Gold has been strong recently on the heels of Coronavirus fears, Federal Reserve stimulus packages, and continued geopolitical tensions, which are now being exacerbated by the George Floyd riots in the United States.

from Yahoo Finance https://ift.tt/3gJtDSX

AbbVie (ABBV) announced on Monday that it has entered into a partnership with Jacobio Pharmaceuticals, to jointly develop and commercialize SHP2 inhibitors, which target a key node in cancer and immune cells.Financial terms of the partnership were not disclosed. Under the terms of the agreement, AbbVie will be granted an exclusive license to the SHP2 portfolio. Meanwhile, Jacobio will continue to conduct early global clinical trials of JAB-3068 and JAB-3312 inhibitors, while AbbVie will cover the R&D expenses.SHP2 is a protein mediator of cellular signaling. Many tumors have genetic mutations, driving abnormal cancer cell growth which relies on SHP2 activity. SHP2 also plays a key role to control cytokine production and immune cell response.Therefore, inhibition of SHP2 is believed to have dual effects by potentially reducing cancer cell growth and modulating immune responses to generate anti-tumor activities. Jacobio's early clinical stage SHP2 assets, JAB-3068 and JAB-3312, are oral small molecules designed to specifically inhibit SHP2 activity."Identifying promising new targeted approaches for solid tumor patients is a high priority for us," said Mohit Trikha, vice president at AbbVie. "Jacobio's SHP2 program has the potential to treat cancer patients across many tumor types.  By targeting a key node in both cancer and immune cell signaling pathways, SHP2 inhibition, both as a monotherapy and potentially in combination with other agents, may rapidly advance new treatment options for cancer patients."Upon completion of the trials, AbbVie will be in charge of global development and commercialization. Jacobio has an option, exercisable before the initiation of registrational trials, to exclusively develop and commercialize the SHP2 program in mainland China, Hong Kong, and Macau.The partnership is still subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.Since March 23, AbbVie shares have jumped 44% on the back of its recent acquisition of Botox maker Allergan and solid revenues of Humira, the company’s successful immunosuppressive anti-inflammatory drug. However with an expired patent, competition is growing.Five-star analyst Geoff Meacham at BofA Merrill Lynch last month reinstated coverage of AbbVie with a Hold rating and a $95 price target citing the “uncertainty of top-line resiliency given Humira's impending 2022 loss of exclusivity”.The analyst, who expects a 1% sales decline through 2021-2025, argues that AbbVie stock fairly reflects the headwinds from Humira offset by the Allergan new product portfolio.Overall, Wall Street analysts are more upbeat about AbbVie’s stock outlook. In a review of 9 analysts, the stock scores 7 Buys and the rest are Holds adding up to a Strong Buy consensus. The $102.29 average price target indicates another 10% upside potential in the coming 12 months. (See Abbvie’s stock analysis on TipRanks).Related News: Immutep Surges In Pre-Market On Positive Efti Cancer Data Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

from Yahoo Finance https://ift.tt/36PzzF8

Eli Lilly (LLY) has today announced patients have been dosed in the world’s first study of a potential antibody treatment designed to fight COVID-19.This investigational medicine, referred to as LY-CoV555, is the first to emerge from the collaboration between Lilly and AbCellera to create antibody therapies for the prevention and treatment of COVID-19.Lilly scientists developed the antibody in just three months after AbCellera and the National Institute of Allergy and Infectious Diseases (NIAID) identified it from a blood sample taken from one of the first U.S. patients who recovered from COVID-19. LY-CoV555 is the first potential new medicine specifically designed to attack SARS-CoV-2, the virus that causes COVID-19.The first patients in the study were dosed at major medical centers in the U.S., including NYU Grossman School of Medicine and Cedars-Sinai in Los Angeles. Study J2W-MC-PYAA is a randomized, placebo-controlled, double-blind Phase 1 trial that aims to investigate the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of LY-CoV555 following a single dose administered to participants hospitalized for COVID-19.“Antibody therapies such as LY-CoV555 may have potential for both prevention and treatment of COVID-19 and may be particularly important for groups hardest hit by the disease such as the elderly and those with compromised immune systems,” said Daniel Skovronsky, chief scientific officer of Lilly Research Laboratories.“Later this month, we will review the results of this first human study and intend to initiate broader efficacy trials. At the same time… we also are starting large-scale manufacturing of this potential therapy. If LY-CoV555 becomes part of the near-term solution for COVID-19, we want to… [have] several hundred thousand doses available by the end of the year,” continued Skovronsky.Should Phase 1 results show the antibody can be safely administered, Lilly expects to move into the next phase of testing, studying LY-CoV555 in non-hospitalized COVID-19 patients. The company also plans to study the drug in a preventative setting, focusing on vulnerable patient populations.Lilly is researching multiple approaches to treating COVID-19, including examining existing LLY medicines and collaborating with two biotech companies to discover novel antibody treatments for COVID-19.Shares in Eli Lilly are up 16% year-to-date and 2.5% in Monday’s pre-market trading. Wall Street analysts are divided evenly between 4 Buy ratings and 4 Hold ratings, which add up to a Moderate Buy consensus. The $163.25 average price target implies 7% upside potential in the coming 12 months. (See Eli Lilly’s stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Drugmaker Abbvie Teams Up With Jacobio To Develop Cancer Inhibitor * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

from Yahoo Finance https://ift.tt/3gJklX2