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☆ BofA names 'Asia's most important stocks' — and analysts give one over 40% upside
  + stars: | 2024-05-17 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com   time to read: +2 min
BofA Securities has screened for 20 of Asia's "most important stocks," selected from the constituents of the MSCI Asia Pacific Index. Here are 10 stocks from the investment bank's list, which stand out for having substantial upside potential, according to FactSet's consensus price targets. This gives the stock upside potential of 42.0%. Analysts' target price on the stock is 103,211 Korean won ($76.61), or 32.0% potential upside, according to FactSet data. Their average target price is 233,378 Korean won, implying nearly 20.9% upside potential, FactSet data shows.
Persons: — CNBC's Michael Bloom Organizations: BofA Securities, MSCI, AIA Group, Hong, Samsung Electronics, SK Hynix, Korean Locations: Hong Kong, Korean
☆ Why the US isn't facing a stagflation threat even as growth slows, according to BofA
  + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +1 min
Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday. While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending. That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fear arose in April when first-quarter GDP missed expectations as inflation figures simultaneously surpassed estimates.
Persons: stagflation, —, Bank of America isn't Organizations: Bank of America, Service, Business
☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
  + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com   time to read: +3 min
Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.
Persons: —, Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York
☆ CPI takes risk of rate hikes off the table but doesn't bring cuts any closer: BofA's Michael Gapen
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCPI takes risk of rate hikes off the table but doesn't bring cuts any closer: BofA's Michael GapenMichael Gapen, Bank of America head of U.S. economics; John Porter, Newton Investment Management CIO and head of equities; and CNBC's Steve Liesman join 'The Exchange' to discuss April's CPI report, macro outlooks, and more.
Persons: BofA's Michael Gapen Michael Gapen, John Porter, Steve Liesman Organizations: CPI, Bank of America, Newton Investment Management
☆ Copper futures hit record high as data center build-up, EV growth fuels demand
  + stars: | 2024-05-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com   time to read: +2 min
Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.
Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany
☆ Sports bettors may be getting bored with ESPN Bet, just 6 months after its head-turning rebrand from Barstool Sportsbook
  + stars: | 2024-05-14 | by ( James Faris | ) www.businessinsider.com   time to read: +5 min
Sports bettors flocked to ESPN Bet after its mid-November launch. Taking 10% to 20% market share by 2027 no longer seemed like such a stretch — even in a crowded, competitive space. ESPN Bet's share of the online sports betting market has dipped in recent months. The gamble may be riskier than analysts thought, and it will be an outright disaster if ESPN Bet doesn't perform better than Barstool Sportsbook. Related storiesIn the first quarter, Penn's interactive segment headlined by ESPN Bet lost nearly $200 million on an adjusted basis.
Persons: —, Sports bettors, Penn, ESPN Bet doesn't, Shaun Kelley, hasn't, Kelley, BofA, ESPN Bet wouldn't, Bob Iger —, what's, Jay Snowden, We're, Snowden, That's, It's, that's Organizations: Service, ESPN, Penn Entertainment, Sports, ESPN Bet, Business, Bank of America, ESPN Bet's, Penn, Disney
☆ One auto stock is quietly breaking out as Tesla struggles. Citi sees a double from here
  + stars: | 2024-05-14 | by ( Brian Evans | ) www.cnbc.com   time to read: +2 min
Analysts think General Motors will emerge as a bright spot in an automobile industry challenged by a weakening electric vehicle market. But Wall Street firms including Citigroup and Bank of America now think General Motors can strengthen its position in EVs. GM TSLA YTD mountain General Motors stock has outpaced Tesla in 2024. The bank has a buy rating on General Motors with a $96 per share price target, implying 113% upside from Monday's $45.17 close. Murphy's $75 per share price target implies 66% upside over the next 12 months.
Persons: Tesla, Itay Michaeli, John Murphy, GM's, Murphy, Ryan Brinkman Organizations: EV, Elon, Citigroup, Bank of America, General Motors, GM, Wall, Citi, JPMorgan Locations: EVs
☆ 5 defensive trades to make if stagflation and hard-landing fears cause a stock sell-off, BofA says
  + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +2 min
Stocks are vulnerable to a stagflation or hard landing rebound, says Bank of America's Michael Hartnett. AdvertisementStock markets face downturn risk if stagflation or recession anxiety re-materializes, Bank of America's top global strategist Michael Hartnett wrote on Tuesday. "Sentiment not at 'close-eyes-and-sell' levels but risk assets vulnerable to more evidence of stagflation," he noted in the bank's latest Global Fund Manager Survey. Although outlooks have since calmed, stagflation seemed like a growing possibility last month, when estimate-beating inflation data eclipsed shallow first-quarter GDP. Stagflation may have some part to play, as inflation remains the leading tail risk, while fears of an "economic hard landing" grew stronger.
Persons: America's Michael Hartnett, Hartnett, —, Michael Hartnett, stagflation Organizations: America's, Service, materializes, Bank of America's, Global Fund, Survey, Japan Utilities, Federal Reserve Locations: China, Europe, Japan
☆ The low-income consumer is still spending, says BofA's David Tinsley
  + stars: | 2024-05-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe low-income consumer is still spending, says BofA's David TinsleyDavid Tinsley, senior economist at the Bank of America Institute, joins 'Power Lunch' to discuss the health of the consumer and their spending habits.
Persons: BofA's David Tinsley David Tinsley Organizations: Bank of America Institute
☆ Watch CNBC's full interview with Solus' Dan Greenhaus, Invesco's Kristina Hooper and BofA's Marci McGregor
  + stars: | 2024-05-13 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Solus' Dan Greenhaus, Invesco's Kristina Hooper and BofA's Marci McGregorSolus' Dan Greenhaus, Invesco’s Kristina Hooper and BofA’s Marci McGregor, join 'Closing Bell' to discuss the market's resiliency, sector winners and their outlook.
Persons: Solus, Dan Greenhaus, Invesco's Kristina Hooper, BofA's Marci McGregor Solus, Invesco’s Kristina Hooper, BofA’s Marci McGregor
☆ Markets are more willing to see China as a 'glass half full story': Strategist
  + stars: | 2024-05-10 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are more willing to see China as a 'glass half full story': StrategistWinnie Wu, chief China equity strategist at BofA Securities, says, however, that a "fundamental turnaround will be quite [a] long-term story."
Persons: Winnie Wu Organizations: BofA Securities Locations: China
☆ Not seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett Krisberg
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s April Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.
Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute
☆ BofA Securities says copper is one of its top commodity picks
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities says copper is one of its top commodity picksMatty Zhao, head of Asia-Pacific basic materials and oil and gas research at BofA Securities, says artificial intelligence will boost the demand for copper and the metal's prices.
Persons: Matty Zhao Organizations: BofA Securities Locations: Asia, Pacific
☆ BofA Securities' Vivek Arya reacts to Arms Q4 earnings
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities' Vivek Arya reacts to Arms Q4 earningsVivek Arya, Bank of America Securities senior semiconductor analyst, joins CNBC's 'Squawk on the Street' to discuss the semiconductor sector, Arms Holding earnings, AI, and more.
Persons: Vivek Arya Organizations: BofA, Bank of America Securities, Arms
☆ Bankruptcies are spiking as companies lose hope of rate cuts
  + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +2 min
April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.
Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment
☆ Why Wall Street is transfixed by a BofA banker's untimely death
  + stars: | 2024-05-08 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +9 min
The untimely death of a 35-year-old Bank of America associate has sparked a conversation across Wall Street over working conditions. "And to at least just start having those conversations as to how they can make junior bankers work life much better because it's been long overdue. At BofA, 100-plus hour weeks logged by junior bankers aren't unusual, said current and former employees, who questioned whether the firm's system for flagging excessive amounts of work was actually effective. But some junior bankers felt dismayed by an apparent lack of written communication from bank leaders about the incident, this person added. Crushing exhaustion, heightened demandsThe former BofA investment-banking analyst, who was not on Lukenas' team, quit in 2023 after two years.
Persons: Leo Lukenas III, BofA, Lukenas, it's, Goldman Sachs, Lukenas —, —, UMB, Christopher Perkins, Perkins, Les Lukenas, Green, Leo, Reed Alexander, Emmalyse Organizations: Service, of America, Wall, Army, Green Beret, Special Forces, Reuters, New York Office, Business, Bank of America, Investment, Goldman, Heartland Financial, Inc, FIG, Citigroup, Veterans, BI, LinkedIn, Green Berets, Army Special Forces Locations: BofA, London, Wall, ebrownstein@businessinsider.com
☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
  + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com   time to read: +34 min
Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.
Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel
☆ Disney quarterly results are on deck. Here's what to expect
  + stars: | 2024-05-07 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
The "Partners" statue of Walt Disney and Mickey Mouse, at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida, photographed Saturday, June 3, 2023. This will also be Disney's first earnings call since it won a proxy fight against Nelson Peltz's Trian Partners. Here is what Wall Street expects Disney to report Tuesday morning, according to LSEG:Earnings per share: $1.10 expectedRevenue: $22.11 billion expectedThe subscriber growth at its flagship streaming service, Disney+, will once again be a top focus. Last quarter Disney's direct-to-consumer unit — which also includes Hulu and ESPN+ — saw its losses narrow to $216 million from $1.05 billion in the same period a year earlier. Visitor traffic to Disney's theme parks in the U.S. will also be in focus.
Persons: Walt Disney, Mickey Mouse, Bob Iger, Nelson Peltz's Trian, Jessica Reif Ehrlich, Reif Ehrlich Organizations: Magic, Walt Disney World, Disney, BofA Securities, Hulu, ESPN, Deutsche Bank, Comcast, Universal, CNBC Locations: Lake Buena Vista , Florida, Hulu, U.S, Orlando, Universal Orlando, NBCUniversal
☆ How a strained consumer 'plays right into' the hands of this discount retailer
  + stars: | 2024-05-07 | by ( Alex Harring | ) www.cnbc.com   time to read: +5 min
"That all really kind of plays right into Ollie's hands." Her $92 price target implies about 17%% upside from Monday's close. The average analyst has a buy rating and target for shares suggesting upside of more than 12%, according to LSEG. Ollie's shares are lagging the broader market in 2024 with a gain of almost 5% versus the S & P 500's 9% gain. OLLI 1Y mountain Ollie's shares over the past 12 months.
Persons: Anthony Chukumba, it's, Price, Melanie Nuñez, Ollie's, Nuñez, Chukumba, OLLI, Truist's Scot Ciccarelli, Ciccarelli, TJ Maxx, BofA's Nuñez, Chukumba's, FirstCash Organizations: Capital, Federal, Amazon, Walmart, Bank of America, Wall, Ross Locations: McDonald's, Harrisburg , Pennsylvania, Monday's, Ollie's
☆ As high-paying jobs become harder to get, more Americans are looking to Uber and Lyft for extra income
  + stars: | 2024-05-07 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com   time to read: +5 min
Gig work, in particular ride-hailing for companies like Uber and Lyft, is getting more popular. AdvertisementMore and more Americans are taking up gig work for companies like Uber and Lyft — in part because some have fewer options to land high-paying jobs. Additionally, BofA found that people with ride-hailing income earned, on average, more a month than those who did delivery gig work. Vacation rental was the highest-earning gig BofA measured, but this is only accessible to people with a home to rent out. While some young people could value the supplementary income gig work can provide — particularly if they're struggling to pay the bills — others may end up disappointed.
Persons: Uber, —, Lyft, BofA, it's, they've, Kate Bahn, X, Gen, they're Organizations: Service, Bank of America, Bank of America Institute, Bureau of Labor Statistics, Institute for Women's, Research, Atlanta Fed, millennials
☆ Disney Q2 results on deck: Here's what to expect
  + stars: | 2024-05-06 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney Q2 results on deck: Here's what to expectJessica Reif Ehrlich, BofA Securities senior U.S. media and entertainment analyst, joins 'Squawk Box' to preview Disney's quarterly earnings results, the company's outlook, streaming landscape at large, Paramount's merger plans, and more.
Persons: Jessica Reif Ehrlich Organizations: BofA Securities
☆ Starbucks has 'a branding issue' due to social media, says BofA's Sara Senatore
  + stars: | 2024-05-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStarbucks has 'a branding issue' due to social media, says BofA's Sara SenatoreSara Senatore, Bank of America senior restaurant analyst, joins CNBC's 'The Exchange' to discuss the demand from former Starbucks CEO Howard Shultz for a company revamp, how the coffee chain can improve operations, and more.
Persons: BofA's Sara Senatore Sara Senatore, Howard Shultz Organizations: Bank of America
☆ Autos analysts pick who can survive China’s cut-throat EV market
  + stars: | 2024-05-05 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +6 min
Investment analysts are coalescing around a few potential winners in China's car market after a 10-day auto show in Beijing put the ferocious competition on full display. "This year, we notice[d] a meaningful amount of foreign visitors who are Chinese brands' overseas dealers or importers," JPMorgan analysts said. Open to the public After two days of restricting access only to business and media, the Beijing auto show opened to the general public. Jefferies' analysts estimate the policy could boost China's passenger vehicle sales by 1 million units this year, evenly split between electric and gas-powered models. The analysts highlighted their Chinese car stock picks as Leapmotor, Geely and BYD, all rated buy and listed in Hong Kong.
Persons: Nick Lai, BYD, Tesla, hasn't, Elon Musk, Nezha, Asensing, Zhang Haizhou, Morgan, Lei Jun, Xiaomi, Jefferies, Bank of America Merrill Lynch, Leapmotor, — CNBC's Michael Bloom Organizations: Asia Pacific, JPMorgan, Porsche, Apple Vision, Brands, Mazda, Auto, Morgan Stanley Asia Pacific, EV, Bank of America, Trade, Ministry of Commerce, Volkswagen, VW, Toyota Locations: Beijing, China, Asia, Europe, Nio, Zhejiang, Hong Kong
☆ Buy these 8 underrated stocks that are about to report surprisingly strong Q1 earnings, according to Bank of America
  + stars: | 2024-05-05 | by ( James Faris | ) www.businessinsider.com   time to read: +3 min
Small- and mid-cap companies have long lagged the broader market due to a slew of challenges, including higher interest rate expectations. However, the strategy head acknowledged that not all small- and mid-cap stocks are the same. The former has been the most consistent small-cap group in economic regimes like this one, though quality stocks can also be a strong choice. Below are the other eight SMID-cap stocks with earnings prospects that Bank of America is bullish about now. Along with each is its ticker, market capitalization, sector, Z-scores for earnings and revenue (higher is better), and Q1 earnings report date (soonest are listed first).
Persons: BofA, Russell, Jill Carey Hall, Hall Organizations: Bank of America's, Business, Bank of America
☆ This rare muscle disease play can rally more than 50%, BofA says
  + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com   time to read: +2 min
Avidity Biosciences stock has more room to run thanks to the company's pipeline of multiple treatments for rare muscle disorders, according to Bank of America. Avidity has a therapeutic platform — antibody oligonucleotide conjugates — that was well-received at the time it went public in 2020, Meacham said. But shares were hurt by a clinical hold on Avidity's leading program for treating an uncommon muscle disorder, DM1. The program, tested in the Marina trial, recently saw long-term data that has "helped lift that key overhang on the stock," Meacham said. Those catalysts are tied to two other drugs in the muscle disorder space that are expected to report data this year, according to Meacham.
Persons: Geoff Meacham, Meacham Organizations: Biosciences, Bank of America Locations: San Diego, Thursday's
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