tremendous returns over the next several years. And the recent results for BAN2401 could mean that the company's chances of success look better than they've ever been.

Time to buy?

So is now the time to buy Biogen stock? Only if you're willing to take on an enormous level of risk.�

Remember, every word used to describe the potential for BAN2401 and aducanumab is tentative in nature. There's still a long way to go for both drug candidates. There is still a significant likelihood that either or both will ultimately fail to deliver -- just like most Alzheimer's disease candidates have failed to before.

At the same time, Biogen's flagship multiple sclerosis (MS) franchise faces stiff competition. Much of the biotech's revenue growth has been driven by its spinal muscular atrophy (SMA) drug, Spinraza, but sales acceleration will likely ease off for that drug. Also, AveXis, which was acquired by Novartis in April, has a gene therapy targeting SMA that could reach the market next year. That would be particularly bad news for Biogen.

Biogen is the kind of stock that could either be a big winner or a big loser, depending on the outcome of its clinical studies. In my view, it's more of a bet than an investment at this point. That could change, however, as more data becomes available about its pipeline candidates, especially aducanumab. My suggestion is to keep Biogen on your radar, but hold off on any action for now.

Reviewing Kona Grill (KONA) & Yum! Brands (YUM)

Kona Grill (NASDAQ: KONA) and Yum! Brands (NYSE:YUM) are both retail/wholesale companies, but which is the superior business? We will compare the two businesses based on the strength of their earnings, analyst recommendations, risk, institutional ownership, valuation, dividends and profitability.

Profitability

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This table compares Kona Grill and Yum! Brands’ net margins, return on equity and return on assets.

	Net Margins	Return on Equity	Return on Assets
Kona Grill	-12.80%	-94.61%	-11.63%
Yum! Brands	25.60%	-17.70%	21.14%

Dividends

Yum! Brands pays an annual dividend of $1.44 per share and has a dividend yield of 1.8%. Kona Grill does not pay a dividend. Yum! Brands pays out 48.6% of its earnings in the form of a dividend.

Risk & Volatility

Kona Grill has a beta of 0.26, suggesting that its stock price is 74% less volatile than the S&P 500. Comparatively, Yum! Brands has a beta of 0.86, suggesting that its stock price is 14% less volatile than the S&P 500.

Institutional & Insider Ownership

13.5% of Kona Grill shares are owned by institutional investors. Comparatively, 74.1% of Yum! Brands shares are owned by institutional investors. 31.5% of Kona Grill shares are owned by company insiders. Comparatively, 0.6% of Yum! Brands shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.

Valuation & Earnings

This table compares Kona Grill and Yum! Brands’ revenue, earnings per share (EPS) and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Kona Grill	$179.08 million	0.19	-$23.43 million	N/A	N/A
Yum! Brands	$5.88 billion	4.28	$1.34 billion	$2.96	26.30

Yum! Brands has higher revenue and earnings than Kona Grill.

Analyst Ratings

This is a breakdown of recent recommendations for Kona Grill and Yum! Brands, as reported by MarketBeat.

	Sell Ratings	Hold Ratings	Buy Ratings	Strong Buy Ratings	Rating Score
Kona Grill	0	2	1	0	2.33
Yum! Brands	0	10	13	0	2.57

Kona Grill currently has a consensus target price of $3.75, indicating a potential upside of 50.00%. Yum! Brands has a consensus target price of $85.68, indicating a potential upside of 10.08%. Given Kona Grill’s higher probable upside, equities analysts clearly believe Kona Grill is more favorable than Yum! Brands.

Summary

Yum! Brands beats Kona Grill on 11 of the 14 factors compared between the two stocks.

Kona Grill Company Profile

Kona Grill, Inc. owns and operates upscale casual restaurants under the Kona Grill brand name. As of December 31, 2017, it owned and operated 46 restaurants in 23 states of the United States and Puerto Rico; and 3 franchised restaurants in Mexico, the United Arab Emirates, and Canada. The company is based in Scottsdale, Arizona.

Yum! Brands Company Profile

YUM! Brands, Inc., together with its subsidiaries, develops, operates, and franchises quick service restaurants worldwide. It operates in three segments: the KFC Division, the Pizza Hut Division, and the Taco Bell Division. The company operates restaurants under the KFC, Pizza Hut, and Taco Bell brands, which specialize in chicken, pizza, and Mexican-style food categories. As of December 31, 2017, it had 21,487 KFC units; 16,748 Pizza Hut units; and 6,849 Taco Bell units. The company was formerly known as TRICON Global Restaurants, Inc. and changed its name to YUM! Brands, Inc. in May 2002. YUM! Brands, Inc. was founded in 1997 and is headquartered in Louisville, Kentucky.