Alger Mid Cap 40 ETF (ARCA:FRTY), Trade Ideas

Alger Mid Cap 40 ETF

Canadian cannabis edibles producer Indiva Limited (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/NDVA#TSXV">NDVA</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NDVAF#OTC">NDVAF</a>) announced on Thursday its financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2023.
The company reported a 53.3% increase year-over-year increase in gross profit before inventory write-down to CA$4.2 million (roughly $3 million) for the fourth quarter.
Gross margin before inventory write-down improved to a record 38.5% of net revenue, versus 37.1% in the prior quarter and 29.3% in the prior year's period.
Indiva attributed the improvement in gross margin percentage year over year to higher sales, improved operating efficiencies and a positive mix shift toward higher-margin products.
"We are very pleased with our performance in the fourth quarter and fiscal year 2023, generating record net revenue, improved gross margins as well as record positive EBITDA and income from operations," Niel Marotta, president and CEO of Indiva said.
<h3 class="wp-block-heading">Q4 2023 Financial Highlights</h3>
<ul>
<li>Net revenue was a record CA$10.9 million, representing an 11% sequential increase, and a 16.8% increase year-over-year, driven primarily by strength in core brands, including Pearls by Grön, where net revenue grew by greater than 360% year-over-year, as well as strong contribution from No Future gummies.</li>
<li>Net revenue from edible products was CA$9.5 million, or 87.7% of net revenue, up 5.3% quarter-over-quarter and 27% year-over-year.</li>
<li>Operating expenses dropped by 19% year-over-year to CA$3.1 million, a record low at 28.9% of net revenue versus 31% in the prior period and 41.7% in the same quarter of last year.</li>
<li>EBITDA came in positive at CA$0.9 million, or 8.1% of net revenue. Adjusted EBITDA increased sequentially to a record profit of CA$1.5 million or 13.9% of net revenue, versus a profit of CA$1 million in the previous quarter, and a loss of CA$0.6 million in the fourth quarter of last year.</li>
<li>Income from operations was CA$0.5 million versus CA$13,000 in the third quarter of 2023 and a loss of CA$1.7 million in the fourth quarter of 2022.</li>
<li>Comprehensive net loss included one-time expenses and non-cash charges including inventory impairments totaling CA$0.5 million and CA$0.4 million in the same quarter of 2022.</li>
</ul>
<h3 class="wp-block-heading">FY 2023 Financial Highlights</h3>
<ul>
<li>Record net revenue of CA$37.6 million versus CA$34.4 million for the year ended Dec. 31, 2022, representing a 9.2% year-over-year increase.</li>
<li>Net revenue from edible products grew to CA$32.7 million, representing 87.2% of net, versus CA$30.5 million or 88.7% of net revenue in the prior year period.</li>
<li>Gross profit before inventory write-down improved by 26.9% to a record CA$13.2 million or 35.1% of net revenue versus CA$10.4 million or 30.2% of net revenue for the year ended Dec. 31, 2022.</li>
<li>Operating expenses decreased by 11.3% to CA$12.6 million versus CA$14.3 million for the year ended 2022. As a percentage of net revenue, operating expenses decreased to 33.7% for 2023 versus 41.4.% in 2022.</li>
<li>EBITDA was a record positive at CA$1.6 million, or 4.2% of net revenue in 2023 versus a loss of CA$4.8 million in 2022. Adjusted EBITDA improved to a profit of CA$2.4 million versus a loss of CA$1.5 million last year.</li>
<li>Comprehensive net loss, excluding one-time expenses and non-cash charges, improved to CA$4.4 million, versus a loss of CA$8.4 million in fiscal year 2022.</li>
</ul>
<h3 class="wp-block-heading">Outlook</h3>
<ul>
<li>Indiva anticipates net revenue for the first three months of fiscal 2024 will be lower on a sequential basis, primarily due to seasonality, and flat year-over-year, due to the continued growth in Pearls by Grön, and the contribution to revenue from No Future gummies and Indiva Blips offset by Wana converting to contract manufacturing and the loss of lozenge revenue.</li>
<li>Margins are also expected to decline sequentially in the first quarter due to lower sales and reduced overhead absorption due to lower production levels as compared to the fourth quarter offset by a positive mix shift and the benefit of the implementation of automation in the production and packaging of edible products, the company said in a press release.</li>
<li>For the fiscal year 2024, the Company expects to generate record net revenue and record EBITDA.</li>
</ul>
<h3 class="wp-block-heading">Related News</h3>
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/08/34096468/canadian-weed-edibles-producers-q2-financial-results-show-drop-in-revenue-gross-profit-heres-why">Canadian Weed Edibles Producer&#8217;s Q2 Financial Results Show Drop In Revenue &amp; Gross Profit, Here&#8217;s Why</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/23/05/32418643/indiva-q1-revenue-grows-6-yoy-provides-outlook">Indiva Q1 Revenue Grows 6% YoY, Provides Outlook</a></li>
</ul>

Cannabis

Earnings

News

NDVAF

TSXV:NDVA

Cannabis Edibles Maker Indiva Reports Record Revenue In 2023, Positive EBITDA And Income From Q4 Operations

Evercore ISI Group analyst Steve Sakwa maintains EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) with a In-Line and lowers the price target from $190 to $178.

Price Target

Analyst Ratings

Evercore ISI Group Maintains In-Line on EastGroup Props, Lowers Price Target to $178

Macro Economic Events

Economics

Federal Reserve

U.S. Treasury's Yellen Says We've Got A Good Strong U.S. Economy, Lifting Growth All Around The World; Biden's Top Priority Is To Address High Costs Of Health Care, Bring Down Drug Prices; Fed's First Obligation Is To Set Monetary Policy To Be Consistent With Price Stability

Many people, especially America's wealthiest, try to <a href="https://www.benzinga.com/money/are-you-rich">avoid paying taxes</a>, but one billionaire has a bit of a different take on the concept.&nbsp;
Entrepreneur Mark Cuban, known for investing in some of the <a href="https://www.benzinga.com/money/aura">most innovative small businesses in America</a> and his outspoken views and dynamic business acumen, recently took to X to announce a significant payment to the U.S. Treasury, affirming his belief in fiscal responsibility as a form of patriotism. Cuban revealed he had transferred $288 million to the IRS, correcting an earlier figure he had shared online.
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<li>Join the elite. Invest in Epic Games and<a href="https://www.benzinga.com/money/epic-games"> own a piece of the $17 billion Fortnite empire</a>.</li>
<li>This &#8216;Future of Gaming&#8217; startup disrupting a $272 billion industry is<a href="https://www.benzinga.com/money/gameflip-2"> now letting anyone invest for a limited time</a>.</li>
</ul>
&#8220;I pay what I owe,&#8221; Cuban posted, emphasizing his commitment to contributing to the nation&#8217;s welfare. &#8220;This country has done so much for me, I'm proud to pay my taxes every single year.&#8221;
The Dallas Mavericks owner and &#8220;Shark Tank&#8221; star has long said that "after military service, paying your taxes is the most patriotic thing we can do.&#8221; His recent posts not only underscore his principles but also seem to critique others, particularly notable figures who might not share his enthusiasm for tax compliance, even taking a brief swipe at former President Donald Trump.
Cuban&#8217;s public declarations reflect a broader socio-political stance that intertwines wealth, responsibility and patriotism. Cuban, despite critiquing the platform regularly, often uses X to defend and back up his political stances.&nbsp;
Trending: Invest alongside execs from Uber, Facebook and Apple in this<a href="https://www.benzinga.com/money/aura"> wellness app Transforming a $5.6 TRILLION dollar industry</a>.
Cuban has not shied away from political discourse, often addressing economic policies and their impact on entrepreneurs and average citizens. His engagement ranges from commenting on social issues to critiquing political figures, positioning himself as an advocate for transparent and responsible governance.
<h2 class="wp-block-heading">Historical Context Of Taxation And Patriotism</h2>
Taxation as a patriotic duty has deep roots in American history, albeit not as significant and outspoken as avoiding or rebelling against taxes. During the early 20th century, paying taxes was often portrayed as a civic duty integral to national solidarity and success. This sentiment was pronounced during both World Wars when taxes were framed as a direct contribution to the national effort.
Before establishing the modern tax system, the U.S. relied heavily on tariffs and excise taxes. It wasn&#8217;t until the 16th Amendment in 1913 that the federal income tax was permanently set as a cornerstone of U.S. fiscal policy. During these times, wealthy industrialists like Andrew Carnegie and John D. Rockefeller often engaged in philanthropy, which was seen as a way to give back to society — a precursor to today&#8217;s discussions about the role of wealth in public service.
Carnegie and Rockefeller shifted the role of ultra-high-net-worth individuals in American society. Rather than hoarding wealth for generations, they made it a trend among the wealthy to give money to building libraries and great works that benefit society. This trend, while not as pronounced in today&#8217;s society, still can be seen over a hundred years later. For example, notable figures like Bill Gates and <a href="https://www.benzinga.com/topic/warren-buffett">Warren Buffett</a> have pledged to give the majority of their fortunes to charitable causes.&nbsp;
Keep Reading <a href="https://www.benzinga.com/alternative-investments/startups">About Startups</a>:
<ul>
<li>Invest like a millionaire. Exclusive opportunity to<a href="https://www.benzinga.com/money/epic-games"> invest in Epic Games $17 billion gaming empire.</a></li>
</ul>
Cuban&#8217;s actions highlight a continuing conversation about the obligations of the wealthy in American society. As debates around wealth inequality intensify, figures like Cuban, who openly embrace their tax obligations, challenge others in similar financial brackets to demonstrate their commitment to the country&#8217;s well-being.
This movement poses some issues among Americans. Alongside a deeply rooted ideology around avoiding taxes, many don't want to pay into a tax system in which they don't believe their money is going to good use. In 2023, $658 billion was paid on interest to the national debt. Cuban would need to pay his tax bill more than 2,384 times just to cover the interest bill on the debt, a number expected to skyrocket in 2024.&nbsp;
As the United States navigates complex social and economic challenges, the perspectives and actions of influential entrepreneurs like Cuban will likely play a critical role in shaping public discourse around wealth, responsibility and patriotism.

General

Mark Cuban Paid $276 Million In Taxes — Says, 'After Military Service, Paying Your Taxes Is The Most Patriotic Thing We Can Do'

Evercore ISI Group analyst Jonathan Chappell maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Outperform and lowers the price target from $90 to $89.

Evercore ISI Group Maintains Outperform on Canadian Pacific Kansas, Lowers Price Target to $89

U.S. Treasury's Yellen Says We Have A Very Good Strong Job Market, We're Not Seeing Evidence That The Labor Market Is Source Of Inflation; Fed Wants To See Additional Evidence Of A Sustainable Decline In Inflation; Americans Are Concerned With High Cost Of Living Biden Priority Is To Bring Down Costs

U.S. Treasury's Yellen Says GDP Data Shows Strength In Consumer, Investment Spending; U.S. Economy Shows Robust Growth, Firing On All Cylinders; There Could Be Revisions To GDP Data; I Still See In Underlying Core Drivers Of Economic Activity Considerable Strength

A global pharmaceutical company focused on developing medicines to treat substance use disorders (SUD) and serious mental illnesses, Indivior (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDV#NASDAQ">INDV</a>) reported its financial results Thursday for the first quarter of the year. For the three months ended March 31st, the Richmond, Virginia-headquartered company disclosed net revenue of $284 million, up by 12% from $253 million in the same period of 2023.
"Our first quarter results reflect continued double-digit top-line momentum led by SUBLOCADE (buprenorphine extended-release),"&nbsp;stated Indivior CEO&nbsp;Mark Crossley.&nbsp;&#8220;The underlying demand for this transformative treatment for moderate-to-severe opioid use disorder (OUD) remains strong&nbsp;and&nbsp;our strategy to expand prescribing in the justice system is delivering excellent results.&nbsp;SUBLOCADE's&nbsp;reported growth was, however,&nbsp;adversely impacted by transitory items, including accelerating Medicaid patient disenrollments, a cyberattack on the largest U.S. medical claims processor, and abnormal trade destocking.&nbsp;We fully expect these items to resolve as the year progresses."&nbsp;
Crossley reconfirmed the company's previous 2024 guidance including SUBLOCADE net revenue of $820 million to $880 million and approximately 300 basis points of margin expansion at the mid-points of its guidance range.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/03/37627099/this-nasal-spray-rapidly-reverses-effects-of-fentanyl-overdose-and-no-its-not-naloxone" rel="noreferrer noopener">This Nasal Spray Rapidly Reverses Effects Of Fentanyl Overdose And No,&nbsp;It&#8217;s&nbsp;Not Naloxone</a>
<h2 class="wp-block-heading">Q1 Key Takeaways</h2>
<ul>
<li>Net income amounted to $47 million, versus&nbsp;net income of $44 million in the first quarter of&nbsp;2023.&nbsp;</li>
<li>Operating profit was $65 million, compared to $57 million in the same period last year.&nbsp;</li>
<li>Cash and investment totaled $ 356 million at the end of the first quarter (including$27m restricted for self-insurance), primarily reflecting quarterly net cash outflows related to scheduled litigation settlement payments, shares repurchased and canceled, and taxes paid.</li>
<li>U.S. net revenue increased 15% to $241 million from $209 million in the first quarter of 2023. Strong year-over-year SUBLOCADE volume growth primarily drove the net revenue increase. Pricing was not a material factor in revenue growth.</li>
<li>Rest&nbsp;of&nbsp;world&nbsp;net revenue decreased by 2% to $43 million from&nbsp;the same period last year.&nbsp;</li>
</ul>
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/10/35239428/publicly-traded-addiction-treatment-co-signs-exclusive-licensing-agreement-with-alar-pharmaceuti" target="_blank" rel="noreferrer noopener">Publicly-Traded Addiction Treatment Co. Signs Exclusive Licensing Agreement With Alar Pharmaceuticals</a>
Photo: Courtesy of Branding Pot via Shutterstock

INDV

Addiction Treatment Company, Indivior, Reports 12% YoY Growth For First Quarter Led By Sublocade Sales

Evercore ISI Group analyst David Palmer maintains Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) with a Outperform and raises the price target from $3200 to $3600.

Evercore ISI Group Maintains Outperform on Chipotle Mexican Grill, Raises Price Target to $3600

TECK

Teck Resources shares are trading lower despite a Q1 earnings miss.

U.S. Treasury Secretary Yellen Says We're On Downward Path For Inflation; Rents Have Stabilized, But A Lot Of People Still Experiencing The Upward Adjustment To Higher Levels; I Have No Doubt That Housing's Contribution To Inflation Will Be Coming Down This Year; Not Seeing That Wage Pressures Are A Source Of Inflation; Certainly Don't See The U.S. Economy As Overheated

WIIM

A.O. Smith shares are trading lower after the company reported mixed Q1 results and reaffirmed its FY24 net sales and adjusted EPS guidance, which were below estimates.

Evercore ISI Group analyst Vijay Kumar maintains Boston Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) with a Outperform and raises the price target from $72 to $78.

Evercore ISI Group Maintains Outperform on Boston Scientific, Raises Price Target to $78

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is currently struggling to breach certain resistance levels to reach fresh highs, with analysts and traders expressing little optimism about <a href="https://www.benzinga.com/money/bitcoin-price-prediction">its future performance</a>.
What Happened: Renowned crypto analyst DonAlt forecasted a complacency bounce for Bitcoin, predicting it will continue until the cryptocurrency is back above $68,000. He detailed that the crypto king has chopped through the nearest support/resistance level, a common occurrence when the market is in &#8220;giga chop mode.&#8221; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> update: Chopped through the nearest S/R level, as is customary when the market is in giga chop mode We&#39;re floating above a very shitty support, below a somewhat shitty resistance Assuming complacency bounce till we&#39;re at least back above $68k <a href="https://t.co/DPszBrhxbU">pic.twitter.com/DPszBrhxbU</a>
&mdash; DonAlt (@CryptoDonAlt) <a href="https://twitter.com/CryptoDonAlt/status/1783381023020999122?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
A complacency bounce is a term used to describe a temporary recovery in prices after a significant drop.
Notable crypto trader Capo Of Crypto tweeted that the market looks weak and a 15%-25% shakeout seems likely:
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Expecting another 10%-20% drop soon. <a href="https://t.co/1IjjRmUPsN">https://t.co/1IjjRmUPsN</a>
&mdash; il Capo Of Crypto (@CryptoCapo_) <a href="https://twitter.com/CryptoCapo_/status/1783398720110768283?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In the second week of April, he <a href="https://twitter.com/CryptoCapo_/status/1783398720110768283">stated</a> that the market looks weak and a 15%-25% shakeout seems likely.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38407752/bitcoin-veteran-warns-crypto-bears-you-have-no-idea-how-crazy-this-bull-run-is-about-to-be">Bitcoin Veteran Warns Crypto Bears: &#8216;You Have No Idea How Crazy This Bull Run Is About To Be&#8217;</a>
Why It Matters: DonAlt&#8217;s predictions provide valuable insight for investors, suggesting potential short-term price movements for Bitcoin. However, as with all market predictions, investors must do their own research and consider multiple factors before making investment decisions.
IntoTheBlock data highlights an increase of 5.5% in large transaction volume to 49.7 billion, while daily active addresses widened by a significant 57% to 840,150. 
Despite a 6% monthly drop in prices, 86% of Bitcoin holders are currently in profit. Transactions greater than 100,000 also increased to 8,792 as of April 24 from 6,749 transactions as of April 23.
Price Action: At the time of writing, Bitcoin was trading at $63,350, down 4.2% over the past 24 hours.
What's Next: The influence of <a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a> is expected to be thoroughly explored at Benzinga's upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38421343/peter-schiff-warns-bitcoin-hodlers-its-a-long-way-down-if-king-crypto-cant-hold-60k">Peter Schiff Warns Bitcoin Hodlers: &#8216;It&#8217;s A Long Way Down&#8217; If King Crypto Can&#8217;t Hold $60K</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Bitcoin's 'Complacency Bounce' Could Precede 'Another 10%-20% Drop Soon,' Say Veteran Traders

Clients Can Trade 22x5 to React Rapidly to Global Market News and Economic Events
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.interactivebrokers.com%2Fen%2Fhome.php&amp;esheet=53952002&amp;newsitemid=20240424713474&amp;lan=en-US&amp;anchor=Interactive+Brokers&amp;index=1&amp;md5=9c52aa169f26b24ecc53933002bbaeed">Interactive Brokers</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), an automated global electronic broker, today announced a significant expansion of trading hours for US Treasury bonds on its platform. Clients around the world can now trade US Treasury bonds for 22 hours each day. The trading session closes daily at 5:00 pm Eastern Time (ET), reopens at 8:00 pm Eastern Daylight Time (EDT) and continues until 5:00 pm the following day. During Eastern Standard Time (EST), the market operates from 7:00 pm to 5:00 pm. This is a significant extension from the previous nine hours per day.
This groundbreaking expansion caters especially to Interactive Brokers' global clients, allowing them to trade US Treasuries during their local trading hours. In addition, all clients are now able to respond swiftly to global market news and economic events as they occur, regardless of time or location.
"The extension of trading hours for US Treasury bonds represents a significant enhancement to our offerings," said Thomas Frank, Executive Vice President of Interactive Brokers. "It is part of an ongoing effort to expand our bond offering by adding new coverage, products, venues and liquidity. We aim to provide our clients with the most flexible and comprehensive trading environment possible. With clients in over 200 countries and territories, it's essential that we accommodate their needs and provide opportunities to trade on a schedule that suits them best, especially in a market as crucial as that of US Treasuries."
US Treasury bonds are considered one of the safest investment options and are highly sought after by investors seeking stability and security in their portfolios. By extending the trading hours, Interactive Brokers enhances accessibility to these instruments, allowing investors to manage their portfolios more effectively. This flexibility can potentially lead to more profitable trades and better risk management.
Interactive Brokers offers an unparalleled range of bonds, with over 1 million corporate, municipal, treasury, and non-US sovereign bonds available. IBKR provides these without mark-ups or built-in spreads and charges low, transparent commissions. Clients also benefit from free access to the powerful IBKR Bond Marketplace search tool, which allows them to search and compare bonds by type, maturity, yield, and other criteria to tailor their investments to their specific needs and objectives.

IBKR

Interactive Brokers Announces Extended Trading Hours For US Treasury Bonds

Evercore ISI Group analyst Steve Sakwa maintains Alexandria Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) with a Outperform and lowers the price target from $137 to $132.

Evercore ISI Group Maintains Outperform on Alexandria Real Estate, Lowers Price Target to $132

Tiziana Life Sciences, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLSA#NASDAQ">TLSA</a>) ("Tiziana" or the "Company"), a biotechnology company developing breakthrough immunomodulation therapies via novel routes of drug delivery, today announced for the first time, quantitative data showing improvement in White Matter Z-scores measured from PET images taken at 3 months in nasal foralumab treated patients with non-active secondary progressive multiple sclerosis (na-SPMS). White Matter Z-scores are a statistical measure used in neuroimaging studies to assess the integrity or abnormalities in structures of the brain. &nbsp;
Tarun Singhal, MBBS, M.D., Director of PET Imaging Program in Neurologic Diseases at Brigham and Women's Hospital, a founding member of Mass General Brigham Healthcare System, and Associate Professor of Neurology at Harvard Medical School, stated, "Last week at the American Academy of Neurology annual meeting, we presented, for the first time, quantitative [F18]PBR06-PET data showing the dampening of microglial activation, an indicator of brain inflammation, in patients with non-active Secondary Progressive Multiple Sclerosis (na-SPMS) receiving intranasal foralumab. These data came from the open-label intermediate-sized patient population Expanded Access (ISPPEA) program. We calculated White Matter Z-scores to measure the effect of intranasal foralumab on microglial activation at baseline and then after foralumab treatment for three months. We saw reductions of 28% to 48%, indicating improvement in 5 out of 6 patients, and a 36% median reduction in White Matter Z-scores compared to baseline (see Figure 1). A peer-reviewed journal has published our recent work with newer [F18]PBR06-PET quantitation approaches."[1]
The full publication in Clinical Nuclear Medicine can be found here: <a href="https://www.globenewswire.com/Tracker?data=dCyvsJdyNSMKc7WxxR6Dab40MFwutYzkyR_WYJgWydqJ3ruaNyfJTSfnAWekKvrbzt_iWFneVPJIytVSxiO27MOPv5ZoDQxMKIvx-0qTJxY_aj849jnkoNAqpA7wH6B0yJ7NCw0vduSYJ3-O6YWYdsgsjPqkc8nlhlW0I8bosJl6QvdF8CKpXTsGWXfTi3SMWt0_kem_lU2V9K3rACVxpJLQnEvZ-pSIpz2k-Cf1Gbg6yTOyu-oF7d_-WuR5UyrUxsSMTmLf4ExMFzrKnJrQOyL-1LOKCL-695PQaNGs0_l-PZFnMmhQSP0eXEm15ssN">https://journals.lww.com/nuclearmed/fulltext/9900/glial_activity_load_on_pet_reveals_persistent.1077.aspx</a>
"I am grateful for Dr. Singhal's work advancing our intranasal foralumab program and the insight his work provides into the foralumab's effect on brain inflammation. We are seeing this additional, encouraging evidence of intranasal foralumab's effect after reporting that it attenuated microglial activation in na-SPMS patients with progression independent of relapse activity (PIRA) at 3 months as evaluated by [F-18]PBR06-PET and was associated with clinical symptom improvement or stability. Based on these positive results, a double-blind, placebo-controlled, dose-ranging study (NCT06292923) of intranasal foralumab in na-SPMS with [F-18]PBR06-PET as a primary endpoint with clinical measures of EDSS (disability) and MFIS (fatigue) is currently underway. I welcome the publication of Dr. Singhal's [F18]PBR06-PET research paper, highlighting these combined findings in Clinical Nuclear Medicine," commented Gabriele Cerrone, Chairman, acting CEO and founder of Tiziana Life Sciences.

Biotech

TLSA

Tiziana Life Sciences Reports 3-Month Neuroimaging Scores In Multiple Sclerosis Patients Receiving Intranasal Foralumab; A Primary Endpoint With Clinical Measures Of EDSS (Disability) And MFIS (Fatigue) Is Currently Underway

Legal

U.S. Supreme Court Begins Hearing Arguments Over Trump's Bid For Criminal Immunity

Across the recent three months, 5 analysts have shared their insights on Raymond James Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RJF#NYSE">RJF</a>), expressing a variety of opinions spanning from bullish to bearish.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $126.0, a high estimate of $132.00, and a low estimate of $113.00. Marking an increase of 8.71%, the current average surpasses the previous average price target of $115.90. 
<img src="https://www.benzinga.com/files/images/story/2024/1714053674_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Raymond James Finl. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Kyle Voigt</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$131.00</td>
<td>$132.00</td>
</tr>
<tr>
<td>Christopher Allen</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$132.00</td>
<td>$112.00</td>
</tr>
<tr>
<td>Michael Cyprys</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$123.00</td>
<td>$113.00</td>
</tr>
<tr>
<td>Bill Katz</td>
<td>TD Cowen</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$131.00</td>
<td>$116.50</td>
</tr>
<tr>
<td>Manan Gosalia</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$113.00</td>
<td>$106.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Raymond James Finl. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Raymond James Finl compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Raymond James Finl's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/RJF/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Raymond James Finl analyst ratings.</a>
<h2>About Raymond James Finl</h2>
Raymond James Financial is a financial holding company whose major operations include wealth management, investment banking, asset management, and commercial banking. The company supports more than 8,000 employee and independent contractor financial advisors across the United States, Canada, and the United Kingdom with over $1.2 trillion of assets under administration as of September 2023. Approximately 90% of the company's revenue is from the U.S. and 70% is from the company's wealth-management segment.
<h3>Key Indicators: Raymond James Finl's Financial Health</h3>
Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.
Revenue Growth: Raymond James Finl displayed positive results in 3 months. As of 31 December, 2023, the company achieved a solid revenue growth rate of approximately 8.03%. This indicates a notable increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Financials sector.
Net Margin: Raymond James Finl's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 16.72% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Raymond James Finl's ROE excels beyond industry benchmarks, reaching 4.77%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Raymond James Finl's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of 0.63%, the company may encounter challenges in delivering satisfactory returns from its assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.29.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
This article was generated by Benzinga's automated content engine and reviewed by an editor.