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GLOBAL MARKETS-Global stocks gain on hopes pandemic is nearing peak
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GLOBAL MARKETS-Global stocks gain on hopes pandemic is nearing peak
Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices. U.S. stock futures were flat after bouncing in and out of positive territory in European trading. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.56%, following a strong Wall Street close.
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Bloomberg•15 hours ago
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(Bloomberg) -- A popular investment among Asia’s wealthy in the years of rock-bottom interest rates has been upended in the recent market rout, leaving investors facing losses estimated to be in the billions of dollars.Structured products called fixed coupon notes attracted scores of private banking clients in Hong Kong and Singapore in recent years, according to half a dozen bankers and advisers Bloomberg spoke with. Promised regular coupons even in turbulent times, some put 20% or more of their portfolios into the instruments, they said. One catch: the principal was tied to swings in assets like stocks, and losses could mount quickly during deep market declines.About 5%, or more than $80 billion, of Asian private banking assets outside mainland China is probably tied to such notes, estimates University of Hong Kong Professor Dragon Tang. They worked smoothly until Covid-19 struck. The promised payouts have since been dwarfed by capital losses as stocks slid and some leveraged holders were forced out of the illiquid notes. Others are hanging on, hoping a turn in sentiment restores their value.“In a bull market, investors keep collecting coupons on these notes and they feel it’s a great investment,” said Rahul Banerjee, an ex-Standard Chartered banker and founder of BondEvalue, a fintech that offers bond pricing services to investors. “When the market turns, they get stuck with unimaginable losses,” he said, estimating wealthy Asian investors are seeing losses in the billions of U.S. dollars.The products work well in a rising market or one moving sideways, where investors recover the initial investment and the coupon owed, which could be as high as 12% per annum. But the interest-bearing notes, linked to the performance of underlying assets, open holders to the risk of steep losses if those assets fall below a preset level.Margin CallsSome leveraged investors have been forced into selling early at steep discounts, according to investors who asked not to be identified speaking on private matters. The loan-to-value offered for structured products including fixed coupon notes was over 50% on average, the people familiar said, though lending terms are being tightened given recent margin calls.Those that continue to hold the notes may see their investments recoup losses in a market rebound. After sinking 21% in the first quarter, the MSCI World Index has risen about 3% in April.“Investors of structured notes are essentially writing put options,” said Mary Leung, head of advocacy for Asia Pacific, CFA Institute, referring to derivative contracts where the seller agrees to buy an asset at a specified strike price. In Asia, higher retail participation in markets, the difficulty of accessing bonds and the hunt for yield drive the popularity of such products, she said.One Singapore-based financial services professional, who asked to remain anonymous, lost between 30% to 40% of the $400,000 he invested in fixed coupon notes tied to shares including Microsoft Corp., Broadcom Inc. and India’s ICICI Bank Ltd. The notes offered a coupon of about 10%, paid quarterly with a one-year maturity.He sold the investment, which was leveraged up about 60%, prior to maturity after receiving margin calls and deciding he didn’t want the stress of monitoring daily prices and worrying about fresh calls from his bankers.A second investor, who heads a family office in Singapore, said about 10% of his financial holdings were in notes offering yields of between 6% to 12%. Those tied to energy and the automotive sector were in the red at the end of March, he said, though he remained invested in hopes of a recovery over the next few months.Improved DisclosureSuch products don’t offer good risk-adjusted returns, said Professor Tang, who has researched the 2008 implosion of structured notes called Lehman minibonds, which led thousands of Hong Kong investors to protest outside bank branches. Disclosure rules have tightened since then and investors are now better-informed, he said, though there could still be some mis-selling.New rules following the collapse of Lehman Brothers Holdings Inc. included narrowing the scope of qualified investors -- who must have about $1 million to invest in Hong Kong and $1.4 million in Singapore -- and categorizing clients into different risk tolerance buckets.“Given the greater risk exposure of fixed coupon notes, we have de-emphasized the product in recent years,” DBS Group Holdings Ltd. said in an emailed response to questions. For clients keen on the product, DBS’s bankers recommend structures which include their high-conviction stock picks or incorporate features that “act as safeguards against outsize losses,” it said.Yield HuntThe attractions of high-yield offerings have been hard to resist. A 2019 report by Asian Private Banker and Julius Baer Group Ltd. showed structured products made up 11% of client portfolios for independent asset managers in 2018, up from 4% the previous year. Some 42% of non-exchange-traded investment transactions were in such products, according to a 2018 survey by Hong Kong’s Securities and Futures Commission.The hunger for yield will persist as an impending global recession prompts a fresh wave of monetary stimulus and companies slash dividends to preserve capital. “We are seeing a mix of fear of missing out and fear itself -- the allure of an annualized yield of 8% to 10% versus increasing risk aversion,” said CFA Institute’s Leung.About $15 billion to $20 billion of new fixed coupon notes have been issued by private banks in Asia this year, a person with knowledge of the market estimated.In South Korea, complex structured products have gained traction among both the well-heeled and retail investors, driving the total outstanding to 106 trillion won ($87 billion) as of April 1.For banks, it’s a lucrative business. Investment banks make money from structuring the notes and try to manage their exposure by passing the risk on to other parties. The product is then sold by private bankers at the likes of UBS Group AG, Credit Suisse Group AG, Morgan Stanley, Standard Chartered Plc and DBS. Commissions come from sales to investors and banks can also pitch for additional fees by offering leverage. UBS, Credit Suisse, Morgan Stanley and Standard Chartered declined to comment.Such products have “proliferated” in recent years with banks making a strong push as they delivered good revenues, according to Nick Xiao, Hong Kong-based CEO of wealth manager Hywin International. Investors liked the tailored features, he said, adding that as long as the risks are clear there shouldn’t be complaints. “You cry foul when you bought an umbrella but found out it was a walking stick.”Kerry Goh, CEO of multi-family office Kamet Capital Partners, is one investor who’s heeded the risks and stayed away. He says he prefers to put the more than $1 billion his firm manages into investments with more transparent pricing and ease of exit.“While most pitches from our bankers are professional in laying out the returns and risks, we are aware of potential mis-selling, disguising these products as yield-enhancement products.”(Adds chart to the story)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
45
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REFILED-GLOBAL MARKETS-Equities climb on hopes pandemic is peaking
World equity markets moved higher and oil prices stabilized on Wednesday on hopes the coronavirus pandemic is peaking and that more government stimulus measures could be on the way. After U.S. stock markets closed on Tuesday, President Donald Trump said the United States may be getting to the top of the coronavirus curve, suggesting the number of cases and fatalities may have peaked. The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.
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MarketWatch•9 hours ago
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BusinessBloomberg•12 hours agoDubai’s Stock Market Shows It’s Being Hit Harder by Coronavirus and Oil Prices
(Bloomberg) -- Dubai is being battered harder than its Gulf peers by the twin menace of the pandemic and weak oil prices -- and it’s clear from the performance of the city’s stock market.The DFM General Index is down 26% since the global equities crash at the start of March. A slump in stock prices as the United Arab Emirates took steps to counter Covid-19, including shutting its borders, deepened as crude spiraled lower.But markets in Dubai’s neighbors are showing signs of improvement as hopes the worst of the outbreak is over take hold and amid expectations of a production agreement between the biggest oil suppliers that will boost prices. Stock benchmarks in Qatar and Saudi Arabia have almost fully recovered from the sell-off. Abu Dhabi’s main index is down just 15%, further highlighting Dubai’s underperformance.Dubai’s recovery is being held back by the emirate’s heavy reliance on sectors such as tourism, hospitality, trade, retail, logistics and real estate. The pandemic’s long-term effects on these key industries remain hard to quantify.“The social distancing because of coronavirus has hit the tourism, services and airlines hardest, and those are the most important sectors for Dubai’s economy,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “There is a ripple effect of such measures on listed real estate and banking companies.”Emaar Properties PJSC, Dubai’s biggest listed developer, and two of its subsidiaries announced last month they won’t pay dividends for 2019. There was more bad news from the financial sector: Dubai Islamic Bank PJSC and Emirates NBD PJSC, the two largest locally listed lenders, are among the ranks of U.A.E. banks whose shares tumbled after disclosing exposure to troubled hospital operator NMC Health Plc.While the U.A.E. said this week it is unlocking new aid and reducing banks’ reserve requirements to counter the damage from the virus, Dubai’s government added to the gloomy atmosphere on Thursday, saying it is freezing all hiring and cutting administrative spending by at least 20% across departments.Read: Dubai Freezes Hiring, New Projects as Pandemic Squeezes Revenue“We don’t know how far this will go, how long those measures will last,” Yasin said. “But we know that revenue misses for Dubai’s government will be substantial in 2020, and that raises concerns for many of the entities in Dubai.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
GLOBAL MARKETS-Equities climb on hopes pandemic is peaking
World equity markets edged higher and oil prices stabilized on Wednesday on hopes the coronavirus pandemic is peaking and that more government stimulus measures could be on the way. After U.S. stock markets closed on Wednesday, President Donald Trump said the United States may be getting to the top of the coronavirus curve, suggesting the number of cases and fatalities may have peaked. The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.
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(Bloomberg) -- The coronavirus market sell-off is probably past its worst, strategists at Morgan Stanley have said. Jeffrey Gundlach sees bigger losses ahead, while Howard Marks went from bearish to more optimistic in a week.For another veteran investor, calls on whether equities have reached a bottom are nothing short of futile.“I think it’s a mug’s game,” said Hugh Young, head of Asia Pacific at the $644.5 billion manager Aberdeen Standard Investments. “Nobody has the answer.”Shares across the world have recovered some of their losses from the rout spurred by the virus. An index of global equities has risen more than 20% from its low in March, technically entering a bull market, though it’s still down more than 18% this year.For Young, it’s possible markets have reached a bottom, but it’s far too early to say with certainty.“It feels as though this is going to go on for a fair old time,” he said. “And to an extent that must be in prices. But then we’re seeing some quite sharp government action, whether it’s bank dividends or changing rules on loans, foreclosures and all sorts of things. So it’s very hard to be precise.”Young argues that global lenders’ moves to halt dividend payments after pressure from regulators came “slightly out of the blue.” More knock-on effects of the coronavirus crisis are likely, he says, and it’s impossible for them to be fully incorporated in prices.Aberdeen’s flagship Asia Pacific Equity Fund has fallen about 18% this year, according to data compiled by Bloomberg. Over a three-year period, it’s beaten 66% of peers.Young said his cynicism about confident market calls is born out of more than 30 years’ investment experience. Even if someone correctly times the market once, they’re unlikely to repeat the feat, he said. And bottoms, he said, are only easy to identify after the fact.Hindsight Benefit“I’m sure the market bottom, as it always is, will be obvious with hindsight,” he said. “People identify it with one particular thing that it happened to coincide with. Again, in my experience, that’s often not quite right. But it’s an easy explanation for people with hindsight. I’m afraid you never know.”What, then, can an investor such as Young say with confidence? For one, the crisis will last for at least several more months, and many businesses worldwide will come under severe stress. There’s still a lot of pain to come through, Young said.“Our best guess is that this year’s a write-off and then things will normalize at the beginning of next year,” Young said.At current depressed price levels, people should be investing, he said. But there’s a big caveat: only if they have “secure cash flows,” which are much more elusive in the current crisis.Nobody KnowsAnother veteran money manager echoed Young’s view about attempting to call the low, while saying statistically there could be more pain ahead.“No one can know if we are at the bottom in index terms,” said Mark Mobius, who set up Mobius Capital Partners last year after three decades at Franklin Templeton Investments. “We do know that historically for all markets the average bear market decline has been about 50% with a range of 23% to 70%. So if history is our guide, then we could have more to go.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Muddy Waters/Luckin: got his mojo workin’
Muddy Waters, named after a blues musician and run by short seller Carson Block, triumphed with two bets on Chinese companies where it alleged frauds. Shares in China’s Starbucks rival Luckin Coffee had plunged 84 per cent this month, until trading was halted on Tuesday. Muddy Waters, which had disclosed a short position in January, stands to profit handsomely.
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Cryptocurrencies
Symbol | Last Price | Change | % Change |
|---|---|---|---|
BTC-USDBitcoin USD | 7,277.52 | -49.41 | -0.67% |
ETH-USDEthereum USD | 170.65 | -1.77 | -1.03% |
XRP-USDXRP USD | 0.1986 | -0.0024 | -1.2036% |
USDT-USDTether USD | 0.9993 | -0.0007 | -0.0732% |
BCH-USDBitcoin Cash USD | 257.37 | -8.72 | -3.28% |
Trending Tickers
Symbol | Last Price | Change | % Change |
|---|---|---|---|
ICDIndependence Contract Drilling, Inc. | 6.25 | +3.85 | +160.42% |
CL=FCrude Oil May 20 | 23.19 | +0.43 | +1.89% |
OXYOccidental Petroleum Corporation | 15.36 | -0.20 | -1.29% |
BCRXBioCryst Pharmaceuticals, Inc. | 2.0700 | +0.0700 | +3.50% |
JPMJPMorgan Chase & Co. | 102.76 | +8.46 | +8.97% |
Stocks: Most Actives
Symbol | Last Price | Change | % Change |
|---|---|---|---|
FFord Motor Company | 5.37 | +0.34 | +6.76% |
CCLCarnival Corporation & Plc | 12.42 | +0.43 | +3.59% |
GEGeneral Electric Company | 7.14 | -0.16 | -2.19% |
BACBank of America Corporation | 24.86 | +1.41 | +6.01% |
AALAmerican Airlines Group Inc. | 12.51 | +1.18 | +10.41% |
Stocks: Gainers
Symbol | Last Price | Change | % Change |
|---|---|---|---|
MAWHFMan Wah Holdings Limited | 0.6050 | +0.1540 | +34.15% |
TKAYYJust Eat Takeaway.com N.V. | 9.95 | +2.52 | +33.92% |
OISHFOil Search Limited | 1.9950 | +0.3950 | +24.69% |
NS-PANuStar Energy L.P. | 13.93 | +2.64 | +23.34% |
EVRZFEVRAZ plc | 3.3500 | +0.5500 | +19.64% |
Stocks: Losers
Symbol | Last Price | Change | % Change |
|---|---|---|---|
MLYBYMalayan Banking Berhad | 3.1900 | -0.5370 | -14.41% |
SMUUYThe Siam Commercial Bank Public Company Limited | 9.00 | -0.98 | -9.82% |
GXYYYGalaxy Entertainment Group Limited | 28.83 | -2.93 | -9.23% |
JW-AJohn Wiley & Sons, Inc. | 37.47 | -3.57 | -8.70% |
FRPTFreshpet, Inc. | 63.29 | -5.42 | -7.89% |
Top Mutual Funds
Symbol | Last Price | Change | % Change |
|---|---|---|---|
RMBKXRMB Mendon Financial Services Fund Class A | 26.11 | +2.01 | +8.34% |
RMBNXRMB Mendon Financial Services Fund Class C | 23.36 | +1.79 | +8.30% |
HSFNXHennessy Small Cap Financial Fund Investor Class | 15.03 | +1.11 | +7.97% |
FGADXFranklin Gold and Precious Metals Fund Advisor Class | 17.63 | +1.30 | +7.96% |
FEGOXFirst Eagle Gold Fund Class C | 19.00 | +1.32 | +7.47% |
Top ETFs
Symbol | Last Price | Change | % Change |
|---|---|---|---|
RINGiShares MSCI Global Gold Miners ETF | 24.26 | +2.27 | +10.32% |
GOEXGlobal X Gold Explorers ETF | 22.85 | +1.88 | +8.97% |
KRESPDR S&P Regional Banking ETF | 37.38 | +2.74 | +7.91% |
DVEMWisdomTree Emerging Markets ESG Fund | 26.17 | +1.88 | +7.74% |
EXTWisdomTree U.S. ESG Fund | 28.83 | +2.05 | +7.64% |
Currencies
Symbol | Last Price | Change | % Change |
|---|---|---|---|
BTCUSD=XBTC/USD | 7,277.5215 | -49.4097 | -0.6744% |
ETHUSD=XETH/USD | 170.6518 | -1.7736 | -1.0286% |
EURUSD=XEUR/USD | 1.0930 | +0.0005 | +0.0494% |
JPY=XUSD/JPY | 108.5200 | +0.0520 | +0.0479% |
GBPUSD=XGBP/USD | 1.2453 | +0.0003 | +0.0209% |
Futures
Symbol | Last Price | Change | % Change |
|---|---|---|---|
ES=FE-Mini S&P 500 Jun 20 | 2,787.00 | +52.00 | +1.90% |
YM=FMini Dow Jones Indus.-$5 Jun 20 | 23,676.00 | +58.00 | +0.25% |
NQ=FNasdaq 100 Jun 20 | 8,238.75 | +49.00 | +0.60% |
RTY=FE-mini Russell 2000 Index Futur | 1,248.90 | +66.70 | +5.64% |
ZB=FU.S. Treasury Bond Futures,Jun- | 178.44 | -0.41 | -0.23% |
Options: Highest OI
Symbol | Last Price | Change | % Change |
|---|---|---|---|
SPY200619P00020000SPY Jun 2020 20.000 put | 0.0100 | 0.0000 | 0.00% |
F210115C00010000F Jan 2021 10.000 call | 0.1200 | +0.0100 | +9.09% |
EEM200619C00049730EEM Jun 2020 49.730 call | 0.0200 | 0.0000 | 0.00% |
GE210115C00015000GE Jan 2021 15.000 call | 0.1000 | -0.0200 | -16.67% |
SPY201016P00260000SPY Oct 2020 260.000 put | 19.73 | -3.12 | -13.65% |
Options: Highest Implied Volatility
Symbol | Last Price | Change | % Change |
|---|---|---|---|
ELOX200417P00002500ELOX Apr 2020 2.500 put | 0.3000 | -0.2500 | -45.45% |
DYAI200417P00002500DYAI Apr 2020 2.500 put | 0.1900 | 0.0000 | 0.00% |
ENDP200409P00002500ENDP Apr 2020 2.500 put | 0.0300 | 0.0000 | 0.00% |
CPTA200417P00002500CPTA Apr 2020 2.500 put | 0.2000 | 0.0000 | 0.00% |
CETV200417P00002500CETV Apr 2020 2.500 put | 0.0300 | 0.0000 | 0.00% |
Rates
Mom’s Weird Trick Raises Her Credit 193 PointsMom Saves Family From Financial Disaster Using This One Simple Credit Trick
- BusinessMarketWatch•4 hours agoOil ends wild trading session 9.3% lower as OPEC+ gathering fails to quell demand-shock worries
U.S. crude-oil prices staged an about-face on Thursday, closing 9.4% lower after enjoying double-digit gains at the session peak, as the energy market reacted to torrid updates on expected production cuts by major oil producers to stabilize battered prices. West Texas Intermediate crude for May delivery ended down 9.3% at $22.76 a barrel after rising more than 10% earlier in the session. Those losses came as crude investors worried that the proposed cuts from the virtual meeting of OPEC+ were viewed as insufficient to address a major hit to demand due to the pandemic derived from the novel strain of coronavirus. Although, reports have indicated that Saudi Arabia and Russia will cut 10 million barrels a day of oil output for two months. Bloomberg News reported that reduction compares with estimates for demand loss of as much as 35 million barrels a day. OPEC and other producers will meet again on Friday to extract further cuts in output.
- BusinessMarketWatch•55 minutes agoON Semiconductor to lay off 475 workers to cut costs
ON Semiconductor Corp. said late Thursday it was laying off 475 employees as part of a cost-savings measure. The chip maker, which employs nearly 35,000 people worldwide, said the "targeted cost reductions are structural in nature and are not expected to impact the Company's ability to respond to a significant recovery in demand." Severance costs are expected to be $43 million to $47 million over the first and second quarters with the reductions saving about $65 million to $70 million a year. ON shares rose 2% after hours, following flat trade during the regular session to close at $13.73.
BusinessTipRanks•yesterdayPluristem Changes the Game with Strong Preliminary COVID-19 Results; Analyst Says ‘Buy’With the war against COVID-19 waging on, Wall Street focus has locked in on the names at the frontline. Battling a formidable opponent capable of spreading without a trace, innovative technologies will be required to arm the world’s population. As such, market watchers are standing at the ready, hoping to identify the healthcare companies that can deliver effective weapons against the deadly virus.Pluristem Therapeutics (PSTI) has a fighting chance. On April 7, the company reported its treatment for acute respiratory failure and inflammatory complications caused by COVID-19 had demonstrated robust preliminary results from the compassionate use program, sending shares 21% higher in response. Back in March, its PLX cell treatment, which uses allogeneic mesenchymal-like cells with immunomodulatory properties, got the go ahead from the Israeli Ministry of Health for use in treating severe COVID-19 patients on a per-patient basis. The therapy was designed to prevent or even reverse the harmful over-activation of the immune system.The results have been promising to say the least. Management stated that so far, seven patients in the ICU with Acute Respiratory Distress Syndrome (ARDS) have been treated. All of the patients are alive, meaning that the survival rate is 100%, and six out of seven have progressed through at least one week of follow-up. On top of this, four patients saw respiratory parameters improve, one remained stable and only one demonstrated deterioration. Three are also in the advanced stages of being taken off ventilators.Weighing in for H.C. Wainwright, analyst Swayampakula Ramakanth calls the early data “encouraging” and thinks the treatment could drive substantial gains for PSTI, with the next step being a regulated and multinational clinical study.“In our view, with the ongoing pandemic affecting nearly every country and stressing healthcare systems around the world, new, effective treatments are urgently needed. Therefore, we believe that both the FDA and the EMA may expedite the approval for clinical studies and simply the regulatory paths going forward. With regulatory expediency and patients only needing a 28-day follow-up, we believe the company could complete the initial studies and report results in 2H20,” Ramakanth explained.In line with this optimistic take, Ramakanth left a Buy rating on the stock. At $15.50, the price target puts the upside potential at a whopping 277%. (To watch Ramakanth’s track record, click here)As for other analyst activity, it has been relatively quiet when it comes to PSTI. Only one other call has been issued recently, but it was also bullish, so the analyst consensus is a Moderate Buy. The $11.75 average price target is less aggressive than Ramakanth’s and implies 173% upside potential. (See Pluristem stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
If Your Dog Licks Its Paws (Do This Everyday)Celebrity Veterinarian dubbed "The Miracle Worker" by Forbes Magazine Reveals the One Thing Every Dog Owner Should be Doing Everyday for Their Pet.
BusinessReuters•12 hours agoU.S. bank results to focus on looming loan losses during coronavirusAnalysts and investors have been struggling to come up with an answer – or at least a reasonable guess – ahead of quarterly reports from JPMorgan Chase & Co <JPM.N>, Bank of America Corp <BAC.N>, Wells Fargo & Co <WFC.N>, and Citigroup Inc <C.N> next week. Wall Street estimates have changed dramatically from a month ago. Then, analysts called for big bank earnings per share to rise in the first quarter from a year earlier by an average of 2%.
- BusinessReuters•21 hours agoGLOBAL MARKETS-Asian stocks gain on hopes pandemic is approaching peak
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6%, following a strong Wall Street close. Shares in China, where the novel coronavirus first emerged late last year, rose 0.54%.
BusinessAmerican City Business Journals•4 hours agoYRC becomes latest KC company targeted by activist shareholderThe shareholder said it wants changes in the Overland Park-based trucking company's board and management.
The Lowest Car Insurance In California HistoryCalifornia drivers are finding ways to save big on car insurance. Here's one way to do it.
BusinessBenzinga•9 hours agoClovis Oncology Analyst Turns Bearish Ahead Of PDUFA Date For RubracaDespite optimistic expectations concerning label expansion for Clovis Oncology Inc's (NASDAQ: CLVS) Rubraca to include prostate cancer, an analyst at BofA Securities is turning bearish on the stock. The Clovis Analyst Tazeen Ahmad downgraded Clovis shares from Neutral to Underperform but maintained a $6 price target. The Clovis Thesis The recent run in Clovis shares indicates a high likelihood of the FDA approving Rubraca in second line BRCA+ metastatic castration-resistance prostate cancer, or mCRPC, by the May 15 PDUFA date, Ahmad said in a Thursday note. (See the analyst's track record here.)AstraZeneca plc's (NYSE: AZN) competing PARP inhibitor -- Lynparza -- is also being reviewed for a potentially broader HRR+ label in second-line mCRPC, the analyst said. Assuming a 15% peak penetration in the U.S. BRCA+ market, BofA estimates peak non-risk-adjusted worldwide sales of $150 million for Rubraca in mCRPC.Ahmad said he would also wait and see whether the COVID-19 pandemic will impact Clovis' early launch trajectory.Once on therapy, Rubraca's oral dosing could prove helpful, the analyst said. A broader label for AstraZeneca to include ATM mutations could be perceived as favorable, especially among community-based doctors at the onset, he said. BofA models risk-adjusted peak sales of $579 million for Rubraca in 2028 across all indications."Upside risks are a faster-than-expected ramp from prostate indication on top of its ongoing ovarian launch as well as value from CLVS' pipeline."CLVS Price Action Clovis shares were trading 0.68% higher at $6.98 at the time of publication Thursday.Related Links:The Daily Biotech Pulse: FDA Nod For Pfizer, Vanda Forges Partnership For COVID-19 Drug Research, Neuronetics Pre-Announces Revenue Shortfall Novavax Identifies COVID-19 Vaccine Candidate, Human Testing To Begin In Mid-May Latest Ratings for CLVS DateFirmActionFromTo Apr 2020B of A SecuritiesDowngradesNeutralUnderperform Jan 2020B of A SecuritiesMaintainsNeutral Nov 2019Evercore ISI GroupDowngradesOutperformIn-Line View More Analyst Ratings for CLVS View the Latest Analyst Ratings See more from Benzinga * The Daily Biotech Pulse: Moderna Ships COVID-19 Vaccine For Clinics, Mallinckrodt Strikes .6B Opioid Settlement * The Week Ahead In Biotech: Biopharma Earnings Pick Up Pace(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
BusinessInvestor's Business Daily•3 hours agoIs The Coronavirus Stock Market Rally A Recovery Or Another Bear Trap?Thomas Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, joined the “Investing with IBD” podcast this week to discuss the coronavirus stock market rally.
- BusinessFox Business•3 hours agoAMC close to bankruptcy as coronavirus puts movies on pause
The movie chain’s stock has dropped 60 percent in the last three months.
Should You Be Selling Your Stocks In 2020?For individuals with $500k or more, download the latest Stock Market Outlook. It contains research that tells you where we think the market is headed.
BusinessAmerican City Business Journals•7 hours agoMicrochip to cut salaries across the board and reduce expenses in wake of COVID-19- BusinessBarrons.com•12 hours agoBoeing Doesn’t Want Treasury Money. Maybe It Will Take Money From the Fed, Analyst Says.
(BA) CEO Dave Calhoun has said he doesn’t want government money if there are strings attached—in the form of a dilutive equity sale to the government. “I don’t have a need for an equity stake,” Calhoun said in a Fox Business interview in late March. The MAX—Boeing’s newest model single aisle jet—has been grounded world-wide since mid-March 2019 following two deadly crashes inside of five months.
- BusinessMarketWatch•8 hours agoRaytheon Technologies Corp., JPMorgan Chase share gains lead Dow's 415-point rally
DOW UPDATE Led by positive growth for shares of Raytheon Technologies Corp. and JPMorgan Chase, the Dow Jones Industrial Average is rallying Thursday morning. Shares of Raytheon Technologies Corp. (RTX) and JPMorgan Chase (JPM) are contributing about a third of the blue-chip gauge's intraday rally, as the Dow (DJIA) is trading 415 points, or 1.
Do This Instead of Buying Solar (It's Genius)If you pay more than $99/mo for power in California, you should try this. This program has power companies furious. Do it now before it's too late.
BusinessInvestor's Business Daily•yesterdayWhy This Key Segment Is Celebrating Sanders' Presidential Dropout- BusinessInvesting.com•yesterdayStocks - Wall Street Rally Gains Steam
By Geoffrey Smith
- BusinessReuters•12 hours ago
