Gold has been strong recently on the heels of Coronavirus fears, Federal Reserve stimulus packages, and continued geopolitical tensions, which are now being exacerbated by the George Floyd riots in the United States.

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

AbbVie (ABBV) announced on Monday that it has entered into a partnership with Jacobio Pharmaceuticals, to jointly develop and commercialize SHP2 inhibitors, which target a key node in cancer and immune cells.Financial terms of the partnership were not disclosed. Under the terms of the agreement, AbbVie will be granted an exclusive license to the SHP2 portfolio. Meanwhile, Jacobio will continue to conduct early global clinical trials of JAB-3068 and JAB-3312 inhibitors, while AbbVie will cover the R&D expenses.SHP2 is a protein mediator of cellular signaling. Many tumors have genetic mutations, driving abnormal cancer cell growth which relies on SHP2 activity. SHP2 also plays a key role to control cytokine production and immune cell response.Therefore, inhibition of SHP2 is believed to have dual effects by potentially reducing cancer cell growth and modulating immune responses to generate anti-tumor activities. Jacobio's early clinical stage SHP2 assets, JAB-3068 and JAB-3312, are oral small molecules designed to specifically inhibit SHP2 activity."Identifying promising new targeted approaches for solid tumor patients is a high priority for us," said Mohit Trikha, vice president at AbbVie. "Jacobio's SHP2 program has the potential to treat cancer patients across many tumor types.  By targeting a key node in both cancer and immune cell signaling pathways, SHP2 inhibition, both as a monotherapy and potentially in combination with other agents, may rapidly advance new treatment options for cancer patients."Upon completion of the trials, AbbVie will be in charge of global development and commercialization. Jacobio has an option, exercisable before the initiation of registrational trials, to exclusively develop and commercialize the SHP2 program in mainland China, Hong Kong, and Macau.The partnership is still subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.Since March 23, AbbVie shares have jumped 44% on the back of its recent acquisition of Botox maker Allergan and solid revenues of Humira, the company’s successful immunosuppressive anti-inflammatory drug. However with an expired patent, competition is growing.Five-star analyst Geoff Meacham at BofA Merrill Lynch last month reinstated coverage of AbbVie with a Hold rating and a $95 price target citing the “uncertainty of top-line resiliency given Humira's impending 2022 loss of exclusivity”.The analyst, who expects a 1% sales decline through 2021-2025, argues that AbbVie stock fairly reflects the headwinds from Humira offset by the Allergan new product portfolio.Overall, Wall Street analysts are more upbeat about AbbVie’s stock outlook. In a review of 9 analysts, the stock scores 7 Buys and the rest are Holds adding up to a Strong Buy consensus. The $102.29 average price target indicates another 10% upside potential in the coming 12 months. (See Abbvie’s stock analysis on TipRanks).Related News: Immutep Surges In Pre-Market On Positive Efti Cancer Data Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

from Yahoo Finance https://ift.tt/36PzzF8

Eli Lilly (LLY) has today announced patients have been dosed in the world’s first study of a potential antibody treatment designed to fight COVID-19.This investigational medicine, referred to as LY-CoV555, is the first to emerge from the collaboration between Lilly and AbCellera to create antibody therapies for the prevention and treatment of COVID-19.Lilly scientists developed the antibody in just three months after AbCellera and the National Institute of Allergy and Infectious Diseases (NIAID) identified it from a blood sample taken from one of the first U.S. patients who recovered from COVID-19. LY-CoV555 is the first potential new medicine specifically designed to attack SARS-CoV-2, the virus that causes COVID-19.The first patients in the study were dosed at major medical centers in the U.S., including NYU Grossman School of Medicine and Cedars-Sinai in Los Angeles. Study J2W-MC-PYAA is a randomized, placebo-controlled, double-blind Phase 1 trial that aims to investigate the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of LY-CoV555 following a single dose administered to participants hospitalized for COVID-19.“Antibody therapies such as LY-CoV555 may have potential for both prevention and treatment of COVID-19 and may be particularly important for groups hardest hit by the disease such as the elderly and those with compromised immune systems,” said Daniel Skovronsky, chief scientific officer of Lilly Research Laboratories.“Later this month, we will review the results of this first human study and intend to initiate broader efficacy trials. At the same time… we also are starting large-scale manufacturing of this potential therapy. If LY-CoV555 becomes part of the near-term solution for COVID-19, we want to… [have] several hundred thousand doses available by the end of the year,” continued Skovronsky.Should Phase 1 results show the antibody can be safely administered, Lilly expects to move into the next phase of testing, studying LY-CoV555 in non-hospitalized COVID-19 patients. The company also plans to study the drug in a preventative setting, focusing on vulnerable patient populations.Lilly is researching multiple approaches to treating COVID-19, including examining existing LLY medicines and collaborating with two biotech companies to discover novel antibody treatments for COVID-19.Shares in Eli Lilly are up 16% year-to-date and 2.5% in Monday’s pre-market trading. Wall Street analysts are divided evenly between 4 Buy ratings and 4 Hold ratings, which add up to a Moderate Buy consensus. The $163.25 average price target implies 7% upside potential in the coming 12 months. (See Eli Lilly’s stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Drugmaker Abbvie Teams Up With Jacobio To Develop Cancer Inhibitor * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

from Yahoo Finance https://ift.tt/3gJklX2

Authorities in cities across the U.S. used tear gas, curfews and arrests in an attempt to contain violent protests sparked by the death of George Floyd. WSJ reporters in Minneapolis, Chicago and Los Angeles describe the worst civil unrest to erupt across the country in decades. Photo: Alex Wong/Getty Images

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

Shares in UK-based biopharma Adaptimmune (ADAP) spiked 127% in Friday’s trading, after the company reported positive durability and efficacy data in synovial sarcoma at the American Society for Clinical Oncology (ASCO) Annual Meeting.The data demonstrated durability and responses in synovial sarcoma, supporting SPEARHEAD-1 as a potential registrational trial, ADAP announced. Dr David Hong spoke of a 50% response rate with inclusion of unconfirmed PR assessed after data cut-off. The ASCO presentation also described a new response in a patient with lung cancer, and a response in a patient with head and neck cancer.At the same time, Adaptimmune also announced new responses in the SURPASS trial, confirming the potential for SPEAR T‑cell therapies targeting MAGE-A4 to treat a broad range of cancers in addition to sarcoma. In the SURPASS trial, three patients have responded out of the first four treated with ADP-A2M4CD8, ADAP said.These data further support the rationale for two new Phase 2 trials – SPEARHEAD-2 in head and neck cancer, which will begin later this year, and a second trial in esophagogastric junction (EGJ) cancer planned for 1H 2021.“We are raising our PT on shares of ADAP to $9 from $3 driven off data presented at ASCO which demonstrated broader platform value for the company’s T-cell receptor (TCR)-T-cell platform technology as well as increased probability of success (POS) for the indication of synovial sarcoma (SS)” cheered Mizuho Securities analyst Mara Goldstein following the presentation. She now assigns a probability of success for this indication of 90%, up from 70%.According to Goldstein, responses accumulating in other tumor types, while not conclusive, point to broader potential in solid tumors. However she “does not yet see a critical mass in responses to more comfortably assign greater value to new indications.” As a result, the analyst reiterates her hold rating on the stock but tripled her price target to $9. Given ADAP’s recent rally this now translates into downside potential of 19%.Meanwhile JonesTrading analyst Soumit Roy upgraded ADAP to buy from hold previously. He has a more bullish $15 price target on the stock, indicating further upside potential of 35%. Overall, ADAP continues to hold a Moderate Buy analyst consensus, with the Street evenly split between hold and buy. The average analyst price target currently stands at $10 (13% downside potential). (See ADAP stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On

from Yahoo Finance https://ift.tt/2Bmeqa8

Chinese electric vehicle (EV) maker BYD Co Ltd , will supply EV batteries to U.S. automaker Ford Motor Co , a document on the website of the Ministry of Industry and Information Technology showed on Monday. Ford’s China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD’s batteries, according to the document. Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.

from Yahoo Finance https://ift.tt/2zNv41O

OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday. OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus. Rather than easing output cuts in July, sources told Reuters last week that de-facto OPEC leader Saudi Arabia was leading discussions on sustaining them until the end of the year.

from Yahoo Finance https://ift.tt/2XMP0Kq

Top news and what to watch in the markets on Monday, June 1, 2020.

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

U.S. retail giants from Apple Inc. (AAPL) and Amazon.com Inc.  (AMZN) to Target Corp. (TGT) are temporarily closing some of their stores and curtailing operations amid the violent nationwide protests following last week's death of George Floyd.Demonstrations in dozens of cities across the U.S., including New York and Chicago, have since turned violent leading in some places to looting and damage to a number of retail stores.Apple, which had just reopened about half of its U.S. stores after the coronavirus related shutdowns, said it has temporarily closed many of its stores to protect the safety of employees and customers. Target announced the temporary closure of 175 of its stores across the country, including 32 in Minneapolis. Amazon said it is scaling back deliveries in a number of cities including Chicago, Los Angeles and Portland.“Minneapolis is grieving for a reason,” Apple CEO Tim Cook wrote in a Twitter post. “To paraphrase Dr. King, the negative peace which is the absence of tension is no substitute for the positive peace which is the presence of justice. Justice is how we heal.”Apple shares have recovered all of this year’s losses after appreciating 42% since mid-March. The stock closed little changed on Friday trading at $317.94Four-star analyst Samik Chatterjee at J.P. Morgan sees more upside potential in the stock fueled by bullish prospects for the iPhone maker in India. Chatterjee last week bumped up the price target to $365 from $350 and maintained a Buy rating on the shares.The analyst contends that the launch of the iPhone SE should help Apple build its position in emerging markets, particularly in India. The "attractive value proposition" with iPhone SE can change the landscape for Apple, which has struggled to build a material presence in India, he added.“Our recent supply chain checks highlight key milestones relative to verification testing are on track for iPhone launches in September, in addition to no major component bottlenecks,” Chatterjee wrote in a note to investors. “Pre-order and shipping dates might differ modestly for certain models. Delay risks remain, but largely from incremental disruptions."Turning now to the rest of Wall Street, analysts mostly share Chatterjee’s bullish rating outlook on Apple’s stock. The Strong Buy consensus is backed up by 27 Buys with the rest split between 4 Holds and 1 Sell. However, following the recent rally, the $322.63 average price target indicates shares have limited upside potential in the coming year. (See Apple stock analysis on TipRanks).Related News: Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost Apple Snaps Up AI Startup Inductiv, As Analysts Boost PTs On Store Reopenings KKR Invests $1.5 Billion in Reliance’s Jio Platforms In Biggest Deal In Asia More recent articles from Smarter Analyst: * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On * Nordstrom's Shares Drop 12% on Difficult Quarter * Chevron to Make Sweeping Job Cuts as Oil Demand Plummets

from Yahoo Finance https://ift.tt/2XkXf15

Beyond Meat (BYND) is partnering up with fast-food chains Kentucky Fried Chicken (KFC) and Pizza Hut to expand the reach of its famous plant-based beef in China.The news sent shares up 6.2% on Friday. According to social media site Weibo, the plant-based meat pioneer will be rolling out its products with KFC from June. The partnership with Pizza Hut is slated to start in the coming week. No further details were announced.“We’re proud to expand our partnership with KFC into China, one of their largest markets worldwide, as well as introduce a new partnership with Pizza Hut in China,” a Beyond Meat spokesperson said in an e-mail response to Bloomberg. "We'll be sharing more details soon."Back in April, Beyond Meat made the foray into the market in China announcing a partnership with Starbucks (SBUX). The coffee chain operator is offering a new menu to Chinese customers featuring the company’s ‘beef’ in pastas and lasagna, as well as non-dairy milk and fake pork products.During the same month, Yum China’s KFC also announced that it will begin its first Chinese trial of a plant-based version of its popular fried chicken. According to the company’s Weibo page, U.S. agribusiness Cargill Ltd will supply the nuggets.Beyond Meat’s expansion plans have fueled its share price to more than double since March 18. The stock traded at $128.29 as of Friday. Following the impressive rally, the $90.64 average analyst price target now indicates 29% downside potential from current levels. (See Beyond Meat stock analysis on TipRanks)However, one of the analysts sees more gains in the offing for Beyond Meat’s stock. Five-star analyst Peter Saleh, on May 19 initiated the stock with a Buy rating and $173 price target, reflecting 35% upside potential over the coming year, citing strong sales growth in coming years.“The company’s stated goal is to tackle the $1.4 trillion global meat industry,” Saleh wrote in a note to investors, adding that about $270 billion of that is spent in the U.S. “The adoption of Beyond’s products by mainstream customers in the suburbs will be the key to long-term success. We expect the company to expand into other protein categories including poultry to help broaden its appeal.”The analyst forecasts sales to grow 56% in 2020 and 51% in 2021.The rest of Wall Street analysts remain sidelined on Beyond Meat’s stock right now. The Hold analyst consensus is divided into 5 Hold, 5 Sell and 4 Buy ratings.Related News: Hormel Stock Rises After It Reports Record Sales Papa John’s U.S. Pizza Sales Jump 33.5%; Shares Pop 7% In Pre-Market Uber In Partnership With MoneyGram For Driver Discount During Pandemic More recent articles from Smarter Analyst: * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On * Nordstrom's Shares Drop 12% on Difficult Quarter * Chevron to Make Sweeping Job Cuts as Oil Demand Plummets

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