Regeneron Pharma (REGN) has now announced the pricing of the underwritten public secondary offering of 11,831,496 shares of its common stock held by French drugmaker Sanofi at a price of $515 per share.Regeneron has also agreed to purchase 9,806,805 shares directly from Sanofi, at a price of $509.85 per share (representing the price paid by the underwriters in the offering), for an aggregate purchase amount of $5 billion.In connection with the offering, the underwriters have a 30-day option to purchase up to an additional 1,183,150 Regeneron shares from Sanofi, the statement revealed. If the underwriters fully exercise their option to purchase additional shares, following the offering and share repurchase by Regeneron, Sanofi will have disposed of all of its shares, other than 400,000 shares it intends to retain.Regeneron will not receive any of the proceeds from the sale of shares in this offering, the company said. The offering will occur simultaneously in the United States and internationally through underwriters led by BofA Securities and Goldman Sachs as joint book-running managers.Shares in the biotech giant are currently trading at $545, after surging 45% year-to-date as investors grow more confident in its experimental antibody cocktail for Covid-19. “Progress on the development of a COVID-19 antibody cocktail remains on track – and a source of substantial investor interest” notes JP Morgan analyst Cory Kasimov.He has a hold rating on the stock and low $429 price target, writing that “Although we admittedly missed a great opportunity in REGN (shares up 50%+ YTD), we are finding it difficult to pull additional levers in our DCF model based on available data.”Overall, REGN shows a cautiously optimistic Moderate Buy analyst consensus, with a $559 average price target indicating 2.5% upside potential in the coming 12 months. (See Regeneron stock analysis on TipRanks).Related News: Gilead’s Remdesivir Most ‘Beneficial’ In Covid-19 Patients Who Need Extra Oxygen, Study Shows Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial Regeneron To Repurchase $5 Billion Stake From Sanofi   More recent articles from Smarter Analyst: * Regeneron, Sanofi Get FDA Nod For Dupixent Treatment In Children * Six Flags Set to Partially Reopen in June, Stock Jumps on News * Tesla Is Said to Cut Car Prices In North America, China To Jumpstart Demand * Jamie Dimon Likes JPMorgan at Current Levels – and Investors Pounce

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Asked at a financial services conference on Tuesday morning about JPMorgan Chase's (JPM) valuation, CEO Jamie Dimon answered that it was “very valuable” at its current price. That was all investors needed to hear, as shares in the nation's largest bank rocketed up by as much as 9% during Tuesday's trading, closing up 7% for the day at $95.82.Dimon's words carry weight among investors, as he famously bought $26 million in JPMorgan shares in February 2016 – a much-publicized and prescient move at what later proved to be a market trough.“I’m not trying to predict the bottom,” Dimon said yesterday, adding that “you cannot be a bank and be immune to what goes on in the world out there.” JPMorgan has previously said that its 2020 earnings will be impaired, as it expects significant loan defaults throughout the year.Dimon remarked that he is hopeful that the rest of the year will see improving fundamentals. “I give it some pretty good odds,” Dimon said. “The government has been very responsive, the Federal Reserve has been very responsive. Large companies have a huge wherewithal, hopefully we’ll keep the small ones alive long enough that most of them get back into business.”Dimon added that the Federal Reserve’s actions to prop up financial markets were like “water that fills every crevice.”Recent analyst reports have been bullish on JPMorgan. In one released last week, Susan Roth Katzke from Credit Suisse maintained a Buy rating on JPMorgan Chase & Co., with a price target of $122, even as she noted that low interest rates and an expected increase in credit losses will weigh on JPMorgan’s earnings this year and next. Overall, the Moderate Buy analyst consensus and 12-month analyst price target of $110 represents 15% upside from JPMorgan's current level. (See JPMorgan Chase & Co. stock analysis on TipRanks).Related News: Autodesk Earnings: Here’s What To Expect Today Google, Apple Roll Out Coronavirus Contact Tracing Technology Why Aurora Cannabis (ACB) Stock Looks Attractive More recent articles from Smarter Analyst: * Six Flags Set to Partially Reopen in June, Stock Jumps on News * Regeneron Announces Secondary Offering Pricing At $515/Share * Tesla Is Said to Cut Car Prices In North America, China To Jumpstart Demand * ‘Holy Cow’ Exclaims Analyst On Tractor Supply’s Record Guidance; Shares Surge 9%

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By some estimates, nearly one in four Americans is out of work. A steady stream of bankruptcies has begun, both out loud and quietly, and many businesses have shuttered for good. The full extent of the damage wrought by the … Continue reading ->The post Why Is the Stock Market Up? appeared first on SmartAsset Blog.

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The shares of StoneCo Ltd. (NASDAQ: STNE) surged in the after-hours session on Tuesday, as the Brazilian financial technology company reported earnings for its first quarter ending March.Q1 Earnings StoneCo posted a total revenue of $134 million, up 33% from the $100.2 million reported in the same quarter a year ago.The earnings per share for the quarter stood at 11 cents, slightly lower than the 12 cents EPS posted a year ago.StoneCo said total payment volume increased 42.1% year-on-year to $7 billion, giving investors a cause for optimism.View more earnings on STNEIt further noted that the TPV had increased 52% YoY by mid-March, before being impacted by the novel coronavirus (COVID-19) pandemic.The lockdowns imposed to curb the spread of the virus forced many of its clients to suspend operations, either partially or completely, according to StoneCo.Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) holds a stake in the fintech company.Price Action StoneCo shares traded 27.3% higher in the after-hours session at $34, after closing the regular session 9.2% higher at $26.70.See more from Benzinga * 'FAANG Stocks Are Strong Once Again,' Facebook, Amazon, Netflix Hit Record Highs Last Week * Goldman Sachs Plans To Expand Cash Management To Europe Despite Coronavirus Impact * Novavax Begins Phase 1 Clinical Trial Of Its Coronavirus Vaccine(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Tesla Inc. (TSLA)  is said to cut prices of its electric vehicles by as much as 6% in North America in response to the downturn in auto demand in the area amid the lockdown orders tied to the coronavirus pandemic.According to Reuters, Tesla lowered prices for the Models S, 3, and X in North America as its Fremont factory in California recently resumed production. In China, Tesla will cut the price for its Models S and X by about 4%.The vehicle maker also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).Tesla last week was given a green light to resume production at its main Fremont auto plant ending a stand-off between the electric automaker and Alameda County over safety measures.According to Tesla website’s the starting price for its Model S sedan is now $74,990, down from $79,990. Its Model X SUVs is now priced at $79,990, from $84,990, and the lowest-priced Model 3 sedan is $2,000 cheaper at $37,990.U.S. auto retail sales likely halved in April from a year earlier, according to data from J.D. Power. However, May sales are poised to be better due to pent-up demand and incentives offered by many carmakers, the analytics firm said.As the coronavirus pandemic put many people out of their jobs, while also having a dampening impact on economic growth, automakers from General Motors Co to Ford Motor Co and Fiat Chrysler Automobiles NV are offering 0% financing rates and deferred payment options for new purchases.The value of Tesla shares has more than doubled over the past two months. The stock was little changed at $818.87 as of Tuesday’s close.Last week, four-star analyst Joseph Osha at JMP Securities lowered the stock’s price target to $1,001 from $1,020, while keeping a Buy rating, saying that he doesn’t expect the Fremont production capacity to return to pre-COVID output seen this year.Osha still forecasts Tesla’s 2021 deliveries at 445K for Model 3 and 207K for Model Y, adding that it is hard to see how the automaker won’t  manage to grow 26% per year from its 2019 rate.TipRanks data shows that Wall Street analysts take a more cautious stance on the company’s stock. Overall, it has a Hold consensus based on 9 Sells, 9 Holds, and 8 Buys. Following stock’s recent rally, the Street’s $623.45 average price target implies 24% downside potential in the shares over the coming year. (See Tesla’s stock analysis on TipRanks).Related News: GM Delays Some Production Shifts At 3 U.S. Truck Plants – Report Tesla Asks China To Build Model 3 Cars With LFP Batteries – Report Fiat Chrysler Shares Decline on Dividend Payout Withdrawal More recent articles from Smarter Analyst: * Regeneron Announces Secondary Offering Pricing At $515/Share * Jamie Dimon Likes JPMorgan at Current Levels – and Investors Pounce * ‘Holy Cow’ Exclaims Analyst On Tractor Supply’s Record Guidance; Shares Surge 9% * Amazon Is Said To Be In Talks To Buy Driverless Vehicle Startup Zoox

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Swiss drugmakers Roche and Novartis released data on Wednesday on treatments aimed at winning sales from each other in eye disease and multiple sclerosis, in a sign of rising rivalry. Facing each other across the Rhine in Basel, the drugmakers have clashed and cooperated over the years, but their latest products point to more direct competition. Roche Chief Executive Severin Schwan is looking beyond cancer drugs to fresh treatment areas, while Novartis CEO Vas Narashiman bulks up in the same territory.

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