Category: Stock Market

“We saw antibody responses that do many of the things we would want to see in an eventual vaccine,” said Dr. David Weiner, director of the vaccine and immunotherapy center at the Wistar Institute, which has collaborated with Inovio. Inovio, which began human testing of its vaccine in April, said preliminary results from that trial are expected in June.

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“Last quarter was unlike anything I’ve ever seen,” Chief Executive Brian Cornell told reporters. Stay-at-home orders imposed to contain the virus powered a 141% jump in Target’s online comparable sales, accounting for almost all of its same-store sales growth. At the start of the quarter, Target, like Walmart, benefited from customers stockpiling staples and cleaning products, but as the lockdown extended and the stimulus checks arrived, demand rose for discretionary items including apparel.

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AstraZeneca Plc’s (AZN) and Merck Co.’s (MRK) Lynparza drug has received a green light from the U.S. Food and Drug Administration (FDA) for the treatment of patients with advanced prostate cancer.The FDA approval was awarded following results from a Phase III trial, which found that the Lynparza drug treatment reduced the risk of disease progression or death by 66%.Prostate cancer is the second-most common cancer type in men and despite an increase in the number of available therapies for men suffering from the disease, five-year survival remains low.Lynparza is a first-in-class PARP inhibitor, which is a targeted treatment to potentially block DNA damage response (DDR) pathway deficiencies, such as so-called BRCA mutations to kill cancer cells. It is being tested in a range of tumor types. Regulatory reviews are underway in several jurisdictions for ovarian, breast, pancreatic and prostate cancers.“Today marks the first approval for Lynparza in prostate cancer,” said Dave Fredrickson, Executive VP at AstraZeneca. “In the trial, Lynparza more than doubled the median radiographic progression-free survival and is the only PARP inhibitor to improve overall survival.”Following this approval for Lynparza in the U.S., AstraZeneca said it will get a regulatory milestone payment of $35 million from MSD Laboratories. The payment is expected to be booked as collaboration revenue in its second-quarter results, the drugmaker said.In the race for the development of a coronavirus vaccine, the UK-based pharmaceutical drugmaker announced this week that it is hoping to make up to 30 million Covid-19 vaccine doses available by September for people in the UK, as part of an agreement to deliver 100 million doses in total.Shares in both AstraZeneca and Merck are advancing in Wednesday’s pre-market U.S. trading. AstraZeneca’s stock has seen a steep increase over the past two months erasing all of this year’s losses and at $53.57 it is now trading higher than at the beginning of the year.TipRanks data shows that Wall Street analysts have a bullish outlook on the stock boasting only Buy ratings. Following the recent share rally, the $57.50 average price target puts the upside potential at 7.3% in the coming 12 months. (See AstraZeneca stock analysis on TipRanks). Related News: Bluebird Prices New Shares At $55, Seeks To Raise $500 Million Moderna Spikes 21% Amid “Positive” Early-Stage Covid-19 Vaccine Data AstraZeneca Aiming For 30M UK Covid-19 Vaccine Doses By September More recent articles from Smarter Analyst: * Halliburton Wipes 75% Off Dividend; Board Takes Pay Cut * Zoom Suspends Free China Service As Trade Tensions Intensify * Unclear If President Trump Will Wear Mask At Ford’s Repurposed Factory Tour * Facebook Rolls Out Online Shopping Platform For Businesses

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Chicago Bulls legend Michael Jordan’s Chicago-area home is still on the market. The 9 bedrooms and 15 bathroom estate has yet to find a buyer since 2014.

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Stock futures rose Wednesday morning, reversing some Tuesday losses that sent each of the Dow and S&P 500 off more than 1% by the closing bell.

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Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. Brent crude futures were up 51 cents, or 1.47%, at $35.16 per barrel at 0928 GMT. U.S. West Texas Intermediate (WTI) July crude futures were up 22 cents, or 0.69%, at $32.18 a barrel.

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Target's first quarter 2020 earnings are out. Here's what you need to know.

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Moderna, Inc.'s (NASDAQ: MRNA) claims on achieving a dose-dependent increase in immunogenicity in Phase 1 trials of its COVID-19 vaccine candidate, mRNA-1273, are not backed by sufficient data, according to vaccine experts. The Curious Case Of Antibodies Moderna made claims on Monday that all 45 subjects who received doses of its vaccine developed COVID-19 binding antibodies.In its statement, the company indicated that eight volunteers developed neutralizing antibodies. Of the two types of antibodies, neutralizing antibodies are of definitive importance. STAT's experts question whether the remaining 37 volunteers also developed neutralizing antibodies.Since the tests required for ascertaining the antibody type present in these remaining 37 volunteers will take time, the experts, interviewed by a health-oriented news portal STAT News, conclude that Moderna only has data for eight subjects. The Age Factor Phase 1 trial data indicates volunteers ranged from 18 to 55 years. The exact ages of the eight subjects that developed neutralizing antibodies remain unknown. If these eight are of a younger age profile, then the effectiveness of the vaccine for seniors is questionable. COVID-19 has the most devastating effect on the elderly, and protecting seniors should be a priority in the development of any vaccine, according to the vaccine researchers.Durability Of The Vaccine Neutralizing antibodies were found two weeks after volunteers received their second dose of the vaccine. According to Anna Durbin, a vaccine expert at Johns Hopkins University, "That's very early. We don't know if those antibodies are durable." Vaccine Experts Cautiously Optimistic On Monday, stock market exuberance led to Moderna's stock market valuation reaching $29 billion, which is remarkable for a company that is yet to produce any product or bring any vaccine to the pharmacy shelves.The biotech company does not publish its research in scientific journals and thus lacks confidence within the scientific community. On the lack of disclosure, Rose commented, "My guess is that their numbers are marginal or they would say more." Durbin concurs, adding, "I do think it's a bit of a concern that they haven't published the results of any of their ongoing trials that they mention in their press release. They have not published any of that."The vaccine scientists are of the view that it is "encouraging" that an immune response has been observed after the administration of an RNA vaccine, which has not been seen with previous such vaccines for other pathogens. They question whether that's enough. Durban says she is "cautiously optimistic."Moderna Price Action Moderna shares traded 6.01% lower at $67.36 after-hours on Tuesday. The shares had closed the regular session 10.41% lower at $71.67.See more from Benzinga * Sony To Convert Its Financial Subsidiary Into Wholly Owned Unit Through .7B Tender Offer * Tesla's Car Registrations Slumped In China In April * Trump Says He's Looking For New Outlet Because Fox News Has Too Many Anti-Trump People(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Top news and what to watch in the markets on Wednesday, May 20, 2020.

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(Bloomberg) — ByteDance Ltd.’s valuation has risen at least a third to more than $100 billion in recent private share transactions, people familiar with the matter said, reflecting expectations the owner of video phenom TikTok will keep pulling in advertisers despite the Covid-19 pandemic.Stock in the world’s most valuable startup has changed hands recently at a price that suggests its value has risen more than 33% from about $75 billion during a major round of funding two years ago, the people said, requesting not to be named because the issue isn’t public. Some of those transactions valued the Chinese company at as much as $140 billion, one person said. The trades are private transactions and may not fully reflect broader investor expectations.ByteDance has grown into a potent online force in recent years, propelled in part by a TikTok short video platform that’s taken U.S. teenagers by storm. Investors are keen to grab a slice of a company that draws some 1.5 billion monthly active users to a family of apps that includes Douyin, TikTok’s Chinese twin, as well as news service Toutiao. That’s despite American lawmakers raising privacy and censorship concerns about its operation. This week, it poached Walt Disney Co. streaming czar Kevin Mayer to become chief executive officer of TikTok.The company was in the very early stages of exploring a share sale abroad last year, people familiar have said. But any float remains a longer-term objective given ByteDance remains well-funded, the people added. ByteDance declined to comment on Wednesday. Its backers include SoftBank Group Corp., General Atlantic and Sequoia.Its most recent market valuation puts the Chinese startup in the ballpark of industry stalwarts such as HSBC Holdings Plc or International Business Machines Corp. ByteDance — whose TikTok remains the venue of choice for half a billion lip-syncing, dancing music video aficionados — is now going head-to-head with Chinese internet leaders from Tencent Holdings Ltd. to Alibaba Group Holding Ltd. for user traffic and marketing dollars.It’s also strengthening its operations in newer arenas such as e-commerce and gaming. ByteDance this year kicked off a wave of hiring it envisions hitting 40,000 new jobs in 2020, hoping to match Alibaba’s headcount at a time technology corporations across the globe are furloughing or reducing staff.Longer term, the company will have to grapple with rising scrutiny from Washington. Two prominent senators have urged investigations into TikTok, labeling it a national security threat.Read more: ByteDance Launches Global Hiring Spree With 10,000 New Jobs(Updates with ByteDance’s major backers in the fourth paragraph. An earlier version of the story was corrected to reflect executive’s proper title.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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