Last week saw the newest quarterly earnings release from Bristol-Myers Squibb Company (NYSE:BMY), an important…

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British Airways owner IAG has exhausted every avenue to shore up its finances and is burning through cash, its CEO said on Monday, as the aviation industry warned of the fresh damage it would suffer if Britain quarantines international arrivals. Willie Walsh told parliament’s transport committee IAG would have to review plans to resume flying in July if the government pressed ahead with plans to introduce a quarantine on most people coming into the country by air as part of measures to prevent a second peak of the coronavirus pandemic. While Walsh said IAG was not in a position where it had to ask for a specific bailout from the government, he added the quarantine plan would add to the pressure on the group.

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May.11 — Bitcoin slumped over the weekend after rising back above $10,000 late last week, casting a cloud over its latest attempted rebound. The decline took place ahead of a closely watched, technical event known as halving. Antoni Trenchev, co-founder at Nexobank, sees the currency reaching $50,000 by the end of the year. He speaks on “Bloomberg Markets: European Open.”

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AstraZeneca Plc (AZN) and Daiichi Sankyo Co Ltd. said Monday that their jointly developed drug Enhertu for the treatment of advanced gastric cancer has been granted Breakthrough Therapy Designation (BTD) status from the U.S. Food and Drug Administration (FDA).The BTD status will allow the companies to accelerate the development, regulatory review and market entry of Enhertu. The FDA awards the status for potential new medicines that are intended to treat a serious condition and address a significant unmet medical need. Enhertu is an antibody drug targeting HER2-positive cancer cells.“Current therapy options are limited for patients with HER2-positive metastatic gastric cancer and for those who relapse, there are no approved HER2-targeted medicines,” said José Baselga, Executive Vice President, R&D Oncology. “We look forward to working with the FDA to further explore the potential of Enhertu to become an important new treatment and the first antibody drug conjugate for this devastating disease.”Gastric cancer is the fifth most common cancer worldwide and the third leading cause of cancer mortality. In the US, it is estimated that 27,600 new cases of gastric cancer will be diagnosed in 2020 and more than 11,000 people will die from the disease. About one in five gastric cancers are considered HER2 positive.The FDA granted the BTD status based on Phase I trial and Phase II trial data. Patients treated with Enhertu demonstrated a statistically significant and clinically meaningful improvement in objective response rate (ORR), the primary endpoint, and overall survival (OS), a key secondary endpoint, versus patients treated with chemotherapy.Enhertu is already approved in the US and Japan for the treatment of adult patients with metastatic HER2-positive breast cancer. The drugmaker’s shares rose 1.1% to $53.29 on Friday after rallying 29% in the past 2 months.TipRanks data shows that Wall Street analysts have a bullish outlook on the stock as 4 have Buys adding up to a Strong Buy consensus rating. The $57.50 average price target puts the upside potential for the shares in the coming 12 months at 7.9%. (See AstraZeneca stock analysis on TipRanks).  Related News: AstraZeneca-Merck Ovarian Cancer Treatment Gets FDA Approval Seres Therapeutics Reports Weak Earnings, But Significant Upside Lies Ahead Eli Lilly Wins FDA Approval For Retevmo Lung, Thyroid Cancer Treatment More recent articles from Smarter Analyst: * AMC Pops 11% Amid Potential Acquisition Talks by Amazon * Carnival Cruises Enjoys Huge Bookings Surge- Report * Tesla’s China Model 3 Sales Tumbled 64% In April * Solid Biosciences: Keep Your Eyes On The Prize Says Top Analyst

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The U.S. Food and Drug Administration (FDA) approved a treatment developed by AstraZeneca (AZN) and Merck Co. (MRK) for advanced ovarian cancer.The FDA approved the ovarian drug Lynparza to be used in combination with bevacizumab as a first-line maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube or primary peritoneal cancer. Patients will be selected for therapy based on an FDA-approved companion diagnostic for Lynparza.Lynparza is a first-in-class PARP inhibitor, which is a targeted treatment to potentially exploit 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. Ovarian cancer is the fifth most common cause of death from cancer in women in the U.S. This year, it is estimated that more than 21,000 women will be diagnosed with ovarian cancer and nearly 14,000 women will die of the disease.The nod by the U.S. regulator followed a biomarker subgroup study of 387 patients with positive tumors from the Phase 3 PAOLA-1 trial, which showed that the Lynparza drug in combination with bevacizumab reduced the risk of disease progression or death by 67%. It improved progression-free survival (PFS) to a median of 37.2 months vs. 17.7 months with bevacizumab alone in patients with advanced ovarian cancer.“Advances in understanding the role of biomarkers and PARP inhibition have fundamentally changed how physicians treat this aggressive type of cancer,” said Dr. Roy Baynes, senior vice president and chief medical officer at Merck Research Laboratories. “Today’s approval based on the PAOLA-1 trial highlights the importance of homologous recombination deficiency (HRD) testing at diagnosis to identify those who may benefit from Lynparza in combination with bevacizumab as a first-line maintenance treatment.”AstraZeneca and Merck said they are also seeking to get approval by the European Union, Japan and other countries for Lynparza’s use in combination with bevacizumab as a first-line maintenance treatment for patients with advanced ovarian cancer.Mara Goldstein, analyst at Mizuho Securities reiterated Merck’s Buy rating with a $100 price target.“The likelihood that MRK's business rebounds in 2H20 with the easing of stay-at-home restrictions is high, in our view, and drives our support of the shares,” Goldstein wrote in a note to investors.TipRanks data shows that 9 out of the 11 Wall Street analysts covering the stock in the past three months have a Buy on the stock. The remainder say Hold adding up to Strong Buy consensus rating. The $92.10 average price target suggests 21% upside potential in the shares in the coming 12 months. (See Merck stock analysis on TipRanks). Related News: Quidel’s Rapid Covid-19 Antigen Test Scores Emergency FDA Approval GM Ramps Up Coffers With $4 Billion Debt Sale, Plans New $2 Billion Credit Line Weekly Market Review: Stocks Back to Winning Ways More recent articles from Smarter Analyst: * AMC Pops 11% Amid Potential Acquisition Talks by Amazon * Carnival Cruises Enjoys Huge Bookings Surge- Report * AstraZeneca, Daiichi Get FDA Breakthrough Status For Gastro Cancer Drug * Tesla’s China Model 3 Sales Tumbled 64% In April

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Top news and what to watch in the markets on Monday, May 11, 2020.

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Carnival Corp (CCL) is already enjoying a surge in cruise bookings, indicating that demand remains strong despite the coronavirus pandemic.After the company announced this week it would restart some cruises in August, Cruise Planners’ Carnival bookings spiked 600% compared to the previous 3 days before the news, reports TMZ.This represents a 200% increase over the same time period in 2019 – before the coronavirus pandemic even struck- points out TMZ, which spoke to Cruise Planners’, an American Express travel franchise.According to the travel company, customers are “not a bit concerned about traveling at this time” with many looking to have fun once restrictions ease.Carnival Cruise Line plans to resume its North American service from August 1 with a total of eight ships from Miami, Port Canaveral and Galveston.In connection with this plan, the pause in operations will be extended in all other North American and Australian markets through August 31, the company said.However there is no guarantee that the cruises will go ahead, with CCL saying: “We continue to work with various government agencies, including the CDC, as we introduce new onboard protocols, but there is no assurance of a return on August 1.”Carnival stock has plunged 72% year-to-date following major coronavirus outbreaks on a number of cruise ships, including Carnival’s Diamond Princess.And analysts are staying firmly on the sidelines. In the last three months, the stock has received 2 buy ratings, 7 hold ratings and even 3 sell ratings- giving the stock a Hold analyst consensus. Meanwhile the average price target stands at $23.30. (See CCL’s stock analysis on TipRanks)“While we expect consumers will be generally eager to return to normalcy once coronavirus concerns abate, we believe the cruise industry is likely to have a much slower recovery given the amount of negative media coverage around coronavirus outbreaks and ships without ports, and maintain our Market Perform rating” comments William Blair analyst Sharon Zackfia.Related News: Tesla’s China Model 3 Sales Tumbled 64% In April Southwest Scores $815M With Sale-Leaseback of 20 Boeing Planes Disney Reveals Shanghai Park Covid-19 Measures For May 11 Reopen More recent articles from Smarter Analyst: * AstraZeneca, Daiichi Get FDA Breakthrough Status For Gastro Cancer Drug * Tesla’s China Model 3 Sales Tumbled 64% In April * Solid Biosciences: Keep Your Eyes On The Prize Says Top Analyst * Columbian Carrier Avianca Files For Bankruptcy Protection Due to Coronavirus Woes

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The U.S. Food and Drug Administration (FDA) approved a treatment developed by AstraZeneca (AZN) and Merck Co. (MRK) for advanced ovarian cancer.The FDA approved the ovarian drug Lynparza to be used in combination with bevacizumab as a first-line maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube or primary peritoneal cancer. Patients will be selected for therapy based on an FDA-approved companion diagnostic for Lynparza.Lynparza is a first-in-class PARP inhibitor, which is a targeted treatment to potentially exploit 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. Ovarian cancer is the fifth most common cause of death from cancer in women in the U.S. This year, it is estimated that more than 21,000 women will be diagnosed with ovarian cancer and nearly 14,000 women will die of the disease.The nod by the U.S. regulator followed a biomarker subgroup study of 387 patients with positive tumors from the Phase 3 PAOLA-1 trial, which showed that the Lynparza drug in combination with bevacizumab reduced the risk of disease progression or death by 67%. It improved progression-free survival (PFS) to a median of 37.2 months vs. 17.7 months with bevacizumab alone in patients with advanced ovarian cancer.“Advances in understanding the role of biomarkers and PARP inhibition have fundamentally changed how physicians treat this aggressive type of cancer,” said Dr. Roy Baynes, senior vice president and chief medical officer at Merck Research Laboratories. “Today’s approval based on the PAOLA-1 trial highlights the importance of homologous recombination deficiency (HRD) testing at diagnosis to identify those who may benefit from Lynparza in combination with bevacizumab as a first-line maintenance treatment.”AstraZeneca and Merck said they are also seeking to get approval by the European Union, Japan and other countries for Lynparza’s use in combination with bevacizumab as a first-line maintenance treatment for patients with advanced ovarian cancer.Mara Goldstein, analyst at Mizuho Securities reiterated Merck’s Buy rating with a $100 price target.“The likelihood that MRK's business rebounds in 2H20 with the easing of stay-at-home restrictions is high, in our view, and drives our support of the shares,” Goldstein wrote in a note to investors.TipRanks data shows that 9 out of the 11 Wall Street analysts covering the stock in the past three months have a Buy on the stock. The remainder say Hold adding up to Strong Buy consensus rating. The $92.10 average price target suggests 21% upside potential in the shares in the coming 12 months. (See Merck stock analysis on TipRanks). Related News: Quidel’s Rapid Covid-19 Antigen Test Scores Emergency FDA Approval GM Ramps Up Coffers With $4 Billion Debt Sale, Plans New $2 Billion Credit Line Weekly Market Review: Stocks Back to Winning Ways More recent articles from Smarter Analyst: * Carnival Cruises Enjoys Huge Bookings Surge- Report * AstraZeneca, Daiichi Get FDA Breakthrough Status For Gastro Cancer Drug * Tesla’s China Model 3 Sales Tumbled 64% In April * Solid Biosciences: Keep Your Eyes On The Prize Says Top Analyst

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