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Kinder Morgan reportedly acquires oil and gas assets in West Texas and plans to use carbon capture incentives to increase output. Stock exposure via MDST and TPYP.

Kinder Morgan Acquires West Texas Oilfield To Leverage Carbon Capture Incentives: Report

Loop Capital analyst Yun Kim maintains MongoDB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) with a Buy and lowers the price target from $415 to $315.

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Loop Capital Maintains Buy on MongoDB, Lowers Price Target to $315

Friday, Ionis Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IONS#NASDAQ">IONS</a>) announced results from the Phase 3 OASIS-HAE and OASISplus studies of donidalorsen in patients with <a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n39107618/ionis-presents-positive-results-from-oasis-hae-and-oasisplus-studies-of-investigational-medicine-d" rel="noreferrer noopener">hereditary angioedema (HAE)</a>.
Donidalorsen had a favorable safety and tolerability profile across both studies, including when self-administered via an autoinjector.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/38878003/tale-of-two-ionis-partnered-neurology-focused-early-stage-assets-biogen-discontinues-one-decides-" rel="noreferrer noopener">Tale Of Two Ionis-Partnered Neurology-Focused Early Stage Assets-Biogen Discontinues One, Decides Not To Exercise Licensing Option For Another</a>.
Based on these data, Ionis is pursuing regulatory approval of donidalorsen as a potential treatment for HAE, a condition characterized by recurrent attacks of severe swelling (angioedema) in various parts of the body, including the hands, feet, genitals, stomach, face, and/or throat.
<ul>
<li>In the Phase 3 OASIS-HAE study, patients were treated with donidalorsen (80 mg) via subcutaneous injection every four weeks (Q4W) or every eight weeks (Q8W) or placebo over 24 weeks.</li>
<li>The study met its primary endpoint, demonstrating an 81% lower monthly HAE attack rate with donidalorsen Q4W compared to placebo over weeks one to 25 and a 55% reduction with Q8W.
<ul>
<li>In weeks five to 25, donidalorsen Q4W significantly reduced mean monthly HAE attack rates by 87% vs placebo.In the same time frame, treatment with donidalorsen Q4W reduced severe to moderate attacks per month by 89%.</li>
<li>Donidalorsen Q4W also reduced HAE attacks that require acute therapy by 92%.</li>
</ul>
</li>
<li>Donidalorsen Q8W had a similar benefit as Q4W dosing over time on attack rate reduction and quality of life measures.</li>
<li>Donidalorsen was well-tolerated.</li>
</ul>
The OASIS-Plus open-label extension study results showed that Q4W patients and Q8W patients achieved 93% and 92% improvement from baseline in attack rates.
Patients who switched to donidalorsen from prior prophylactic treatment also showed a 62% further reduction in mean monthly HAE attack rates from baseline, and 84% of patients who switched reported a preference for donidalorsen.
Ionis plans to file an FDA marketing application this year.
Read Next: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37660628/genetic-medicines-focused-ionis-pharmaceuticals-fatty-liver-candidate-lowers-excess-liver-fat-mid" rel="noreferrer noopener">Genetic Medicines Focused-Ionis Pharmaceuticals&#8217; Fatty Liver Candidate Lowers Excess Liver Fat, Midstage Study Data Shows</a>.
William Blair says, &#8220;Ultimately, we see donidalorsen&#8217;s profile as generally superior to current prophylactic options, with less frequent dosing and at-home autoinjector dosing potential being further differentiators.&#8221;
William Blair writes that the next 12-18 months could be a period of significant growth for Ionis and <a target="_blank" href="https://www.benzinga.com/quote/IONS/analyst-ratings" rel="noreferrer noopener">maintains its Outperform rating</a>.
Price Action: IONS shares are up 3.15% at $37.70 at last check Friday.
Photo via Shutterstock

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Ionis Pharmaceuticals Reveals Late-Stage Donidalorsen Data, Analyst Says Results Show Competitive Hereditary Angioedema Profile

MetLife Pursuing Deal For European Direct Lender Hayfin; Potential Valuation Exceeds €1.2B

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Moderna shares are trading lower despite FDA approval of mRESVIA. The stock may be pulling back after strength in the past month.

Nordstrom, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JWN#NYSE">JWN</a>) is a compelling partner for brands that do not subscribe to the <a href="https://www.benzinga.com/topic/retail">&#8220;department stores are dead&#8221; mantra.</a>
That&#8217;s according to BMO Capital Markets analyst Simeon Siegel, one of four experts weighing in on the retailer&#8217;s <a href="https://www.benzinga.com/pressreleases/24/05/n39097351/nordstrom-reports-first-quarter-2024-earnings" target="_blank" rel="noreferrer noopener">first-quarter earnings</a>. 
Adjusted losses were 24 cents per share (analysts expected <a href="https://www.benzinga.com/news/earnings/24/05/39114931/whats-going-on-with-nordstroms-stock-after-earnings" target="_blank" rel="noreferrer noopener">losses of 7 cents per share</a>).
Here&#8217;s a glimpse into Siegel&#8217;s and other experts&#8217; reactions to the company&#8217;s quarterly performance:
<ul>
<li>Siegel reiterated the Market Perform rating on Nordstrom, with a price forecast of $20.</li>
<li>Telsey Advisory Group analyst Dana Telsey reiterated the Market Perform rating on Nordstrom, <a href="https://www.benzinga.com/quote/JWN/analyst-ratings" target="_blank" rel="noreferrer noopener">with a price forecast of $19.</a></li>
<li>JPMorgan analyst Matthew R. Boss reiterated the Underweight rating on the stock, with a price forecast of $17.</li>
<li>BofA Securities analyst Lorraine Hutchinson reiterated the Underweight rating on Nordstrom, raising the price target to $18 from $15.</li>
</ul>
BMO: Siegel views the company&#8217;s revenue guidance as conservative, with potential questions surrounding margin improvement.
Nordstrom is clearly challenged, and with historically choppy gross margins, coupled with Rack&#8217;s relative underperformance among the off-prices and an aggressive fiscal year guidance.
The analyst cautioned that although shares <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">appear inexpensive, numbers appear high.</a>
Telsey: Nordstrom&#8217;s topline growth in the first quarter is encouraging, with the full-line segment growth slightly positive for the first time since the third quarter of 2022 and continued double-digit growth at Rack.
That said, margin challenges pressured the better topline results, resulting in a significant operating loss and negative earnings in the quarter.
Nordstrom is focused on increasing its digital growth, Rack&#8217;s store openings, and better customer experience.
Given the continued merchandising issues in both banners, the lack of earnings growth this year, and limited visibility to significant upside from a potential take-private transaction, <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">the analyst reiterated the Market Perform rating.</a>
JPMorgan: Nordstrom quarterly sales were driven by active (led by recognizable brands including Vuori, Hoka, and Adidas), kids&#8217; apparel, and women&#8217;s apparel segments.
According to the analyst, with the current backdrop potentially &#8220;as good as it gets&#8221; for the company, absolute and relative performance remains underwhelming, with 2023 revenue levels below 2019 and EBIT margins below 2019.
The analyst expects the company&#8217;s FY24 EPS to be $1.75 and FY25 EPS to be $1.69.
BofA Securities: Hutchinson sees continued risk to sales and profitability for the company, given structural challenges within the department store sector.
According to the analyst, sales have softened in May, but most of the quarter is ahead due to the contribution from the Anniversary Sale (will benefit 2Q sales by 200bp).
The analyst added that new stores are performing above expectations, underscoring that management reiterated expectations for 22 new Racks this year.
The analyst maintained F24E EPS of $1.75, lowering FY27 EPS to $1.63 from $1.64.
Price Action: JWN shares are trading higher by 4.66% to $22.01 at last check Friday.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39095651/chewy-impresses-with-strong-q1-results-analysts-envision-stabilized-customer-growth" target="_blank" rel="noreferrer noopener">Chewy Impresses With Strong Q1 Results; Analysts Envision Stabilized Customer Growth And Enhanced Profitability Ahead</a>
Image: Shutterstock

Markets

Movers

Nordstrom Brands Don't Subscribe To 'Department Stores Are Dead' Mantra: Analyst Explains Why

Loop Capital analyst Yun Kim maintains Zscaler (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) with a Hold and lowers the price target from $225 to $180.

Loop Capital Maintains Hold on Zscaler, Lowers Price Target to $180

Loop Capital analyst Anthony Chukumba maintains Dollar Gen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) with a Hold and lowers the price target from $150 to $135.

Loop Capital Maintains Hold on Dollar Gen, Lowers Price Target to $135

The Biden Administration&#8217;s embargo on <a target="_blank" href="https://www.benzinga.com/news/24/05/39112733/whats-going-on-with-nvidia-stock-on-friday" rel="noreferrer noopener">AI chip exports</a> to the Middle East&nbsp;has triggered a selloff in the broader sector.
VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) and iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>), representing the broader sector, are trading lower by close to 3%.
The U.S. government has <a href="https://www.benzinga.com/general/politics/24/05/39098684/us-taps-brakes-on-ai-chip-sales-to-middle-east-over-national-security-concerns">initiated a review</a> of high-volume sales to the United Arab Emirates and Saudi Arabia, which affect AI chip companies like Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc, leading to a selloff in the stocks.
Washington issued similar restrictions on China in 2023, further exacerbating the geopolitical tensions between the countries. China is a leading semiconductor company in the market.
Other chip stocks including key Nvidia supplier Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Micron Technology, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Arm Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), and Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) are also trading lower.
Meanwhile, the CEOs of the chip companies have assembled at&nbsp;Taiwan&#8217;s Computex event to discuss the prospects of AI.
On Thursday, Mizuho analyst Vijay Rakesh reiterated a Buy rating on QCOM, MU, Western Digital Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>), and Seagate Technology Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) and also raised their price targets, citing upcoming catalysts with Computex in Taiwan and Micron&#8217;s quarterly earnings in June.
Rakesh noted the next key driver for AI will be at the edge as OEMs start to push AI on-device capabilities for both handsets and PCs.
Rakesh flagged Qualcomm&#8217;s ramping AI PC with Snapdragon X Elite/ Plus, launching on 20+ models in the second half of 2024, on handsets with Snapdragon 8 Gen 3, and already launched with Samsung S24 Ultra and potential further wins at VOX.
He highlighted AI PCs requiring 40-80% higher DRAM content and handsets needing 50-100% more DRAM, a tailwind for Micron.
Also, Western Digital and Micron will likely see tailwinds from higher NAND content in AI devices with better pricing, as per Rakesh.
Seagate is better with higher PC storage content and improving cloud capex. Rakesh also said that there is a potential for 1 billion AI smartphones shipped from 2024 to 2027 and that AI PCs will make up over 60% of the PC market by the calendar year 2027.
Price Action: At the last check on Friday, NVDA shares were trading lower by 1.90% at $1,084.87.
Photo via Shutterstock

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AMD, TSMC, Broadcom And Other Chip Stocks Hit By Biden's Fresh AI Chip Export Restrictions: Details

Barclays analyst Saket Kalia maintains Zscaler (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) with a Overweight and raises the price target from $205 to $210.

Barclays Maintains Overweight on Zscaler, Raises Price Target to $210

Paycom Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>), a leading provider of comprehensive, cloud-based human capital management software, announced <a href="https://www.benzinga.com/pressreleases/24/05/b39111006/paycom-announces-promotions-of-randy-peck-to-coo-jennifer-kraszewski-to-chro-and-matt-paque-to-clo">significant leadership changes</a> on Friday leading to decline in shares.
What To Know: Randy Peck, a 20-year Paycom veteran, has been appointed as the new Chief Operating Officer (COO). Having held various vital roles within Paycom, most recently serving as Strategic Advisor to Executive Management. His experience includes positions in operations, client service, product management and sales.
Concurrently, Matt Paque has been promoted to Chief Legal Officer (CLO). Paque previously served as general counsel, will now oversee all legal affairs as CLO. With over 20 years of experience as an attorney, he has played a role in managing Paycom's commercial, corporate governance, compliance and risk aspects.
Additionally, Jennifer Kraszewski was promoted to Chief Human Resources Officer (CHRO). Kraszewski, previously Paycom's Senior Executive Vice President of Human Resources, has been with the company since 2018. She brings over 25 years of HR leadership experience, having driven transformative human capital strategies in high-growth industries. 
Related Link: <a href="https://www.benzinga.com/pressreleases/24/05/b39111006/paycom-announces-promotions-of-randy-peck-to-coo-jennifer-kraszewski-to-chro-and-matt-paque-to-clo">Paycom Announces Promotions of Randy Peck to COO, Jennifer Kraszewski to CHRO and Matt Paque to CLO</a>
Despite these strategic leadership promotions, Paycom shares traded lower following the announcement. Investors are closely watching the impact of these changes on the company's future performance and direction.
PAYC Price Action: Paycom Software shares were down by 8.15% at $145.99 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="542" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31135231/PAYC-1024x542.png" alt="" class="wp-image-366007" style="width:560px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31135231/PAYC-1024x542.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31135231/PAYC-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31135231/PAYC-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31135231/PAYC.png 1032w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/news/24/05/39116664/tiktok-halts-european-expansion-to-focus-on-us-e-commerce">TikTok Halts European Expansion To Focus On US E-Commerce</a>
Image: Courtesy of Paycom Software Inc.

PAYC

Paycom Shares Dip Amid Leadership Changes

Barclays analyst Matt Miksic maintains Zimmer Biomet Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZBH#NYSE">ZBH</a>) with a Underweight and lowers the price target from $130 to $125.

Barclays Maintains Underweight on Zimmer Biomet Holdings, Lowers Price Target to $125

Penske Automotive Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) short percent of float has fallen 4.75% since its last report. The company recently reported that it has 2.50 million shares sold short, which is 13.44% of all regular shares that are available for trading. Based on its trading volume, it would take traders 13.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Penske Automotive Group Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717179320_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Penske Automotive Group has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Penske Automotive Group's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Penske Automotive Group's peer group average for short interest as a percentage of float is 12.98%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(PAG) - Analyzing Penske Automotive Group's Short Interest

GE Aero's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) short percent of float has risen 6.25% since its last report. The company recently reported that it has 11.12 million shares sold short, which is 1.02% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.04 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>GE Aero Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717179315_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for GE Aero has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing GE Aero's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, GE Aero's peer group average for short interest as a percentage of float is 2.47%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into GE Aero's Recent Short Interest

Celestica's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLS#NYSE">CLS</a>) short percent of float has risen 31.55% since its last report. The company recently reported that it has 4.91 million shares sold short, which is 4.17% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.06 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Celestica Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717179310_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Celestica has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Celestica's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Celestica's peer group average for short interest as a percentage of float is 2.80%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(CLS) - Analyzing Celestica's Short Interest

Barclays analyst Saket Kalia maintains Veeva Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) with a Overweight and lowers the price target from $245 to $220.

VEEV

Barclays Maintains Overweight on Veeva Systems, Lowers Price Target to $220

On Thursday, the FDA approved Bristol Myers Squibb Co&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) Breyanzi (lisocabtagene maraleucel; liso-cel), a CD19-directed chimeric antigen receptor (CAR) T cell therapy, for relapsed or refractory mantle cell lymphoma (MCL) who have received at least two prior<a href="https://www.benzinga.com/pressreleases/24/05/b39091349/u-s-food-and-drug-administration-approves-bristol-myers-squibbs-breyanzi-as-a-new-car-t-cell-thera" target="_blank" rel="noreferrer noopener"> lines of systemic therapy</a>.
This FDA approval marks the fourth distinct subtype of non-Hodgkin lymphoma for which&nbsp;Breyanzi&nbsp;is approved, making it the CAR T cell therapy available to treat the broadest array of B-cell malignancies.
In March, the FDA granted accelerated approval for&nbsp;Breyanzi&nbsp;for relapsed or refractory chronic lymphocytic leukemia or <a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37754404/bristol-myers-breyanzi-scores-second-fda-approval-for-blood-cancers-therapy" rel="noreferrer noopener">small lymphocytic lymphoma</a>.
Earlier this month, the agency granted accelerated approval to&nbsp;Breyanzi for relapsed or&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/38877563/fda-approves-expanded-use-of-bristol-myers-squibbs-breyanzi-cancer-cell-therapy-for-previously-tr" rel="noreferrer noopener">refractory follicular lymphoma</a>.&nbsp;
In relapsed or refractory MCL,&nbsp;Breyanzi&nbsp;is delivered as a one-time infusion with a single dose containing 90 to 110 x 106&nbsp;CAR-positive viable T cells.
The approval is based on results from the MCL cohort of TRANSCEND NHL 001, which enrolled adults with relapsed or refractory MCL.
In patients treated with&nbsp;Breyanzi&nbsp;and evaluated for efficacy (n=68), 85.3% responded to treatment, with 67.6% achieving a complete response (CR).
Responses were rapid and durable, with a median time to response of one month and a median duration of response of 13.3 months with a median follow-up of 22.2 months.
More than half of responders remained in response at 12 months, and 38.8% of responders remained in response at 18 months.
Results from the primary analysis published in the Journal of Clinical Oncology (JCO) showed an overall response rate of 83.1% and a CR rate of 72.3%.
The median duration of response was 15.7 months, and progression-free survival was 15.3 months.
Price Action: BMY shares are up 1.9% at $41.05 at last check Friday.
Now Read: <a href="https://www.benzinga.com/top-stories/24/05/39115597/inflation-bump-is-over-says-paul-krugman-how-friday-data-proves-him-right">&#8216;Inflation Bump Is Over,&#8217; Says Paul Krugman: How Friday Data Proves Him Right</a>
The average American couple has saved this much money for retirement — <a href="http://www.benzinga.com/money/smartasset">How do you compare</a>?
Image generated using artificial intelligence via Midjourney.

Large Cap

FDA Expands Approval For Bristol Myers Squibb's Breyanzi, Making CAR T Cell Therapy Available For Broadest Range Of B-Cell Malignancies

Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) has reportedly filed a lawsuit to block a Maryland law requiring drugmakers to offer discounts on drugs dispensed by third-party pharmacies contracting with hospitals and clinics serving low-income populations.
The complaint, filed in Baltimore federal court, argues that the law, set to take effect on July 1, attempts to regulate interstate commerce outside of Maryland and conflicts with the federal 340B drug discount program.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37535013/medicares-ambitious-drug-price-negotiation-plan-president-joe-biden-calls-to-expand-targeted-medi" rel="noreferrer noopener">Medicare&#8217;s Ambitious Drug Price Negotiation Plan: President Joe Biden Calls To Expand Targeted Medicines To 50 Annually by 2029</a>.
The 340B program mandates that drugmakers receiving funds from government health insurance programs like Medicare and Medicaid offer discounted drugs to eligible hospitals and clinics.
These providers often use external pharmacies to dispense medications to avoid maintaining in-house pharmacies.
In 2010, the U.S. Department of Health and Human Services expanded guidance, allowing 340B providers to use an unlimited number of these contract pharmacies.
However, starting in 2020, Reuters noted that the drugmakers began imposing restrictions on 340B drug sales through contract pharmacies.
Novartis specified that it would only deal with contract pharmacies within 40 miles of a 340B provider, while other companies imposed various restrictions.
Drugmakers argue that the widespread use of multiple contract pharmacies complicates recordkeeping and transparency, leading to potential double discounts and diversion of 340B drugs to non-340B patients.
Previously, Novartis challenged federal guidance requiring drugmakers to work with contract pharmacies under the 340B program.
Following similar victories by other drugmakers, states including Maryland, Kansas, Mississippi, and West Virginia passed laws to protect the use of contract pharmacies.
Novartis contends that the use of contract pharmacies lacks transparency, increasing the likelihood of unintended discounts.
Read Next: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/39113576/novartis-oral-drug-for-chronic-skin-disease-candidate-shows-efficacy-long-term-safety" rel="noreferrer noopener">Novartis&#8217; Oral Drug For Chronic Skin Disease Candidate Shows Efficacy, Long-term Safety</a>.
Price Action: NVS shares are up 2.16% at $102.88 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commonsv

Legal

Novartis Sues to Block Maryland's New Drug Discount Law

Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) shares experienced a decline Friday afternoon despite reporting <a href="https://www.benzinga.com/markets/equities/24/05/39108319/dell-technologies-stock-plummets-by-16-in-pre-market-despite-beating-q1-revenue-estimates">better-than-expected Q1 financial results.</a>
What To Know: Dell Technologies reported a 6% year-over-year increase in revenue, reaching $22.24 billion and surpassing the consensus estimate of $21.67 billion. The company also reported adjusted EPS of $1.27, slightly ahead of estimates of $1.26.
Related Link: <a href="https://www.benzinga.com/markets/equities/24/05/39108319/dell-technologies-stock-plummets-by-16-in-pre-market-despite-beating-q1-revenue-estimates">Dell Technologies Stock Plummets By 16% In Pre-Market Despite Beating Q1 Revenue Estimates</a>
Analyst Reactions: In response to Dell's earnings, several analysts have adjusted their ratings and price targets. Wells Fargo analyst Aaron Rakers maintained an Overweight rating on Dell Technologies and raised the price target from $170 to $175, expressing continued confidence in the company&#8217;s prospects.
Similarly, Morgan Stanley analyst Erik Woodring maintained an Overweight rating and increased the price target from $152 to $155, also acknowledging the company&#8217;s strong performance and potential for growth.
Dell Price Action: Dell Technologies shares were down by 20.2% at $135.75 according to<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="582" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31131425/DELL-2-1024x582.png" alt="" class="wp-image-365943" style="width:708px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31131425/DELL-2-1024x582.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31131425/DELL-2-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31131425/DELL-2-768x437.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/31131425/DELL-2.png 1036w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/news/earnings/24/05/39115537/nasdaq-down-1-5-gap-shares-spike-higher">Nasdaq Down 1.5%; Gap Shares Spike Higher</a>
Image: Courtesy of Dell Technologies

DELL

Dell Technologies Shares Dip Despite Beating Q1 Expectations: What You Need To Know

Fitch On Boeing Says, Changes To Boeing Aircraft Delivery Forecasts Do Not Alter View That Co Could Reach 737max Production Rate In Low-30s By 2024 End & Mid-30s By Early 2025; Currently Expect Company To Produce Closer To Three 787s Per Month During 2024, Before Returning To Five Per Month In 2025

Best Buy Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) <a target="_blank" href="https://www.benzinga.com//node/39084657" rel="noreferrer noopener">reported first-quarter FY24 earnings</a>. Following are the comments of different analysts on the same.
Truist Securities &#8211; Reiterates Hold, price target <a href="https://www.benzinga.com/quote/BBY/analyst-ratings">lowered from $87 to $86</a>
Analyst Scot Ciccarelli expects some comp acceleration through CY24 as pandemic-related pull forward demand continues. Meanwhile, the analyst suspects that macro pressures on discretionary goods will still limit the rate of improvement.
The analyst notes the stock&#8217;s 10% gain after the results&nbsp;is largely a function of depressed sentiment coming into the print and is reversing the downward move from the last six weeks.
Overall, the analyst notes that the challenging environment will likely limit incremental upside and prefers to remain on the sidelines.
Goldman Sachs &#8211; Reiterates Buy, price target raised from $90 to $95
Analyst Kate McShane noted BBY reported better-than-expected results and provided guidance that still suggests a potential top-line recovery in the second half of the year.
Due to a consumer who has continued to seek value, the promotional environment during the quarter was greater than expected, noted the analyst.
ASPs (average selling price) was higher than last year due to a greater mix of higher ticket items like TVs and laptops, said the analyst.
The analyst raised FY EPS estimate to $6.15 (from $6.11) to reflect slightly higher sales and margins. 
J.P.Morgan &#8211; Reiterates Overweight&nbsp;
Analyst Christopher Horvers said the management called out top-line strength in services and laptops that was more than offset by weakness in appliances, home theater, gaming, and mobile phones.&nbsp;
The first-quarter beat Street on margins as the analyst previewed, with comps at the lower end of expectations.&nbsp;
Telsey Advisory Group &#8211; Reiterates Outperform, price target of $95
Analyst Joseph Feldman noted Best Buy generated better-than-expected 1Q24 EPS growth of ~5 % to $1.20, exceeding the former&#8217;s&nbsp;projection of $1.07, given better-than-anticipated profitability.
The 1Q24 comp was soft and below expectations, driven by a challenging industry and macroeconomic backdrop, with disappointing trends during the quarter in terms of inflation, interest rates, and consumer confidence, said the analyst.
According to the analyst, promotions in the industry have been higher-than-expected, pushing Best Buy to implement more price investments going forward.&nbsp;
The analyst noted Best Buy has a sound strategy, strong management team, and is ahead of many retailers in its omnichannel capabilities, optimization of real estate, and new revenue streams, like membership and health.
Price Action: BBY shares are trading higher by 1.85% at $83.06 at the last check Friday.
Image Via Shutterstock

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Thursday, May 23, 2024