If you want to know who really controls Rite Aid Corporation (NYSE:RAD), then you'll have to look at the makeup of its…

from Yahoo Finance https://ift.tt/3fHTf0v

from Yahoo Finance https://ift.tt/31BdKai

from Yahoo Finance https://ift.tt/31AtBpC

We can readily understand why investors are attracted to unprofitable companies. For example, although…

from Yahoo Finance https://ift.tt/3kygFJA

from Yahoo Finance https://ift.tt/3fTvqmQ

from Yahoo Finance https://ift.tt/3kzlMce

Gilead Sciences, Inc (NASDAQ: GILD) announced Monday it was seeking complete Food and Drug Administration approval for its drug Remdesivir, which is being used in the treatment of COVID-19.What Happened The drugmaker said it has filed a New Drug Application with the FDA on the basis of two randomized, open-label, multi-center Phase 3 clinical studies conducted by itself, and one other study by Anthony Fauci-led National Institute of Allergy and Infectious Diseases.The company claims the drug led to faster recovery from COVID-19 compared to placebo, and a 5-to-10-day treatment led to clinical improvements. Gilead noted that the drug was well-tolerated with no "new safety signals identified.""Today's filing is an important milestone as we continue to partner with the U.S. government and healthcare authorities around the globe to address the treatment needs of patients with COVID-19," Gilead Chief Medical Officer Merdad Parsey said.Why It Matters Remdesivir has received regulatory approvals in the European Union and Japan, according to Gilead. The drug is approved for emergency use in COVID-19 patients in the United States by the FDA.In July, the drugmaker provided additional data on the efficacy of Remdesivir, which associated the drug with an improvement in clinical recovery, and a 62% reduction in risk of mortality compared with standard of care.Pfizer Inc (NYSE: PFE) announced a multiyear agreement with Gilead this month to manufacture and supply Remdesivir, in order to combat the coronavirus crisis.Raymond James analyst Steven Seedhouse expressed a lack of confidence in Remdesivir, citing 2020 revenue guidance, which is upwards of $3 billion, and is predicated on the company selling 1 to 1.5 million courses at $2500 per course. The analyst said the company is uniquely tied to COVID-19.Price Action Gilead shares closed nearly 1.2% lower at $68.51 on Monday.See more from Benzinga * Inovio Coronavirus Vaccine To Enter Mid-To-Late Stage Testing In September * Facebook Forms New Group To Rationalize Payments Across Apps * Uber, Lyft Must Classify Drivers As Employees, In Compliance With California Law, Judge Rules(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

from Yahoo Finance https://ift.tt/2DGo1dl

According to the Wall Street Journal, Amazon has had talks with Simon Property Group to discuss taking over space left by ailing department stores. The boom in e-commerce and the coronavirus pandemic have caused a large wave of large retailers to close their doors. The Final Round panel breaks down the details.

from Yahoo Finance https://ift.tt/3aiPk9E

Shares in Novavax (NVAX) rose 5% in Monday’s trading after the late-stage biotech announced positive second quarter earning results. However the stock subsequently pulled back 2.4% in after-hours trading.The vaccine maker also stated that it secured $2 billion in funding for development and commercialization of NVX-CoV2373, a vaccine candidate engineered from the genetic sequence of SARS‑CoV‑2, the virus that causes Covid-19 disease.The funding consists of up to $388 million from the Coalition for Epidemic Preparedness Innovations (CEPI); up to $60 million from the U.S. Department of Defense (DoD) funding; and up to $1.6 billion from the U.S. Government funding through its Operation Warp Speed project.“Novavax’ unprecedented development activities for NVX-CoV2373 and progress continued through the second quarter,” said Stanley C. Erck, CEO of Novavax. “Since identifying a candidate vaccine to address the COVID-19 pandemic in March, we’ve secured significant funding, implemented global manufacturing capacity and completed and reported our successful Phase 1 trial.”“We’ve also expanded our senior leadership team to advance our efforts to bring NVX-CoV2373 to market as rapidly as possible and grow our infrastructure to support commercial stage operation” he added.Indeed, NVAX aims to deliver 100 million doses of NVX‑CoV2373 beginning as early as late 2020 and has already secured the required global manufacturing capacity thanks to several manufacturing agreements. This includes the acquisition of Praha Vaccines for $167 million.Meanwhile, Novavax reported Q2 GAAP EPS of -$0.30 which beat Street estimates by $0.23. Revenue of $35.54 million topped Street expectations by $29.87 million- and represented an incredible year-over-year increase of 960%. Cash, cash equivalents, marketable securities and restricted cash of stood at $609.5 million, up from $82.2 million at the end of last year.Due to optimism over its coronavirus vaccine candidate, NVAX shares have exploded by 4,385% year-to-date. The vaccine candidate’s Phase 1 study results recently prompted H.C. Wainwright analyst Vernon Bernardino to raise his price target to a Street-high $290 (62% upside potential) from $132 and reiterate a Buy rating.“We look for the company to become a major player in vaccine development in the near future,” Bernardino told investors.“There is upside potential to our projections, as our models assume: (1) a price per dose of $20, which is in line with the low end of prices recently negotiated by some of Novavax’ competitors for vaccine supplies they’ve agreed to provide to the US government; (2) distribution of approximately 137M doses worldwide in 2021; and (3) the potential for the dose-sparing effects of Matrix-M adjuvant to double the number of doses of NVX-CoV2373 that could be available,” the analyst said. (See Novavax stock analysis on TipRanks).The rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus shows 4 Buy ratings versus 1 Sell rating. The $227.60 average price target now indicates 28% upside potential from current levels.Related News: Pfizer Inks Deal To Manufacture Gilead’s Covid-19 Remdesivir Treatment AstraZeneca Strikes First China Manufacturing Deal For Covid-19 Candidate Gilead Submits New Drug Application With FDA For Remdesivir More recent articles from Smarter Analyst: * Inovio To Start Phase 2/3 Study Of Covid-19 Candidate In Sept.; Shares Drop 8% * UBS Lifts United Parcel’s PT On 'Favorable' Pricing Environment * Lyft Drops After Court Order To Classify Drivers As Employees * First Majestic Signs Over Potential 100% La Joya Stake To Silver Dollar

from Yahoo Finance https://ift.tt/2PENKFx

Betting stocks like DraftKings and Penn Gaming fell on Monday following reports that the Big Ten voted to cancel the 2020 football season. Meanwhile, Rosenblatt raised its price target for DraftKings stock. Yahoo Finance’s Myles Udland, Dan Roberts, Akiko Fujita, and Ines Ferre discuss.

from Yahoo Finance https://ift.tt/2DRaBLg