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Aston Martin’s first SUV rolls off production line
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Biogen Files FDA Application For Potential Alzheimer Treatment
Biogen Inc. (BIIB) announced that it has finally submitted the Biologics License Application (BLA) seeking approval by the Food and Drug Administration (FDA) for aducanumab, its investigational treatment for Alzheimer’s disease.If approved, aducanumab would become the first therapy to reduce the clinical decline of Alzheimer’s disease, the company said. The FDA application submission had been delayed since early 2020. Aducanumab is a human monoclonal antibody designed to treat early Alzheimer’s disease.Biogen said that the completed submission followed ongoing collaboration with the FDA and includes clinical data from the Phase 3 studies, as well as the Phase 1b study.“Alzheimer’s disease remains one of the greatest public health challenges of our time,” said Biogen CEO Michel Vounatsos. “The aducanumab BLA is the first filing for FDA approval of a treatment that addresses the clinical decline associated with this devastating condition, as well as the pathology of the disease.”Biogen reported that clinical studies showed that patients who received aducanumab experienced significant slowing of decline on measures of cognition and function such as memory, orientation and language. Patients also experienced slowing of decline on activities of daily living including conducting personal finances, performing household chores, such as cleaning, shopping and doing laundry, and independently traveling out of the home.The FDA now has up to 60 days to decide whether to accept the application for review. As part of the submission, Biogen requested to get priority review.The stock rose 4.4% on the news and closed at $280.19 on Wednesday trimming this year’s decline to 5.6%. Meanwhile some analysts are skeptical about the likelihood of the drug approval. Although, Goldman Sachs analyst Terence Flynn called Biogen's submission “an important first step and incremental positive," he seeks risk to its approval.“The central question is how the FDA will interpret the aducanumab Phase 3 data given a single positive trial, weighed against the unmet need in Alzheimer's”, Flynn wrote in a note to investors adding that he sees a 20% probability of success.The analyst maintained a Hold rating on the stock with a $300 price target (7.1% upside potential).In line with Flynn’s outlook, Wall Street analysts have a Hold consensus on Biogen with a $312.16 average price target (11% upside potential). In the last three months, the stock has received 13 Hold ratings and 4 Sell ratings versus 8 Buy ratings. (See BIIB stock analysis on TipRanks).Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Corvus Shoots Up 115% On Start Of Novel Immunotherapy Study In Covid-19 Patients GenMark Soaring In Pre-Market On 118% Revenue Explosion More recent articles from Smarter Analyst: * Airbus First-Half Deliveries Drop 49% Amid Covid-19 Aviation Crisis * Google Stops Project For Cloud Services In China * Square (SQ): One Analyst Finally Got off the Fence — but for What? * Google Vulnerable to Reduced Ad Spend, Says 5-Star Analyst
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German prosecutors probe Wirecard for money laundering
German state prosecutors are investigating Wirecard for suspected money laundering, a spokeswoman for the Munich prosecutor’s office said on Thursday. “We are investigating suspected money laundering,” the spokeswoman told Reuters, saying the inquiry was directed at individuals from Wirecard. Wirecard declined to comment.
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Marvell Joins Chip Leaders
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The case for more fiscal stimulus is clearer than ever: Morning Brief
Top news and what to watch in the markets on Thursday, July 9, 2020.
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Trade Alert: The Chairman of the Board Of BELLUS Health Inc. (TSE:BLU), Francesco Bellini, Has Just Spent US$390k Buying 31% More Shares
Investors who take an interest in BELLUS Health Inc. (TSE:BLU) should definitely note that the Chairman of the Board…
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Gilead to deliver more remdesivir to Europe from autumn – WiWo
Gilead Sciences Inc plans to make more of its drug remdesivir available for Germany and Europe from autumn and will decide how much each country gets based on the rate of infection, the drugmaker’s Germany boss told a German magazine. Bettina Bauer, managing director of Gilead in Germany, told WirtschaftsWoche the U.S. drugmaker can increase its worldwide monthly production from currently 190,000 treatment cycles to 2 million treatment cycles in December.
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European shares rise after SAP’s reassuring outlook
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ASX 200 rises 0.6% today, Afterpay share price hits $75
The S&P/ASX 200 Index (ASX: XJO) rose by 0.6% today to 5,956 points.
Melbourne entered its first day of a return to lockdowns with another day of well over 100 confirmed cases in Victoria. There were 165 cases reported today.
Afterpay Ltd (ASX: APT) share price steals the show
The Afterpay share price finished the day up 11.4% to $73.50 today. At one point the share price went just over $75.
Afterpay has seen a huge rise in its share price since the March 2020 COVID-19 selloff.
The cause of today’s share price jump appears to be broker Morgan Stanley increasing its share price target for the ASX share to $101. Continued strong underlying sales growth and good credit quality were the two main catalysts for the upgrade.
The buy now, pay later business recently completed a $650 million institutional capital raising which gives the ASX 200 business a war chest to go for more growth.
Rio Tinto Limited (ASX: RIO) plans to shut its New Zealand smelter
Rio Tinto has announced that it is going to start planning for the wind-down of operations and eventual closer of its New Zealand Aluminium Smelters (NZAS) after concluding its strategic review. The Rio Tinto share price rose 3.3% today.
The NZAS business is no longer viable because of high energy costs and a challenging short to medium term aluminium outlook.
In 2019 the smelter made an underlying loss of NZ$46 million. The energy costs it is paying are some of the highest in the industry globally. NZAS has given Meridian Energy Ltd (ASX: NEZ) notice to terminate the power contract, which will end in August 2021 when the wind-down of operations is expected to complete.
The ASX 200 miner tried to secure a cheaper power contract but it wasn’t able to find a solution.
Alf Barrios, the Rio Tinto aluminium chief executive, said: “We recognise the decision to wind-down operations at NZAS will have a significant impact on employees, the community and our customers.
“It is not a decision we have made lightly and without significant careful consideration. It is very unfortunate and we could not find a solution with out partners to secure a power price reduction aimed at making NZAS a financially viable business.”
NZAS employs around 1,000 people directly and also supports a further 1,600 indirect jobs.
Treasury Wine Estates Ltd (ASX: TWE) disappoints
The ASX 200 winemaker updated the market and said its earnings before interest, tax and SGARA (EBITS) is expected to be between $530 million to $540 million, reflecting the impact of the COVID-19 pandemic, which has had a significant impact on the company’s trading performance across all geographies in the second half of FY20.
FY20 EBITS has declined approximately 21% for the overall company, with regional declines of approximately 14% in Asia, 37% in the Americas, 16% in Australia and New Zealand and 18% in EMEA.
At the end of FY20 Treasury Wine Estates had cash on hand of approximately $448 million and uncommitted debt facilities of $920 million, providing total liquidity of $1.4 billion. This liquidity position will allow the company to continue with its long-term dividend policy of a payout ratio between 55% to 70% of net profit after tax.
The company is working on lowering its cost base and is also considering divesting some of its wine brands.
Pointsbet Holdings Ltd (ASX: PBH) share price climbs 11%
Pointsbet had another exciting day after announcing another partnership.
It has signed a deal with Betmakers Technology Group Ltd (ASX: BET) to offer fixed odds betting on horseracing in New Jersey after Betmakers secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC, the operator of the Monmouth racetrack.
The Betmakers Technology share price rose by almost 8% today in reaction to the news.
5 stocks under $5
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More reading
- Why the Saracen share price has soared over 80% higher in the first half of 2020
- The embattled ASX 200 stocks that could deliver a dividend surprise
- Is the Telstra share price a buy?
- Afterpay share price jumps 14% to new record high
- How did the Qantas share price perform in June?
Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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Why the Saracen share price has soared over 80% higher in the first half of 2020
The Saracen Mineral Holdings Limited (ASX: SAR) share price is having a pretty good day today. Saracen shares closed at $6.24, after making a new all-time high of $6.31 earlier in the day. The Saracen share price is now more than 87% higher since the start of the year and up an astonishing 1,318% since July 2015.
Why has the Saracen share price taken off in 2020?
Saracen is a mid-tier ASX gold miner and has been caught in a powerful tailwind in 2020. At its core, Saracen’s profitability is influenced by 3 factors: how much gold it can mine, the price it can sell said gold for, and how much it costs the company to extract the gold.
The powerful tailwind I referenced earlier is the gold price. Since the start of 2020, the yellow metal has gone from being priced at around US$1,400 an ounce to today’s price of $1,815 an ounce. As my Fool colleague Brendan Lau reported earlier today, gold has appreciated more than 30% in value over the past 12 months, which outpaces the gains that the S&P/ASX 200 Index (ASX: XJO) has seen over the same period, as well as the US Dow Jones and Nasdaq indices. Gold is now getting very close to the all-time high of US$1,920 we saw back in 2011. I wouldn’t be surprised if we saw this record broken over the coming months.
In addition to this gold price tailwind, Saracen is also expanding gold production. Just yesterday, the company told the ASX that its gold production for FY20 came in at 520,414 ounces, which exceeded the company’s guidance of 500,000 ounces. Saracen expects to produce more than 600,000 ounces in FY21.
It’s this ‘double-whammy’ of a rising gold price in conjunction with rising gold production from Saracen that is pushing the Saracen share price into the stratosphere.
Will gold prices stay at record highs?
Saracen shareholders will be pleased to know that I think record-high gold prices are here to stay, at least in the short to medium-term. Gold is viewed by many investors as the ultimate ‘safe haven’ asset and an effective portfolio hedge against economic uncertainty, geopolitical risk, and currency debasement.
There’s no doubt that 2020 has brought global economic uncertainty in spades, for obvious reasons. Geopolitical risks, especially those between China and the rest of the world, have also been climbing in recent months. On top of this, there are growing fears over inflation as central banks around the world increase their balance sheets at unprecedented rates.
The convergence of the above trends leads me to believe we are witnessing a massive bull run in the gold market, one that I see playing out over many more months, if not years. As such, I wouldn’t be surprised to see the Saracen share price climb even further from where we see it today, despite its already substantial gains.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
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More reading
- The embattled ASX 200 stocks that could deliver a dividend surprise
- Is the Telstra share price a buy?
- Broker tips on how to invest for the August ASX reporting season
- Leading investment bank says US shares could fall 10%, something that could have serious implications for the ASX 200 index
- Top brokers name 3 ASX 200 shares to sell today
Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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