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☆ Stocks making the biggest moves before the bell: American Express, Domino's, Coinbase and more
▼ + stars: | 2023-06-15 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Cognyte Software — Shares rose 5.6% in the premarket following the software company's quarterly report. American Express — Shares of the credit card company dipped 2% in premarket trading after Citi warned that credit card spending trends have slowed. Citi opened a negative catalyst watch for American Express, warning that travel and entertainment categories are slowing more sharply than other categories. SoFi — Shares slid 4% after Oppenheimer downgraded the financial technology stock to perform from outperform. Zions Bancorp — The bank stock slid 1.4% in the premarket.

Persons: Cognyte, Wall, Aldeyra, Mizuho, SoFi, Oppenheimer, Janney, —, Sarah Min, Michelle Fox, Jesse Pound Organizations: FactSet, Therapeutics, Citi, American Express, Stifel, Corning, Zions Bancorp, Bancorp Locations: Wednesday's

☆ A 53-year-old biotech investor is set to be replaced by a 32-year-old exec on Biogen's board. No one disclosed that the new board member is his girlfriend and the mother of his child.
▼ + stars: | 2023-06-13 | by ( Zachary Tracer | ) www.businessinsider.com time to read: +2 min

The biotech company Biogen is revamping its board of directors. The nominee, Susan Langer, is "highly qualified", Biogen said. Biogen, the $44-billion biotech company known for its work in Alzheimer's, is refreshing its board of directors. Standing for election as a replacement is Susan Langer, a 32-year-old biotech exec and former Biogen employee. Langer, a graduate of Cornell University, is the daughter of the biotech billionaire Robert Langer, known for cofounding Moderna.

Persons: wasn't, Susan Langer, Biogen, Alex Denner, Denner, Langer, Stat, Jack Cox, Ms, Cox, Denner didn't, Langer couldn't, Robert Langer, she's Organizations: Morning, Stat, Board, Stat News, Cornell University, cofounding Moderna, Souffle Therapeutics Locations: Alzheimer's, Biogen

The pan-European STOXX 600 index (.STOXX) closed 0.2% higher, with the DAX (.GDAXI) up 0.9%. Luxury majors LVMH (LVMH.PA) and Hermes (HRMS.PA) climbed 1.8% and 3%, respectively, further supporting the STOXX 600. Meetings of the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The STOXX 600 started the year on a stronger footing compared to the S&P 500 index (.SPX) but lost steam during the second quarter due to a rise in preference for growth-oriented stocks as opposed to value stocks. Shares in SES tumbled 14.6% to the bottom of the STOXX 600 after the satellite company announced its chief executive Steve Collar would step down.

Persons: BOJ, Bernstein, DAX, Lionel Messi's, Hermes, Daniela Hathorn, Sergio Ermotti, he’s, Michael Hewson, Silvio Berlusconi, Steve Collar, Shreyashi Sanyal, Bansari, Eileen Soreng Organizations: Fed, ECB, Adidas, UBS, CS, Inter Miami, U.S . Federal Reserve, European Central Bank, Bank of Japan, Credit Suisse, CMC Markets, MEDIAFOREUROPE, Italian, Novartis, Seattle, Chinook Therapeutics, SES, BNP, Exane, Thomson Locations: Europe, Bengaluru

☆ Novartis buys Chinook for $3.5 bln in race to treat rare kidney disease
▼ + stars: | 2023-06-12 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

June 12 (Reuters) - Novartis (NOVN.S) said it has agreed to acquire U.S. biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment. The other drug hopeful is iptacopan, which is being trialled against a number of rare genetic disorders, including IgAN and another kidney disease. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to kidney failure that requires dialysis or organ transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, Novartis added. Additional reporting by Miranda Murray; Editing by Kim Coghill, Sonali Paul and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Novartis, Vas Narasimhan, Narasimham, atrasentan, Narasimhan, Kisqali, Roche, Vera, Muddy Waters, Miranda Murray, Kim Coghill, Sonali Paul, Alexander Smith Organizations: Novartis, Chinook Therapeutics, Vera Therapeutics, Sandoz, Chinook, Thomson Locations: Seattle, United States

☆ European shares rise at open, all eyes on c.bank meetings
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - European shares edged higher on Monday at the start of a week packed with major central bank policy meetings, while shares of Swiss drugmaker Novartis rose after it agreed to buy U.S.-based Chinook. The pan-European STOXX 600 index (.STOXX) rose 0.3% by 0715 GMT. Meetings from the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The European healthcare sector index (.SXDP) was up 0.6%, while the personal & household sector index (.SXQP) led gains with a 0.9% rise. German sportswear maker Adidas (ADSGn.DE) jumped 3.1% after Bernstein raised its rating on the stock to "outperform" from "market perform".

Persons: Bernstein, Shreyashi Sanyal, Eileen Soreng Organizations: Swiss, Novartis, U.S . Federal Reserve, European Central Bank, Bank of Japan, ECB, Seattle, Chinook Therapeutics, Adidas, Thomson Locations: Bengaluru

☆ Novartis to buy Chinook for up to $3.5 bln in boost to late-stage pipeline
▼ + stars: | 2023-06-12 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

June 12 (Reuters) - Novartis (NOVN.S) has agreed to acquire Seattle-based biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up with a new treatment for a rare severe kidney disease. Chinook is also working on zigakibart, another experimental IgAN treatment that is injected, and plans to start a Phase 3 trial in the third quarter of 2023. IgAN is a progressive autoimmune disease that mostly affects young adults and which can lead to dialysis or kidney transplantation. IgAN is the most common cause of kidney failure in Caucasian young adults, the company added. Additional reporting by Miranda Murray; Editing by Kim Coghill and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Swiss drugmaker, Vas Narasimhan, atrasentan, Narasimhan, Kisqali, Soliris, Miranda Murray, Kim Coghill, Sonali Paul Organizations: Novartis, Seattle, Chinook Therapeutics, Chinook, Swiss pharma, Sandoz, Thomson Locations: Swiss, IgAN, United States

☆ Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more
▼ + stars: | 2023-06-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining about 9% and Royal Caribbean adding 2%. Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.

Persons: JPMorgan Chase, Thoma Bravo, Morgan Stanley, Wolfe, Alessandro Maselli, Nio, Nomura, Illumina, Francis deSouza, Carl Icahn, KeyCorp, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Jesse Pound Organizations: Carnival Cruise, JPMorgan, Bank of America, Cruise Line, Royal, Chinook Therapeutics, Novartis, Nasdaq —, Thoma, Oracle —, Wolfe Research Locations: San Francisco, Royal Caribbean

All six advisers on the panel voted in favor of Leqembi for treatment of the mind-wasting illness. That approval would also make Leqembi the first disease-modifying drug ever to achieve the regulatory milestone. Leqembi won accelerated approval by the FDA in January based on its ability to remove sticky amyloid plaques from the brain. Most U.S. Alzheimer's patients are Medicare-eligible. “We are in full agreement with the FDA Advisory Committee that Leqembi provides clinical benefit and that this benefit outweighs the risks."

Persons: Eisai, Leqembi, Tanya Simuni, Robert Alexander, Joanne Pike, Leroy Leo, Khushi, Julie Steenhuysen, Bill Berkrot Organizations: Food and Drug Administration, Alzheimer's Association, FDA, Northwestern University Feinberg School of Medicine, Banner Alzheimer's Institute, CAA, Medicare, Wall Street, Analysts, Alzheimer's, Thomson Locations: Leqembi, U.S, Bengaluru, Chicago

☆ Small caps are finally starting to join the rally in June. Here's how to play their comeback
▼ + stars: | 2023-06-08 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Small stocks are making big moves this month, which could signal good news is ahead for Wall Street. The Russell 2000 , which is made up of small-cap names, is higher by 7% in June. .RUT 1M mountain Russell 2000 in past month "Moreover, small-caps have traditionally served as a bellwether in terms of the broader economic landscape," Krosby added. On top of that, Wolfe Research strategist Rob Ginsberg warned that the Russell 2000 could run into some technical resistance after the recent rally. That said, there are ways investors can try to capitalize on the small-cap rally.

Persons: Russell, Quincy Krosby, Krosby, Wolfe, Rob Ginsberg, Ginsberg Organizations: Financial, of Labor Statistics, Wolfe Research, CNBC Pro, Energy, NOVA, Beam Therapeutics, Rocket Pharmaceuticals, Arrowhead Pharmaceuticals Locations: U.S

☆ Self-made millionaire: Smart risk-takers don't try to 'change the world'—here's what they do instead
▼ + stars: | 2023-06-07 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Oftentimes, commencement speakers conclude their speeches with something to the effect of, "now go out and change the world." Taking smart risks can ultimately lead to revolutionary ideas, says John Crowley, executive chairman of Amicus Therapeutics, a biotechnology company. But if your ultimate career goal is to change the world, you may be setting yourself up for disappointment. "Very few people have changed the world," Crowley tells CNBC Make It. Crowley says that smart risk-takers avoid setting lofty, broad goals, opting instead for clear, tangible goals.

Persons: John Crowley, Crowley, they've, —, Bill Gates, Paul Allen, Steve Jobs, Steve Wozniak, Kelly Evans Organizations: Amicus Therapeutics, CNBC, Novazyme Pharmaceuticals, Genzyme Corporation, Microsoft, Apple

☆ Using video games as medical treatments seemed promising, but a stunning failure raises questions about the future of digital therapeutics
▼ + stars: | 2023-06-07 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +7 min

With digital therapeutics' trailblazers in jeopardy, experts think more failures are on the horizon. Covering digital therapeutics hasn't been easyInsurers, the ultimate gatekeepers in healthcare, have been slow to warm to the idea of reimbursing prescription digital therapeutics. Plus, most digital therapeutics don't integrate with electronic-health-records systems, making it difficult for clinicians to track their patients' progress. Senators reintroduced a bill in March that would guarantee Medicare reimbursement for prescription digital therapeutics. Want to tell us about your experience with digital therapeutics?

Persons: Pear, It's, Akili, Jeffrey Abraham, Rick Bartels, Bartels, Corey McCann, Matt Stoudt, Stoudt, Matthew Stoudt, keener, we'll, that's, Abraham, Rebecca Torrence Organizations: Morning, Pear Therapeutics, Food and Drug Administration, FDA, Digital Therapeutics, Pear, Centers, Medicare, Services, Senators, CMS

☆ Cancer drugmakers rise as industry meet fuels investor interest
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Shares of several cancer drug firms surged on Monday after the companies reported positive clinical trial data from their therapies at an ongoing industry conference in Chicago. ImmunoGen Inc's experimental drug, Elahere, to treat a type of ovarian cancer showed 35% reduction in the risk of tumor progression or death compared to chemotherapy in a late-stage study. Shares of Evaxion rose 5.4% to $1.55 after the smaller drug developer said its vaccine to prevent a type of skin cancer met safety goals in an early-stage study. Shares of Blueprint Medicines Corp (BPMC.O) fell 9.4% to $52.76 after analysts flagged potential safety issues about its experimental drug to treat a type of lung cancer. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: William Blair, Manas Mishra, Mariam Sunny, Shailesh Organizations: Immunogen Inc, Evaxion, Therapeutics, American Society of Clinical Oncology, Arcus, Medicines Corp, Thomson Locations: Chicago, Bengaluru

☆ Simpler hysterectomy may improve quality of life for some women with cervical cancer, study finds
▼ + stars: | 2023-06-02 | by ( Jen Christensen | ) edition.cnn.com time to read: +5 min

Thanks to more effective screening, more women have been presenting with cervical cancer at a younger age and an earlier stage of the disease. “Simple hysterectomy can now be considered as a new standard of care for patients with low-risk early-stage cervical cancer,” Plante said. “This is a really big deal for women with cervical cancer,” said Moore, who wasn’t involved with the study. If the findings lead to a change in practice for surgeons, it could “change the trajectory of cervical cancer globally,” she said. Cervical cancer is not common in the US or Canada, Moore said, but it is endemic in low- and middle-income countries.

Persons: Dr, Marie Plante, Plante, ” Plante, ”, Kathleen Moore, Virginia Kerley Cade, Moore, Sanjay Gupta, ” Moore, Stephanie V, Blank, “ It’s Organizations: CNN, American Society of Clinical Oncology, National Cancer Institute, Obstetrics, Gynecology, Universite Laval, Studies, Canadian Institutes of Health Research, Canadian Cancer Society, Virginia, Developmental Therapeutics, University of Oklahoma Health Sciences Center, World Health Organization, Get CNN, CNN Health, Mount Sinai Health Locations: Chicago, Quebec, Canada

☆ 'Uber crowded' trades from professional investors are crushing the market, Jefferies says
▼ + stars: | 2023-06-01 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Professional investors' high-conviction bets have paid off this year, significantly beating the S & P 500 , according to Jefferies. These stocks have led the market this year amid Wall Street's obsession with what investors consider safe earnings, and all things tied to artificial intelligence. Microsoft is another red-hot AI bet as the company recently expanded a multiyear, multibillion-dollar investment in ChatGPT maker OpenAI, marking the third phase of their partnership. Microsoft shares are up about 39% in 2023. The company recently increased its projections for income and net new recurring revenue from its Digital Media business for the full year.

Persons: Jefferies, Bill Ackman, Stanley Druckenmiller, Dan Loeb Organizations: Big Tech, Microsoft, Meta, Google, Nvidia, Software, Adobe, Digital Media, Horizon Therapeutics

☆ Hedge funds piled into these stocks in the first quarter
▼ + stars: | 2023-05-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Wall Street firm analyzed hundreds of 13F filings last week to find the most popular stocks hedge funds picked up over the volatile quarter. Hedge funds piled into Victoria's Secret in the first quarter, buying the dip in the lingerie retailer, which has seen its shares fall 29% this year. Hedge funds also increased their ownership in financial names Western Alliance and Western Union last quarter. To be sure, it's possible that some of the hedge funds were covering their short bets in this position. A number of biotech names were also high-conviction bets for hedge funds, including Syneos Health , Horizon Therapeutics and Ginkgo Bioworks.

☆ TipRanks reveals the top 10 health care sector analysts of the past decade
▼ + stars: | 2023-05-21 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

TipRanks leveraged its Experts Center tool to recognize the ones with a high success rate. We also analyzed each stock recommendation made by health care sector analysts in the past decade. TipRanks' algorithms calculated the statistical significance of each rating, average return and the analysts' overall success rate. The buy recommendation generated a return of 397.9% from May 12, 2020 to May 12, 2021. Boris Peaker - TD CowenBoris Peaker has the 10th spot on the list, with a success rate of 47%.

May 18 (Reuters) - Amgen Inc (AMGN.O) has agreed not to quickly close on its $27.8 billion acquisition of Horizon Therapeutics (HZNP.O) after the U.S. Federal Trade Commission (FTC) filed suit to block the deal. Absent an agreement, Amgen could have sought to close the deal as early as Monday. Under the order, Amgen and Horizon will not close their transaction until the earlier of Sept. 15, or the second business day after the court rules on the FTC's request for a preliminary injunction. Amgen said it had made an offer to the FTC in the hope of resolving the issue. "We committed that we would not bundle the Horizon products raised as issues," Amgen said in a statement.

☆ Catalent cuts annual forecast hurt by operational challenges
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Catalent Inc (CTLT.N) cut its full-year net revenue and profit forecast on Friday, reflecting operational challenges and higher-than-expected costs after it flagged an over $400 million hit to both its annual sales and core profit forecasts earlier this month. The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion. Catalent said it now sees adjusted net income for the year in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million. Shares of Catalent reversed losses to be up 7.7% at $34.63 before the bell. Reporting by Bhanvi Satija, Sriparna Roy and Pratik Jain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Antitrust Gone Wild Against Amgen
▼ + stars: | 2023-05-19 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

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That would appear to contradict the FTC's practice of preventing companies from using market power to push up prices. The FTC lawsuit spurred concern among investors who had brushed off the antitrust risk in Amgen's deal because of its limited business overlap with Horizon. "Our complaint is firmly rooted in longstanding antitrust law and we look forward to making our argument in court," an FTC spokesperson said. AMGEN OFFERS REMEDYAmgen said on Tuesday it had made an offer to the FTC in hopes of resolving the issue. "These are valid concerns that FTC has raised but what a court will do about it is uncertain," he said.

☆ Horizon Therapeutics says Amgen deal could close earlier than planned if FTC fails to block it
▼ + stars: | 2023-05-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Horizon Therapeutics expects its $27.8 billion sale to Amgen to close as early as the end of the third quarter, earlier than previously planned — if the Federal Trade Commission's attempt to block the deal fails — according to a document filed Thursday with the Securities and Exchange Commission. The FTC on Tuesday filed a lawsuit in Illinois federal court seeking to halt the acquisition, arguing it would "stifle competition" in the pharmaceutical industry. Horizon's estimate is earlier than when the companies and Wall Street analysts were initially expecting the deal to close after the FTC sued. If completed, the deal would give Amgen access to Horizon's blockbuster thyroid eye disease drug, Tepezza, and its gout medicine, Krystexxa. The agency said the deal would allow Amgen to "entrench the monopoly positions" of those two fast-growing drugs from Horizon.

☆ US FTC expands probe into pharmacy benefit managers
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - The U.S. Federal Trade Commission said it had sought information from two privately held companies that negotiate drug rebates on behalf of pharmacy benefit managers (PBMs) as part of its probe into how PBMs affect pricing of prescription drugs. The two companies, Zinc Health Services and Ascent Health Services, are group purchasing organizations, that negotiate after-market discounts or rebates with drug manufacturers on behalf of PBMs and hold the contracts that govern those rebates. Zinc Health negotiates rebates for CVS Health Corp (CVS.N) and Ascent Health for Cigna Group's (CI.N) Express Scripts unit and Prime Therapeutics, which is a privately held PBM, the FTC said on Wednesday. PBMs act as middlemen and negotiate rebates and fees with drug manufacturers, create lists of medications that are covered by insurance, and reimburse pharmacies for patients' prescriptions. Reporting by Manas Mishra in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street closes lower after Home Depot outlook, US retail sales
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. (This story has been corrected to say 'a rate cut,' instead of 'a rate hike,' in paragraph 8)Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ US FDA staff flag 'serious' safety risks for Intercept's NASH treatment
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

The U.S. Food and Drug Administration's (FDA) briefing document highlighted increased risk of diabetes and liver injury from using the obeticholic acid (OCA) oral tablets for the treatment of nonalcoholic steatohepatitis (NASH). "During the course of our review, FDA identified modest benefits and serious risks of OCA for treatment of NASH," the staff said in the document and listed increased risk of sludge formation in the gall bladder and imbalance of certain lipids. The staff asked the regulator's panel of outside advisors, who are meeting on Friday, to consider whether the modest benefits from using the drugs for NASH treatment outweigh the serious risks associated with it. The panel's meeting on Friday is the first such meeting for a NASH treatment. However, due to risks of serious liver injury, FDA restricted its usage in 2021 to primary biliary cholangitis patients with advanced cirrhosis, or severe liver scarring.

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