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☆ Morgan Stanley likes biopharma as a defensive play — giving one stock 119% upside
▼ + stars: | 2024-01-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The biopharmaceutical sector is expected to offer a safe haven from macroeconomic and earnings concerns ahead of final quarterly results from companies, according to Morgan Stanley. Morgan Stanley, however, cautioned that the outlook for drug pricing reform in the U.S. poses risks for the sector. Shares of Indivior , argenx , AstraZeneca , Merck , Lonza, Sweden's Sobi, Novo Nordisk and Sandoz Group were among those listed by Morgan Stanley with a "buy" rating. In a bull case where Sublocade hits $2.2 billion in sales by 2030, Morgan Stanley sees shares rising further to 3,500 British pence. Novo Nordisk Shares of Novo Nordisk , a leader in diabetes and obesity drugs, offer a 9.4% upside, according to Morgan Stanley.

Persons: Morgan Stanley, Mark D Purcell, Sweden's, Sublocade, Thibault Boutherin, Morgan, — CNBC's Michael Bloom Organizations: Barclays, Bank of America, AstraZeneca, Merck, Lonza, Novo Nordisk, Sandoz Group, AstraZeneca AstraZeneca, British pharma, EU Locations: U.S, argenx, Novo, Indivior

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

Sept 26 (Reuters) - Shares of Immunovant (IMVT.O) surged nearly 80% on Tuesday, after early-stage data from its experimental antibody treatment exceeded analysts' expectations. Immunovant is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases. Immunovant's experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease in healthy adults. Shares of Roivant Sciences (ROIV.O), Immunovant's largest shareholder with a 56.5% stake, according to LSEG data, also rose 17.5% to $12. The positive data from IMVT-1402 could give Roivant another "potentially blockbuster" candidate to transact, after its experimental treatment for bowel disease, Jefferies analyst Dennis Ding said.

Persons: J.P, Morgan, Brian Cheng, drugmakers Johnson, Johnson, Hytrulo, Immunovant, transact, Jefferies, Dennis Ding, Bhanvi, Krishna Chandra Organizations: UCB, Roivant Sciences, Thomson Locations: United States, York, IMVT, Bengaluru

☆ Meme investors could spoil AMC’s next act
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

AMC is already fighting another lawsuit over its attempt to convert preferred stock into common shares, a novel scheme to avoid getting investors’ approval for share sales. It fits with other forays since AMC became a retail-favorite meme stock – like buying into a gold miner – that seem to disregard conventional governance niceties. Attracting a rush of retail traders means there are plenty of investors to call foul. If their push against the preferred stock gambit succeeds, AMC could struggle to raise new funds, which bodes poorly for repaying its $5 billion in debt. It turns out that, for a meme stock’s final act, the audience starts throwing tomatoes.

Persons: Adam Aron, Kevin Barnes, Barnes ’, Anita Ramaswamy, Xavier Niel’s, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, AMC, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ Commonwealth Games hit a financial wall
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, July 18 (Reuters Breakingviews) - Anyone who signs up for a marathon soon hears about the metaphorical wall that exhausted runners often hit around three-quarters of the way through the race. Australia’s state of Victoria has just crashed into the financial equivalent, much earlier, in its preparations for hosting the 2026 Commonwealth Games. Rio de Janeiro lost $2 billion hosting the 2016 Olympic Games, for instance. Andrews’ government, though, also wanted the Games to be hosted in several different cities – and added more sports, per the Commonwealth Games organising body. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Daniel Andrews, Andrews, Antony Currie, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Victoria, Games, Commonwealth Games, Twitter, Cathay, Thomson Locations: Australia’s, Victoria, Rio de Janeiro

☆ Novartis buyback offers partial cure for M&A risk
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 18 (Reuters Breakingviews) - Novartis’s (NOVN.S) bumper buyback will offer a little relief to investors. Many had been waiting to see what the $225 billion Swiss pharma giant would do with an extra $20 billion burning a hole in its pocket after Roche(ROG.S) bought back its stake in 2021. It needs new drugs to replenish its pipeline and boost an ailing share price, which has still not recovered since the pandemic. But on Tuesday, CEO Vasant Narasimhan said he will launch a $15 billion buyback programme. The Swiss drugmaker’s $15.4 billion of net debt is less than 1 times its forecast 2023 EBITDA, according to Refinitiv.

Persons: Roche, Vasant Narasimhan, can’t, Aimee Donnellan, Xavier Niel’s, Neil Unmack, Streisand Neto Organizations: Reuters, Swiss pharma, Alcon, Madrigal Pharmaceuticals, Novartis, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Swiss

☆ Xavier Niel’s GAM raid looks less quixotic
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer. That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM. But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.

Persons: Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic Organizations: Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson Locations: Swiss

☆ Argenx drug boost is mixed blessing for suitors
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.

Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian

☆ Luxury tests limits of its immunity to downturns
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters Breakingviews) - Compagnie Financiere Richemont (CFR.S) is testing the limits of luxury’s immunity to downturns. Shares of other big luxury players, including $236 billion Hermes International (HRMS.PA) and $502 billion LVMH (LVMH.PA), also fell 4.2% and 3.7% respectively. The top 5% of wealthiest shoppers who are probably less sensitive to inflation drove around 40% of global luxury sales last year, according to Boston Consulting Group. Shares in the European luxury sector are on average up 69% since the start of the pandemic in 2020. Meanwhile, revenue in Asia, which makes up 40% of Richemont's revenue, grew 40% year-on-year in the last quarter.

Persons: Cartier, U.S . downer, Karen Kwok, George Hay, Sharon Lam Organizations: Reuters, Financiere, Hermes, Boston Consulting, Citi, U.S ., Twitter, Cathay, Thomson Locations: Asia

☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Chevron, Amazon, Avis, SeaWorld & more
▼ + stars: | 2023-05-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Needham initiates Sovos Brands as buy Citi said Sovos' Brands Rao's Tomato Sauce will be a $1 billion brand in the next three-to-four years. " Citi reiterates Anheuser-Busch InBev as buy Citi said investors should buy the dip in the beer giant. Deutsche Bank upgrades Avis to buy from hold Deutsche said the rental car company that it has upside potential. "In a tougher recession and sharp travel fall-off where revenue growth is cut in half, we estimate mid to high single digit EPS risk, implying an excellent risk/reward given valuation. Citi reiterates Nvidia as buy Citi said investors should "stay long" in shares of Nvidia.

Persons: Needham, Sovos, Michael Angelo's, Bernstein, Wedbush, it's, Goldman Sachs, Goldman, Bud, Baird, Mobileye, XYL, Wells, Key, AMBA, Mizuho, Piper Sandler, Piper Organizations: Brands, Citi, Amazon, Worldwide, Conference, SeaWorld, Anheuser, Busch InBev, Deutsche Bank, Avis, Deutsche, UBS, American Express, American, Palo Alto Networks, JPMorgan, Chevron, Service, Nvidia, TAM, Liberty, Microsoft Locations: US, Noosa, Cupertino, European, Wells Fargo, CrowdStrike, Zscaler, Palo, America, F2023E

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