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☆ First Drugs Facing Medicare Price Penalty Named by U.S.
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, which treats rheumatoid-arthritis, is one of the 27 drugs named by U.S. health officials whose prices went up more than the rate of inflation. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

☆ First Drugs Facing Medicare Price Penalty Are Named
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, for rheumatoid arthritis, is one of the drugs facing a price-increase penalty. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

"Starting on April 1, Medicare beneficiaries will pay lower coinsurance for Part B drugs that raise prices faster than inflation," White House Domestic Policy Adviser Susan Rice told reporters on a press call. Companies that raise prices higher than the inflation rate will be required to pay Medicare the difference in the form of a rebate. The government will start invoicing the companies for the rebates in 2025 but Medicare will start reducing out-pocket-costs for members in April. Medicare began examining the price increases in October 2022 for Medicare Part B drugs, often used in the hospital, that are complicated biologic drugs or drugs with only one manufacturer. Price increases for half of all drugs covered by Medicare outpaced inflation from 2019 to 2020, which averaged 1% that year.

☆ These 13 beaten-down stocks offer a 'margin of safety' from a possible credit shock, according to a top-1% fund manager
▼ + stars: | 2023-02-28 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Higher-than-anticipated interest rates could lead to economic pain and even a credit shock. Top-1% fund manager James Abate explained why he hasn't given up on stocks yet. Here are 13 value stocks to buy in this shaky environment, according to Abate. Leading fund manager James Abate isn't predicting a repeat of the financial crisis, but he is worried that banks could get their biggest test in years if interest rates keep rising. While nothing is guaranteed in markets, Abate said that 2023 will provide many opportunities for fund managers like him to outperform.

"When you think about traditional drug and vaccine development and longevity of sales, it's usually much more spread out," Morningstar analyst Damien Conover said. The sudden inflow of revenue should prod companies to strike deals and link up with new partners, he said. Vaccine maker Moderna also expects 2023 revenue to fall sharply. The company's only product - its messenger RNA COVID vaccine - pulled in around $18.4 billion in 2022. Eli Lilly and Co (LLY.N) made $2 billion in 2022 from monoclonal antibody COVID treatments and is not expecting any revenue from the business in 2023.

☆ Stocks making the biggest moves after hours: Apple, Amazon, Ford and more
▼ + stars: | 2023-02-02 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

Here are the notable stocks making moves after hours on Thursday, Feb. 2. Apple — The consumer tech stock tumbled 4% in extended trading after the company reported weaker-than-expected results for its fiscal first quarter. The company reported $1.88 in earnings per share on $117.15 billion of revenue. Amazon reported $149.20 billion in revenue for the quarter, above the $145.42 billion expected, according to Refinitiv. The company reported a 2% decline in comparable transactions year over year, thanks in part to weakness in China.

☆ Morning Bid: Fed fillip, double trouble, triple A
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +4 min

It looks less like fighting the Fed, than a mild disagreement. Powell didn't endorse that market view - which now has just one more quarter point rise to a terminal rate under 4.9% by May and 40 basis points of cuts from there by December. But he seemed ambivalent about investors' more optimistic take on disinflation and indicated the central bank was increasingly keeping its options open about a 'couple of hikes'. Meta's stock boomed as its earnings update showed stricter cost controls and a new $40 billion share buyback. With the risk around the BoE's split monetary policy council for a smaller quarter point move, it was the euro that looks set to emerge the winner of the three big central bank events.

☆ Jobs report to give clues about where economy is headed
▼ + stars: | 2023-01-29 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

Investors will get another clue when the January jobs report is released on Friday. Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November. A further deceleration in the labor market would likely please the Fed, as it would show that last year’s rate hikes are successfully taking some air out of the economy. Along those lines, average hourly earnings, a measure of wages that is also part of the monthly jobs report, are expected to increase 4.3% year-over year. So far, tech earnings season is not off to an inspiring start, with Microsoft (MSFT), Intel (INTC) and IBM (IBM) all reporting weak results.

WASHINGTON — One of the men charged with assaulting Capitol Police Officer Brian Sicknick on Jan. 6 was sentenced to over 6 years in prison on Friday. His co-defendant, George Tanios, who bought the spray and handed it to Khater, was also sentenced, to time served. Sicknick died a day after being assaulted, but prosecutors declined to charge the two men with his death. As part of his sentencing, Tanios will be on probation for one year and will be required to participate in 100 hours of community service. Garza filed a wrongful death lawsuit against Tanios, Khater and former President Donald Trump earlier this month.

☆ Stocks may face an inflection point in the week ahead as the Fed meets and Apple posts earnings
▼ + stars: | 2023-01-27 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The Fed's meeting Tuesday and Wednesday comes amid a flood of corporate earnings reports, with about 20% of the S & P 500 reporting that week. The most important day for earnings is Thursday, when Apple , Alphabet and Amazon report after the bell. The Nasdaq Composite was up 11% for the month as of Friday afternoon, well ahead of the 6.2% gain in the S & P 500. Traders have been watching the S & P 500 edge closer to the key threshold of 4,100 , its high from December. AAPL 1Y line apple Apple is also important because of the signals it can send about the strength of the consumer, supply chains and China's reopening.

☆ Gilead CEO Daniel O'Day: Ending the HIV epidemic is our goal
▼ + stars: | 2023-01-09 | 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 EmailGilead CEO Daniel O'Day: Ending the HIV epidemic is our goalGilead CEO Daniel O'Day joins 'Squawk Box' to discuss his outlook for the biopharma industry and more.

☆ Biotech investor Brad Loncar shares 10 predictions for 2023, including a hot new cancer target, Nobel Prize winners, and a biotech founder running for president
▼ + stars: | 2023-01-04 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +14 min

Loncar shared his 2023 forecast, including new drugs, Nobel Prize winners, and more globalization. Brad Loncar isn't expecting a miraculous rebound for the biotech industry in 2023. In an interview with Insider, Loncar shared 10 predictions for biotech in 2023, ranging from Nobel Prize winners and presidential runs to hot cancer targets and bankruptcy worries. 2022 was a rough year for the biotech industry, which once again underperformed the stock market. The industry runs to the next super-hot cancer target: Claudin 18.2In cancer research, drug companies are always on the hunt for the next promising target.

☆ Here are Tuesday's biggest analyst calls: Tesla, Apple, Wynn, Amazon, Wendy's, Delta & more
▼ + stars: | 2023-01-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

We are lowering our relative ratings on ALLY, COF and MTB from Overweight to Equal Weight and ZION from Equal Weight to Underweight." Wells Fargo upgrades Wynn to overweight from equal weight Wells said in its upgrade of the casino company that it sees a significant reopening opportunity for the stock. " Wells Fargo initiates Mondelez as overweight Wells said the food products company has "superior" fundamentals. Wells Fargo downgrades Molson Coors to equal weight from overweight Wells said in its downgrade of the stock that it sees downside to estimates. Baird names Wells Fargo a top 2023 pick Baird said it likes the risk/reward for the banking giant in 2023.

☆ A promising new Covid pill shows key advantages over Paxlovid in trial
▼ + stars: | 2022-12-30 | by ( Aria Bendix | ) www.cnbc.com time to read: +2 min

A new antiviral pill for Covid was found to be as effective as Paxlovid at curbing mild to moderate illness among people at high risk of severe disease in a Phase 3 trial in China. The results, published Wednesday in The New England Journal of Medicine, suggest that the treatment had fewer side effects than Paxlovid, the go-to antiviral for high-risk patients. Around 67% of people who took the experimental pill, called VV116, reported side effects, compared to to 77% who took Paxlovid. In the trial of VV116, more than 380 people took the experimental drug, while a similarly sized group took Paxlovid. The median time to recovery — defined as no Covid symptoms for two consecutive days — was four days for VV116 recipients and five days for those who took Paxlovid.

Around 67% of people who took the experimental pill, called VV116, reported side effects, compared to to 77% who took Paxlovid. In the trial of VV116, more than 380 people took the experimental drug, while a similarly sized group took Paxlovid. The median time to recovery — defined as no Covid symptoms for two consecutive days — was four days for VV116 recipients and five days for those who took Paxlovid. Three-quarters of the trial participants were vaccinated, though the study found consistent results regardless of vaccine status. The National Institutes of Health recommends Paxlovid, with molnupiravir as an alternative in situations when neither Paxlovid nor remdesivir is available or appropriate.

☆ Gilead buys out rights to cancer therapy from Jounce for $67 mln
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Gilead Sciences (GILD.O) will buy all the remaining rights for an experimental cancer therapy, GS-1811, from Jounce Therapeutics (JNCE.O) for $67 million, the drugmaker said on Tuesday. Shares of Jounce more than doubled to $1.68, while Gilead's shares fell marginally in after market trading. In 2020, the drugmakers had agreed to collaborate on development of GS-1811, when Gilead made an upfront payment of $85 million to Jounce. Under the initial terms, Jounce was eligible to get up to $685 million in milestone payments from Gilead, of which it has received $40 million so far. With the amendment, Jounce will no longer receive the remaining milestone payments or any of the sales-based royalties for the therapy.

☆ The Nasdaq had its worst year since 2008. These are the best and worst performers and what to expect in 2023
▼ + stars: | 2022-12-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +9 min

2022 brought an end to an impressive bull run for technology — and the worst year for the Nasdaq Composite since 2008. Energy stocks, meanwhile, found favor in investors' portfolios, as did healthcare and financials. Given this outlook, CNBC examined some of the worst and best-performing stocks in the Nasdaq 100 this year. Energy stocks Energy won 2022, benefitting from volatile oil prices triggered by the war in Ukraine. Meta Platforms was the worst-performing FAANG name, and one of the poorest-performing Nasdaq stocks.

☆ A top 1% performing fund manager explains why history proves the S&P 500 will fall another 30% in the next 3-to-9 months — and shares 11 compelling stocks to buy in 2023 that will power through a rece
▼ + stars: | 2022-12-21 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

He foresees the S&P 500 falling another 30% and bottoming within the next three to nine months. Abate shared 11 compelling stocks to buy to mitigate looming recessionary risks. But with the looming threat of a recession, Abate believes that the days of big contrarian trade ideas are now behind us. Especially "idiosyncratic stocks that have kind of already felt the pain of a downturn, so even if a recession happens, their backlogs can get them through recessionary conditions." Two biotechnology names Abate noted as standout idiosyncratic ideas are Biogen (BIIB) and Gilead (GILD).

Wall Street's main indexes continued their losing streak for a fourth straight session on Monday as investors shied away from riskier bets, worried that the Federal Reserve's interest rate hikes could push the U.S. economy into recession. The Fed has managed to slow the economy down so it's likely that earnings estimates (for Q4) are going to come down. Treasuries fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.66%. Earlier, data showed U.S. single-family homebuilding tumbled in November as higher mortgage rates continued to depress housing market activity. A slew of other economic data due this week including consumer confidence and core inflation will provide more clues to investors on future interest rate hikes.

☆ Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.

☆ 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.

☆ FDA pulls U.S. authorization for Eli Lilly's COVID drug bebtelovimab
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Eli Lilly and Co's COVID-19 drug bebtelovimab is not currently authorized for emergency use in the United States, the Food and Drug Administration said, citing it is not expected to neutralize the dominant BQ.1 and BQ.1.1 subvariants of Omicron. Wednesday's announcement takes away authorization from the last COVID-19 monoclonal antibody treatment, leaving Pfizer Inc's (PFE.N) antiviral drug Paxlovid, Merck's (MRK.N) Lagevrio and Gilead Sciences' (GILD.O) Veklury as treatments for the disease, besides convalescent plasma for some patients. AstraZeneca Plc's monoclonal antibody Evusheld is also authorized for protection against COVID-19 infection in some people. The drug, which was discovered by Abcellera (ABCL.O) and commercialized by Eli Lilly, received an authorization from the FDA in February. BQ.1 and BQ.1.1 have become the dominant strains in the United States after a steady increase in prevalence over the last two months, surpassing Omicron's BA.5 sub-variant, which had driven cases earlier in the year.

☆ AstraZeneca boosts cancer portfolio with $320 mln Neogene deal
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - AstraZeneca (AZN.L) will acquire biotechnology company Neogene Therapeutics for up to $320 million, the London-listed drugmaker said on Tuesday, seeking to build its pipeline of cell-based cancer treatments. Though AstraZeneca's oncology portfolio accounted for more than a third of the company's revenue last year, it does not have an approved cell-based cancer therapy and is behind rivals such as Novartis (NOVN.S) and Gilead (GILD.O). Neogene's approach goes one step further in that its experimental T-cell receptor therapies seek to target DNA mutations specific to tumours, not only certain proteins on the surface of cancer cells. Linnemann founded Neogene in the Netherlands in 2018 along with the Netherlands Cancer Institute's Ton Schumacher. AstraZeneca will make an initial payment of $200 million to Neogene, with a further $120 million dependent on the company meeting certain targets.

☆ This Is Your Brain on ‘Deep Reading.’ It’s Pretty Magnificent. - The New York Times
▼ + stars: | 2022-11-22 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +57 min

But if over time, we have begun to elaborate this brain so that it includes deep reading, the unnatural apex of the achievement of reading is what deep reading provides. And every time I get off of a plane, I say to myself, I’m going to do that more. I’m going to sit and I’m going to have quiet time with a book. I’m going to bring this to me in a second, so I’m not just putting this on little kids. maryanne wolfThe first thing I do is understand the purpose of whatever I’m reading.

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☆ A year after hitting a record, here are the biggest Nasdaq-100 winners and losers
▼ + stars: | 2022-11-20 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

On Nov. 19, 2021, the Nasdaq-100 index — which is made up of the 100-largest Nasdaq Composite stocks — hit a record closing high of 16,573.34. DocuSign and Zoom Video have fallen more than 80% and 67%, respectively, since the Nasdaq-100 reached its record high. Megacap stocks such as Meta Platforms , Tesla and Amazon have also plunged over the past 12 months, in part due to their high valuations. Vertex Pharmaceuticals has rallied 69.5% since the Nasdaq-100 closed at a record. O'Reilly Automotive, T-Mobile and Gilead Sciences are also among the big Nasdaq-100 winners over the year since the Nasdaq closed at an all-time high.

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