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Stock Market & Financial Investment News

News Breaks
April 2, 2012
16:15 EDTKERX, THRX, YPF, WG, GSK, GRPN, AVPOn The Fly: Closing Wrap
Stocks on Wall Street were higher after manufacturing reports in the U.S. and China indicated expansion. Stock futures traded below fair value for most of the pre-market trading session leading to a lower open for the broader market. The weakness was attributed to a high unemployment reading and a lackluster PMI report out of Europe. The market reversed its course and moved into positive territory following the slightly better than expected ISM manufacturing report here in the U.S. Once in positive territory the market moved quickly, but its advance stalled at a resistance level for the S&P. The move broadened out with the Nasdaq ending the day as the leading major index... ECONOMIC EVENTS: Domestically, the ISM manufacturing reading of 53.4 exceeded expectations for a 53.0 reading. Construction spending in February was down 1.1%, versus the expected increase of 0.6%. Internationally, an official reading of China's PMI rose to 53.1 while Markit's Eurozone manufacturing PMI fell to 47.7... MARKET NEWS: Avon Products (AVP) rejected the increased bid of $23.25 per share from fragrance-maker Coty. Avon shares rose $3.34, or 17.25%, to $22.70 following the announcement of the sweetened offer though Coty said it will not go hostile with its buyout plan... Groupon (GRPN) shares slid almost 17%, to $15.27, after the company announced weakness in its internal controls and revised its Q4 results lower... MAJOR MOVERS: Among the notable gainers were Willbros Group (WG), up 69c, or 21.30%, to $3.93, after its Q4 revenues beat expectations, and Theravance (THRX), up $3.79, or 19.44%, to $23.29, after GlaxoSmithKline (GSK) moved to raise its stake in the company to 26.8% with the purchase of 10M shares. Noteworthy losers included YPF SA (YPF), down $4.40, or 15.49%, to $24.01, following a downgrade at Merrill Lynch and a report that Argentina's government will take control of the company, and Keryx Biopharmaceuticals (KERX), down $3.24, or 65.06%, to $1.74, after the company announced that a trial for its lead drug missed its primary endpoint... INDICES: The Dow gained 52.45, or 0.40%, to 13,264.49; the Nasdaq added 28.13, or 0.91%, to 3,119.70; and the S&P 500 rose 10.43, or 0.74%, to 1,418.90.
News For AVP;GRPN;WG;THRX;GSK;YPF;KERX From The Last 14 Days
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September 3, 2015
12:23 EDTKERXOn The Fly: Top stock stories at midday
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08:15 EDTKERXChimerix rallies, Keryx falls after Citi expands Biotech coverage
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06:39 EDTKERXKeryx initiated with a Sell, $1.50 price target at Citi
Citi analyst Yigal Nochomovitz started shares of Keryx Biopharmaceuticals (KERX) with a Sell rating and $1.50 price target. The stock closed yesterday up 18c to $6.03. Nochomovitz expects the Auryxia launch and long-term sales trends to "materially underperform" consensus expectations. Auryxia is a phosphate binder used for the control of serum phosphorus levels in patients with chronic kidney disease on dialysis. Nochomovitz estimates Auryxia has peak U.S. sales potential of $57M, well below the consensus estimate of $485M. He named Chimerix (CMRX) his top pick in the small- and mid-cap biotech space. The analyst initiated the name this morning with a Buy rating and $80 price target.
September 2, 2015
12:46 EDTGSKGlaxoSmithKline reports 24.5% passive stake in Theravance Biopharma
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September 1, 2015
10:56 EDTGRPNRBC Capital to hold a bus tour
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07:34 EDTGSKAdaptimmune expands trial of T-cell therapy for synovial sarcoma
Adaptimmune Therapeutics (ADAP) announced that the first patient has been dosed in its expanded Phase I/II trial of its affinity enhanced T-cell receptor therapeutic targeting the NY-ESO-1 cancer antigen in synovial sarcoma patients. Based on encouraging results in the first cohort of 10 patients, presented at the American Association for Cancer Research annual meeting in April 2015, the trial is being expanded to encompass an additional 20 patients in two further cohorts. The expansion of Adaptimmune's trial also triggers two milestone payments from GlaxoSmithKline (GSK). Adaptimmune is collaborating with GSK for the development of its NY-ESO TCR program through a strategic cancer immunotherapy partnership announced in June 2014. Under the terms of the agreement, GSK has an exclusive option to license Adaptimmune's NY-ESO TCR therapeutic and upon exercise would assume full responsibility for further development and commercialization of the therapeutic. Adaptimmune's clinical study includes synovial sarcoma patients who have received standard first line therapy containing ifosfamide and/or doxorubicin and who are intolerant or no longer responding to the regimen, and whose tumor expresses a tumor antigen known as NY-ESO-1. The NY-ESO-1 antigen is believed to be present in 60 to 70 percent of synovial sarcoma patients.The primary objectives of the study are to determine the safety of adoptively transferred autologous T cells expressing an affinity enhanced T cell receptor that recognizes the NY-ESO-1 antigen in HLA-A*0201, HLA-A*0205, and/or HLA-A*0206 positive patients with unresectable, metastatic or recurrent synovial sarcoma. Secondary objectives include the determination of efficacy through response rate and duration of response.
August 28, 2015
11:04 EDTYPFOptions with increasing implied volatility
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August 26, 2015
17:06 EDTGSKGilead AMBITION study results published in New England Journal of Medicine
Gilead Sciences (GILD) announced detailed results from the AMBITION study. In AMBITION, conducted in collaboration with GlaxoSmithKline (GSK), combination therapy with Letairis and tadalafil reduced the risk of clinical failure by 50% compared to the pooled Letairis and tadalafil monotherapy arm. These data were published in The New England Journal of Medicine. Letairis, a selective endothelin type-A receptor antagonist, and tadalafil, a PDE5 inhibitor, are each approved in the United States, the European Union and other countries as once-daily treatments for patients with pulmonary arterial hypertension with WHO/NYHA functional class II and III symptoms. Letairis is indicated in the U.S. to improve exercise ability and delay clinical worsening and in the EU under the tradename Volibris to improve exercise capacity. Tadalafil 40 mg is indicated in the U.S. and the EU to improve exercise ability and capacity, respectively. Preclinical data have suggested these therapies may have synergistic effects. However, combination use with Letairis and tadalafil is currently not approved.
August 24, 2015
13:15 EDTGSKFDA expands use of Novartis' Promacta to include children ages 1 and older
Ligand Pharmaceuticals (LGND) announced that the FDA has approved an expanded use for Promacta, a Novartis (NVS) product, to include children 1 year of age and older with chronic immune thrombocytopenia who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. Promacta was acquired by Novartis in March from GlaxoSmithKline (GSK). Promacta was discovered as a result of research collaboration between GSK and Ligand Pharmaceuticals and was developed by GSK. The updated label also includes a new oral suspension formulation of Promacta that is designed for younger children who may not be able to swallow tablets. Promacta was approved by the FDA as a tablet formulation in June 2015 for children 6 years of age and older and in 2008 for use in adult patients with the same condition. The label expansion of Promacta was based on data from two double-blind, placebo-controlled trials, including the largest Phase 3 clinical trial in this patient population. Treatment with Promacta significantly increased and sustained platelet counts among pediatric patients with chronic ITP with an insufficient response to prior chronic ITP therapies, and some patients taking concomitant ITP medications were able to reduce or discontinue their use of these medications, primarily corticosteroids. Promacta should be used only in those whose degree of thrombocytopenia and clinical condition increase the risk for bleeding.
August 21, 2015
05:25 EDTGSKNovartis acquires all remaining rights to Ofatumumab from GSK
Novartis (NVS) announced that it has entered into an agreement to acquire all remaining rights to Ofatumumab from GlaxoSmithKline (GSK). Ofatumumab, a fully human monoclonal antibody which targets CD20, is being developed for relapsing remitting multiple sclerosis, or RRMS, and other autoimmune indications. Novartis previously acquired the rights to Ofatumumab for oncology indications and it is marketed under the brand name Arzerra. Novartis will be responsible for the worldwide development, regulatory and commercialization activities for Ofatumumab. Under the terms of the agreement, Novartis will make an initial upfront payment of $300M to GSK for the acquisition of the compound and a further payment of $200M payable following the start of a phase III study in MS by Novartis. Upon completion of pre-determined milestones, contingent payments of up to $534M may be made. Novartis will also pay royalties of up to 12% to GSK on any future net sales of Ofatumumab in autoimmune conditions.

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