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Category: Stock Market
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Were Hedge Funds Right About Dumping IBM?
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]
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U.S. government awards Novavax $1.6 billion for coronavirus vaccine
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Bellus Health Craters 72% On Chronic Cough Miss; Analyst Still Says Buy
Shares in biopharma Bellus Health (BLU) cratered 72% in Monday’s trading, after the company announced disappointing topline results from its Phase 2 RELIEF trial of BLU-5937 in patients with refractory chronic cough.The Phase 2 RELIEF trial of BLU-5937 did not achieve statistical significance for the primary endpoint of reduction in placebo-adjusted cough frequency at any dose tested.However a clinically meaningful and highly statistically significant placebo-adjusted reduction in cough frequency was achieved in a pre-specified sub-group of high cough count patients (all patients at or above the baseline median average of 32.4 coughs per hour).BLU-5937 was well tolerated with no serious adverse events reported and no withdrawals due to treatment-related adverse events at any dose.“While we had hoped to see more response in the lower cough patients, BLU-5937 and other P2X3 antagonists may have the most benefit in patients with a greater disease burden,” stated CEO Roberto Bellini.“We believe the Phase 2 data support moving BLU-5937 forward into an adaptive Phase 2b trial enriched for higher cough count patients. We expect to begin this trial in the fourth quarter of 2020” he added.RELIEF enrolled a total of 68 refractory chronic cough patients from 16 sites in the UK and US, with 52 completing both treatment periods. Sixteen patients dropped out in total, 13 due to COVID-19 difficulties and 3 with additional non-drug related discontinuations.“While we are surprised/disappointed by the efficacy data (especially since three other assets in the class have read out positively), we do not think this is the end of the road for Bellus, but that it will take longer and be a bit more complex than previously expected” LifeSci Capital’s Sam Slutsky told investors following the announcement.He noted that the asset was associated with a low-incidence of taste side effects at all doses, solidifying its favorable tolerability profile versus the P2X3 inhibitors from Merck and Bayer, and maintains his view that BLU-5937 has a profile that can be successfully advanced.What’s more, Slutsky cited cough expert Professor Morice who commented that the high dropout rate as a result of the pandemic may have played a role in the primary endpoint not reaching statistical significance.As a result the analyst reiterated his buy rating on the stock with a price target of $7, down from $17 previously. Overall the stock scores a bullish Strong Buy rating from the Street, with three recent buy ratings vs 1 hold rating. (See BLU stock analysis on TipRanks)Related News: Chembio Gains 12% After-Hours On New Covid-19 BARDA Contract CytoDyn Signs Distribution Deal For Covid-19 Treatment Leronlimab Cellectis Sinks 13% In Extended Trading After FDA Halts Cancer Clinical Trial More recent articles from Smarter Analyst: * Otonomy Pops 15% in Pre-Market Fueled By Otividex Data, Positive Results From Tinnitus Candidate * Facebook Quietly Testing Instagram Reels In India- Report * Buy Into the Shopify Story for the Long-Term, Says 5-Star Analyst * Ad Spend Ban Could Damage Facebook’s Brand, Says 5-Star Analyst
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Why stocks don’t seem worried about the surge in COVID cases: Morning Brief
Top news and what to watch in the markets on Tuesday, July 7, 2020.
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Were Hedge Funds Right About Quitting Philip Morris International Inc. (PM)?
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
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Nordic American Tankers Ltd (NAT): Are Hedge Funds Right About This Stock?
We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]
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Fannie Mae: FHFA’s Mark Calabria’s Position Unconstitutional
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Tesla is positioned to become a $100 billion company, says analyst
On Monday, JMP Securities analyst Joseph Osha raised his price target on shares of Tesla to a fresh street high of $1,500. The bullish call comes on the heels of the company’s better-than-expected Q2 delivery numbers, and the firm thinks Tesla still has more room to grow. Osha joins The Final Round to discuss his bullish call, as well as his outlook for the electric carmaker. from Yahoo Finance https://ift.tt/3e5xKWO
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ASX 200 drops on return of lockdown in Melbourne
The S&P/ASX 200 Index (ASX: XJO) ended the day down 0.03% to 6,013 points. However, just before the Victorian press conference the ASX 200 was at 6,066 points.
Metro Melbourne has gone back to stage 3 restrictions. People will only be allowed for shopping for food and other essentials, medical purposes and caregiving, work and study if it can’t be done at home and exercise.
Here are some of the highlights from the ASX 200 today:
Afterpay Ltd’s (ASX: APT) big update
Afterpay was able to provide an update with the final quarter of FY20 finishing last week.
The buy now, pay later business said it has seen a strong performance across the business and delivered underlying sales of $11.1 billion in FY20, which was up 112% on the prior corresponding period.
Underlying sales in the fourth quarter of FY20 rose by 127% to $3.8 billion. This was the highest quarterly performance ever, which Afterpay said reflected the accelerating shift to e-commerce to spending since the impacts of COVID-19 emerged globally.
Afterpay said that margins were pleasing. Merchant revenue margins for FY20 are expected to be in line with or better than both the first half of FY20 and FY19.
The net transaction loss (NTL) for FY20 is expected to be up to 55 basis points. The Australia and New Zealand NTL has remained at historically low levels and the NTL within the US and UK regions has improved in the second half compared to the first half of FY20. There has been improving risk performance and historically high payment recovery rates.
The net transaction margin (NTM) for FY20 is expected to be approximately 2%, underpinning a pathway to longer term profitability for the overall business.
The ASX 200 share is expecting earnings before interest, tax, depreciation and amortisation (EBITDA), excluding significant items, for FY20 to be between $20 million to $25 million.
Active customers rose 116% to 9.9 million at the end of FY20. Active merchants rose by 72% to 55,400. Afterpay expects to expand into Canada in the first quarter of FY21. It’s also expecting to expand to in-store in the US this quarter as well.
Afterpay also announced a $800 million capital raising and a sell down by the co-founders where each of them will sell 2.05 million shares.
Magellan Financial Group Ltd (ASX: MFG) funds under management (FUM) announcement at June 2020
Magellan today announced its FUM for June 2020. The global fund manager said its FUM at the end of FY20 was $97.2 billion, down from $98.5 billion at 29 May 2020.
The ASX 200 fund manager experienced net inflows of $249 million, which included net retail inflows of $173 million and net institutional inflows of $76 million.
Average FUM for FY20 was $95.5 billion, an increase from $75.8 billion in FY19.
Magellan said it’s entitled to estimated performance fees of approximately $81 million for FY20.
Sezzle Inc (ASX: SZL) share price soars 24.6%
It was a big day for the buy now, pay later sector on the ASX today.
Sezzle announced that its underlying merchant sales (UMS) jumped 58% quarter on quarter to US$188 million. This was an increase of 349% year on year.
Active consumers rose 28% quarter on quarter to 1.48 million. Active merchants increased by 27% quarter on quarter to 16,112.
The BNPL businesses also said that its repeat usage improved by more than 10 percentage points to 87.5%, compared to 77.2% in June 2019. Older cohorts are using Sezzle more each year. The 2018 Sezzle cohort is now purchasing approximately 15 times a year.
5 stocks under $5
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More reading
- These ASX shares are swept up by the new Victorian COVID-19 lockdown
- Magellan share price rises on increased funds under management
- Why brokers have just downgraded BHP and these ASX stocks today
- These 2 ASX medical shares are on the rise after major announcements
- You’re probably a customer of these 3 ASX shares. Should you own them too?
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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