Latest news for Firetail Resources (OTC:FIRTF) Stock

Firetail Resources Ltd is an Australian-based exploration company. The group focuses on battery metal assets across Australia and Peru. Its projects include the Yalgoo & Dalgaranga Lithium Projects in Western Australia, the Mt Slopeaway Ni-Co-Mn Project in central Queensland, and the Picha and Charaque Copper Projects in Peru.

Firetail Resources Ltd

JP Morgan analyst Anne Samuel maintains Veeva Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) with a Neutral and raises the price target from $203 to $208.

News

Price Target

Analyst Ratings

VEEV

JP Morgan Maintains Neutral on Veeva Systems, Raises Price Target to $208

Dividends

Espey Increases Quarterly Dividend By 25% To $0.25/Share

JP Morgan analyst Anne Samuel maintains Phreesia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHR#NYSE">PHR</a>) with a Overweight and raises the price target from $27 to $28.

JP Morgan Maintains Overweight on Phreesia, Raises Price Target to $28

Events

AAPL

New iPhone 16 Pro MAX Has The Best Battery Life Over Previous Models, Has New A18 PRO Chip, Even More Efficient Then A18

WIIM

CCSI

Consensus Cloud Solutions shares are trading lower after JP Morgan downgraded the stock from Neutral to Underweight.

Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are moving higher on Monday after its supplier Panasonic announced it completed preparations for mass production of <a href="https://www.benzinga.com//node/40768567">high-capacity electric vehicle (EV) batteries</a>.
What Happened: The company is set to produce its 4680 cells and will use its Wakayama plant as the main factory for manufacturing these cells, according to Reuters.
The larger 4680 cells have five times the capacity compared to the 2170 cylindrical batteries. Specifically, the 4680 cells have a 46-millimeter diameter and an 80-millimeter height.
With these batteries, automakers can extend the driving range of electric vehicles while using fewer cells to accomplish the same battery pack capacity. 
Panasonic sent battery samples to some automakers and will start production after approval. By March 2025, the Wakayama plant will have an approximately 400-person workforce dedicated to developing and manufacturing new batteries.
How To Buy Tesla Shares 
By now you're likely curious about how to participate in the market for Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
See Also: <a href="https://www.benzinga.com/insights/analyst-ratings/24/09/40775875/20-analysts-assess-carvana-what-you-need-to-know">20 Analysts Assess Carvana: What You Need To Know</a>
TSLA Price Action: At the time of writing, Tesla stock is trading 3.14% higher at $217.33, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock

Movers

TSLA

What's Going On With Tesla Shares Monday?

Cousin Properties (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cuz#NYSE">CUZ</a>) recently announced that it has entered into a lease arrangement with a Fortune 100 technology company for around 320,000 square feet of all of its Domain 12 property in Austin, TX.
The said customer is new to Cousins&#39; portfolio and will take up the ongoing lease from Meta Platforms, effective from Jan. 1, 2026, extending its maturity from 2031 to 2040.
Cousins&#39; Domain portfolio, spanning around 2.5 million square feet, is at present more than 99% leased, reflecting the solid demand for space. Delivered in 2020, Domain 12 exists near The Domain&#39;s main dining and entertainment district.
This Cousins lifestyle office property&#39;s offerings of amenities such as cafes, outdoor terraces, a fitness center and bike storage, with direct access to several hiking and bike trails, lead to a wholesome experience for its clients.
As per Colin Connolly, the president and chief executive officer of Cousins Properties, &quot;We are excited that our teams found a creative solution to welcome another global technology innovator to a trophy property in The Domain.&quot; He also asserted, &quot;The Domain provides a highly amenitized experience that leading companies recognize as a critical tool to drive employee recruitment, retention, and culture.&quot;
<h2>Cousins Properties Sees a Recovery in Demand</h2>
Cousins Properties is seeing a recovery in demand for its high-quality, well-placed office properties, as highlighted by a rebound in new leasing volume. For the six months ended June 2024, the company executed 77 leases for a total of 794,240 square feet of office space with a weighted average lease term of 7.8 years. This included 404,011 square feet of new leases, 268,210 square feet of renewal leases and 122,019 square feet of expansion leases.
<img alt="Cousins Properties" src="https://staticx-tuner.zacks.com/images/articles/charts/84/76941.jpg?v=1977785616" />
Image Source: Cousins Properties
Going forward, Cousins Properties&#39; high-quality office portfolio, impressive tenant roster, opportunistic investments and developments in best sub-markets and strong balance sheet are expected to drive its growth. However, a continuation of the hybrid work environment and high supply in the office real estate market is expected to adversely impact its pricing power.
Over the past three months, shares of this Zacks Rank #2 (Buy) company have risen 24.3% compared with the industry&#39;s upside of 16.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/70/76937.jpg?v=553016743" />
Image Source: Zacks Investment Research
<h2>Other Stocks to Consider</h2>
Some other top-ranked stocks from the broader REIT sector are Paramount Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pgre#NYSE">PGRE</a>) and Lamar Advertising (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lamr#NASDAQ">LAMR</a>), each carrying a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Paramount Group&#39;s 2024 FFO per share has been raised marginally northward over the past three months to 78 cents.
The Zacks consensus estimate for Lamar Advertising&#39;s current-year FFO per share has been revised marginally upward over the past month to $8.09.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2333425/cousins-properties-leases-full-building-at-the-domain-in-austin?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2333425">To read this article on Zacks.com click here.</a>

Large Cap

Mid Cap

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Offerings

Small Cap

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LAMR

PGRE

Cousins Properties Leases Full Building at The Domain in Austin

U.S. stocks traded higher toward the end of trading, with the S&amp;P 500 gaining around 1% on Monday.
The Dow traded up 1.08% to 40,781.71 while the NASDAQ rose 0.76% to 16,818.23. The S&amp;P 500 also rose, gaining, 0.95% to 5,459.48.
Check This Out:<a href="https://www.benzinga.com/news/24/09/40770406/top-3-financials-stocks-that-could-blast-off-in-september"> Top 3 Financials Stocks That Could Blast Off In September</a>
Leading and Lagging Sectors Consumer discretionary shares surged by 1.8% on Monday.
In trading on Monday, communication services shares rose by just 0.1%.
Top Headline
U.S. wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July compared to a preliminary reading of a 0.3% rise, and versus a revised flat reading a month ago.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Sintx Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SINT#NASDAQ">SINT</a>) shares shot up 87% to $5.26 after the company announced it received a Notice of Allowance from the United States Patent and Trademark Office for patent application no. 17/634,141 entitled &#8220;Methods of Surface Functionalization of Zirconia-Toughed Alumina with Silicon Nitride Ceramic.&#8221;</li>
<li>Shares of Intelligent Bio Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INBS#NASDAQ">INBS</a>) got a boost, surging 40% to $2.2125 after the company announced preliminary fourth-quarter revenue results of $730K and FY24 revenue of $3.11 million.</li>
<li>Relay Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RLAY#NASDAQ">RLAY</a>) shares were also up, gaining 63% to $10.18 after the company reported interim data for its breast cancer treatment.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Edgio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EGIO#NASDAQ">EGIO</a>) shares dropped 80% to $1.22. Edgio launched a strategic financial restructuring to facilitate sale and strengthen operations.</li>
<li>Shares of Pineapple Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGY#NASDAQ">PEGY</a>) were down 64% to $0.2927 after the company entered into exchange agreements to swap Series A preferred stock and warrants for Series C preferred stock, convertible at $0.45 per share.</li>
<li>AMC Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMCX#NASDAQ">AMCX</a>) was down, falling 10% to $8.12. CSW Industrials Inc. (NASD: CSWI) will replace AMC Networks in the S&amp;P SmallCap 600.</li>
</ul>
Commodities In commodity news, oil traded up 1.3% to $68.54 while gold traded up 0.2% at $2,529.60.
Silver traded up 1.6% to $28.62 on Monday, while copper rose 1.6% to $4.14.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.82%, Germany's DAX gained 0.77% and France's CAC 40 rose 0.99%. Spain's IBEX 35 Index rose 0.89%, while London's FTSE 100 rose 1.09%.
The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 50.0 in August from 49.9 in July.
Asia Pacific Markets
Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 0.48%, Hong Kong's Hang Seng Index declining 1.42%, China's Shanghai Composite Index falling 1.06% and India's BSE Sensex gaining 0.46%.
Foreign exchange reserves in Singapore declined to SGD 501.3 billion in August compared to SGD 506.4 billion a month ago. The gauge for Japan's service sector rose to 49.0 in August versus 47.5 in the prior month, while the country' economy expanded by 2.9% on an annualized basis during the second quarter.
China&#8217;s annual inflation rate accelerated to 0.6% in August from 0.5% in the prior month, while producer prices fell by 1.8% year-over-year in August.
Economics
<ul>
<li>The Manheim Used Vehicle Value Index rose 1.2% month-over-month in August compared to a 2.8% gain in July.</li>
<li>U.S. wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July compared to a preliminary reading of a 0.3% rise, and versus a revised flat reading a month ago.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40771191/oracle-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-a">Oracle Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>

Equities

Eurozone

Commodities

Intraday Update

AMCX

CSWI

EGIO

Intelligent Bio Solutions Inc. - Common Stock

INBS

PEGY

RLAY

SINT

Crude Oil Gains Over 1%; Relay Therapeutics Shares Spike Higher

JP Morgan analyst Anne Samuel maintains Premier (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PINC#NASDAQ">PINC</a>) with a Neutral and lowers the price target from $21 to $19.

PINC

JP Morgan Maintains Neutral on Premier, Lowers Price Target to $19

SLNH

Soluna shares are trading lower. The company announced it entered into a $25 million standby equity purchase agreement with a fund managed by Yorkville Advisors Global.

New iPhone 16 Pro With New Design, New 6.3" Display, 6.9" Display In iPhone 16 Pro MAX; Grade 5 Titanium, More Scratch Resistant And Lighter, Comes In 4 Colors

B. Riley Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RILY#NASDAQ">RILY</a>) shares rose on Monday after the company announced strategic and financing initiatives. Initiaves included negotiating a sale of a majority stake in its Great American Group at a $380 million enterprise value, alongside a $236 million debt financing<a href="https://www.benzinga.com/quote/RILY/news"> plan for its brands portfolio.</a>
What To Know: These moves are expected to yield around $410 million in gross cash proceeds, which the company plans to use to reduce its senior secured debt to approximately $125 million by the end of 2024.
Key Initiatives:
<ul>
<li>Sale of Majority Stake: B. Riley is negotiating the sale of a 53% stake in its Great American Group business, valued at approximately $380 million.</li>
<li>Debt Financing Initiative: The company has entered into a non-binding agreement for $236 million in debt financing for its brands portfolio, using the funds to pay down its senior secured debt.</li>
<li>Debt Repayment: B. Riley intends to use the proceeds to reduce debt, aiming to lower its Nomura Senior Secured Credit Agreement to $125 million by the end of 2024.</li>
<li>Balance Sheet Strengthening: The cumulative transactions are expected to enhance the company's financial position, allowing for better investment in its core businesses.</li>
</ul>
Price Action: As of now, B. Riley shares have surged by 11.1%, with the price rising to $5.97 according to <a href="https://pro.benzinga.com/dashboard">Benzinga pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="559" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/09135821/rily-1024x559.png" alt="" class="wp-image-538109" style="width:451px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/09135821/rily-1024x559.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/09135821/rily-300x164.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/09135821/rily-768x419.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/09135821/rily.png 1077w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40779265/progress-softwares-big-bet-acquires-sharefile-for-875m-while-hitting-pause-on-dividends">Progress Software&#8217;s Big Bet: Acquires ShareFile For $875M While Hitting Pause On Dividends</a></li>
</ul>
Image: Shutterstock/ solarseven.

RILY

Why Riley Financial Shares Are Moving Today

Macro Economic Events

Economics

New Apple iPhone 16 $799, iPhone 16 Plus $899

The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares are trading higher today following a tentative deal <a target="_blank" href="https://www.benzinga.com/news/24/09/40768691/boeing-shares-rise-nearly-3-in-pre-market-after-tentative-deal-with-workers-union-to-avert-september" rel="noreferrer noopener">with workers to avert a strike</a>.
The company reached a tentative agreement with a union that represents over 32,000 workers in the U.S. Pacific Northwest. This agreement could prevent a potential strike that was set to begin as early as Sep. 13.
The proposed four-year contract, which includes a 25% wage increase and a commitment to build the next commercial airplane in the Seattle area, marks a significant win for new Boeing CEO&nbsp;Kelly Ortberg.
B Of A Securities analyst Ronald J. Epstein writes that in their previous discussion with IAM 751 President Jon Holden, the union&#8217;s key priorities were outlined as &#8211; Wages, Job Security, and Safety and Quality Oversight.
The union initially proposed a 40% wage increase over three to four years, reduced out-of-pocket healthcare costs, restoration of the defined-benefit pension plan, easing of mandatory overtime rules, and a commitment that Boeing&#8217;s next aircraft will be built in the Puget Sound region, adds the analyst.
Epstein says that while concessions and Holden&#8217;s endorsement suggest a lower chance of a strike, strong member support for the pension and wage increase poses a risk of rejection.
If accepted, the deal would benefit the industry by preventing further OEM delivery disruptions, adds the analyst.
Consequently, Epstein maintained a Neutral rating <a target="_blank" href="https://www.benzinga.com/quote/BA/analyst-ratings" rel="noreferrer noopener">pending the vote outcome</a>.
Apart from this, Boeing&#8217;s Starliner safely returned to Earth in New Mexico on Friday, <a target="_blank" href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte" rel="noreferrer noopener">concluding its three-month flight test</a>.
The analyst sees both this successful landing and the union deal as meaningful positives for Boeing, improving sentiment and supporting Kelly Ortberg&#8217;s efforts to advance the company.
Investors can gain exposure to the stock via&nbsp;IShares U.S.&nbsp;Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) and&nbsp;Gabelli Commercial Aerospace and Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCAD#NYSE">GCAD</a>).
Price Action: BA shares are up 3.59% at $163.28 at the last check Monday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40698064/boeings-cash-flow-goal-may-be-pushed-back-wells-fargo-says-while-lowering-outlook" target="_blank" rel="noreferrer noopener">Boeing&#8217;s Cash Flow Goal May Be Pushed Back, Wells Fargo Says While Lowering Outlook</a></li>
</ul>

Analyst Color

Reiteration

GCAD

iShares Dow Jones US Aerospace & Defense Index Fund

Boeing's Tentative Union Deal And Starliner Return Boost Sentiment, But Analyst Remains Neutral Pending Vote

JP Morgan analyst Joseph Giordano downgrades Sendas Distribuidora (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAI#NYSE">ASAI</a>) from Overweight to Neutral and announces $10.5 price target.

Downgrades

ASAI

JP Morgan Downgrades Sendas Distribuidora to Neutral, Announces $10.5 Price Target

Psilera, a Tampa-based biotech company, has taken a significant step in advancing treatments for dementia with its <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">psilocybin-based drug</a>, PSIL-006. Unlike traditional psychedelics, this pharmaceutical version of <a href="https://www.benzinga.com/topic/psilocybin">psilocybin</a> is designed to <a href="https://www.benzinga.com/markets/cannabis/23/05/32604791/this-companys-psilocybin-based-non-hallucinogenic-compound-heads-toward-clinical-studies">avoid inducing the hallucinogenic effects</a> commonly associated with "magic" mushrooms, paving the way for more accessible therapies.
The company recently <a href="https://finance.yahoo.com/news/psilera-receives-positive-preclinical-vivo-121500975.html">announced</a> that PSIL-006 had successfully cleared a key safety milestone in preclinical studies, demonstrating a "strong" safety profile. This progress marks an important step toward future human trials and, potentially, FDA approval. If successful, the drug could address frontotemporal dementia (FTD), a condition that affects nearly 60 million Americans and currently lacks any FDA-approved treatments.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40778282/psychedelics-are-here-to-stay-and-they-belong-to-everyone-says-mycopreneurs-dennis-walker">&#8216;Psychedelics Are Here To Stay And They Belong To Everyone,&#8217; Says Mycopreneur&#8217;s Dennis Walker</a>
<h3 class="wp-block-heading">Advancing Dementia Treatment Without Psychedelic Effects</h3>
Psilera's PSIL-006 was tested in models that mimic FTD, showing promising improvements in memory, sleep, and learning. However, further research and rigorous clinical trials, including human testing, will be needed before the drug can be considered for <a href="https://www.benzinga.com/topic/food-and-drug-administration">FDA</a> approval.
What makes PSIL-006 unique in the field of psychedelic-based treatments is its trip-free design. Traditional psychedelics like <a href="https://www.benzinga.com/topic/mdma">MDMA</a>, <a href="https://www.benzinga.com/topic/lsd">LSD</a>, and psilocybin have been challenging to study in double-blind placebo trials due to their powerful effects, which make it obvious to both patients and researchers whether they have received the real drug or a placebo. This limitation has long hindered their progression through the clinical approval process.
Because PSIL-006 lacks the typical "trip" or any psychoactive effects of psilocybin, it may allow for more reliable double-blind trials, an essential element for achieving FDA approval. The drug is designed to deliver the therapeutic benefits of psilocybin without the mind-altering experiences, making it safer and more practical for patients with mental health sensitivities or dementia, who could otherwise experience confusion or anxiety during a psychedelic trip.
<h3 class="wp-block-heading">A New Frontier In Psychedelic Medicine</h3>
As Double Blind <a href="https://doubleblindmag.com/biotech-firm-makes-trip-free-psilocybin-drug-to-treat-dementia/">reported</a>, the development of non-psychedelic versions of drugs like psilocybin is gaining momentum. Other companies, such as Boston-based Onsero Therapeutics and Delix Therapeutics are also working on <a href="https://www.benzinga.com/markets/cannabis/22/12/30007837/tripping-without-the-trip-non-hallucinogenic-psychedelics">trip-free psychedelic-based drugs</a>. These compounds target the 5-HT2A receptor, the same receptor affected by psychedelics, without triggering hallucinations. As Aaron Koenig, chief medical officer at Delix Therapeutics, <a href="https://www.scientificamerican.com/article/should-next-generation-psychedelics-skip-the-trip/">explained</a> to Scientific American, "Some patients are terrified when they go through these trips, and it's not something they ever want to do again."
Creating trip-free versions of these drugs offers additional benefits, including the possibility of self-administration at home rather than under clinical supervision. This could make treatment more accessible and convenient, particularly for long-term or chronic conditions like dementia.
<h3 class="wp-block-heading">The Future Of Non-Psychedelic Therapies</h3>
While the therapeutic potential of psychedelic drugs is well-documented, the focus on developing non-psychedelic derivatives has opened new avenues for treatment. These innovations are being closely watched in a <a href="https://www.benzinga.com/markets/psychedelics">multi-billion-dollar industry</a> driven by growing demand for mental health therapies. As clinical trials progress, PSIL-006 and other non-psychedelic therapies could significantly impact the future of mental health and dementia care, addressing a critical need in the U.S., where around <a href="https://www.nimh.nih.gov/health/statistics/mental-illness">60 million people are affected</a> by mental health issues.
Cover image made with Ai

Cannabis

Psychedelics

Health Care

Psilocybin Drug By Psilera Could Treat Frontotemporal Dementia Without Psychoactive Effects

MGNX

MacroGenics shares are trading higher after the company announced it is set to present Phase 2 results from its TAMARACK trial on innovative cancer treatment at ESMO 2024.

Shares of Immunovant (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/imvt#NASDAQ">IMVT</a>) are rising in the pre-market hours on Sept. 9 after the company announced positive data from the mid-stage study of its investigational candidate, batoclimab, which is being developed for Graves&#39; Disease.
<h2>IMVT&#39;s Batoclimab Shows Superior Efficacy in GD Patients</h2>
The enrolled patient population of the phase IIa study of batoclimab comprised uncontrolled GD patients who were hyperthyroid despite anti-thyroid drugs therapy.&nbsp;Patients were then treated with the high batoclimab dose, 680 mg weekly subcutaneous injection, for 12 weeks, followed by another 12 weeks of lower batoclimab dose, 340 mg weekly SC.
The data showed that treatment with the batoclimab 680 mg dose led to a mean Immunoglobin G (IgG) reduction of 77%, translating to a Response rate of 76% in the GD patient population after 12 weeks. Additionally, it was observed that at the end of the first 12 weeks, 56% of the patients treated with the high-dose of the candidate achieved an ATD-Free Response.
During the next 12 weeks of treatment with the batoclimab 340 mg dose, the mean IgG&nbsp;level was further reduced by 65%, with a correspondingly lower responder rate of 68%. Additionally, the ATD-Free Response rate dropped to 36% in the second 12 weeks.
Patients who experienced at least a 70% IgG reduction by the end of the study had an ATD-Free Response rate nearly three times higher than those who did not (60% and 23%, respectively).
Year to date, shares of Immunovant have plunged 19.2% compared with the industry&#39;s 2.8% decline.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cd/76945.jpg?v=1496532795" style="height:310px; width:600px" />
Image Source: Zacks Investment Research
Along with the data readout, Immunovant also revealed data from multiple proprietary market research studies, highlighting a persistent unmet need among patients treated with ATDs who are either intolerant to, uncontrolled or have relapsed after treatment with the same.&nbsp;&nbsp;
Per IMVT, real-world claims data shows that 25-30% of GD patients remain uncontrolled on ATDs each year, with few treatment options available. This presents a valuable commercial opportunity for the company with little competition.
<h2>IMVT&#39;s Future Development Plans in Autoimmune Diseases</h2>
Leveraging the encouraging results from the phase IIa GD study ofbatoclimab, Immunovant is currently gearing up to initiate a pivotal study of its lead candidate, IMVT-1402, a novel and fully-human monoclonal antibody, for the same indication by the end of 2024.
In the press release, the company has also announced that it has aligned with the FDA regarding the impending pivotal study design and secured investigational new drug application clearance for IMVT-1402 to treat GD.
Apart from the GD study, separate mid to late-stage studies are also currently ongoing, evaluating batoclimab for the treatment of other autoimmune indications, like Myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and thyroid eye disease. Subject to positive data from these studies, Immunovant plans to study IMVT-1402 for each of the above indications.
The company is on track to initiate four to five potentially registrational programs for IMVT-1402 over the next fiscal year (ending March 31, 2025). Over the next two fiscal years, the company plans to initiate studies in a total of 10 indications for IMVT-1402. The company also expects to achieve financial efficiencies in its IMVT-1402 development program by leveraging the data already available from batoclimab studies.
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<h2>Immunovant, Inc. Price and Consensus</h2>
<img alt="Immunovant, Inc. Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/9c/1725883442.png" style="height:310px; width:600px" title="" />
Immunovant, Inc. price-consensus-chart | Immunovant, Inc. Quote
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<h2>Zacks Rank &amp; Stocks to Consider</h2>
Immunovant currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are&nbsp;Illumina, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ilmn#NASDAQ">ILMN</a>),&nbsp;Krystal Biotech, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/krys#NASDAQ">KRYS</a>) and&nbsp;Fulcrum Therapeutics, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fulc#NASDAQ">FULC</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
In the past 60 days, estimates for Illumina&#39;s 2024 earnings per share have moved up from $1.18 to $3.62. Earnings per share estimates for 2025 have improved from $2.93 to $4.50. Year to date, shares of ILMN have lost 10,7%.
ILMN&#39;s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.
In the past 60 days, estimates for Krystal Biotech&#39;s 2024 earnings per share have increased from $1.98 to $2.38. Earnings per share estimates for 2025 have improved from $4.33 to $7.31. Year to date, shares of KRYS have risen 48.5%.
KRYS&#39; earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 45.95%.
In the past 60 days, estimates for Fulcrum Therapeutics&#39; 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have jumped 26.5%.
FULC&#39;s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
<a href="https://www.zacks.com/stock/news/2333347/imvt-stock-up-on-upbeat-data-from-graves-disease-study-of-batoclimab?cid=CS-BENZ-FT-analyst_blog|company_news_medical_sector-2333347">To read this article on Zacks.com click here.</a>

Biotech

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FULC

ILMN

IMVT

KRYS

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