South State upgraded to Outperform from Market Perform at Keefe Bruyette » 21:1408/0208/02/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Catherine Mealor upgraded South State to Outperform from Market Perform with a price target of $65, down from $70. The company's "strong" Q1 results with a better outlook for pre-provision net revenue earnings and increase in the allowance for credit losses to 1.96% provide for "significant credit cushion," better than expected tangible book value at deal close and a decrease in deferrals, Mealor tells investors in a research note. As such, the analyst sees South State as better positioned and 40% upside in the shares.
Week in review: How Trump's policies moved stocks » 09:0608/0108/01/20
MSFT, PFE, AZN, BMY, LLY, GSK, JNJ, MRK, NVS, SNY, MRNA, SNAP, TWTR, FB, GOOG, GOOGL, AMZN, AAPL, KODK, RHHBY
Catch up on the top…
Sanofi price target raised to EUR 106 from EUR 103 at JPMorgan » 14:2807/3107/31/20
JPMorgan analyst Richard…
JPMorgan analyst Richard Vosser raised the firm's price target on Sanofi to EUR 106 from EUR 103 and keeps an Overweight rating on the shares.
Prosperity Bancshares initiated with a Peer Perform at Wolfe Research » 09:3107/3107/31/20
Wolfe Research analyst…
Wolfe Research analyst Bill Carcache initiated coverage of Prosperity Bancshares with a Peer Perform rating and $65 price target. Carcache has rolled out coverage of mid-cap regional banks at Market Underweight, saying his cautiousness on the group is based on their "anemic" top-line growth outlooks in a zero interest rate environment, though he does see some attractive relative value within the group. He started the consumer finance stock group at Market Overweight, based on his view that they will benefit from declining credit headwinds and "greater top-line torque" on the path to normalized earnings in 2022.
Sanofi, GSK selected for Operation Warp Speed to supply 100M doses of vaccine » 07:0307/3107/31/20
Sanofi (SNY) and GSK…
Sanofi (SNY) and GSK (GSK) announce a collaborative effort with the U.S. government to accelerate the development and manufacturing of a COVID-19 recombinant protein-based vaccine. The vaccine candidate, developed by Sanofi in partnership with GSK, is based on the recombinant protein-based technology used by Sanofi to produce an influenza vaccine, and GSK's established pandemic adjuvant technology. Collaborating with the U.S. Department of Health and Human Services and Department of Defense will help fund the development activities and secure scale-up of Sanofi's and GSK's manufacturing capabilities in the United States for the recombinant protein-based, adjuvanted vaccine, resulting in a significant increase in capacity. The U.S. government will provide up to $2.1B, more than half of which is to support further development of the vaccine, including clinical trials, with the remainder used for manufacturing scale-up and delivery of an initial 100 million doses of the vaccine. Sanofi will receive the majority of the U.S. government funding. The U.S. government has a further option for the supply of an additional 500 million doses longer term. This helps the U.S. government's Operation Warp Speed goals of providing millions of doses of a safe and effective COVID-19 vaccine. Sanofi is leading the clinical development and registration of the COVID-19 vaccine and expects a Phase 1/2 study to start in September, followed by a Phase 3 study by the end of 2020. If the data are positive, the companies can request U.S. regulatory approval in the first half of 2021. In parallel, Sanofi and GSK are scaling up manufacturing of the antigen and adjuvant to produce up to one billion doses per year globally.
BioNTech announces strategic collaboration with Regeneron » 05:4107/3107/31/20
BNTX, REGN, SNY
BioNTech SE (BNTX)…
BioNTech SE (BNTX) announced a strategic collaboration with Regeneron (REGN) for a clinical trial combining BioNTech's BNT111 FixVac product candidate and Libtayo, a fully human anti-PD-1 therapy, for the treatment of melanoma. BioNTech said in a release, "The companies plan to jointly conduct a randomized Phase 2 study in patients with anti-PD1-refractory/relapsed, unresectable Stage III or IV cutaneous melanoma. Melanoma is the deadliest skin cancer and estimated to kill more than 63,000 people around the world this year. BNT111 is the most advanced of five clinical stage FixVac product candidates within BioNTech's broader development pipeline. It is an mRNA cancer immunotherapy targeting four antigens frequently expressed in the tumors of patients with melanoma - NY-ESO-1, MAGE-A3, tyrosinase, and TPTE. BNT111 has demonstrated clinical anti-tumor activity as a monotherapy and in combination with checkpoint inhibitors in an ongoing Phase 1 trial in patients with advanced melanoma after prior checkpoint blockade. The two companies plan to pursue a clinical trial for the combination in the second-line treatment setting for advanced melanoma. The companies plan to disclose more details related to the planned Phase 2 study in the third quarter of 2020, with the goal of initiating the trial in the fourth quarter of 2020. Under the terms of the agreement, development costs for the clinical trial will be shared equally and both companies will contribute their products for the trial. Each party will retain full commercial rights for its respective product and record revenues related to its own product. Libtayo is being jointly developed by Regeneron and Sanofi (SNY)."
Hilltop Holdings reports Q2 cont ops EPS $1.08, consensus 49c » 17:4607/3007/30/20
Jeremy Ford, President…
Jeremy Ford, President and CEO of Hilltop, said, "While these remain very challenging times and there is significant uncertainty about the future impacts from the pandemic, I am very proud of our teammates across Hilltop as they continue to execute and display compassion for our clients and each other. Our results from the second quarter demonstrate the strength and durability of our operating model as the mortgage franchise delivered record pre-tax income of $138 million on $6 billion of mortgage originations, while the securities business grew pre-tax income by 26% to $28 million from strength in the fixed income capital markets and structured finance business lines. While the Bank incurred a pre-tax loss of $17 million, it generated pre-provision net revenue, or PPNR, of $48 million during the quarter driven by solid net interest income and lower operating expenses. The Bank also recognized approximately $66 million of provision expense related to significant deterioration in the economic outlook from the end of the first quarter through June. In addition to exceptional PPNR performance, we were also able to fortify our strong excess capital and liquidity positions during the quarter by executing a subordinated debt offering and closing the sale of National Lloyds."
South State reports Q2 adjusted EPS 89c, consensus 12c » 16:3007/3007/30/20
"We are pleased to…
"We are pleased to have closed our merger of equals between South State and CenterState on June 7. While accounting rules under the recently-implemented CECL standard required us to book a large provision for credit loss expense on the closing of the merger, leading us to report a net loss for the quarter, I am very pleased with the underlying fundamental operating performance of the company," said CEO John Corbett. "53 days into our merger, we are off to a solid start," said Robert R. Hill, Jr., Executive Chairman. "We are building a sound, profitable, and growing company and I am pleased with our team's progress to date."
Home Bancshares to hold a conference call » 13:2507/3007/30/20
Management holds a…
Management holds a conference call featuring the Retail and Other Commercial Real Estate segments on July 30 at 2 pm. Webcast Link
Drug prices will soon be 'lowered massively' in U.S., Trump tweets » 09:5107/3007/30/20
JNJ, LLY, MRK, PFE, SNY, AZN, GSK, NVS, RHHBY, BMY
President Donald Trump…
President Donald Trump tweeted: "Drug prices will soon be lowered massively. Big Pharma (Drug Companies) are advertising against me like crazy because lower prices mean less profit. When you watch a Fake Ad, just think lower drug prices!!!" Publicly traded companies in the space include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).