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Bayer Plunges as Monsanto Fined $289M in Roundup Lawsuit
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Shares of Bayer AG (BAYRY - Free Report) went down almost 11% after its newly acquired subsidiary Monsanto was ordered by the California state jury to pay $289 million in damages over alleged links between its Roundup weedkiller and cancer.
The lawsuit began when a school groundskeeper, who was diagnosed with terminal cancer, stated that the cause of his cancer was Monsanto's herbicide Roundup. This was just the first verdict amid thousands of cases that claimed that Roundup causes cancer. Jurors in California superior court agreed that the product contributed to the groundskeeper’s cancer and the company should have provided a label warning of the potential health hazard.
Monsanto stated that Glyphosate, the main ingredient in Roundup was completely safe to use and did not cause cancer. The company added that decades of scientific studies have shown the chemical to be safe for human use.
However, there have been debates by the environmentalists, regulators, researchers and lawyers about whether Roundup causes cancer.
Monsanto stated that it would appeal against the jury's verdict in California. As per the reports, the trial was an important test of the evidence against Monsanto and this could influence decisions in other lawsuits.
The case is a blow for Bayer as the company completed the buy out of Monsanto in June for about $66 million. Shares of the company have declined 24.1% compared with the industry’s growth of 2.6%.
Gilead’s earnings per share estimates have increased from $6.12 to $6.57 for 2018 and from $6.36 to $6.48 for 2019 over the past 30 days. The company delivered a positive earnings surprise in three of the trailing four quarters with an average beat of 6.43%. The stock has rallied 7.8% so far this year.
Vertex’s earnings per share estimates moved up from $3.15 to $3.74 for 2018 and from $4.33 to $4.59 for 2019 in the last 30 days. The company delivered a positive earnings surprise in all of the trailing four quarters with an average beat of 27.5%. Share price of the company has increased 16.9% in a year.
Seattle Genetics’ 2018 loss per share estimates narrowed from $1.81 to 83 cents for 2018 and from 81 cents to 39 cents for 2019 in the last 30 days. The company delivered a positive earnings surprise in three of the trailing four quarters with an average beat of 12.93%. The company’s shares have rallied 38% year to date.
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Bayer Plunges as Monsanto Fined $289M in Roundup Lawsuit
Shares of Bayer AG (BAYRY - Free Report) went down almost 11% after its newly acquired subsidiary Monsanto was ordered by the California state jury to pay $289 million in damages over alleged links between its Roundup weedkiller and cancer.
The lawsuit began when a school groundskeeper, who was diagnosed with terminal cancer, stated that the cause of his cancer was Monsanto's herbicide Roundup. This was just the first verdict amid thousands of cases that claimed that Roundup causes cancer. Jurors in California superior court agreed that the product contributed to the groundskeeper’s cancer and the company should have provided a label warning of the potential health hazard.
Monsanto stated that Glyphosate, the main ingredient in Roundup was completely safe to use and did not cause cancer. The company added that decades of scientific studies have shown the chemical to be safe for human use.
However, there have been debates by the environmentalists, regulators, researchers and lawyers about whether Roundup causes cancer.
Monsanto stated that it would appeal against the jury's verdict in California. As per the reports, the trial was an important test of the evidence against Monsanto and this could influence decisions in other lawsuits.
The case is a blow for Bayer as the company completed the buy out of Monsanto in June for about $66 million. Shares of the company have declined 24.1% compared with the industry’s growth of 2.6%.
Bayer Aktiengesellschaft Price
Bayer Aktiengesellschaft Price | Bayer Aktiengesellschaft Quote
Zacks Rank & Stocks to Consider
Bayer carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Gilead Sciences Inc. (GILD - Free Report) , Vertex Pharmaceuticals (VRTX - Free Report) and Seattle Genetics . While Gilead carries a Zacks Rank #1 (Strong Buy), Vertex and Seattle carry Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Gilead’s earnings per share estimates have increased from $6.12 to $6.57 for 2018 and from $6.36 to $6.48 for 2019 over the past 30 days. The company delivered a positive earnings surprise in three of the trailing four quarters with an average beat of 6.43%. The stock has rallied 7.8% so far this year.
Vertex’s earnings per share estimates moved up from $3.15 to $3.74 for 2018 and from $4.33 to $4.59 for 2019 in the last 30 days. The company delivered a positive earnings surprise in all of the trailing four quarters with an average beat of 27.5%. Share price of the company has increased 16.9% in a year.
Seattle Genetics’ 2018 loss per share estimates narrowed from $1.81 to 83 cents for 2018 and from 81 cents to 39 cents for 2019 in the last 30 days. The company delivered a positive earnings surprise in three of the trailing four quarters with an average beat of 12.93%. The company’s shares have rallied 38% year to date.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>