Today's noteworthy downgrades include: American Midstream Partners (AMID) downgraded to Market Perform at Wells Fargo... Best Buy (BBY) downgraded to Underperform from Neutral at Wedbush... CONE Midstream (CNNX) downgraded to Market Perform from Outperform at Wells Fargo... Campbell Soup (CPB) downgraded to Underweight from Equal Weight at Barclays... Citizens & Northern (CZNC) downgraded to Hold from Buy at Sandler O'Neill... Coca-Cola Femsa (KOF) downgraded to Neutral from Buy at Goldman... Columbus McKinnon (CMCO) downgraded to Neutral from Accumulate at Seaport Global... Commvault (CVLT) downgraded on sales cycle outlook at Sterne Agee CRT... CrossAmerica (CAPL) downgraded to Market Perform from Outperform at Wells Fargo... D.R. Horton (DHI) downgraded to Neutral from Buy at UBS... Disney (DIS) downgraded to Underweight from Equal Weight at Barclays... Dover (DOV) downgraded to Market Perform from Outperform at Bernstein... EnLink Midstream (ENLC) downgraded to Market Perform from Outperform at Wells Fargo... Ericsson (ERIC) downgraded to Hold from Buy at Deutsche Bank... F5 Networks (FFIV) downgraded on sales cycle outlook at Sterne Agee CRT... Garmin (GRMN) downgraded to Underperform from Neutral at Credit Suisse... Genesis Energy (GEL) downgraded to Market Perform from Outperform at Wells Fargo... Hyatt (H) downgraded to Sell from Neutral at Goldman ... Information Services (III) downgraded to Neutral from Outperform at Macquarie... Novartis (NVS) downgraded to Underweight from Equal Weight at Barclays... PROS (PRO) downgraded on bookings, outlook at Stifel... PennTex (PTXP) downgraded to Market Perform from Outperform at Wells Fargo... Phibro Animal Health (PAHC) downgraded to Underweight from Overweight at Barclays... Plains All American (PAA) downgraded on lack of catalysts at RBC Capital... Royal Gold (RGLD) downgraded to Market Perform from Outperform at BMO Capital... Speedway Motorsports (TRK) downgraded to Neutral from Outperform at Macquarie... Summit Midstream (SMLP) downgraded to Market Perform from Outperform at Wells Fargo... Textura (TXTR) downgraded to Sell from Buy at Benchmark... The Fresh Market (TFM) downgraded to Underperform from Peer Perform at Wolfe Research... TransAlta (TAC) downgraded to Market Perform from Outperform at BMO Capital... Western Gas Equity (WGP) downgraded to Market Perform from Outperform at Wells Fargo... Williams Partners (WPZ) downgraded to Market Perform from Outperform at Wells Fargo... Wolseley (WOSYY) downgraded to Underperform from Neutral at Exane BNP Paribas... Yamana Gold (AUY) downgraded to Market Perform from Outperform at Raymond James.

BTIG analyst Carl Reichardt lowered the firm's price target on D.R. Horton to $169 from $174 and keeps a Buy rating on the shares. The firm is reducing its FY24 and FY25 EPS estimates by 3%, stating that while its core homebuilding metric assumptions have not changed, it also sees multi-family and single-family rental property sales environment remaining challenging given uncertainty in the capital markets and cautious investor appetite, the analyst tells investors in a research note.

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Novartis (NVS) presented results from a pre-specified interim analysis of the Phase 3 APPLAUSE-IgAN study of Fabhalta, an investigational Factor B inhibitor of the alternative complement pathway, in patients with IgA nephropathy, or IgAN. In the analysis, patients treated with Fabhalta achieved a 38.3% proteinuria reduction as measured by 24-hour urine protein to creatinine ratio at 9 months when compared to placebo on top of supportive care. This pre-specified interim analysis included 250 patients for the efficacy analysis and 443 for the safety analysis1. The APPLAUSE-IgAN study continues in a double-blind fashion, and therefore only limited interim analysis results can be presented. Submission for possible accelerated approval to the FDA was accepted and has received priority review. The primary endpoint evaluating Fabhalta's ability to slow IgAN progression by measuring the annualized total estimated glomerular filtration rate slope over 24 months is expected at study completion in 2025, Novartis stated. "IgAN progresses over many years, and patients' needs may evolve such that different therapies may be best used at different times. Our renal pipeline includes medicines with a variety of mechanisms which may allow them to be targeted to patients based on their clinical characteristics," added David Soergel, M.D., Global Head, Cardiovascular, Renal and Metabolism Development Unit, Novartis. Recently, after Alpine Immune Sciences (ALPN) and Vertex Pharmaceuticals (VRTX) announced that the companies entered into a definitive agreement under which Vertex will acquire Alpine for $65 per share, or $4.9B in cash, Evercore ISI analyst said the B cell modulator space within IgAN is "hot," with Alpine marking the second acquisition in the class in the last 10 months. The analyst, who sees Alpine trailing Otsuka, Vera Therapeutics (VERA) and Novartis by about one to two years, argued that with Alpine off the market, Vera is now "the only free-standing B cell modulator in the IgAN space."

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"Box Office Battle" is The Fly's weekly roundup of what movies topped the weekend's box office. A24’s “Civil War”... To see the rest of the story go to thefly.com. See Story Here