Category: Stock Market

With the stock collapsing following the reverse split, Aurora Cannabis (ACB) needed a strong quarter to change the trend. The Canadian cannabis company is in the middle of a transformational plan that doesn’t always work out as planned.The company delivered in spades. Not only did Aurora report crucial progress in cutting out of costs, but also the company smashed revenue estimates during the coronavirus outbreak. The stock has bounced strong off the lows and is likely headed higher now.According to TipRanks, the consensus on Wall Street is that Aurora Cannabis stock is a “hold” for investors. On one hand, TipRanks might as well have said “buy” — because analysts, on average, think the stock, currently at $10.44, could zoom ahead to $12.78, delivering about 20% profits to new investors. On the other hand, Aurora stock could present investors with better entry points than at $10.44 per share.Dazzling QuarterWhile the company only guided to a modest sequential revenue increase from the prior quarter, Aurora Cannabis grew total revenues by over C$11.8 million to C$78.4 million. The company saw impressive growth in Canadian recreational cannabis sales due to the introduction of the value brand while international medical cannabis rebounded with Germany sales back online.A big key here is that gross margins remained a healthy 54%. The value brand wasn’t destructive to margins setting Aurora on a path to reaching EBITDA profits for the first time in years.Aurora cut SG&A expenses that swelled to C$99 million in FQ2 by C$24 million to C$75 million. More importantly, the company is on a SG&A run-rate of C$55 million currently and expects to reach the C$45 million goal by quarter end. The number is far more impressive considering R&D expenses were pushed into the C$45 million target while costs were over C$5 million in the last quarter.The end result was a big C$34 million cut to the adjusted EBITDA loss. Another C$30 million cut in operating expenses in FQ4 gets the Canadian cannabis company close to EBITDA breakeven.Cash BurnSome analysts had estimated that Aurora Cannabis burned up to C$200 million in cash during the March quarter, but the number only hit C$154 million. Similar to the cut in operating expense, the company expects to make a huge leap forward in the June quarter cash burn that is a game changer for building shareholder wealth.The company ended the quarter with C$230 million in cash and is likely to reduce cash burn below C$50 million in the current quarter. First, the operating losses are likely reduced by at least C$30 million from the cash burn levels. Second, the capital spending is forecast to dip C$50 million from the prior quarter to below C$25 million in the current quarter.While it took a long time, Aurora Cannabis finally has its fiscal house in order. The company should reach EBITDA positive in the September quarter with decent revenue growth in Canada from additional retail stores in Ontario and further expansion of Cannabis 2.0 products. Not to mention, the larger companies are likely beneficiaries of weaker players struggling in the current economic climate.TakeawayThe key investor takeaway is that the valuation equation for Aurora Cannabis is far more interesting here as the market pushed the stock to post split lows of $5.30. Even at the $11 level following a big rally, the stock only has a market cap of $1.15 billion.Investors should feel much more confident in the stock here with reasonable expectations for FY21 revenues topping $300 million and the company having limited funding going. The stock is likely to make a continued rally here, but investors should wait for a pullback first to buy here after the big rally.To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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With unemployment rising to 15%, and the grim corporate earnings seasons wrapping up, investors may struggle to keep up the relatively buoyant mood that has boosted markets in recent weeks. They may find some support from the Federal Reserve, where Chairman Jerome Powell this week urged Congress and the White House to agree on additional stimulus packages. The Fed has already cut rates down to 0 to 25 basis points; they have no further ammunition, so if more help is to come, it will need to come on the spending side. Urging action, Powell said that an economic recovery “could come more slowly than they would like.”Viewing the situation for investment bank JPMorgan, quant strategist Dubravko Lakos-Bujas sees further aid as inevitable: “[This] crisis is a consequence of an exogenous shock, and is unique given the absence of ‘bad actors.’ This makes policy response much less contentious, more proactive and essentially unconstrained.” In his view, there is no ceiling on any action Congress or the Federal Reserve may take – and that may be the bottom line, as far as investors are concerned.Turning to a micro-level view, the stock analysts at JPM are making some concrete recommendations – and they are targeting the dividend stocks. We’ve pulled three of JPM's bullish calls, and ran them through TipRanks database to see what other Wall Street's analysts have to say about them.Annaly Capital Management, Inc. (NLY)First up is a real estate investment trust, a niche well-known for its high dividends due to corporate tax code requirements. Annaly focuses its efforts on mortgage-backed securities, the lending side of the REIT sector, and holds an asset portfolio worth $133 billion.Like most companies, Annaly saw a sharp earnings drop in the first quarter. EPS, at 21 cents, was down 19% sequentially, although it did come in just over the 20-cent forecast. The true rough spot was that earnings did not fully cover the company’s Q1 dividend. At 25 cents quarterly, the dividend payment annualizes to $1 even and gives a fantastic yield of 16.9%. Annaly has a long history of maintaining reliable dividend payments, including adjusting the payout if needed to keep it viable. That the company did not make such an adjustment in Q1, despite a payout ratio of 119%, suggests that the company expects earnings to turn upwards in the near term.NLY shares have underperformed in the current bear cycle, losing as much as 59% from peak to trough. Since bottoming out, the stock has regained 40% from its low point – but share prices remain mired in penny-stock territory.Writing for JPM, 5-star analyst Richard Shane sees the low share price here as an opportunity. He writes, “We reiterate our preference for NLY’s large agency MBS portfolio, which consists predominately of specified collateral that performed well in the lower rate environment leading up to the pandemic. We continue to see upside to shares at current levels…”Backing his optimistic stance on NLY, Shane gives the stock a Buy rating. His $8.50 price target implies a strong upside of 45% in the next 12 months. (To watch Shane’s track record, click here)Overall, Wall Street is in cautious agreement with Shane on Annaly. Of 9 recently published stock reviews, the Buys outweigh the Holds 6 to 3. The stock’s current share price is low, at $5.86 even after gains in today’s session, and the average price target of $7.33 suggests room for 25% growth this year. (See Annaly stock analysis on TipRanks)Blackstone Mortgage Trust (BXMT)Sticking with REITs, we turn to Blackstone. This company invests mainly in original senior loans, backed by collateral, in the North American, European, and Australian markets. Blackstone’s real estate portfolio holds $161 billion in assets under management.Like NLY above, Blackstone shares felt a hard hit when the market turned sour in Q1. From peak to trough, BXMT lost an eye-opening 68% of its share value. Even after gains in recent weeks, the stock is still down 46% from its high point in February – this is serious underperformance, as the S&P 500 is only down 15% from its peak.Blackstone’s underperformance comes even as the company beat the earnings forecast in Q1. While EPS was down year-over-year, it did beat quarterly expectations by 5.4%, coming in at 58 cents. Revenues missed the forecast, but still came in at a solid $100.6 million.For income investors BXMT offers a solid dividend payment that has been held steady – regardless of quarterly earnings – for the past three years. The 62-cent quarterly payment gives an annualized value of $2.48 and a yield of 11.7%. This is nearly 6x the average dividend yield among S&P listed companies, and an impressive return by any standard.Richard Shane covers BXMT, too, and he is satisfied that the company can weather the coronavirus storm. Shane says of Blackstone, “BXMT remains a market leader best positioned to negotiate optimal terms with both financing counterparties and well-capitalized institutional borrowers… the overall impact of COVID-19 to quarterly earnings was minimal as all loans have paid interest through April… BXMT noted approximately $821M in liquidity…”In his note on the stock, Shane reiterates his Buy rating, along with a $25.50 price target that suggests an upside potential of 22%. (To watch Shane’s track record, click here)What do other analysts say about Blackstone? It’s almost split. TipRanks analytics shows out of 5 analyst, 3 are bullish on the stock, while 2 remain sidelined. The consensus price target of $24.50 shows a potential upside of 17.22%. (See Blackstone stock analysis on TipRanks)Enbridge, Inc. (ENB)Last up is Enbridge, a major player in the North American energy industry. While oil prices collapsed during Q1 as economies were shut down, that did not negate the need for oil and other hydrocarbons. Even limited economic activity, along with such essentials as home heating and power generation, maintained some demand. Enbridge, which is Canada’s largest natural gas distributor and the owner of the longest crude oil transport network in North America, was well positioned to remain profitable.And it did. The company’s Q1 earnings came in at 62 cents per share, beating the forecast by 21.5% and showing impressive 34.7% sequential growth. Quarterly revenues, of $8.96 billion, beat the estimates by 5.2%.Enbridge has an interesting dividend history. The company has kept up its quarterly payments reliably for the past three years, in part by adjusting the payout to match earnings. The current dividend, which was declared earlier this week, is 57.75 cents per share. The annualized payment of $2.31 puts the yield at 7.5%, not as high as the REITs above but still far better than average – and enormously higher than the badly depressed Treasury bond market.JPM’s Jeremy Tonet believes Enbridge holds a strong business position. He writes of the company, “In addition to the strong results, we view reiterating guidance as a significant positive for ENB, especially considering Mainline concerns. Furthermore, ENB continues to progress several key initiatives, including Mainline recontracting…”In line with this view, Tonet sets a price target of $56 Canadian ($39.86 US at current rates), implying a 29% upside potential for the coming year. Tonet’s bullish upside backs his Buy rating. (To watch Tonet’s track record, click here)The analyst consensus view here is another Moderate Buy, based on 16 ratings that include 12 Buys, 3 Holds, and a single Sell. ENB shares are currently priced at US$30.98, and the average price target of $38.02 indicates a 23% upside potential. (See Enbridge stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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(Bloomberg) — Pfizer Inc.’s experimental gene therapy for Duchenne muscular dystrophy helped boys with the deadly disease, but failed to match benefits previously shown by competitor Sarepta Therapeutics Inc.All nine of the boys, ages 6 to 12, in the early-stage trial started to produce a key protein called dystrophin after receiving the one-time treatment. While patients with DMD don’t normally make any of the protein needed for muscles to work properly, three boys on a higher dose of the gene therapy produced about 52% of normal levels a year after treatment, Pfizer said in a statement.One boy on the higher dose needed platelet transfusion and treatment with Alexion Inc.’s Soliris to boost the number of platelets in his blood after his immune system reacted to the gene therapy. While he fully recovered, the reaction marks the third serious adverse event tied to the treatment after two other patients were hospitalized shortly after infusion. In response to the previous safety concerns, Pfizer adjusted its study to increase monitoring and management, which the company says helped mitigate the most recent reaction.The positive results for Pfizer’s therapy would be “a home run for DMD patients, in a vacuum,” wrote Baird analyst Brian Skorney. He said the update “just looks like a pale comparator to Sarepta’s SRP-9001” as the benefits appear lower than those seen with Sarepta’s therapy, and safety issues raise red flags.Sarepta shares jumped as much as 8.6% Friday, the biggest intraday gain for shares since late March, while Pfizer stock was little changed. Shares of the Cambridge, Massachusetts-based biotech are up 15% in the past year.While analysts had been looking forward to an update on the competitive landscape for DMD gene therapies, comparison remains difficult. While Sarepta has relied on a standard analysis called Western Blot that measures the level of dystrophin expression, Pfizer has opted for different technology. Measured by Pfizer’s test, the average expression of patients on the higher dose was significant compared to a baseline measure, with five of the six boys showing an increase in mini-dystrophin concentration between two and 12 months.The gene therapy’s benefit was also measured through a standard test of movement ability, including things like walking and climbing. While boys in the 7- to 9-year-old range typically start to plateau or lose motor abilities, six patients on Pfizer’s therapy for at least a year posted 3.5-point gains.A low-single-digit improvement in that score would be “somewhat encouraging” for the field, Bernstein analysts said on Thursday, as it would suggest dystrophin production translates to a functional benefit. At a conference in June, Pfizer said two boys in its trial posted a 4.5-point gain one year after treatment.DMD is a genetic disease characterized by progressive muscle degeneration and weakness. It’s the most common form of muscular dystrophy worldwide and affects about 250,000 people in the U.S., mostly boys. Pfizer’s data are being presented at a virtual meeting of the American Society of Gene & Cell Therapy.In the Pfizer study, another exploratory analysis used MRI to show a reduction in fat in the thighs of boys treated at the higher dose after a year of follow-up. That suggests the gene therapy may have improved muscle fiber health and quality, Pfizer said, noting that DMD patients typically lose muscle and gain fatty tissue as the disease progresses. No reduction in fat was seen in patients receiving the lower dose.The New York-based drugmaker plans to start treating patients in a late-stage study in the second half of the year after it gets clearance from the U.S. Food and Drug Administration. The company is neck-and-neck with Cambridge, Massachusetts-based Sarepta, which expects to start a multicountry study later this year after delays. SVB Leerink analyst Joseph Schwartz wrote earlier this month that “investors will likely reward the first company out of the Phase 3 gates.”(Updates with analyst commentary in fourth paragraph, share movement in fifth paragraph)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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In a race to position itself in the latest trade battle between the United States and China, Taiwan Semiconductor Manufacturing Co Ltd made it just under the wire. The world’s biggest contract chipmaker unveiled plans for a $12 billion plant in Arizona on Friday just hours before Washington outlined a proposal to amend tech export rules that could restrict TSMC’s sales to China’s Huawei. A U.S. Commerce Department official said TSMC’s decision to locate the plant in the United States generated “good will” at the department, the drafter of the law that would require TSMC and others to get U.S. licences to sell chips to Huawei.

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"Shark Tank" investor Mark Cuban believes the market is overvalued as coronavirus induced uncertainty over consumer spending persists.The Missing Demand Attired in a Dallas Mavericks t-shirt, Cuban told CNBC's "Closing Bell" program that the stock market is overvalued."I think it's almost impossible to predict where the consumer and corporate demand is going to come from," adding, "It's hard to create a valuation for businesses."Highlighting the missing demand, he said, "We've got a problem, we are not working from a foundation of data, we're guessing, what we are missing is consumer demand. If businesses were able to fulfill demand, they'd find ways to open, but it's not just about physically opening locations, its that consumers don't feel confident to spend money right now."The Mavericks owner called for the stimulus that addressed demand directly by providing funds to consumers in the form of debit cards.Market Valuation Uncertainty Cuban disclosed that he is an investor in both Netflix Inc. (NASDAQ: NFLX) and Amazon Inc. (NASDAQ: AMZN), with both stocks having gained considerably during the pandemic as demand for their services grows.However, he believes that business has been "fundamentally changed" due to the resultant health crisis of COVID-19, which makes it difficult to value the market. Last month, he had questioned market valuations and disclosed that he was "trying to get more cash."Catch-22 For Small Businesses When a "Closing Bell" host asked Cuban if he thought small businesses were getting the funding they needed through the Paycheck Protection Program, he answered, "No, its the exact opposite they don't know how to use it. There are companies that are choosing not to take it due to the rules associated with that."Cuban explained that small businesses were in a catch 22 situation at the moment, "On one hand they would like to open up but in some cases — municipalities, states, counties, whatever are keeping them from opening, but even if they are able to open, they are not able to get their employees to come back, because [employees] are making more from unemployment."Make White House Standard The National Standard Taking a dig at the Trump administration, the billionaire said his basketball team would follow the White House Protocol in reopening. "If we feel certain we can protect our employees like the White House does, then we will open up our practice facilities and push to go to work, but we're not there yet," said Cuban.Image Credit: Screenshot of News Stream.See more from Benzinga * Zoom Rival Facebook's Messenger Rooms Goes Live Worldwide * Richard Branson's Virgin Atlantic To Raise More Than 0M From Deutsche Bank, Others * Amazon To Manufacture Face Shields And Sell Them At Cost(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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5G is here. The new digital wireless technology first started to make waves in 2017, with connectivity tests in Argentina, Norway, and Poland. By late 2018, active 5G networks were starting to appear on a limited basis in various urban areas, and in 2019 the first nationwide networks went into operation in the US and China. As 2020 matures, industry analysts expect to see these networks expand, as providers move into the mid- and high-frequency bands.Looking ahead at the landscape 5G companies will have to navigate, Roth Capital's Scott Searle writes, “5G represents a multi-year product cycle that will drive multiple investable opportunities including incremental dollar content, the emergence and enablement of private networks and Industry 4.0, and incremental bandwidth/applications such as fixed wireless access…”The companies involved in the multiple aspects of the ongoing 5G rollout are going to attract plenty of attention in the coming months. But not all of them are going to bring investors the returns to justify the investment. We’ve opened up the TipRanks database to find two stocks positioned to gain in the 5G world, and also one that may be too risky to try.Viavi Solutions (VIAV)Our first stock is a provider of measurement and fiber test devices for network systems and providers. The company offers business intelligence consulting, custom analytics, installation and integration, field and lab testing, and operational assistance for its networking products. In addition to digital tech, Viavi also offers services in light management and optical coatings to banknote manufacturers.As 5G networks expand from their current phase, enter operation in new areas, and boost performance to the full potential of the technology, Viavi’s products will find increased demand. The company has been involved in 5G since the earliest days of the technology’s design, on the validation, verification, and visibility ends. While not directly involved in installation or hardware of the new networks, Viavi’s position in the 5G chain is essential.Viavi entered 2020 after a particularly strong year in calendar 2019. The company showed four consecutive quarters of rising earnings that consistently beat expectations. Calendar year Q4, which is usually VIAV’s strongest, saw the company post EPS of 19 cents, 18.8% above the forecast. The first quarter of 2020, however, was different. First off, the calendar year first quarter (the company’s fiscal Q3) is typically VIAV’s weakest. Second, the COVID-19 pandemic hit hard at revenues. The top line came in at $256.2 million, down 3.4% year-over-year, and well below VIAV’s previously published guidance numbers. The company’s Network and Service Enablement segment led the declines, while Optical Security and Performance Products showed stronger results. EPS for 1Q20 came in at 9 cents, 11% below the forecast – and also 11% below the year-ago quarter.That’s the bad news. The good news is that Viavi has a clear path forward, especially as economic restrictions are lifted in the second half of this year. Writing on the company from Northland Securities analyst Tim Savageaux maintains his Outperform rating on Viavi shares "given continued strength in 5G and 400G optical lab development at equipment OEMs and the overall positive impact of increased carrier network traffic." The analyst added, "…we believe network traffic and subscriber growth may provide offsets in addition to likely easing of lockdowns driving resumed network maintenance and subscriber deployments… We also believe the shares are likely to be supported by VIAV's strong cash flow generation."Savageaux's Outperform rating is backed by a $14 price target, which implies a healthy upside potential of 31% for the next 12 months. (To watch Savageaux’s track record, click here)Overall, it would appear that Wall Street agrees with Savageaux’s assessment of VIAV. The stock has 7 recent reviews, breaking down in a 6 to 1 split of Buy versus Hold. The average price target, $15.14, is actually more bullish than Savageaux’s, and suggests room for 42% upside growth from the current trading price of $10.68. (See Viavi stock analysis on TipRanks)Cohu, Inc. (COHU)The second stock on our list, Cohu, is a designer and manufacturer of test and inspection equipment in the semiconductor chip sector. COHU shares had been gaining in Q4 and Q1, as demand for semiconductor chips, fueled in part by the expansion of 5G networks. In the six months prior to the current bear cycle, COHU shares posted a gain of 86%. Since the bear cycle began, however, COHU shares have underperformed. The stock is still down 45% from its peak in early February. Cohu’s Q1 results, while rocky, were in-line with analyst expectations. The losses in the earnings report were attributed to slack demand due to the general economic situation – but that is seen as a temporary factor. As economies reopen, latent projects – including 5G network construction – will restart. Cohu’s products essential in the production of the new 5G chips, and are likely to see demand resume soon enough.Krish Sankar, 5-star analyst with Cowen, sees COHU shares as a buying opportunity. The analyst opined, “The 5G adoption (over 50% of mobility bookings) is benefiting the company and coupled with an eventual Auto recovery should drive a strong earnings profile in CY21.” The analyst added, "We like the stock – the upcoming 5G cycle (and eventual Auto recovery) should benefit COHU. Despite the uncertain environment, we do not see any liquidity risk."To this end, Sankar reiterated a Buy rating on Cohu shares, along with a $20 price target. That target implies a solid upside potential of 48%. (To watch Sankar’s track record, click here)COHU shares have a unanimous analyst consensus rating of Strong Buy, based on 5 recent Buy reviews. Shares are selling for a discounted $13.55, while the average price target of $19.60 indicates a robust one-year upside potential of 45%. (See Cohu stock analysis on TipRanks)Netscout Systems (NTCT)The third stock today, Netscout. The company provides solutions for application and network performance management, an important niche in today’s digital and/or cloud-based office world. The importance of Netscout’s products in the 5G ramp is manifest, but does not necessarily outweigh the current market headwinds.NTCT shares lost heavily in the bear cycle’s initial fall, but in volatile trading had regained most of the loss. That was derailed by a mixed fiscal Q4 earnings report.At the top line, results for the fiscal fourth quarter and FY20 were down from one year ago. Quarterly revenues came in at $229.4 million, down from last year’s $235 million. FY revenue slipped from fiscal 2019’s $909.9 million to $891.8 million. Netscout posted a net loss in fiscal 2020, of $2.8 million. From an investors’ perspective, the worst part of the earnings report was the forward guidance: the company withdrew it “given the rapidly evolving COVID-19 situation."Covering this stock for Piper Sandler, analyst James Fish maintained a Sell rating. Simply put, Fish does not see Netscout regaining pre-pandemic business quickly enough to make a solid recovery. He writes, “The company saw some deals occur later in the quarter than anticipated, with others pushed into April… As a reminder, NetScout had pulled forward revenue from FQ4 into FQ3 related to a Tier-1 NA carrier deal and was unable to 're-fill' the bucket… The company is seeing increased demand related to fixed line with carriers, but not on the mobile side.”Fish’s $21 price target predicts a downside to NTCT, of 9%. (To watch Fish’s track record, click here)Wall Street is evenly split on this stock. NTCT shares have received 1 Buy, 1 Hold, and 1 Sell rating in recent weeks, making the analyst consensus view a Hold. Shares are priced at $23.04, and the average price target of $25.33 suggests room for a 10% growth. (See Netscout stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Walgreens…

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The stated goal of Paycheck Protection Program (PPP) loans is to encourage small businesses to keep employees working and earning. The hope is that businesses will keep workers on payroll even while mandated closures and social distancing cause sales to … Continue reading ->The post How to Spend Your PPP Loan to Ensure Forgiveness appeared first on SmartAsset Blog.

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Here's a roundup of top developments in the biotech space over the last 24 hours.Scaling The Peaks (Biotech Stocks Hitting 52-week Highs May 14) * Allogene Therapeutics Inc (NASDAQ: ALLO)(reacted to ASCO abstract) * Altimmune Inc (NASDAQ: ALT)(announced first-quarter results and update to its COVID-19 vaccine program) * BioXcel Therapeutics Inc (NASDAQ: BTAI)( announced full enrollment of Phase 3 trials evaluating BXCL501 for the acute treatment of agitation in patients with schizophrenia and bipolar disorder and said it expects results from the two studies in July) * Co-Diagnostics Inc (NASDAQ: CODX) * Myokardia Inc (NASDAQ: MYOK) * Repligen Corporation (NASDAQ: RGEN) * Translate Bio Inc (NASDAQ: TBIO) * VBI Vaccines Inc (NASDAQ: VBIV)Down In The Dumps (Biotech Stocks Hitting 52-week Lows May 14) * Genfit SA (NASDAQ: GNFT) * Lyra Therapeutics Inc (NASDAQ: LYRA) (IPOed May 1) * RA Medical Systems Inc (NYSE: RMED)(reacted to first-quarter results) * Recro Pharma Inc (NASDAQ: REPH) * Sensus Healthcare Inc (NASDAQ: SRTS) * Sonnet Biotherapeutics Holdings Inc (NASDAQ: SONNStocks In Focus NantKwest To Start Mid-Stage Study Of Pancreatic Cancer Drug Combo In June Nantkwest Inc (NASDAQ:NK) announced plans for a Phase 2, randomized, open-label study to evaluate the efficacy and safety of a combination immunotherapy: NantKwest's PD-L1 t-haNK, ImmunityBio's N-803, and aldoxorubicin HCI plus standard of care, versus standard-of-care chemotherapy for first- and second-line treatment of locally advanced or metastatic pancreatic cancer.The company noted that out of the four patients treated with PD-L1 t-haNK and N-803 under single patient INDs, two were on treatment for the evaluable period. Of these two patients, one reported ongoing, durable, complete response six months after treatment, and one observed response of stable disease. It expects to begin the Phase 2 study in June."Our results from expanded access use of PD-L1 t-haNK in combination with N-803 offer proof-of-concept that, together with these agents, the immune system may play a role to activate robust and durable responses in metastatic cancer patients who have failed all standard-of-care therapies, said Patrick Soon-Shiong, CEO of NantKwest and ImmunityBio.NantKwest stock fell 8.54% to $4.71 in after-hours trading.Phio Presents Encouraging Data For Gene Silencing Platform Phio Pharmaceuticals Corp (NASDAQ: PHIO) announced data analyzing the applicability of the INTASYL platform as a gene silencing technology that offers an alternative or complementary approach to gene editing technologies, such as CRISPR/Cas9, in the treatment of solid tumors.The data presented as a poster at the American Society of Gene and Cell Therapy 23rd Virtual Annual Meeting showed that INTASYL compared favorably to other technologies for improving cells used in adoptive cell therapy for the treatment of solid tumors, especially in cases where permanent gene modification is not required or is undesirable.The stock rose 5.14% to $2.25 in after-hours trading.Earnings Sellas Life Sciences Group Inc (NASDAQ: SLS) reported a first-quarter net loss of 66 cents per share compared to a loss of $11.12 per share last year. Analysts estimated a wider loss of 74 cents per share. Cash and cash equivalents totaled about $6.7 million at the end of March 31, 2020, compared to $2.6 million as of March 31, 2019The stock rallied 13.24% to $3.25 in after-hours trading.Applied DNA Sciences Inc's (NASDAQ: APDN) fiscal year second-quarter revenues fell 29% year-over-year to $552,000. The net loss narrowed from $1.12 per share to 79 cents per share. Analysts, on average, estimated a loss of 77 cents per share on revenues of $950,000.View more earnings on IBBIn after-hours trading, the stock was down 11.77% to $13.42.TFF Pharmaceuticals Inc (NASDAQ: TFFP) reported a first-quarter loss of 20 cents per share compared to a loss of 55 cents per share a year ago. Analysts estimated a loss of 24 cents per share. The stock jumped 17.02% to $5.50 in after-hours trading.Co-Diagnostics reported a strong increase in its first-quarter revenues to $1.55 million from $3,400 a year ago. The loss per share narrowed from 9 cents to 5 cents, in line with estimate.Offering a mid-quarter update for the second quarter, the company said it has manufactured more than 6 million COVID-19 tests to date and has ordered for components for more than 20 million additional tests. The company also said its test kit showed 100% specificity and 100% sensitivity in several independent evaluations.The stock retreated 15.95% to $18.60 in after-hours trading.Offerings TG Therapeutics Inc common stock (NASDAQ: TGTX) priced its upsized underwritten public offering of 8.5 million shares at $18 per share for raising gross proceeds of $153 million. All the shares are being offered by the company. The company expects the offering to close May 19.The stock slipped 2.26% to $19.48 in after-hours trading.Boston Scientific Corporation (NYSE: BSX) priced its public offering of $1.7 billion aggregate principal amount of its senior notes.The public offering consists of $500 million in aggregate principal amount of 1.90% notes due 2025 and $1.2 billion in aggregate principal amount of 2.65% notes due 2030. The company intends to use the net proceeds to repay its debt.Oyster Point Pharma Inc (NASDAQ: OYST) priced its underwritten public offering of 3.75 million shares at $28 per share. All of the shares are being offered by the company. The offering, which is expected to close May 19, is likely to generate gross proceeds of $105 million for the company.The stock was slipping 6.31% to $30.01 in premarket trading Friday.On The Radar PDUFA Dates Clovis Oncology Inc (NASDAQ: CLVS) awaits FDA nod for an expanded indication for its cancer therapy Rubraca. The sNDA seeks approval of Rubraca as monotherapy treatment for patients with BRCA1/2-mutant recurrent, metastatic castrate-resistant prostate cancer.Clinical Readouts Pfizer Inc. (NYSE: PFE) will present at the ASGCT meeting, Phase 1b data for PF-06939926 in Duchenne muscular dystrophy at 10 am ET.Earnings Digirad Corporation (NASDAQ: DRAD) (before the market open) * Zyla Life Sciences (OTC: ZCOR) (before the market open) * PLx Pharma Inc (NASDAQ: PLXP) (before the market open) * Titan Pharmaceuticals, Inc. common stock (NASDAQ: TTNP) (before the market open) * Bio-Path Holdings Inc (NASDAQ: BPTH) (before the market open)IPO Late clinical-stage oncology-focused Swiss biotech ADC THERAPEUTICS priced its upsized initial public offering of 12,245,631 shares of its common shares at $19.00 per share, above the estimated price range of $16-18. The company expects the offering to generate gross proceeds of $232.7 million. The shares are to be listed on the NYSE under the ticker symbol "ADCT."See more from Benzinga * The Daily Biotech Pulse: ASCO Abstracts Create Stock Ripples, Applied DNA's Coronavirus Test Receives EUA, Biopharmx Shareholders Vet Reverse Merger * The Daily Biotech Pulse: Gilead Signs Manufacturing Deal For Remdesivir, Bristol-Myers Gets Refuse-To-File Letter(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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