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☆ Stocks making the biggest moves midday: Wynn Resorts, Rocket Lab USA, Cassava Sciences and more
▼ + stars: | 2024-09-27 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

That came after short-seller Hindenburg Research revealed last month it had taken a short position in the company, citing "fresh evidence of accounting manipulation." Cassava Sciences — The biotech company fell 11% after agreeing to pay $40 million to settle a case with the Securities and Exchange Commission. Wynn Resorts — The stock rose about 6% thanks to an upgrade to overweight from equal weight at Morgan Stanley. Amgen — The biotech's shares rose 2% after Cantor Fitzgerald initiated research coverage with an overweight rating. — The aerospace and defense stock added 16% following a price target increase from KeyBanc Capital Markets, which retained an overweight investment rating.

Persons: Bristol Myers, Hindenburg, Morgan Stanley, Amgen, Cantor Fitzgerald, Olivia Brayer, Michael Leshock, — CNBC's Sean Conlon, Alex Harring, Yun Li, Hakyung Kim, Samantha Subin, Pia Singh Organizations: Bristol Myers Squibb, Food and Drug Administration, Bristol, Nordisk —, JPMorgan, Wall, Costco Wholesale, Revenue, Wall Street Journal, Justice Department, Hindenburg Research, Securities and Exchange Commission, Wynn Resorts, UAE, HP Inc, Bank of America, KeyBanc Locations: Nordisk — U.S, Danish, Las Vegas

☆ Stocks making the biggest moves midday: Tesla, GE HealthCare, Coinbase and more
▼ + stars: | 2024-03-13 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Crypto stocks — Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record for the third day in a row. Dollar Tree posted adjusted earnings of $2.55 per share on $8.64 billion of revenue for the fourth quarter. Analysts surveyed by LSEG, formerly known as Refinitiv, had penciled in $2.65 per share on $8.67 billion in revenue. GE HealthCare — Shares dropped 3% after the medtech company announced a secondary offering of 13 million shares. Analysts had expected earnings of 2 cents per share on revenue of $1.62 billion, per LSEG.

Persons: Coinbase, MicroStrategy, CleanSpark, Baird, Goldman Sachs, Wells, Raymond James, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Marathon, Iris Energy, Texas, Nvidia, Devices, Micron Technology —, Micron, AMD, LSEG, GE, —, GE HealthCare Technologies, General Electric, Royal, Petco, Wellness Locations: Kentucky, Royal Caribbean

☆ Startup funding is falling in most major cities. So why is Boston pulling ahead?
▼ + stars: | 2024-02-05 | by ( Melia Russell | Rebecca Torrence | ) www.businessinsider.com time to read: +8 min

AdvertisementThe Bay Area took the lion's share of capital raised on Carta in 2023, followed by Boston, then New York. AdvertisementAccording to Carta data, select metro areas saw the total early-stage funding raised decline by at least a third from 2022 to 2023. Yet early-stage funding was only down 24% in Boston, however, the smallest decrease of the metro areas that Carta tracks. According to Carta data, about $2.6 billion of capital raised in biotech flowed to Boston startups last year. Beyond biotechThe Carta data shows Boston also had strong showings across investment in software-as-a-service and hardware.

Persons: —, Zach Weinberg, Roche, Carta, Founders, that's, Rudina Seseri, Seseri, Peter Walker, Michael Greeley, Greeley, Mark Castleman, Castleman, Clement Cazalot, Cazalot, Walker Organizations: Service, Massachusetts Turnpike, Partners, Business, Carta, Boston, East Coast, Companies, Area, Flare Capital Partners, pharma, Intel Ignite, Glasswing Ventures, Founders, Machinery, Pritzker Group, Armory Square Ventures, Way Ventures, Klaviyo's, New York Stock Exchange Locations: Boston, New York City, East, Boston , Cambridge, Newton , Massachusetts, Newark, Jersey City , New Jersey, New York, San Francisco, Bay, France, Copley

☆ US FDA to delay decision on Bristol Myers-2seventy bio cancer therapy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The U.S. Food and Drug Administration (FDA) has not yet confirmed when the advisory panel would meet, they added. Shares of Bristol Myers Squibb fell more than 2% and those of 2seventy bio slid nearly 20% in early morning trade. The therapy was originally co-developed by bluebird bio (BLUE.O) but following its spin-off in 2021 became part of 2seventy's portfolio. Bristol Myers and 2seventy bio, however, have faced manufacturing constraints, and a month-long planned maintenance shutdown of one of Abecma's manufacturing facility in June had also negatively impacted sales.

Persons: Andrew Kelly, 2seventy bio's, Bristol Myers, Johnson, Biotech's, Khushi, Sriraj Kalluvila Organizations: Food and Drug Administration, FDA, REUTERS, Bristol Myers Squibb, U.S . Food, Drug Administration, Bristol, Johnson, Thomson Locations: White Oak , Maryland, U.S, Bengaluru

☆ Amgen sales rise, but shares off as investors await obesity data
▼ + stars: | 2023-10-31 | by ( Deena Beasley | ) www.reuters.com time to read: +3 min

Third quarter sales of Horizon's gout drug Krystexxa rose to $253 million from $192 million. Amgen raised its post-acquisition forecast for full-year sales to between $28 billion and $28.4 billion from a previous estimate of $26.6 billion to $27.4 billion. Total revenue for the quarter rose 4% to $6.9 billion, in line with analyst expectations. Sales of cancer drug Lumakras fell 31% to $52 million and sales of psoriasis drug Otezla fell 10% to $567 million. Sales of Amjevita, Amgen's new biosimilar version of AbbVie's (ABBV.N) blockbuster arthritis drug Humira, rose 30% to $152 million.

Persons: Robert Galbraith, Amgen, Jefferies, Michael Yee, Bill Smead, Tepezza, We're, we've, Peter Griffith, AMG340, William Blair, Matt Phipps, Lumakras, Otezla, Deena Beasley, Leroy Leo, Bill Berkrot Organizations: REUTERS, Horizon Therapeutics, Smead Capital Management, Wall Street, U.S . Federal Trade Commission, Thomson Locations: South San Francisco , California, California, Los Angeles, Bengaluru

☆ This European biotech company could rally nearly 45%, says Morgan Stanley
▼ + stars: | 2023-10-13 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Recent data for cancer treatment manufacturer MorphoSys AG suggests the German biotech's shares could see a significant rally, according to Morgan Stanley. "Despite increasing competition, our updated analysis suggests peak global sales of $1.6bn for pelabresib," analyst James Quigley wrote in a Friday note. "In addition, while some clinical risk remains, the data so far suggests that MANIFEST-2 has a good chance of success, which should drive significant upside in the shares," Quigley said. Shares have sold off nearly 25% since mid-September, compared to the Nasdaq Biotechnology Index down 4% over the same period. MOR XBI YTD mountain MorphoSys vs SPDR S & P Biotech ETF in 2023.

Persons: Morgan Stanley, James Quigley, Quigley, SPDR, — CNBC's Michael Bloom Organizations: MorphoSys, pelabresib, Nasdaq, MF, P Biotech

The Nasdaq Composite has been on a tear this year and is poised to have its best first half in four decades. If it holds above a 27.31% gain before the week's end, it will be the best first half since 1983, when the Nasdaq added 37.13%. Here are the Nasdaq names that brought in the largest gains so far this year, all with market caps above $500 million. The stock has an average rating of buy, but 6% downside to the average analyst price target, according to FactSet. Applied Digital also has an average rating of buy, but there's about 44% upside to the average analyst price target, per FactSet.

Persons: ImmunoGen Organizations: Nasdaq, Tech, Federal Reserve, StreetAccount

☆ Temasek-backed firms buy stake in VIVA Biotech unit ahead of listing
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

VIVA Biotech said it will use the net proceeds to redeem convertible bonds in a bid "to settle its outstanding liabilities without occupying its internal resources." The deal included capital injection into VIVA Shanghai by new investors and sale of existing interest in VIVA Shanghai from Viva Investment, another unit of VIVA Biotech, the filing showed. Ltd, will altogether hold 17.55% stake in VIVA Shanghai after the deal, according the filing. HLC SPV and Qingdao Hongyi, both linked to HighLight Capital, will obtain a total of 6.66% stake from the transaction. VIVA Biotech has initiated a restructuring which will transfer all assets and personnel related to its early-stage drug discovery business to VIVA Shanghai, and move out of the Shanghai unit any assets and personnel related to drug development and manufacturing service, the filing showed.

Persons: Roxanne Liu, Kane Wu, Stephen Coates Organizations: Singapore's Temasek, Capital, VIVA Biotech Holdings, HK, VIVA, VIVA Shanghai, VIVA Biotech, Viva Investment, Daxue Investments, Temasek Holdings, Temasek, Ltd, SPV, Qingdao Hongyi, Investors, Thomson Locations: Shanghai, Viva

☆ U.S. FDA approves Krystal Biotech's skin-disorder gene therapy
▼ + stars: | 2023-05-19 | by ( Pratik Jain | ) www.reuters.com time to read: +1 min

May 19 (Reuters) - The U.S. Food and Drug Administration on Friday approved Krystal Biotech Inc's (KRYS.O) first-of-its kind topical gene therapy for patients with a genetic skin disorder, sending its shares up 7% in afternoon trading. Patients with the rare dystrophic epidermolysis bullosa disorder suffer from open wounds, causing skin infections and are at an increased risk of vision loss, scarring and skin cancer. The therapy, Vyjuvek, is expected to be available in the United States in the third quarter of 2023, Krystal Biotech CEO Krish Krishnan told Reuters ahead of the FDA decision. Our intent is to provide access to all the patients if possible in the United States," Krishnan said. About 9,000 to 10,000 people suffer from dystrophic epidermolysis bullosa globally, including a U.S. population of about 3,000 patients, according to Krystal Biotech.

☆ Novavax stock plunges 25% after the COVID-19 vaccine maker warns it could go out of business
▼ + stars: | 2023-03-01 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Novavax shares sank 25% after it said it has "substantial doubt" about its ability to stay in business. The biotech plans spending cuts after it fourth-quarter loss was twice as deep as analysts expected. "Given these uncertainties, substantial doubt exists regarding our ability to continue as a going concern through one year from the date that these financial statements are issued," Novavax said in a statement Tuesday. The warning came as the Maryland-based company reported a fourth-quarter earning loss that was nearly twice as bad as some analysts had predicted. The company said it plans to focus on delivering an updated COVID-19 vaccine for the fall of 2023, as required by regulators to adapt to new strains of the coronavirus.

☆ China is still racing to develop its own mRNA jabs. But they won't use foreign vaccines to fight COVID because of 'national pride,' says South Korea's top vaccine maker.
▼ + stars: | 2023-01-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

It hasn't yet approved any mRNA vaccines. But SK Bioscience says China is unlikely to source foreign COVID-19 vaccines, due to "national pride." SK Bioscience has developed its own COVID-19 vaccine, which is now being used in South Korea. "China has administered 3.4 billion doses of COVID vaccines for its people, covering over 90% of its population," said Liu. Even so, Chinese drugmakers are racing to produce mRNA vaccines against COVID-19.

☆ Ocugen-Bharat Biotech COVID vaccine meets main goals in U.S. trial
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Ocugen Inc (OCGN.O) said on Monday the COVID-19 vaccine developed by its Indian partner Bharat Biotech International Ltd met the main goals of a trial in the United States. The vaccine, sold under brand name Covaxin, showed an immune response in individuals who had not received a COVID vaccine previously as well as those vaccinated with mRNA vaccines by Pfizer Inc (PFE.N) and Moderna Inc (MRNA.O), meeting its main goals, Ocugen said. Ocugen did not provide details about its submission to the U.S. FDA for the vaccine. The company is responsible for conducting trials and commercialization of the shot in the United States under a partnership with Bharat Biotech. The U.S. Food and Drug Administration had also paused trials of the shot after WHO's inspection of Bharat Biotech's facility.

☆ The billionaire CEO of a top biotech VC firm details how a new type of AI could transform how we test and discover treatments
▼ + stars: | 2023-01-09 | by ( Sarah Braner | ) www.businessinsider.com time to read: +3 min

Afeyan is the CEO and founder of Flagship Pioneering, the venture firm behind Moderna. Flagship has in its portfolio multiple companies using AI in areas like drug discovery and testing. The Flagship method for company building starts with a vague "what if" question, and if the idea survives testing, it's unveiled to the public, Afeyan told Insider in 2021. Afeyan isn't alone in predicting that generative AI is gearing up to play a bigger role in healthcare. Morgan Cheatham, a vice president at Bessemer Venture Partners, told Insider he predicted generative AI would result in more than $1 trillion in value for the healthcare industry by 2040.

☆ Indian maker of cough syrup linked to Uzbekistan deaths halts production
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Dec 30 (Reuters) - The Indian maker of a cough syrup that was linked to the death of 19 children in Uzbekistan said on Friday that it had halted production of all medicines after an inspection by the drug regulator. Indian media reported that the inspectors had found deviation from rules on manufacturing at one of Marion Biotech's units. Uzbekistan's health ministry said at least 18 children died in Samarkand city after consuming Marion Biotech's Dok-1 Max syrup. Hasan Harris, Marion Biotech's legal head, told Reuters partner ANI, "We await the reports, the factory was inspected. The Uzbekistan case follows deaths of at least 70 children in Gambia that had been linked to cough and cold syrups manufactured by New Delhi-based Maiden Pharmaceuticals Ltd.

☆ Indian maker of syrup linked to Uzbekistan deaths halts production; facility inspected
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree FadnavisNEW DELHI, Dec 29 (Reuters) - India's drug regulator said on Thursday that it had inspected Marion Biotech's production facility and promised more action based on the probe report after the company's cough syrup was linked to death of 18 children in Uzbekistan. A legal representative of Marion Biotech said the Indian maker of pharmaceuticals and cosmetics regretted the deaths and the company has halted production of the Dok-1 Max syrup. The drug regulator reviewed the company's Noida facility in the Uttar Pradesh state and is in regular touch with its Uzbekistan counterpart, the Indian health ministry said in a statement. "The samples of the cough syrup have been taken from the manufacturing premises and sent to Regional Drugs Testing Laboratory, Chandigarh for testing," the ministry said. Uzbekistan's health ministry said on Wednesday that at least 18 children in the country died after consuming the syrup, manufactured by the Indian drugmaker.

☆ A tiny biotech's experimental treatment for a silent disease that strikes millions just cleared a key hurdle and the stock is up more than 200%
▼ + stars: | 2022-12-19 | by ( Sarah Braner | ) www.businessinsider.com time to read: +2 min

Madrigal Pharmaceuticals reported positive results in its phase 3 trial for a drug to treat NASH. NASH is a serious liver condition that does not have an FDA-approved treatment. Many people don't even know they have it, which is why some people call it a "silent" disease. In a trial of more than 950 patients, 26% of patients taking 80mg and 30% of patients taking 100mg of the drug showed that NASH activity like swelling had been reduced. Pharma hasn't found a way to treat NASH yetThe pharma industry has been watching NASH for a while.

☆ Moderna's CEO predicts how the biotech's work in cancer vaccines could transform healthcare, starting with your annual physical
▼ + stars: | 2022-12-14 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +5 min

Personalized cancer vaccines could provide a new way to fight early cancer cases. Moderna CEO Stéphane Bancel told Insider he thinks cancer vaccines can upend cancer care. In an interview, Bancel shared his vision on how these personalized cancer vaccines could transform cancer care. Based off the blood work, Moderna would design vaccines that target the genetic mutations in cancerous cells that stand out from healthy cells. The blood tests could find cancer before it grows too much, and mRNA vaccines could squash it.

☆ 100-hour workweeks and a bit of luck: How a 25-year-old CEO raised $50 million for his new drug discovery startup
▼ + stars: | 2022-11-22 | by ( Andrew Dunn | Sarah Braner | ) www.businessinsider.com time to read: +10 min

In June, Charm said it raised $50 million, valuing the firm at $100 million to $150 million. Charm has raised $50 million from top investorsDemis Hassabis, the CEO and a cofounder of DeepMind Technologies. In the spring, Aithani raised the $37 million million round that was announced in June, with investors like Khosla Ventures and General Catalyst joining OrbiMed and F-Prime Capital. The raise values Charm at between $100 million and $150 million, Aithani said, and brings the company's total funding to $50 million. This article was corrected on August 19 to show that Charm has raised two rounds of funding totaling $50 million.

☆ Prime Medicine dipped 10% in its public debut. We dug through the biotech's 283-page filing to find 5 key takeaways about the company's plan to commercialize gene editing.
▼ + stars: | 2022-10-20 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +8 min

The gene-editing biotech Prime Medicine went public on Thursday. From a key patent to an uncertain timeline, here are five takeaways from Prime's filing. Its goal is to advance prime editing, a twist on CRISPR gene editing that could allow for a wider range of edits to DNA. Prime editing, another version of next-generation gene editing, works like a word processor, "searching for the correct location and replacing or repairing a wide variety of target DNA," the filing said. Jessica Rinaldi/The Boston Globe via Getty ImagesDavid Liu, a Harvard gene-editing scientist who co-invented base editing and prime editing, is Prime's largest shareholder.

☆ Influencers Are Getting Rich by Hawking Dubious Financial Advice
▼ + stars: | 2022-10-18 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

On TikTok and YouTube, "passive income" side-hustles have skyrocketed in popularity. On TikTok and YouTube, influencers are getting rich while spreading dubious financial advice for how to make money fast — and failing to give viewers a full picture of the risks involved. Followers can make hundreds — if not thousands — of dollars in passive income by renting out property, day-trading, or dropshipping, influencers say. Instead, creators sell courses that promise to teach people how earn money through passive income — helping them get rich while selling the dream of easy cash. These financial influencers are drawing in a lot of young people: A recent survey found that 34% of Gen Z consumers obtain financial advice from TikTok, while only 24% of this age group seek advice from financial advisors.

Insider found 16 pioneers in the world of biotech venture capital who are shaping the industry. But new investors are joining the ranks of biotech venture capitalists every day, and they're bringing new ideas with them. Insider set out to identify the rising stars writing biotech's next chapter and ended up with a wide-ranging group of 16 investors shaping the industry. According to these people, the 16 names on this list represent some of the brightest minds in the VC world and are using their intellect to shake things up. Here are the 16 rising stars of biotech investing, according to investors, academics, and entrepreneurs.

☆ Moderna pops 17% after Merck exercises option to jointly develop a personalized cancer vaccine
▼ + stars: | 2022-10-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Moderna spiked as much as 17% on Wednesday after the company teamed up with Merck to develop personalized cancer vaccines. Data from an ongoing phase 2 trial of Moderna's vaccine used in combination with Merck's Keytruda is expected in the fourth quarter. Under an existing licensing agreement that was initially inked in 2016, Merck had the option to exercise an option to jointly develop and sell the personalized cancer vaccines. Merck will pay Moderna $250 million to exercise its option, and will collaborate on the development and commercialization of the vaccines. Merck's cancer drug Keytruda is currently being evaluated in combination with Moderna's mRNA-4156/V940 vaccine as a treatment for patients with high-risk melanoma.

☆ CRISPR pioneer Feng Zhang is building a secretive new startup to solve gene-editing's biggest problem — getting into more parts of the body
▼ + stars: | 2022-10-12 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +6 min

CRISPR pioneer Feng Zhang is building a new gene-editing startup, Insider has learned. CRISPR pioneer Feng Zhang is in the process of launching yet another ambitious gene-editing startup, backed by approximately $200 million from some of biotech's biggest investors, Insider has exclusively learned. Aera was incorporated in September 2021, shortly after Zhang's research was published in Science. Aera is at least the seventh startup Zhang has cofounded, joining a list that includes base-editing biotech Beam Therapeutics, CRISPR company Editas Medicine, and gene-editing startup Arbor Biotechnologies. While the ARC protein seems tailored for brain delivery, Zhang's suite of proteins could reach other organs, Shepherd said.

☆ AstraZeneca's COVID vaccine suffers a setback in nasal spray trial
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Also, the immune response measured in the blood was weaker than that from a shot-in-the-arm vaccination. India's health minister last month approved Bharat Biotech's COVID-19 nasal spray vaccine while China's CanSino Biologics Inc (6185.HK) last month won emergency approval by the country's drug regulator for an inhaled version of its COVID-19 vaccine. The British trial enrolled 30 previously unvaccinated participants as well as 12 volunteers, who had previously received a standard two-dose vaccine course by injection. "The nasal spray did not perform as well in this study as we had hoped," said Sandy Douglas, chief investigator of the trial at Oxford University's Jenner Institute. No serious adverse events or safety concerns were reported during the trial, which was funded by AstraZeneca, according to the statement.

☆ Biogen soars 43% after its Alzheimer's drug helps slow down cognitive decline in late-stage study
▼ + stars: | 2022-09-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Biogen soared 43% on Wednesday after the company's Alzheimer's drug showed solid results in slowing the cognitive decline of patients. The drug, lecanemab, slowed cognitive decline by 27% after 18 months in a phase three clinical trial. Specifically, the drug helped reduce the pace of cognitive decline in people with early Alzheimer's by 27% over 18 months, compared to a placebo. The drug is separate from Biogen's aduhelm Alzheimer's drug, which was approved by the FDA last year in what was seen as a controversial decision. Biogen's positive Alzheimer's drug results is moving a handful of stocks that are focused on developing therapies in the space.

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