This week, the Federal Reserve’s decision to reduce interest rates by 50 basis points boosted share prices across the technology, construction, industrial, machinery, and financial sectors.
These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
- Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares rocketed 50.19% after the company announced topline data of EDG-7500 from the Phase 1 trial in healthy subjects and the single-dose arm of the Phase 2 CIRRUS-HCM trial in patients with obstructive HCM.
- Bausch + Lomb Corporation (NYSE:BLCO) stock gained 28.36% after reportedly considering a sale.
- Bausch Health Companies Inc. (NYSE:BHC) shares upped 27.06%. The company’s subsidiary Bausch + Lomb Corp (NYSE:BLCO) is reportedly considering a sale.
- Ascendis Pharma A/S (NASDAQ:ASND) stock gained 26.87% last week after the company announced topline data from its pivotal approach trial of a rare dwarfism candidate.
- Nuvalent Inc.’s (NASDAQ:NUVL) stock gained 23.50% after the company highlighted results for its ROS1 and ALK-Positive NSCLC programs and accelerated its development timeline. The company also announced a $350 million public offering, and multiple firms raised their respective price forecasts on the stock.
- Powell Industries, Inc. (NASDAQ:POWL) stock gained 22.61% last week as stocks in the broader industrial space jumped following the Fed’s announcement to cut rates by 50 basis points, which could support investment and economic growth.
- GDS Holdings Limited (NASDAQ:GDS) shares jumped 21.28%.
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- Constellation Energy, Li Auto And Carvana Are Among Top 11 Large Cap Gainers Last Week (Sept 16-Sept 20): Are The Others In Your Portfolio?
- Novo Nordisk, Chewy And FedEx Are Among Top 10 Large Cap Losers Last Week (Sept 15-Sept 21): Are The Others In Your Portfolio?
Photo by JHVEPhoto via Shutterstock
This week, the Federal Reserve‘s decision to reduce interest rates by 50 basis points boosted share prices across the technology, construction, industrial, machinery, and financial sectors.
These eleven large-cap stocks were the best performers in the last week. Are they in your portfolio?
- Constellation Energy (NASDAQ:CEG) stock jumped 30.11% last week after signing a 20-year power purchase agreement with Microsoft (NASDAQ:MSFT) to help launch the Crance Clean Energy Center and restart Three Mile Island Unit 1.
- Vistra Inc.’s (NYSE:VST) stock gained 26.10% last week after the company executed definitive agreements with affiliates of Nuveen Asset Management and Avenue Capital Management II to acquire their combined 15% equity interest in Vistra Vision.
- Carvana Co.‘s (NYSE:CVNA) shares increased 22.52%. Evercore ISI raised its price forecast on the stock from $142 to $157.
- Symbotic Inc (NASDAQ:SYM) stock gained 19.06% last week as stocks in the broader industrial space jumped following the Fed’s announcement to cut rates by 50 basis points, which could support investment and economic growth.
- Duolingo, Inc. (NASDAQ:DUOL) stock was up 17.32% in the last week.
- James Hardie Industries plc (NYSE:JHX) stock upped 16.38% as stocks in the broader industrial space jumped following the Fed’s announcement to cut rates by 50 basis points, which could support investment and economic growth. The company also announced it has repurchased up to 8.4 million of its shares.
- Texas Pacific Land Corporation (NYSE:TPL) gained 15.73% as stocks of oil and gas companies soared amid a rise in the price of oil after the Fed rate cut, which could lift the demand outlook.
- CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock gained 15.71% as several analysts maintained their buy forecasts and said the customer backlash following the software incident had largely passed.
- Maplebear Inc. (NASDAQ:CART) shares rose 13.92%
- Mobileye Global Inc. (NASDAQ:MBLY) stock jumped 13.47% last week after Intel Corp (NASDAQ:INTC) assured investors it would not drop its majority stake in the Israeli autonomous driving company.
- Li Auto Inc. (NASDAQ:LI) stock rose 12.66%. Stocks of several U.S.-listed Chinese companies gained ahead of expectations that the People’s Bank of China will cut rates.
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Photo by Ihor Bondarenko on Shutterstock
These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
- Summit Therapeutics Inc. (NASDAQ:SMMT) stock declined 23.61%. The company announced that data for the novel, potential first-in-class investigational bispecific antibody, ivonescimab, was presented at the 2024 ESMO Annual Meeting.
- Joint Stock Company Kaspi.kz (NASDAQ:KSPI) stock tumbled 21.66% after Culper Research issued a short report on the company.
- BioMarin Pharmaceutical Inc (NASDAQ:BMRN) stock lost 16.74% last week following strong dwarfism drug data from rival Ascendis Pharma (NASDAQ:ASND).
- Rivian Automotive, Inc. (NASDAQ:RIVN) lost 13.26% last week.
- FedEx Corporation (NYSE:FDX) stock fell 11.08% after the company reported worse-than-expected Q1 financial results and cut FY25 guidance.
- BioNTech SE (NASDAQ:BNTX) stock decreased 9.01%. Pfizer, Inc. (NYSE:PFE) and BioNTech received positive CHMP opinion for omicron KP.2-adapted COVID-19 vaccine in the European Union.
- Arthur J. Gallagher & Co. (NYSE:AJG) stock fell 7.17%. Several analysts raised the price target on the stock.
- Chewy, Inc. (NYSE:CHWY) shares declined 6.97% after the company announced a selling stockholder’s public offering of shares and a concurrent share repurchase.
- Novo Nordisk A/S (NYSE:NVO) stock fell 6.93% after headline results from the mid-stage study of monlunabant in obese patients.
- Murphy USA Inc. (NYSE:MUSA) shares fell 6.90% after JP Morgan downgraded the stock from Neutral to Underweight but raised its price target from $415 to $435.
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Photo via Shutterstock
California Gov. Gavin Newsom (D) signed three bills on Tuesday aimed at curbing the use of artificial intelligence in creating misleading images or videos in political advertisements.
The Federal Trade Commission (FTC) alleges “big tech” makes little effort to inform social media users of privacy danger or allow them to opt out of data collection.
In its bid to create a domestic competitor to rival NVIDIA Corporation (NASDAQ:NVDA) in the artificial intelligence (AI) chip market, China is reportedly facing significant challenges due to U.S. sanctions and technological gaps.
Gaming
Rockstar Games may delay GTA 6’s anticipated 2025 release to 2026, according to former technical director Obbe Vermeij’s insight. He suggests that a decision on whether to push back the release could be made by mid-2025, mirroring past delays.
Electronic Arts Inc. (NASDAQ:EA) stated that FC 25 early access starts on September 20, with a global release on September 27 for all major consoles and PC.
In an Investor Day event, Electronic Arts said it expects sustained growth in EA SPORTS and outlined plans for new business opportunities beyond gaming, including the EA SPORTS App. It described the EA SPORTS App as socially driven with sports content, live sports data, interactivity and gaming centered on global football.
Sony Group Corporation (NYSE:SONY) is set to bid farewell to 10 titles from its PlayStation Plus subscription service this month, with LittleBigPlanet 3 leading the pack.
Sony has introduced a special 30th Anniversary Collection to mark three decades of PlayStation.
Flappy Bird is making a comeback through the Flappy Bird Foundation, with plans to release a new version by 2025 across multiple platforms. The game’s original creator, Dong Nguyen, distances himself from the project, stating he has no involvement.
Blizzard‘s Diablo 4 has reportedly generated $150 million from in-game microtransactions since its release in June 2023.
Smartphones
Apple Inc. (NASDAQ:AAPL) announced a price increase for its battery replacement service for the iPhone 16 Pro and iPhone 16 Pro Max.
Apple is experiencing lower-than-anticipated demand for its iPhone 16 Pro and Pro Max models during the first weekend of pre-orders, according to top analyst Ming-Chi Kuo.
Apple stated that iPhone production in India would hit 20% -25% by 2027, improving margins over time. AirPods and Apple Watch production outside China to exceed 50% by 2024 and 2027, respectively.
The upcoming trifold smartphone from Huawei Technologies, China’s top smartphone maker, is being listed for over $7,000 on online marketplaces, more than double its list price, even before its official release.
Technology
Microsoft Corporation (NASDAQ:MSFT) has reported that Russian cyber-influence operations are now targeting the Kamala Harris–Tim Walz campaign in the lead-up to the 2024 presidential election.
Alibaba Group Holding Limited (NYSE:BABA) announced the launch of more than 100 new open-source AI models and introduced a text-to-video generation tool.
ByeDance-owned TikTok, the widely-used social media platform for creating and sharing short-form videos, has encountered a doubtful panel of judges.
Billionaire entrepreneur and “Shark Tank” star , Mark Cuban has shared a new patent that allows social media platforms and user profiles to sell advertisements of any media type.
Elon Musk
Elon Musk has agreed with NVIDIA CEO Jensen Huang’s prediction of a future where individuals will have personal digital agents akin to Star Wars’ R2-D2 or C-3PO.
Read: Nvidia Rival AMD’s CEO Says ‘There’s No One Size Fits All’ As AI Chip Race Heats Up
Musk’s social media platform, X, formerly Twitter, had managed to temporarily bypass a ban in Brazil with the help of an automatic update of its software.
Mark Cuban said he would be interested in acquiring Rupert Murdoch’s Fox News and Elon Musk’s X, formerly Twitter, but there are certain hurdles involved.
Also Read: Elon Musk Reacts After Mark Cuban Says He Would Buy X ‘In A Heartbeat’
Artificial Intelligence (AI)
ChatGPT-parent OpenAI has acknowledged that its latest model, known as “o1,” could potentially be misused for creating biological weapons.
OpenAI has announced an independent board oversight committee focused on safety and security. It was established in response to ongoing security process controversies.
Speaking at an Oracle Corporation (NYSE:ORCL) financial analysts meeting, co-founder and CTO of the tech giant, Larry Ellison predicted that artificial intelligence will eventually power extensive law enforcement surveillance systems.
Microsoft’s LinkedIn, the professional networking giant, has come under scrutiny for reportedly using user data for AI training before updating its terms of service.
Recent developments suggest that Amazon.com, Inc. (NASDAQ:AMZN) may be ramping up its interest in nuclear energy to fuel its growing needs.
The tech giant has reposted a job opening for a Principal Nuclear Engineer in its Data Center Engineering division, raising questions about its long-term energy strategy.
Nano Nuclear Energy Inc. (NASDAQ:NNE), an emerging microreactor technology company, cited the opening in a social media post on X, formerly Twitter.
Why This Is Important: The opening by Amazon comes shortly after Talen Energy agreed to sell a 960-megawatt data center campus to Amazon Web Services (AWS) for $650 million earlier this year, which includes a decade-long electricity supply agreement from the Susquehanna nuclear power station.
This particularly highlights Amazon’s commitment to clean, carbon-free energy sources.
An Amazon spokesperson told the American Nuclear Society, “To supplement our wind and solar energy projects, which depend on weather conditions to generate energy, we’re also exploring new innovations and technologies and investing in other sources of clean, carbon-free energy. This agreement with Talen Energy for carbon-free energy is one project in that effort.”
In a report released on July 10, Amazon announced that it has achieved its goal of sourcing 100% of the electricity used across its global operations — including data centers, corporate offices, grocery stores, and fulfillment centers — from renewable energy, a target initially set for 2030. The company plans to continue investing in solar and wind projects while exploring nuclear power and battery storage to sustain its energy needs.
Why The Nuclear-Energy Interest May Be Controversial
Amazon’s nuclear ambitions are not without controversy.
Following the agreement with Talen Energy, utility companies American Electric Power Company, Inc. (NASDAQ:AEP) and Exelon Corporation (NASDAQ:EXC) formally objected to the Federal Energy Regulatory Commission (FERC), claiming that the electricity arrangement allows Amazon to benefit from the power grid without contributing to its maintenance costs, a report by the American Nuclear Society suggests.
They argue this could lead to increased expenses for other PJM ratepayers, as the data center’s power usage is indirectly linked to the grid’s resources. PJM ratepayers are customers of the Pennsylvania-New Jersey-Maryland Interconnection (PJM).
That’s not all!
A March report by Heat Map suggests that a divide has emerged among tech giants regarding energy strategies, with Amazon focusing on securing low-cost power without prioritizing new carbon-free sources, while Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Microsoft Corporation (NASDAQ:MSFT) aim for comprehensive carbon-free energy solutions.
Microsoft and Google have shown increased interest in nuclear power to ensure a stable electricity supply, reflecting a broader commitment to sustainable energy practices.
As Amazon moves forward with its nuclear initiatives, the intersection of innovation and regulatory scrutiny will play a crucial role in shaping its energy strategy.
The company’s hiring of nuclear engineers underscores its serious intentions in this space, but the implications of these decisions could significantly affect its relationships within the energy sector.
Will Amazon’s foray into nuclear power pave the way for a more sustainable future, or complicate its standing in an already complex energy landscape?
According to Benzinga Pro, AMZN stock has gained over 48% in the past year. Investors can gain exposure to the stock via ProShares Online Retail ETF (NYSE:ONLN) and Fidelity MSCI Consumer Discretionary Index ETF (NYSE:FDIS).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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On Friday, the Federal Trade Commission (FTC) filed a formal complaint against three major pharmacy benefit managers (PBMs)—CVS Health Inc’s (NYSE:CVS) Caremark, Cigna Corp’s (NYSE:CI) Express Scripts, and UnitedHealth Group Inc’s (NYSE:UNH) Optum—for allegedly engaging in unfair and anti-competitive practices that have inflated the list price of insulin medications.
The complaint accuses the PBMs of creating a system that benefits them financially by prioritizing drug rebates, forcing patients to pay higher costs for life-saving insulin. These PBMs, referred to as the Big Three, administer around 80% of prescriptions in the U.S.
The FTC claims that the PBMs abused their market power to inflate insulin prices by promoting a rebate system with drug manufacturers.
This system led to the exclusion of lower-priced insulin from formularies, further driving up the cost for vulnerable patients.
The result is higher out-of-pocket expenses for those needing essential diabetes medication.
For example, the list price of Eli Lilly And Co’s (NYSE:LLY) Humalog rose dramatically from $21 in 1999 to over $274 in 2017.
Despite the availability of lower-priced alternatives, PBMs favored higher-priced drugs due to the lucrative rebates they provided.
The FTC is also examining the role of drug manufacturers, including Eli Lilly, Novo Nordisk A/S (NYSE:NVO), and Sanofi SA (NASDAQ:SNY), in driving up insulin prices, signaling potential further action against these companies.
The rebate-driven system excluded lower-priced insulins and allowed the Big Three PBMs to keep significant revenue in the form of rebates and fees, a strategy that hurt patients while benefiting the PBMs financially.
Vulnerable patients, such as those with high deductibles or coinsurance, bore the brunt of these inflated costs, paying more for their insulin than the overall net cost to insurers.
Price Action: At last check Friday, CVS stock was down 1.61% at $57.49, UNH stock was down 0.29% at $575.39, and CI stock was up 0.07% at $357.52.
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Photo by towfiqu barbhuiya via unsplash
Chevron Corporation (NYSE:CVX) reportedly ruled out taking an equity stake in Woodside Energy Group Limited (NYSE:WDS) upcoming acquisition of Driftwood LNG in Louisiana.
Colin Parfitt, head of midstream operations, told Reuters that Chevron can effectively monetize its U.S. gas without converting it to LNG.
The decision reflects the company’s earlier choice to bypass investment in U.S. LNG plant construction and sell its gas directly to the market instead.
In July 2023, Chevron executives said in an interview that the company is confident in its ‘buy-rather-than-build’ strategy, which an S&P Global report highlighted.
During the interview, the company’s executives stated that Chevron’s U.S. LNG offtake contracts support its goal of increasing international sales of Permian Basin production, while the company will primarily leave U.S. midstream infrastructure development to third parties to focus on upstream and downstream investments.
In 2022, Chevron U.S.A. entered into long-term LNG sale and purchase agreements with Cheniere Energy. Notably, given the current interest rate environment, it’s interesting that Chevron chose not to invest in the construction of a U.S. LNG plant.
Recently, the Federal Reserve decided to reduce interest rates by 50 basis points leading to surge in optimism across major sectors.
Further into the future, the Dot Plot signals the fed funds rate will drop to between 3.25% and 3.5% by the end of 2025, implying an additional 100 basis points of cuts. By the end of 2026 and the newly introduced projections for 2027, interest rates are expected to fall to 2.9%.
It remains uncertain whether the company will alter its stance after future rate reductions as it wants the best use of its capital.
This week, Chevron Shipping Company, in partnership with Wärtsilä, disclosed that it will convert engines on six liquefied natural gas (LNG) carriers from dual-fuel to spark gas operation to cut methane emissions and support its carbon reduction goals.
Investors can gain exposure to the Chevron via E.A. Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
Price Action: CVX shares are up 0.13% at $145.18 at the last check Friday.
Photo by Jonathan Weiss on Shutterstock
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Disclaimer: This content was partially produced with the help of A.I. tools and was reviewed and published by Benzinga editors.
Earlier on Friday, Novo Nordisk A/S (NYSE:NVO) announced headline results from a phase 2a clinical trial with monlunabant, a small-molecule oral cannabinoid receptor 1 (CB1) inverse agonist.
After 16 weeks of treatment, people treated with a once-daily 10 mg dose of monlunabant achieved a weight loss of 7.1 kg compared to a reduction of 0.7 kg with a placebo.
Probably, the investors are reacting to the limited additional weight loss seen at higher doses.
In March, Novo Nordisk shared monlunabant update during its Capital Markets Day 2024.
In Phase 1, monlunabant produced a statistically significant mean weight loss of 3.5 kg (3.3%) compared to 0.6 kg (0.5%) with placebo at day 28.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) and Skye Bioscience Inc. (NASDAQ:SKYE) stocks plunged in reaction to the data.
All three companies are developing weight loss drugs that employ a mechanism of action, peripheral CB1 inhibition.
Corbus Pharmaceuticals’ investigational CRB-913, also a CB1 inverse agonist, is in the preclinical phase. Human trials are expected to start in the first quarter of 2025.
Analyst reactions:
- Wedbush maintains Corbus Pharmaceuticals with an Outperform rating and lowered the price target from $85 to $51.
- B. Riley Securities maintains Corbus with a Buy and lowered the price target from $85 to $40.
Skye is conducting a Phase 2 trial in obesity for nimacimab, a negative allosteric modulating antibody that peripherally inhibits CB1.
This study is also assessing the combination of nimacimab and Novo Nordisk’s Wegovy (semaglutide). Skye expects interim and topline data from its Phase 2 study in 2025.
Jefferies analyst notes that while expectations for Corbus’ asset have been tempered, key uncertainties persist, making it difficult to draw firm conclusions. This is particularly true as Novo Nordisk advances its obesity candidate. Additional insights from long-term open-label extension data, expected in late October, may provide more clarity.
Price Action: SKYE stock is down 41% at $3.24, and CRBP stock is down 59.4% at $21.00 at last check Friday.
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ICU Medical Inc‘s (NASDAQ:ICUI) subsidiary, Smiths Medical, initiated a recall Friday of its paraPAC plus P300 and P310 ventilators due to faulty parts.
According to the FDA, there’s a possibility that the patient outlet connector may loosen or detach, impacting active ventilation. If this happens, it could cause serious adverse health consequences, including not enough ventilation (hypoventilation), not enough oxygen (hypoxia), slowed heartbeat (bradycardia), low blood pressure (hypotension), a sudden stop of the lungs (respiratory arrest), and death.
There has been one reported injury. There has been one report of death.
Smiths Medical PneuPAC paraPAC Plus P300 and P310 Ventilators are gas-powered emergencies and transport portable ventilators, including in vehicles such as airplanes and helicopters.
They are suitable for emergencies at accident scenes and transports between hospitals or within a hospital or medical facility. These ventilators are intended to provide ventilatory support for adults, children, and infants.
The paraPAC Plus devices also provide free-flow oxygen therapy and continuous positive airway pressure (CPAP) therapy for spontaneously breathing patients. They can also be used in emergency situations to provide ventilatory support for CPR resuscitation.
Earlier this week, Smiths Medical initiated a recall of certain Bivona neonatal/pediatric and adult tracheostomy tubes due. A manufacturing defect caused the securement flange on the device to tear. There have been 35 reported injuries and two reported deaths.
Price Action: ICU Medical stock is down 1.56% at $178.44 at last check Friday.
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Yesterday, Darden Restaurants, Inc. (NYSE:DRI) reported first-quarter adjusted earnings per share of $1.75, missing the analyst consensus estimate of $1.83. Quarterly sales of $2.76 billion missed the street view of $2.80 billion.
Analysts covering the company provided their takes:
- KeyBanc Capital Markets analyst Eric Gonzalez reiterated the Overweight rating on the stock, raising the price forecast to $194 from $170.
- BMO Capital Markets analyst Andrew Strelzik maintained the Market Perform rating, raising the price forecast to $175 from $165.
- Wedbush analyst Nick Setyan reiterated the Outperform rating on Darden Restaurants, raising the price forecast to $200 from $170.
- Piper Sandler analyst Brian Mullan reiterated the Neutral rating on the company, raising the price forecast to $177 from $159.
- Truist Securities analyst Jake Bartlett maintained the Buy rating, increasing the price forecast to $195 from $185.
KeyBanc Capital Markets: The analyst anticipates potential growth from Darden’s partnership with Uber. Gonzalez also slightly raised the FY25 EPS estimate to $9.48, attributing this adjustment to a modest increase in blended same-store sales growth as Darden focuses more on price point advertising at Olive Garden. Darden will test delivery at approximately 100 Olive Garden locations during the holiday season, with plans to expand to the entire Olive Garden network by the end of FY25. It’s important to note that delivery menu prices will match those for dine-in and takeout, but customers will incur a $5 delivery fee plus a 5% service charge for this convenience.
BMO Capital Markets: While the analyst expects the company to gain incremental benefits from delivery and views the deal structure positively, they wouldn’t be surprised if sales growth lags behind competitors due to potential overlap with its existing substantial off-premise business and its absence from the third-party marketplace. Currently, Strelzik forecasts a modest boost to Olive Garden’s comparable sales in the second half of 2025 and a low-single-digit increase in FY2026.
Wedbush: The analyst projects that DRI will continue to gain market share even in a challenging consumer landscape, suggesting a strong likelihood of achieving its long-term annual return targets. The analyst emphasizes the company’s on-demand delivery collaboration with Uber, starting with a pilot in 5-6 Olive Garden units. This will expand to approximately 100 units in FQ2 ahead of the holidays, eventually launching at all Olive Garden locations with curbside to-go by the end of FY25. The partnership is set up as a first-party delivery model, and there are no plans to advertise on UberEats.
Piper Sandler: According to the analyst, the Uber partnership will begin with Olive Garden, the company’s largest brand, accounting for about 45% of revenue and 50% of segment profit in Fiscal Year 2024. Given Olive Garden’s significance to the company’s financial model, this could lead to an unexpected boost in Darden’s adjusted EPS, especially in the following year, prompting a positive reaction in the stock today.
Truist Securities: The analyst is optimistic about the widespread improvement in same-store sales (SSS) across Darden’s portfolio since July. This, along with more proactive marketing efforts and easier year-over-year comparisons in the second half of FY25, enhances the analyst’s confidence that the accelerating SSS and market share gains will bolster Darden’s premium valuation.
Price Action: DRI shares are trading lower by 1.41% to $169.85 at last check Friday.
Photo: Courtesy of Dutchmen Photography via Shutterstock
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Walt Disney Company (NYSE:DIS) has appointed Academy Award-winning filmmaker Jared Bush as Chief Creative Officer (CCO) of Walt Disney Animation Studios, effective immediately.
Jennifer Lee will step back from her role to focus on filmmaking full-time and oversee the Frozen franchise for the studio, the company said in a press release.
As Chief Creative Officer, Bush will manage the creative output of the renowned animation studio, encompassing its films, series, and related projects.
Having been with the studio for over ten years, he won an Academy Award in 2022 for Encanto, where he served as both director and writer, and was also an executive producer for the Oscar-nominated Raya and the Last Dragon in the same year, the company said.
Also Read: Disney Strikes First-Look Deal With Spider-Man Director Jon Watts: Report
Lee, who has served as Chief Creative Officer of Walt Disney Animation Studios since 2018, will direct and write Frozen 3 and co-write Frozen 4 with Marc Smith, also serving as executive producer for the latter.
The “Frozen” franchise holds significant importance for Disney. The original film captured cultural attention for months, grossing $1.3 billion globally and generating billions in merchandise sales, reported The New York Times. Following its success, a Broadway musical adaptation and “Frozen” attractions were introduced at Disney theme parks. “Frozen 2,” directed by Lee and Buck, earned $1.4 billion at the box office in 2019.
According to Benzinga Pro, DIS stock has gained over 13% in the past year. Investors can gain exposure to the stock via First Trust S-Network Streaming and Gaming ETF (NYSE:BNGE) and AdvisorShares Gerber Kawasaki ETF(NYSE:GK).
Price Action: DIS shares are trading higher by 0.09% to $93.53 at last check Friday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Thursday, the FDA approved Johnson & Johnson (NYSE:JNJ) Rybrevant (amivantamab-vmjw) in combination with standard-of-care chemotherapy (carboplatin and pemetrexed) for locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 19 deletions (ex19del) or L858R substitution mutations, whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor.
The FDA approval is based on results from the Phase 3 MARIPOSA-2 study, which showed that Rybrevant plus chemotherapy reduced the risk of disease progression or death (progression-free survival [PFS]) by 52% compared to chemotherapy alone, the study’s primary endpoint.
Also Read: Johnson & Johnson Seeks FDA Approval For Muscle Weakness Drug And Gears Up Showdown With Argenx and UCB.
The median PFS for patients receiving Rybrevant plus chemotherapy was 6.3 months, compared to 4.2 months for chemotherapy alone.
Additionally, Rybrevant plus chemotherapy showed a confirmed overall response rate (ORR) of 53% compared to 29% with chemotherapy alone.
This approval marks the third new indication for Rybrevant this year, following the FDA approval of Rybrevant in combination with Lazcluze (lazertinib) for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with EGFR exon 19 deletions or L858R substitution mutations, based on the Phase 3 MARIPOSA study, and FDA approval of Rybrevant in combination with chemotherapy (carboplatin-pemetrexed) for the first-line treatment of patients with locally advanced or metastatic NSCLC with EGFR exon 20 insertion mutations, based on the Phase 3 PAPILLON study.
In June, Johnson & Johnson submitted an FDA marketing application for a fixed combination of amivantamab and recombinant human hyaluronidase for subcutaneous administration for all currently approved or submitted indications of intravenous (IV) Rybrevant.
The application is based on the Phase 3 PALOMA-3 study, in which the preliminary results showed a five-fold reduction in infusion-related reactions (IRR) with a five-minute administration of SC amivantamab.
Price Action: JNJ stock is down 0.18% at $164.52 at last check Friday.
Image by PDPics from Pixabay
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Friday, the FDA approved Zevra Therapeutics, Inc.’s (NASDAQ:ZVRA) Miplyffa (arimoclomol), an oral medication for Neimann-Pick disease, type C (NPC).
Miplyffa, in combination with Johnson & Johnson’s (NYSE:JNJ) enzyme inhibitor Zavesca (miglustat), is approved to treat neurological symptoms associated with NPC in adults and children two years of age and older.
Miplyffa is the first drug approved by the FDA to treat NPC.
NPC is a rare genetic disease that results in progressive neurological symptoms and organ dysfunction.
It is caused by changes in either the NPC1 or NPC2 gene, affecting the necessary transport of cholesterol and other lipids within a cell. As a result, these cells do not function as they should, ultimately causing organ damage.
Miplyffa was the first product application to be discussed at the inaugural meeting of the Genetic Metabolic Diseases Advisory Committee (GeMDAC) in August.
The committee voted favorably (11 yes, 5 no) that the data supports that arimoclomol is effective in treating patients with NPC.
GeMDAC was established in December 2023 to advise the agency on products used for the diagnosis, prevention or treatment of genetic metabolic diseases.
The safety and effectiveness of Miplyffa were evaluated in a randomized, double-blind, placebo-controlled 12-month trial in patients.
Miplyffa’s efficacy was demonstrated by the rescored 4-domain NPC Clinical Severity Scale (R4DNPCCSS) score in the patients who used miglustat as their background treatment.
The R4DNPCCSS is a measure of NPC disease progression. Higher scores signify a greater severity of the disease.
Compared to placebo, Miplyffa resulted in a slower disease progression.
In 2021, the FDA issued a complete response letter to arimoclomol as a treatment option for Niemann-Pick disease type C.
The CRL asked for additional qualitative and quantitative evidence to further support the validity and interpretation of the 5-domain NPC Clinical Severity Scale, particularly the swallow domain.
Zevra Therapeutics resubmitted its New Drug Application (NDA) for arimoclomol to the FDA in December 2023.
Price Action: ZVRA stock is up 1.01% at $8.01 at the last check on Friday.
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On Friday, the U.S. Department of Energy (DOE) announced over $3 billion for 25 projects in 14 states to boost domestic production of advanced batteries and materials.
Of the 25 selected projects, over half have committed to or signed a Project Labor Agreement, and 10 have agreements with labor or neutrality pledges.
Union partners include NABTU, Boilermakers, SMART, Carpenters, Operating Engineers, UFCW, IBEW, and the UA. These projects, once finalized, are expected to create over 8,000 construction jobs and 4,000 operating jobs.
This initiative supports the administration’s clean energy strategy alongside a $120 billion private sector investment in the EV supply chain.
These projects, which are essential for the U.S. grid and transportation electrification, are expected to improve facilities for producing battery-grade materials, components, manufacturing, and recycling.
The DOE is leveraging grants and loans to build a resilient battery manufacturing supply chain for Americans. Through MESC, the Investing in America agenda will generate $16 billion for battery manufacturing and recycling via the Battery Materials Processing and Manufacturing Program.
U.S. Secretary of Energy Jennifer M. Granholm said, “We’re in the midst of a manufacturing revival in the United States as the Biden-Harris Administration’s Investing in America agenda continues to breathe new life into communities and local economies across the country,”
John Podesta, Senior Advisor to President Biden for International Climate Policy, stated, “Today’s battery manufacturing grants from DOE will boost America’s manufacturing base, create good-paying union jobs all over the country, and help tackle the climate crisis.”
As per Reuters report, Albemarle Corporation (NYSE:ALB) will receive $67 million for a project in North Carolina to produce commercial quantities of anode material for next-generation lithium-ion batteries.
In addition, the DOE plans to award Dow Inc. (NYSE:DOW) $100 million to produce battery-grade carbonate solvents for lithium-ion battery electrolytes.
Also, Honeywell International Inc. (NASDAQ:HON) is projected to attain $126.6 million to construct a commercial-scale facility in Louisiana for producing a key electrolyte salt essential for lithium batteries.
This month, Occidental Petroleum’s (NYSE:OXY) subsidiary, 1PointFive, disclosed that the U.S. Department of Energy’s Office of Clean Energy Demonstrations (OCED) planned to provide up to $500 million to support the development of the South Texas Direct Air Capture (DAC) Hub.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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American Airlines Group, Inc. (NASDAQ:AAL) shares are trading marginally lower on Friday.
The firm is reportedly negotiating to make Citigroup, Inc. (NYSE:C) its exclusive credit card partner, ending its long-standing partnership with Barclays PLC (NYSE:BCS), which dates back to the airline’s 2013 acquisition of US Airways, reported CNBC.
In March, Bloomberg noted that the airline is renegotiating its contract for co-branded credit cards to increase its share of a vital revenue stream for U.S. carriers.
A spokesperson for Citigroup informed CNBC that the company is continually collaborating with its partners, including American Airlines, to find opportunities to enhance customer products and promote shared value and growth.
The recent news by CNBC suggests that the company’s discussions are still underway, and the timing for reaching an agreement, subject to regulatory approval, remains uncertain.
However, chances are there that objections from U.S. regulators, including the Department of Transportation, could potentially delay or even derail a contract between American Airlines and Citigroup, leaving the existing partnership with Barclays unchanged, CNBC flagged.
According to Benzinga Pro, AAL stock has lost over 15% in the past year. Investors can gain exposure to the stock via U.S. Global Jets ETF (NYSE:JETS) and Themes Airlines ETF (NASDAQ:AIRL).
Price Action: AAL shares are trading lower by 1.17% to $10.98 at last check Friday.
Photo via Shutterstock
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