Bayer Stock (OTC:BAYRY), Trade Ideas

BAYER AKTIENGES ADS

Bayer

Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to half of the company's sales and includes pharmaceutical drugs as well as vitamins and other consumer healthcare products. The firm also has a crop science business that includes seeds, pesticides, herbicides, and fungicides, which was expanded through the acquisition of Monsanto.

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On CNBC’s &#34;Halftime Report Final Trades,&#34; Joshua Brown of Ritholtz Wealth Management said  Nasdaq, Inc. (NASDAQ: NDAQ) is 

Alphabet, Nasdaq, Spotify, Teck Resources And A Major Financial Stock On CNBC&#39;s &#39;Final Trades&#39;

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Unlock AI-powered radiology solutions with Bayer AG and Google Cloud collaboration. Accelerate medical imaging innovations with gen AI tools for faster diagnoses.

Google Partners With European Conglomerate Bayer For New AI-Powered Solutions For Radiologists

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Corporate bonds offer yield opportunities and diversification away from equity investments. Investment-grade bonds are safer but lower yield, while high-yield bonds offer higher returns but from riskier firms.

Wondering Where To Find An Over 7% Annual Return? Check Out These 10 Investment-Grade Corporate Bonds

Bayer AG

On CNBC&rsquo;s &quot;<a href="https://www.cnbc.com/video/2024/04/09/final-trades-nasdaq-alphabet-spotify-charles-schwab-and-teck-resources.html">Halftime Report Final Trades</a>,&quot; Joshua Brown of Ritholtz Wealth Management said Nasdaq, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndaq#NASDAQ">NDAQ</a>) is&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37937207/nasdaqs-road-ahead-marked-by-tech-innovation-market-expansion-and-less-debt-goldman">going higher.</a>
On April 9, Morgan Stanley analyst Michael Cyprys upgraded Nasdaq from Equal-Weight to Overweight and raised the price target from $59 to $80.
Rob Sechan of NewEdge Wealth named Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) as his final trade.
On Tuesday, Bayer AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayry#OTC">BAYRY</a>) and Alphabet&rsquo;s Google Cloud announced a collaboration to develop artificial intelligence (AI) solutions to support radiologists.
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Brian Belski of BMO Capital Markets picked Spotify Technology S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spot#NYSE">SPOT</a>).
Spotify Technology is expected to report first-quarter earnings on April 23. Wall Street expects the company to report earnings at 81 cents per share and $3.95 billion in revenue.
Joseph M. Terranova said Teck Resources Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/teck#NYSE">TECK</a>) is the way to play gold and copper.
On April 8, Benchmark analyst Nathan Martin maintained Teck Resources with a Buy and raised the price target from $50 to $52.
Stephanie Link of Hightower picked The Charles Schwab Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schw#NYSE">SCHW</a>).
On April 9, JMP Securities analyst Devin Ryan maintained Charles Schwab with a Market Outperform and raised the price target from $77 to $80, while Morgan Stanley analyst Michael Cyprys maintained the stock with an Equal-Weight and boosted the price target from $65 to $71.
<h3>Price Action:</h3>
<ul>
<li>Nasdaq shares gained 2.3% to close at $63.56 on Tuesday.</li>
<li>Alphabet shares rose 1.3% to settle at $158.14 on Tuesday.</li>
<li>Spotify shares fell 2.7% to settle at $300.73 during Tuesday&rsquo;s session.</li>
<li>Shares of Teck Resources gained 4.6% to close at $49.14 on Tuesday.</li>
<li>Charles Schwab shares fell 0.1% to settle at $72.28 during Tuesday&rsquo;s session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38166239/carmax-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call"> CarMax Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call </a>
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Alphabet, Nasdaq, Spotify, Teck Resources And A Major Financial Stock On CNBC's 'Final Trades'

On Tuesday,&nbsp;Bayer AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) and&nbsp;Alphabet Inc&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Cloud announced a&nbsp;<a target="_blank" href="https://www.prnewswire.com/news-releases/bayer-and-google-cloud-to-accelerate-development-of-ai-powered-healthcare-applications-for-radiologists-302111532.html" rel="noreferrer noopener">collaboration</a>&nbsp;to develop artificial intelligence (AI) solutions to support radiologists.
As part of the collaboration, Bayer will further develop its platform to accelerate the development and deployment of AI-powered healthcare applications with a clear focus on radiology, using Google Cloud&#8217;s technology, including its generative AI (gen AI) tools.&nbsp;
The collaboration aims to help organizations overcome many challenges to building scalable and compliant AI-powered medical imaging software products using leading data security capabilities and accelerate the development of impactful solutions.
Medical imaging data accounts for about 90% of all healthcare data. It is a highly complex and rich clinical data modality and a critical tool for diagnosing patients.&nbsp;
Billions of medical images get scanned globally each year, and this number continues to grow, increasing the workload for radiologists and other healthcare professionals tasked with handling and interpreting these images for clinicians and patients.&nbsp;
The platform&#8217;s generative AI flags anomalies within images for radiologists to look at, and it can also pull up relevant information from that patient&#8217;s medical history, Thomas Kurian, CEO of Google Cloud,&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/04/09/google-partners-with-bayer-on-new-ai-product-for-radiologists.html" rel="noreferrer noopener">told</a>&nbsp;CNBC.&nbsp;
Suppose a patient comes in for an annual breast cancer screening, for example. In that case, the platform can detect current problems, compare the image to prior screenings, and summarize that information, he said.&nbsp;
The goal is to give radiologists the necessary information and save them from spending 15 or 20 minutes searching through patient records, Kurian said.&nbsp;
Healthcare and life science companies will be able to deploy gen AI medical solutions standardized for flexible integration across compatible healthcare systems and analyze field data for insights, bias detection, and continuous improvement.
The platform is built on Google Cloud and uses tools like Vertex AI, BigQuery, Healthcare API, and Chronicle.&nbsp;
The first version of the Bayer&#8217;s platform for extended testing will be available later this year in the EU and U.S.
Photo by Pixels Hunter on Shutterstock

With interest rates remaining at their highest levels in over two decades, and with U.S. Treasury bonds comfortably exceeding a 4% yield, an increasing number of investors are turning their attention to the <a href="https://www.benzinga.com/money/how-to-buy-corporate-bonds">realm of corporate bonds. </a>
In this landscape, they seek not only promising yield opportunities but also the strategic advantage of diversifying away from equity investments.
The Financial Times recently reported that inflows into corporate bond funds have surged to $22.8 billion in 2024, marking the first positive start to a year since 2019. 
<h3 class="wp-block-heading">Corporate Bonds: Investment Grade Vs. High Yield</h3>
Corporate bonds come in two main types: investment-grade and high-yield. Investment-grade bonds are issued by financially stable companies, while high-yield (or speculative grade) bonds come from riskier firms but offer higher returns.
Rating agencies like S&amp;P, Fitch and Moody&#8217;s determine which category a bond falls into based on the issuer&#8217;s ability to repay debts. Ratings range from AAA (very safe) to D (in default).
For example, companies like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Eli Lilly Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) are rated as investment grade. 
Conversely, firms like AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>), Office Property Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPI#NYSE">OPI</a>) and Navient Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) belong to the speculative-grade world. 
Read also: <a href="https://www.benzinga.com/news/large-cap/24/04/38098774/top-10-us-high-yield-corporate-bonds-with-returns-over-20-in-april-2024">Top 10 US High-Yield Corporate Bonds With Returns Over 20% In April 2024</a>
<h3 class="wp-block-heading">Comparison of Investment Grade And High Yield Bond Ratings</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Rating</th>
<th>Status</th>
</tr>
</thead>
<tbody>
<tr>
<td>AAA</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>AA+</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>AA</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>AA-</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>A+</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>A</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>A-</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>BBB+</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>BBB</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>BBB-</td>
<td>Investment Grade</td>
</tr>
<tr>
<td>BB+</td>
<td>High Yield</td>
</tr>
<tr>
<td>BB</td>
<td>High Yield</td>
</tr>
<tr>
<td>BB-</td>
<td>High Yield</td>
</tr>
<tr>
<td>B+</td>
<td>High Yield</td>
</tr>
<tr>
<td>B</td>
<td>High Yield</td>
</tr>
<tr>
<td>B-</td>
<td>High Yield</td>
</tr>
<tr>
<td>CCC+</td>
<td>High Yield</td>
</tr>
<tr>
<td>CCC</td>
<td>High Yield</td>
</tr>
<tr>
<td>CCC-</td>
<td>High Yield</td>
</tr>
<tr>
<td>CC</td>
<td>High Yield</td>
</tr>
<tr>
<td>C</td>
<td>High Yield</td>
</tr>
<tr>
<td>D</td>
<td>In Default</td>
</tr>
</tbody>
</table>
</figure>
The cutoff between investment-grade and high-yield is at the BB+ rating. Anything below BB+ is considered high yield, while BBB- or higher is investment-grade.
In general, the riskier the bond, the higher the potential return. Investment-grade bonds tend to offer lower yields because they are safer bets, with stronger financial health and better chances of repayment.
However, even within the realm of investment-grade bonds, there are opportunities to find attractive yields from companies with solid fundamentals. 
This allows investors to earn better returns without taking on excessive risk, compared to investing solely in ultra-safe U.S. Treasuries.
<h3 class="wp-block-heading">Highest Yielding Investment-Grade Corporate Bonds As Of April 2024</h3>
Benzinga used the Public.com bond screener to discover which investment-grade corporate bonds offer the best yield as of April 2024.
Below are the top 10 investment-grade corporate bonds with the highest yields:
<ol>
<li>PSEC 3.0% 05/15/2026
<ul>
<li>Issuer: Prospect Capital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSEC#NASDAQ">PSEC</a>)</li>
<li>Yield: 8.16%</li>
<li>Coupon: 3%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $88.62</li>
<li>Maturity: 05/15/2026</li>
</ul>
</li>
<li>PDM 2.75% 04/01/2032
<ul>
<li>Issuer: Piedmont Office Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PDM#NYSE">PDM</a>) </li>
<li>Yield: 7.75%</li>
<li>Coupon: 2.75%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $70.66</li>
<li>Maturity: 04/01/2032</li>
</ul>
</li>
<li>SNX 1.25% 08/09/2024
<ul>
<li>Issuer: Td Synnex Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>)</li>
<li>Yield: 7.59%</li>
<li>Coupon: 1.25%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $97.94</li>
<li>Maturity: 08/09/2024</li>
</ul>
</li>
<li>CHTR 5.875% 11/15/2040
<ul>
<li>Issuer: Spectrum Management Holding Company Llc, owned by Charter Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>)</li>
<li>Yield: 7.41%</li>
<li>Coupon: 5.875%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $85.47</li>
<li>Maturity: 11/15/2040</li>
</ul>
</li>
<li>VNO 3.4% 06/01/2031
<ul>
<li>Issuer: Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>)</li>
<li>Yield: 7.32%</li>
<li>Coupon: 3.4%</li>
<li>Price: $78.49</li>
<li>Maturity: 06/01/2031</li>
</ul>
</li>
<li>F 7.7% 05/15/2097
<ul>
<li>Issuer: Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>Yield: 7.27%</li>
<li>Coupon: 7.7%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $105.88</li>
<li>Maturity: 05/15/2097</li>
</ul>
</li>
<li>BAYG 5.875% 04/15/2038
<ul>
<li>Issuer: Monsanto Co., owned by Bayer A.G. (OTCPK: BAYRY)</li>
<li>Yield: 7.17%</li>
<li>Coupon: 5.875%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $88.66</li>
<li>Maturity: 04/15/2038</li>
</ul>
</li>
<li>VICI 4.5% 09/01/2026
<ul>
<li>Issuer: Vici Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VICI#NYSE">VICI</a>)</li>
<li>Yield: 7.17%</li>
<li>Coupon: 4.5%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $94.27</li>
<li>Maturity: 09/01/2026</li>
</ul>
</li>
<li>ALLY 6.9% 02/15/2034
<ul>
<li>Issuer: Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>)</li>
<li>Yield: 7.08%</li>
<li>Coupon: 6.9%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $98.75</li>
<li>Maturity: 02/15/2034</li>
</ul>
</li>
<li>CNXC 6.85% 08/02/2033
<ul>
<li>Issuer: Concentrix Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNXC#NASDAQ">CNXC</a>)</li>
<li>Yield: 7.04%</li>
<li>Coupon: 6.85%</li>
<li>Coupon Frequency: Semi-annually</li>
<li>Price: $98.73</li>
<li>Maturity: 08/02/2033</li>
</ul>
</li>
</ol>
Read now: <a href="https://www.benzinga.com/fintech/24/04/38110804/top-10-us-corporate-bonds-by-market-performance-in-2024-april-update">Top 10 US Corporate Bonds By Market Performance In 2024: April Update</a>
Image generated using artificial intelligence with Midjourney.

Tuesday,&nbsp;Bayer AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>)&nbsp;<a target="_blank" href="https://www.bayer.com/media/en-us/positive-topline-results-from-phase-iii-long-term-study-oasis-3-support-submissions-for-marketing-authorization-for-bayers-elinzanetant/" rel="noreferrer noopener">announced</a>&nbsp;topline results of the Phase 3 study OASIS 3 evaluating the efficacy and long-term safety of the investigational compound elinzanetant versus placebo.&nbsp;
In this study, elinzanetant met the primary endpoint, demonstrating a statistically significant reduction in the frequency of moderate to severe vasomotor symptoms (VMS, also known as hot flashes) from baseline to week 12 compared to placebo.&nbsp;
The long-term safety profile observed over 52 weeks in the OASIS 3 study is consistent with previously conducted studies and published data on elinzanetant.
Elinzanetant is the first dual neurokinin-1,3 (NK-1,3) receptor antagonist, in late-stage clinical development for the non-hormonal treatment of moderate to severe VMS associated with menopause, administered orally once daily.
OASIS 3 is the third Phase 3 study in the OASIS clinical development program.&nbsp;
In early 2024, Bayer announced topline data of the first two Phase 3 studies OASIS 1 and 2.
Elinzanetant met all four primary endpoints in both studies, demonstrating statistically significant reductions in the frequency and severity of moderate to severe vasomotor symptoms from baseline to week 4 and 12&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/01/36538587/menopause-management-bayers-non-hormonal-treatment-option-shows-efficacy-in-trial" rel="noreferrer noopener">compared to placebo</a>.
Both studies also achieved all three key secondary endpoints, showing a statistically significant reduction in the frequency of VMS from baseline to week 1 and statistically significant improvements in sleep disturbances and menopause-related quality of life compared to placebo.&nbsp;
Reuters highlighted that Bayer previously estimated the blood-thinning drug could have peak annual sales of more than €5 billion, and the menopause drug elinzanetant was given the potential of about a billion dollars or more per year.
Last year, Acer Therapeutics Inc&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACER#OTC">ACER</a>) Phase 2a proof of concept clinical trial of ACER-801 (osanetant) as a potential treatment for moderate to severe VMS associated with menopause did not achieve statistical significance to decrease the frequency or severity of hot<a href="https://www.benzinga.com/general/biotech/23/03/31399009/acer-therapeutics-product-acquired-from-sanofi-fails-in-menopause-study" target="_blank" rel="noreferrer noopener"> flashes in postmenopausal women</a>.
Photo by ClareM via Shutterstock

ACER

BAYZF

Bayer's Third Menopausal Relief Drug Trial Meets Primary Goal, German Conglomerate Seeks FDA Approval For Elinzanetant

Bayer AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>) is reportedly considering utilizing the Texas Two-Step bankruptcy approach to tackle the onslaught of lawsuits in the United States implicating its Roundup&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/01/36842117/weedkiller-woes-australian-court-nears-decision-in-bayers-roundup-trial" rel="noreferrer noopener">weedkiller causing cancer</a>.&nbsp;
With an array of recent expensive jury verdicts weighing heavily on the company, executives are strategizing with legal experts to employ this controversial tactic to halt upcoming trials and negotiate a comprehensive settlement for over 50,000 cases.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37492549/bayer-holds-splitting-into-separate-units-for-three-years-focus-shifts-on-tackling-challenges" rel="noreferrer noopener">Bayer Holds Splitting Into Separate Units For Three Years, Focus Shifts On Tackling Challenges</a>.
This maneuver, named after a Texas state law, entails segregating assets and liabilities into distinct units, subsequently filing the liability-loaded unit for bankruptcy to facilitate a global resolution.&nbsp;
Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-13/bayer-weighs-texas-two-step-bankruptcy-filing-over-roundup?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">noted</a>&nbsp;that similar attempts by companies like&nbsp;3M Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) and&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) were rebuffed by courts in separate litigations.
Facing significant financial repercussions, Bayer is seeking respite following a barrage of adverse verdicts totaling around $4 billion in the past four months alone.&nbsp;
While the company has secured victories in recent trials, including some substantial reductions in awarded damages, a Pennsylvania jury&#8217;s recent $2.25 billion ruling against Bayer underscores the gravity of the situation.&nbsp;
A Pennsylvania jury has ordered Bayer&#8217;s Monsanto to pay over $2.2 billion to former Roundup user John McKivison, who attributed his cancer to&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/01/36825453/roundup-cancer-verdict-woes-continue-for-bayer-as-it-faces-2-2b-payout" rel="noreferrer noopener">the popular weedkiller</a>.&nbsp;
The verdict, the largest in the five-year Roundup litigation, includes $250 million for compensatory losses and $2 billion in punitive damages. McKivison, a 49-year-old landscaper, claimed prolonged exposure to Roundup led to his non-Hodgkins lymphoma diagnosis in 2020.
Citing Bruce Markell, a former federal bankruptcy judge and current law professor at&nbsp;Northwestern University, the Wall Street Journal report acknowledges the long odds Bayer faces with the Texas Two-Step but underscores the company&#8217;s limited alternatives.&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Biotech

Legal

German Conglomerate Bayer Goes Johnson & Johnson Way To Tackle Its Cancer Related Lawsuits

IPOs

Boundless Bio Files For IPO; Applies To List Its Common Stock On Nasdaq Under Symbol "BOLD"

Bayer AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>) will&nbsp;<a target="_blank" href="https://www.bayer.com/media/en-us/bayer-aims-to-enhance-performance-and-regain-strategic-flexibility-by-2026--adjusted-guidance-for-2023-achieved/" rel="noreferrer noopener">hold</a>&nbsp;off on plans to break the group, the new CEO Bill Anderson said.
On the question of the company&#8217;s structure and a possible break-up of the group, &#8220;our answer is &#8216;not now&#8217; – and this shouldn&#8217;t be misunderstood as &#8216;never,'&#8221; said Anderson. &#8220;Of course, we will keep an open mind,&#8221; he added. Given the company&#8217;s very limited room to maneuver, &#8220;our priority is on tackling our challenges, boosting performance, and creating strategic flexibility.&#8221;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/01/36842117/weedkiller-woes-australian-court-nears-decision-in-bayers-roundup-trial" rel="noreferrer noopener">Weedkiller Woes: Australian Court Nears Decision in Bayer&#8217;s Roundup Trial</a>.
In November 2023, &#8220;In terms of structural options, beyond maintaining three divisions, a separation of either Consumer Health or Crop Science remains under evaluation.&#8221;&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/11/35670150/bayer-ceo-resists-full-tri-split-german-conglomerate-cuts-management-jobs-in-the-face-of-q3-loss" rel="noreferrer noopener">the CEO said</a>.&nbsp;
&#8220;We have also taken some options out of consideration. For example, we considered simultaneously splitting the company into three businesses. We&#8217;re ruling that option out. A three-way split would require a two-step process.&#8221;&nbsp;
For the next 24 to 36 months, Bayer will focus on its pharmaceuticals pipeline, addressing litigation, reducing debt, and implementing its radical new operating model, Dynamic Shared Ownership, to improve performance.
The cutbacks will reduce annual costs by €2 billion from 2026, the CEO noted.
Bayer&#8217;s agricultural business (Crop Science) fiscal year 2023 sales fell by 3.7% to €23.27 billion, primarily attributable to lower prices for glyphosate-based products.
Prescription medicines (Pharmaceuticals) were level year on year at €18.081 billion.
Sales of self-care products (Consumer Health) increased by 6.3% to €6.03 billion against a strong prior year.
Guidance:&nbsp;Bayer guided fiscal year 2024 sales of €47 billion to €49 billion, with adjusted EBITDA of €10.7 billion to €11.3 billion.&nbsp;
It forecasts core earnings per share of €5.10 to €5.50.
The company forecasts a free cash flow of €2 billion to €3 billion, and net financial debt as of year-end 2024 is expected to amount to €32.5 billion to €33.5 billion.
Price Action: BAYRY stock traded lower by 0.13% at $7.66 on the last check Tuesday.
Photo via Wikimedia Commons

Bayer Holds Splitting Into Separate Units For Three Years, Focus Shifts On Tackling Challenges

Monday,&nbsp;BridgeBio Pharma Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBIO#NASDAQ">BBIO</a>) and&nbsp;Bayer AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>) announced a partnership wherein BridgeBio grants Bayer an exclusive license to commercialize acoramidis&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37448367/bridgebio-pharma-and-bayer-announce-european-licensing-agreement-for-acoramidis-in-attr-cm" rel="noreferrer noopener">for ATTR-CM in Europe</a>.&nbsp;
In exchange, BridgeBio will receive up to $310 million, including upfront and near-term milestone payments and additional undisclosed sales milestones.&nbsp;
BridgeBio will also receive royalties in a tiered structure beginning in the low-thirties percent on sales of acoramidis in Europe.
Related Content:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/11/35652192/rare-disease-player-bridgebio-pharmas-upside-potential-is-significant-according-to-citi-analyst-h" rel="noreferrer noopener">Rare Disease Player BridgeBio Pharma&#8217;s Upside Potential Is Significant According to Citi Analyst &#8211; Here&#8217;s Why</a>.
Acoramidis is an investigational, next-generation, orally-administered, highly potent small molecule stabilizer of transthyretin (TTR).&nbsp;
The FDA has accepted BridgeBio&#8217;s NDA for acoramidis for the treatment of ATTR-CM with a PDUFA action date of November 29, 2024; additionally, the EMA has accepted the MAA for acoramidis with potential EU approval in 2025.
In July 2023,&nbsp;BridgeBio Pharma&nbsp;released results from ATTRibute-CM Phase 3 study of acoramidis in transthyretin&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/08/34070722/whats-going-on-with-bridgebio-pharma-stock-today" rel="noreferrer noopener">amyloid cardiomyopathy (ATTR-CM)</a>.&nbsp;
A highly statistically significant improvement in the primary endpoint (a hierarchical analysis prioritizing in order: all-cause mortality, then the frequency of cardiovascular-related hospitalization, then change from baseline in NT-proBNP, then change from baseline in 6-minute walk distance) demonstrated by a Win Ratio of 1.8.
On-treatment survival rate of 81% versus placebo survival rate of 74% (absolute risk reduction of 6.43%; relative risk reduction of 25%).
During the early trading session, BridgeBio Pharma stock traded higher and reached as high as $36.67.
Price Action: BBIO shares are down 7.77% at $32.86 on the last check Monday.

Movers

BBIO

What's Going On With BridgeBio Pharma Stock On Monday?

- BridgeBio grants Bayer exclusive license to commercialize acoramidis as a treatment for patients with transthyretin amyloid cardiomyopathy (ATTR-CM) in Europe
- BridgeBio to receive royalties according to a tiered structure beginning in the low-thirties percent, designed to provide BridgeBio the opportunity to maximally share in the blockbuster potential of acoramidis
- BridgeBio will also receive up to&nbsp;$310 Million&nbsp;USD in upfront and near-term milestone payments, and is eligible for additional undisclosed sales milestones
- BridgeBio&#39;s New Drug Application (NDA) based on positive results from global Phase 3 ATTRibute-CM trial has been accepted by the US Food and Drug Administration (FDA) with a PDUFA action date of November 29, 2024; Marketing Authorization Application (MAA) for acoramidis has been accepted by the European Medicines Agency (EMA), with an expected approval in 2025
- Deal pairs Bayer&#39;s commercial experience and long legacy of expertise in cardiovascular medicine with BridgeBio&#39;s leadership in the emerging field of ATTR-CM

BridgeBio Pharma And Bayer Announce European Licensing Agreement For Acoramidis In ATTR-CM, BridgeBio To Receive $310M Plus Royalties

In a pivotal moment for Australia, an Australian court heard closing arguments on Tuesday in a class action lawsuit against&nbsp;Bayer&nbsp;AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>), alleging that the widely used weedkiller Roundup is linked to cancer.&nbsp;
This marks the first such case in Australia to reach this advanced stage. The lawsuit, encompassing over 1,000 claimants, is significant for the country where Roundup is extensively utilized, and the outcome may set a precedent.
Bayer, already burdened by over 50,000 claims in the U.S., has paid billions to settle allegations that its glyphosate herbicide, Roundup, led to non-Hodgkin lymphoma.&nbsp;
Monday, a Pennsylvania jury ordered Bayer&#8217;s Monsanto to pay over $2.2 billion to former Roundup user John McKivison, who attributed his cancer to the popular weedkiller. 
The verdict, the largest in the five-year Roundup litigation, includes $250 million for compensatory losses and $2 billion in punitive damages. McKivison, a 49-year-old landscaper, claimed prolonged exposure to Roundup led to his non-Hodgkins <a href="https://www.benzinga.com/news/24/01/36825453/roundup-cancer-verdict-woes-continue-for-bayer-as-it-faces-2-2b-payout" target="_blank" rel="noreferrer noopener">lymphoma diagnosis in 2020</a>.
Should the Federal Court in Victoria rule that Roundup caused lymphoma, the subsequent phase will determine whether Bayer was negligent in disclosing product risks and should pay damages.&nbsp;
Reuters notes that while damages in Australia are anticipated to be less substantial than in U.S. cases, Maurice Blackburn, representing the claimants, anticipates &#8220;significant&#8221; compensation for each affected person. Kelvin McNickle, the lead claimant who used Roundup for over two decades, developed lymphoma at 35 and serves as a focal point for the case.
Bayer&#8217;s acquisition of Monsanto, the original producer of Roundup, for $63 billion in 2018 brought the weedkiller into its portfolio. The controversy surrounding Roundup escalated in 2015 when the World Health Organization classified glyphosate as &#8220;probably carcinogenic to humans.&#8221; Bayer agreed to a $9.6 billion settlement in the U.S. in 2020 but faces ongoing legal challenges globally.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Weedkiller Woes: Australian Court Nears Decision in Bayer's Roundup Trial

A Pennsylvania jury has ordered&nbsp;Bayer AG&#8217;s&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>)&nbsp;Monsanto&nbsp;to pay over $2.2 billion to former Roundup user&nbsp;John McKivison, who attributed his cancer&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/12/36074745/bayer-faces-growing-pressure-amid-roundup-lawsuits-as-philadelphia-trial-nears-conclusion" rel="noreferrer noopener">to the popular weedkiller</a>.&nbsp;
The verdict, the largest in the five-year Roundup litigation, includes $250 million for compensatory losses and $2 billion in punitive damages. McKivison, a 49-year-old landscaper, claimed prolonged exposure to Roundup led to his non-Hodgkins lymphoma diagnosis in 2020.
Responding to the verdict, Bayer&nbsp;<a target="_blank" href="https://www.bayer.com/en/litigation-statement/mckivision" rel="noreferrer noopener">said</a>, &#8220;We disagree with the jury&#8217;s adverse verdict that conflicts with the overwhelming weight of scientific evidence and worldwide regulatory and scientific assessments, and believe that we have strong arguments on appeal to get this verdict overturned and the unconstitutionally excessive damage award eliminated or reduced; previous damage awards have been reduced by more than 90% overall in final judgments. We have a winning record in the Roundup litigation – having won 10 of the last 16 cases at trial – and have resolved the majority of claims filed in this litigation.&#8221;
In December, Bayer emerged victorious in a California lawsuit filed by Bruce Jones, who alleged that the use of Roundup caused his non-Hodgkin lymphoma. This win marked the end of five consecutive trial defeats for the company&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/12/36381876/legal-victory-for-bayer-roundup-lawsuit-ends-five-trial-losing-streak" rel="noreferrer noopener">regarding similar claims</a>.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/11/35940973/german-conglomerate-bayer-faces-investor-scrutiny-amid-unexpected-legal-trial-setbacks" rel="noreferrer noopener">German Conglomerate Bayer Faces Investor Scrutiny Amid Unexpected Legal, Trial Setbacks</a>.
Having earmarked up to $16 billion for over 100,000 Roundup cases, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-26/bayer-hit-with-2-2-billion-roundup-cancer-verdict-lawyer-says?sref=TBDibEcD" rel="noreferrer noopener">notes</a>,&nbsp;Bayer&nbsp;faces a second wave of lawsuits alleging carcinogenic effects of glyphosate, Roundup&#8217;s active ingredient.&nbsp;
Earlier this month, Bloomberg News disclosed that company executives were inclined to reject breakup proposals, which involved separating its consumer-health and crops-science divisions.&nbsp;
This decision comes despite investor dissatisfaction with Monsanto, indicating&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/11/35670150/bayer-ceo-resists-full-tri-split-german-conglomerate-cuts-management-jobs-in-the-face-of-q3-loss" rel="noreferrer noopener">resistance to pursuing divisional splits</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/23/11/35844293/bayers-legal-victory-against-merck-delaware-court-rules-in-companys-favor-regarding-talc-lawsuit" target="_blank" rel="noreferrer noopener">Bayer&#8217;s Legal Victory Against Merck: Delaware Court Rules In Company&#8217;s Favor Regarding Talc Lawsuits</a>.
Photo by RomanR for shutterstock

Roundup Cancer Verdict: Woes Continue For Bayer As It Faces $2.2B Payout

Pharmaceutical companies, including&nbsp;Amgen&nbsp;Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>) and&nbsp;Pfizer&nbsp;Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>), are strategically positioning themselves to tap into the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/24/01/36572555/bring-on-the-competition-in-obesity-drugs-novo-nordisk-ceo-optimistic-about-prolonged-patient-adh" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">burgeoning obesity market</a>.&nbsp;
The pursuit involves developing innovative drugs or engaging in strategic acquisitions to compete with established players such as&nbsp;Novo Nordisk&nbsp;A/S&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvo#NYSE">NVO</a>) and&nbsp;Eli Lilly And Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>).
<a href="https://www.benzinga.com/24/01/36529310/5-biotech-stocks-that-should-be-on-investors-radar-as-jpmorgan-healthcare-conference-gets-underway-m">At the JPMorgan health conference</a>, Amgen unveiled plans for an experimental dual mechanism obesity drug currently in mid-stage trials.&nbsp;
See Also: <a href="https://www.benzinga.com/general/biotech/24/01/36552329/pfizers-aggressive-stance-in-obesity-drugs-ceo-albert-bourla-confirms-bold-bet-despite-prior-drug">Pfizer&#39;s Aggressive Stance In Obesity Drugs: CEO Albert Bourla Confirms Bold Bet Despite Prior Drug Hurdles</a>
In its presentation, Amgen&nbsp;<a class="editor-rtfLink" href="https://investors.amgen.com/static-files/ccffb8c8-c992-4e9f-a725-6739c5c9def5" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">noted</a>&nbsp;that MariTide (maridebart cafraglutide) is in Phase 2 study, with data readout anticipated in late 2024.&nbsp;
The company is also developing AMG 786 oral small molecule, currently in Phase 1 study, with data readout anticipated in 1H 2024.
Citing Amgen Chief Scientific Officer Jay Bradner, Reuters noted that the goal is to offer a product with fewer side effects and less frequent dosing than the market leaders, Wegovy and Zepbound, developed by Novo Nordisk and Eli Lilly, respectively.&nbsp;
Boehringer Ingelheim, in collaboration with Danish biotech&nbsp;Zealand Pharma, is pioneering an obesity treatment targeting GLP-1 and another hormone, glucagon. This dual approach aims not only to suppress appetite but also to increase energy expenditure.&nbsp;
Similar drugs are being developed by&nbsp;Merck &amp; Co Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>) and&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/12/36042805/tale-of-two-investigational-obesity-drugs-altimmune-stock-jumps-while-pfizer-trades-lower" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Altimmune</a>&nbsp;Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/alt#NASDAQ">ALT</a>).
Despite the challenges posed by Novo and Lilly&#39;s advanced-stage obesity drugs, pharmaceutical companies like&nbsp;Bayer&nbsp;AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayry#OTC">BAYRY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayzf#OTC">BAYZF</a>) and Pfizer are eager to enter the market.&nbsp;
Bayer&#39;s pharmaceuticals head, Stefan Oelrich, expressed a willingness to explore partnerships, emphasizing the importance of expertise in navigating the obesity landscape.
Pfizer CEO Albert Bourla highlighted the company&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/24/01/36552329/pfizers-aggressive-stance-in-obesity-drugs-ceo-albert-bourla-confirms-bold-bet-despite-prior-drug" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">commitment to the obesity market</a>.
Drugmakers are testing these drugs for other health benefits, such as lowering cardiovascular disease risk and obstructive sleep apnea.

AMGN

Large Drugmakers Show Enthusiasm To Embrace $100B Obesity Market, Despite Novo And Lilly's Dominance

Monday,&nbsp;Bayer AG&nbsp;(OTC: BAYRY (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayzf#OTC">BAYZF</a>)&nbsp;<a class="editor-rtfLink" href="https://www.bayer.com/media/en-us/bayers-elinzanetant-meets-all-primary-and-key-secondary-endpoints-in-pivotal-oasis-1-and-2-phase-iii-studies/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">announced</a>&nbsp;topline results of Phase 3 studies OASIS 1 and 2 evaluating the efficacy and safety of the investigational compound elinzanetant versus placebo.&nbsp;
Elinzanetant is a first dual neurokinin-1,3 (NK-1,3) receptor antagonist, as a non-hormonal treatment of moderate to severe VMS associated with menopause, administered orally once daily.
Elinzanetant met all four primary endpoints in both studies, demonstrating statistically significant reductions in the frequency and severity of moderate to severe vasomotor symptoms (VMS, also known as hot flashes) from baseline to week 4 and 12 compared to placebo.
Both studies also achieved all three key secondary endpoints, showing a statistically significant reduction in the frequency of VMS from baseline to week 1 and statistically significant improvements in sleep disturbances and menopause-related quality of life compared to placebo.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/12/36381876/legal-victory-for-bayer-roundup-lawsuit-ends-five-trial-losing-streak" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Legal Victory For Bayer: Roundup Lawsuit Ends Five-Trial Losing Streak</a>.
The safety profile observed in the OASIS 1 and 2 studies is consistent with previously published data on elinzanetant.
OASIS 1 and 2 randomized 396 and 400 postmenopausal women.
In November, Bayer stopped the OCEANIC-AF Phase 3 study investigating asundexian compared to apixaban (a direct oral anticoagulant) in patients with atrial fibrillation&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/11/35878286/bayers-blood-thinner-study-stopped-early-due-to-lack-of-efficacy-details" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">at risk for stroke</a>.
The decision is based on the study&#39;s Independent Data Monitoring Committee (IDMC) recommendation as part of ongoing surveillance, which showed an inferior efficacy of asundexian versus the control arm.&nbsp;
Last Thursday, Bayer&nbsp;and&nbsp;Asklepios BioPharmaceutical Inc&nbsp;completed an 18-month data collection in the Phase Ib trial for AB-1005 (AAV2-GDNF), an investigational gene therapy for Parkinson&#39;s disease (PD). The study met its primary objective, which was to evaluate the safety of a one-time bilateral delivery of AB-1005&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/24/01/36493163/bayer-study-on-parkinsons-disease-gene-therapy-succeeds-in-early-stage-trial" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">directly to the putamen</a>.
Photo via Wikimedia Commons

Menopause Management: Bayer's Non-Hormonal Treatment Option Shows Efficacy In Trial

Bayer AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYZF#OTC">BAYZF</a>) and Asklepios BioPharmaceutical Inc completed an 18-month data collection in the Phase Ib trial for AB-1005 (AAV2-GDNF), an investigational gene therapy for treating <a href="https://www.bayer.com/media/en-us/askbio-phase-ib-trial-of-ab-1005-gene-therapy-in-patients-with-parkinsons-disease-meets-primary-endpoint/" target="_blank" rel="noreferrer noopener">patients with Parkinson's disease (PD)</a>.
The study met its primary objective, which was to evaluate the safety of a one-time bilateral delivery of AB-1005 directly to the putamen.&nbsp;
Eleven patients were enrolled into two cohorts, Mild stage PD (six patients) and Moderate stage PD (5 patients), based upon the timing from a PD diagnosis and the severity of their PD symptoms at screening.
Neurosurgical delivery of AB-1005 was well tolerated by all patients with target putamen coverage of 63% ± 2%, exceeding the goal of greater than 50% coverage with AB-1005.&nbsp;
Also Read: <a href="https://www.benzinga.com/news/23/12/36381876/legal-victory-for-bayer-roundup-lawsuit-ends-five-trial-losing-streak" target="_blank" rel="noreferrer noopener">Legal Victory For Bayer &#8211; Roundup Lawsuit Ends Five-Trial Losing Streak</a>.
No serious adverse events have been attributed to AB-1005, with continued clinical follow-up for up to 5 years post-administration ongoing.
Krystof Bankiewicz, Scientific Chair, Parkinson's and MSA at AskBio is &#8220;encouraged by these early data.&#8221;
AskBio is planning to present the 18-month study data, including secondary endpoints, at a scientific meeting in Q2 2024. Planning is currently underway for a Phase 2 trial. 
The study is expected to begin screening patients soon. 
In November, Bayer stopped the OCEANIC-AF Phase 3 study investigating asundexian compared to apixaban (a direct oral anticoagulant) in patients with atrial <a href="https://www.benzinga.com/general/biotech/23/11/35878286/bayers-blood-thinner-study-stopped-early-due-to-lack-of-efficacy-details" target="_blank" rel="noreferrer noopener">fibrillation at risk for stroke</a>.
Now Read: <a href="https://www.benzinga.com/24/01/36489700/alibaba-vs-pdd-shifting-market-dynamics-of-chinas-e-commerce-landscape">Alibaba Vs. PDD: Shifting Market Dynamics Of China&#8217;s E-Commerce Landscape</a>

Bayer Study On Parkinson's Disease Gene Therapy Succeeds In Early-Stage Trial

One of the hottest topics among members of Congress and investors has been the stock and options trading activity by <a href="https://www.benzinga.com/topic/congress-trading">several politicians.</a>
A new report reveals how several members of Congress outperformed the overall market, and also shares some of the top stocks and sectors picked the most by those in office.
What Happened: Many stock indexes ended 2023 <a href="https://www.benzinga.com/markets/equities/23/12/36418483/s-p-500-eyes-9th-week-of-gains-longest-streak-in-2-decades-stocks-leading-the-rally">trading at all-time highs </a>or near all-time highs, with 2023 turning into a rebound year for investors after a down 2022.
A new <a href="https://unusualwhales.com/politics/article/congress-trading-report-2023">report </a>released by Unusual Whales highlighted the top traders in Congress with Brian Higgins (D-N.Y.) taking the crown with a 238.9% gain from 2023 trades.
The report found that 32 members of Congress beat the performance of the S&amp;P 500, which is tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>). Republicans posted average gains of 17.99 and Democrats had average gains of 31.18% compared to the 24.8% gain for the S&amp;P 500.
The report highlighted some of the top sectors and stocks that members of Congress traded most often in 2023.
Related Link: <a href="https://www.benzinga.com/general/politics/23/12/36310958/tommy-tuberville-lost-on-tesla-trade-could-win-big-on-us-steel-trade-a-look-at-the-congress-trad">Tommy Tuberville Lost On Tesla Trade, Could Win Big On US Steel Trade &#8211; A Look At The Congress Trades Raising Eyebrows</a>
Top Sectors in 2023: The report highlights that the performance by political party may have been related to sector selection with many Democrats trading technology stocks and many Republicans trading financials, oil stocks and commodities that underperformed in 2023.
The top overall sectors bought in 2023 shared in the report were:
<ol>
<li>Technology</li>
<li>Energy</li>
<li>Healthcare</li>
<li>Consumer Defensive</li>
<li>Financial Services</li>
</ol>
The top overall sectors sold in 2023 were:
<ol>
<li>Technology</li>
<li>Communications Services</li>
<li>Energy</li>
<li>Healthcare</li>
<li>Consumer Defensive</li>
</ol>
While financial services was a top sector among sales in 2023, several disclosures by members of Congress <a href="https://www.benzinga.com/markets/penny-stocks/23/05/32122211/congressman-saw-the-future-of-first-republicjp-morgan-with-expertly-timed-trades">with sales of bank stocks</a> timed near the collapse of several banks drew increased attention from the public.
Technology led the way in 2023 with members of Congress actively buying and selling top performers in the sector.
Another trade theme that often drew attention was shorting the market, which was done several times by several members of Congress, including Representative Thomas Carper (D-Del.) who used short ETFs to <a href="https://www.benzinga.com/government/23/11/35625515/us-senator-who-serves-on-finance-committee-profits-from-betting-against-the-stock-market-and-he-just">bet against the market</a>. The moves come as Carper serves on the Senate Finance Committee.
Top Stocks in 2023: Unusual Whales collaborated on <a href="https://www.benzinga.com/markets/penny-stocks/23/02/30768851/want-to-copy-master-trader-nancy-pelosis-investments-theres-an-etf-for-that-here-are-the-hol">two Congress Trading-themed ETFs</a> in 2023, which allow investors a chance to invest alongside the members of Congress.
The ETFs are the Unusual Whales Subversive Democratic Trading ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/NANC#BATS">NANC</a>) and the Unusual Whales Subversive Republican Trading ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/KRUZ#BATS">KRUZ</a>).
The new report from Unusual Whales highlights the top stocks that were bought and sold by members of Congress in 2023.
The top 10 stocks bought by members of the House of Representatives were:
<ol>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>)</li>
<li>Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</li>
<li>Tyson Foods Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>)</li>
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</li>
<li>Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)</li>
<li>NGL Energy Partners LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGL#NYSE">NGL</a>)</li>
<li>Bayer AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>)</li>
<li>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>)</li>
<li>Arista Networks (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>)</li>
<li>Fidelity National Information Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>)</li>
</ol>
The top 10 stocks sold by members of the House of Representatives were:
<ol>
<li>Microsoft</li>
<li>Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>)</li>
<li>Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>)</li>
<li>Alphabet Inc</li>
<li>Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</li>
<li>Activision Blizzard (Acquired by Microsoft)</li>
<li>Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
<li>UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)</li>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</li>
<li>Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)</li>
</ol>
The top 10 stocks bought by members of the Senate were:
<ol>
<li>Admiral Acquisition (London Stock Exchange)</li>
<li>PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>)</li>
<li>Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</li>
<li>Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)</li>
<li>Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>)</li>
<li>Formula One (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FWONK#NASDAQ">FWONK</a>)</li>
<li>Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</li>
<li>Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>)</li>
<li>Louisiana-Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPX#NYSE">LPX</a>)</li>
<li>Tactile Systems Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCMD#NASDAQ">TCMD</a>)</li>
</ol>
The top 10 stocks sold by members of the Senate were:
<ol>
<li>Wireless Telecom Group (acquired by Maury Microwave)</li>
<li>Radius Global Infrastructure (acquired by EQT)</li>
<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>)</li>
<li>Formula One</li>
<li>Microsoft</li>
<li>Qualcomm</li>
<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
<li>Keurig Dr Pepper (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDP#NASDAQ">KDP</a>)</li>
<li>Construction Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROAD#NASDAQ">ROAD</a>)</li>
<li>Clorox Company</li>
</ol>
The sector and stock purchases and sales are based on maximum dollars from financial disclosures, which means large transactions by several members of Congress could skew the results of how popular individual sectors and stocks were in 2023.
The list of stocks and sectors that were bought and sold could illustrate a sense of where certain members of Congress believe the market is headed in 2023 and which sectors could outperform the overall market.
Read Next: <a href="https://www.benzinga.com/general/politics/23/12/36204780/best-trader-in-congress-wagered-20m-in-bets-on-a-major-tech-company-and-he-loves-options">Best Trader In Congress Wagered $20M In Bets On A Major Tech Company – And He Loves Options</a>

Politics

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Top Stocks, Sectors Loved By Congress Members Who Traded In 2023: Apple, NVIDIA, Microsoft, Ford And More Stocks To Watch In 2024

In a significant turn of events,&nbsp;Bayer AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayry#OTC">BAYRY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayzf#OTC">BAYZF</a>) emerged victorious in a California lawsuit filed by Bruce Jones, who alleged that the use of&nbsp;Roundup&nbsp;caused his non-Hodgkin lymphoma.&nbsp;
This win marked the end of a sequence of five consecutive trial defeats for the company regarding similar claims.
The verdict, delivered by a San Benito County Superior Court jury on Friday, favored Bayer, emphasizing that there was insufficient evidence to establish a link between Roundup&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/12/36117272/bayer-faces-3-5m-verdict-in-fifth-consecutive-roundup-weedkiller-loss" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">weedkiller and cancer</a>.&nbsp;
Around 165,000 claims have been filed against Bayer, Reuters noted, attributing personal injuries to Roundup, which the company obtained through its acquisition of U.S. agrochemical giant Monsanto for $63 billion in 2018.
Before this recent legal setback, Bayer had secured victories in&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29150234/roundup-weedkiller-maker-bayer-won-five-consecutive-cases-shifting-momentum-in-bayers-favor" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">nine consecutive trials</a>.&nbsp;
With the current win, the company&#39;s success rate is ten victories out of the last 15 trials. However, more cases are anticipated to be litigated in the upcoming year.
Although Bayer settled most pending Roundup cases in 2020 for up to $9.6 billion, a resolution encompassing future claims remained elusive, leaving over 50,000 cases unresolved.
In November,&nbsp;Bayer&nbsp;faced another legal setback as a California jury ruled in favor of a plaintiff who claimed that the company&#39;s Roundup weed killer caused his cancer.&nbsp;
The jury has ordered Bayer to pay $332 million in damages, marking the third trial loss for the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/11/35540820/legal-woes-mount-for-bayer-as-roundup-weed-killer-related-cancer-cases-continue-faces-third-trial-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">company this month</a>.
Photo via Company

Legal Victory For Bayer: Roundup Lawsuit Ends Five-Trial Losing Streak

With climate change becoming a mega market force, ESG investing <a href="https://www.benzinga.com/topic/esg">is taking center stage</a>. 
The iShares ESG Screened S&amp;P 500 ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/XVV#BATS">XVV</a>) is <a href="https://www.benzinga.com/topic/esg">up 28% year to date</a>. The fund invests in company stocks that are deemed socially conscious. Mainly, the companies directly promote environmental responsibility,
The S&amp;P 500 index is up about 24% over the same period.
BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) Investment Institute&#8217;s Global Outlook 2024 <a href="https://www.blackrock.com/corporate/literature/whitepaper/bii-global-outlook-2024.pdf">sees</a> opportunities on the ESG (environmental social and governance) side of the market. Olivia Markham is Portfolio Manager, Thematic and Sectors at BlackRock Fundamental Equity. She sees &#8220;opportunities in climate resilience solutions offering flood, fire and drought resistance.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/esg/23/11/35833898/one-hedge-fund-managers-plan-for-200-million-investor-windfall">One Hedge Fund Manager&#8217;s Plan For $200 Million Investor Windfall</a>
The number of climate-related events, with damages totaling more than $1 billion, has risen exponentially over the past three decades. The U.S. hit a record number of such events in the first three quarters of 2023.
To this end, here are three Agri-Tech stocks working towards providing climate resilience solutions.
<ul>
<li>Bayer AG (OTCPK: BAYRY) (OTCPK: BAYZF): Bayer&#8217;s Crop Science division is promoting sustainable agriculture and creating the best possible outcomes for farmers. Bayer encourages regenerative agricultural practices by providing a broad range of solutions to support farmers. </li>
<li>FMC Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>): FMC is a leading global agricultural sciences company. The company has committed to achieve net-zero greenhouse gas (GHG) emissions across its value chain by 2035. The company considers climate change and biodiversity loss as the biggest threats to agriculture and food production today.</li>
<li>Corteva Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>): Corteva is committed to delivering innovative climate-positive agriculture solutions to farmers/ranchers that support on-farm productivity and profitability while benefiting our planet, our industry and the global food system. The company's advanced seed breeding helps crops not only withstand the extreme conditions that threaten food production worldwide, but also thrive, helping to optimize yields in the face of drought, insects, and disease.</li>
</ul>
Read Next: <a href="https://www.benzinga.com/markets/esg/23/11/35883432/stocks-to-watch-as-the-world-turns-to-the-2023-un-climate-change-conference-cop28">6 Stocks To Watch As The World Turns To The 2023 UN Climate Change Conference</a>
Image: Shutterstock

CTVA

ESG Stocks Take Center Stage As Damages From Climate-Related Events Rise Exponentially Within US

Bayer AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bayry#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BAYRY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bayzf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BAYZF</a>) encountered another setback in its ongoing legal battles related to its Roundup weedkiller after a Philadelphia jury ordered the company to&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36074745/bayer-faces-growing-pressure-amid-roundup-lawsuits-as-philadelphia-trial-nears-conclusion" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">pay nearly $3.5 million</a>.&nbsp;
The latest verdict, while marking the fifth consecutive loss for Bayer, is notably smaller than previous rulings, totaling over $2 billion, in similar lawsuits against the German conglomerate.
The Philadelphia Court of Common Pleas issued the verdict following a three-week trial and two days of jury deliberations. The awarded sum consists of $462,500 in compensatory damages and $3 million in punitive damages.&nbsp;
However, Bayer plans to contest the decision, expressing disagreement with the divided jury&#39;s verdict and the awarded damages.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/11/35878286/bayers-blood-thinner-study-stopped-early-due-to-lack-of-efficacy-details" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bayer&#39;s Blood Thinner Study Stopped Early Due To Lack Of Efficacy: Details</a>.
Bayer reaffirmed its stance, citing substantial scientific evidence and global regulatory assessments supporting the safety of Roundup&#39;s active ingredient, glyphosate.&nbsp;
Despite the company&#39;s confidence in its position, the ongoing litigation continues to impact its financial standing and investor confidence, Reuters noted.
Previously, Bayer faced larger verdicts, including a $1.56 billion award in November, prompting investor concerns and pressures for the company to&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/11/35940973/german-conglomerate-bayer-faces-investor-scrutiny-amid-unexpected-legal-trial-setbacks" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">resolve the litigation swiftly</a>.&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bayer Faces $3.5M Verdict in Fifth Consecutive Roundup Weedkiller Loss

The spotlight is on a Philadelphia trial as&nbsp;Bayer AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayry#OTC">BAYRY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bayzf#OTC">BAYZF</a>) grapples with mounting legal challenges surrounding its Roundup weedkiller, prompted by multi-billion dollar verdicts&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/11/35540820/legal-woes-mount-for-bayer-as-roundup-weed-killer-related-cancer-cases-continue-faces-third-trial-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">against the company</a>.&nbsp;
Kelly Martel&#39;s ongoing case in the Philadelphia Court of Common Pleas adds a pivotal chapter to the Roundup litigation saga.
Plaintiffs&#39; victories in prior trials alleging Roundup caused cancer have disrupted Bayer&#39;s momentum, diverging from previous trial outcomes, Reuters reported.&nbsp;
Factors contributing to this shift include court rulings allowing discussions about Roundup&#39;s regulatory aspects, alongside plaintiffs&#39; renewed focus on chemicals beyond glyphosate, the product&#39;s active ingredient.
Bayer remains firm in its stance, asserting the safety of Roundup and affirming its intent to continue contesting cases in court.&nbsp;
Acquired through its acquisition of Monsanto in 2018, Roundup has sparked widespread litigation, with Bayer having settled many existing cases in 2020 but facing an additional 50,000 lawsuits, as per the report.
The recent string of losses began in October, culminating in substantial verdicts against Bayer. The company plans to appeal these decisions while attributing the outcomes to alleged court allowances of misleading evidence regarding regulatory decisions about glyphosate.
Plaintiffs&#39; attorneys counter Bayer&#39;s claims, emphasizing recent scientific studies supporting the cancer link and highlighting the presence of various toxins in Roundup, apart from glyphosate, as crucial elements contributing to the litigation victories.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Company

Equities

Bayer Faces Growing Pressure Amid Roundup Lawsuits as Philadelphia Trial Nears Conclusion

Big chemical companies had a major win on Monday, as a court of appeals reversed a decision by a lower court that would have allowed 11.8 million Ohio residents to sue for the presence of "forever chemicals"<a href="https://www.benzinga.com/markets/commodities/23/11/35958038/this-junior-miner-recently-secured-massive-investment-from-a-big-3-automaker-a-closer-look-at"> in their blood.</a>
The lawsuit targeted 3M Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), DuPont de Nemours Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), Corteva Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>), Chemours Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CC#NYSE">CC</a>), and others, aiming to hold these companies accountable for the presence of per- and polyfluorinated substances, commonly known as PFAS, in the human body.
<h3 class="wp-block-heading">What Are ‘Forever Chemicals'?</h3>
PFAS were first developed in the mid-20th century and were quickly introduced to the market for their outstanding water-repellent and non-stick properties. DuPont was the first company to introduce the widespread use of PFAS in the development of Teflon.
PFAS can be found today in thousands of consumer products, including coated cardboard and paper wrappers for food products, water-repellent clothes, non-stick cookware as well as personal hygiene products, <a href="https://www.ewg.org/what-are-pfas-chemicals">according</a> to the Environmental Working Group, a non-profit focused on toxic chemicals, drinking water pollutants and corporate accountability.
PFAS can be found in the blood of most Americans, including newborn babies, as well as in the water supplies of many jurisdictions, affecting at least 19 million people in 43 states. They accumulate in the body and don't break down in the environment, which is why they're referred to as "forever chemicals."
While initially believed to be inert, PFAS have been associated with the onset of cancer, reproductive disease, reduced immunological response and more illnesses.
Several efforts have been made at the federal and state levels to limit the amount of PFAS and related chemicals that can legally be found in drinking water, yet the Environmental Protection Agency has not set legal boundaries, and no regulation can be found across the country except for a handful of states.
Also Read: <a href="https://www.benzinga.com/markets/equities/23/11/35984290/amazons-aws-pushes-ai-boundaries-with-new-chips-and-nvidia-partnership">Amazon&#8217;s AWS Pushes AI Boundaries With New Chips And Nvidia Partnership</a>
<h3 class="wp-block-heading">The Ohio Case</h3>
On Monday, the 6th U.S. Circuit Court of Appeals from Cincinnati rejected a previous decision by a lower Ohio court, filed by plaintiff Kevin Hardwick, which attempted to make 10 companies in the chemical industry liable to lawsuits by Ohio residents on account of PFAS present in the blood, Reuters reported.
In 2020, a study commissioned by the EPA found that more than 50 water systems in Ohio contained PFAS. A separate study from 2021 by the <a href="http://epa.ohio.gov/News/Online-News-Room/News-Releases/ohio-epa-completes-testing-drinking-water-under-ohio-pfas-action-plan">Ohio Environmental Protection Agency</a> found the chemicals in more than 100 public water systems.
The plaintiff&#8217;s case was based on the fact that five chemicals in the PFAS category were found in his blood. Hardwick is a former firefighter, and PFAS are a main ingredient in Firefighting foam.
According to Circuit Judge Raymond M. Kethledge, "Hardwick does not know what companies manufactured the particular chemicals in his bloodstream; nor does he know, or indeed have much idea whether those chemicals might someday make him sick."
Additionally, a challenge to Hardwick&#8217;s case was the fact that, among the thousands of companies that manufacture PFAS, he specifically targeted only 10 companies for the lawsuit.
3M and Chemours are, nonetheless, among the top 12 producers of PFAS globally, along with AGC (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ASGLY#OTC">ASGLY</a>), Arkema SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ARKAY#OTC">ARKAY</a>), Daikin Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DKILY#OTC">DKILY</a>), Solvay S A (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SLVYY#OTC">SLVYY</a>), Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Bayer AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>), BASF SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BASFY#OTC">BASFY</a>), Honeywell International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), as per ChemSec data.
"Seldom is so ambitious a case filed on so slight a basis," wrote the judge, noting that Hardwick's class action attempted to represent "every person residing in the State of Ohio—some 11.8 million people."
Hardwick's inability to prove that the compounds caused any damage to his health, as well as his inability to trace those chemicals back to the companies he accused, were enough for the court to vacate the case.
Now Read:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35984611/feds-income-shortfall-puts-pressure-on-treasury-as-interest-expenses-soar-to-1-tril"> Fed&#8217;s Income Shortfall Puts Pressure On Treasury As Interest Expenses Soar To $1 Trillion</a>
Photo: Shutterstock.

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PFAS's Forever Problem: Ohio Lawsuit Against Chemical Companies Fizzles Out

Shares of Boundless Bio fell almost 10% after raising about $100 million in the company's initial public offering. Bayer is one of the biggest investors for the therapeutics company.

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Bayer Roundup cancer jury award cut by nearly two-thirds to $550M

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Agriculture stocks might not seem like the most exciting part of the market to invest in at first glance, but the VanEck Agribusiness ETF (NYSEARCA...

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ClearBridge International Value Strategy Q1 2024 Portfolio Manager Commentary

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Animal Health Market to Surpass US$ 45.2 Billion, CAGR of 3.36% During 2023-2028

As Tiziana Life Sciences (NASDAQ: TLSA) Prepares For Phase 2 Trials, Have They Successfully Derisked Foralumab?

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