Gold Futures Settle Notably Higher

Acadia Healthcare Affirms 2022 Outlook – Quick Facts

Acadia Healthcare Company, Inc. (ACHC) affirmed its guidance for 2022 and provided initial guidance for 2023. The company noted that the demand for its services remains strong.

For 2022, adjusted earnings per share is expected in a range of $3.00 to $3.10; and revenue is estimated in a range of $2.58 to $2.60 billion.

For 2023, adjusted earnings per share is projected in a range of $3.10 to $3.45; and revenue is estimated in a range of $2.79 to $2.86 billion.

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Moleculin Announces FDA Fast Track Designation For WP1122

Moleculin Biotech, Inc. (MBRX) announced the FDA has granted Fast Track designation of WP1122 for the treatment of Glioblastoma Multiforme. With this, Moleculin is potentially eligible for more frequent regulatory meetings and communications with the FDA.

Walter Klemp, CEO of Moleculin, said: “We believe that based on the promising animal model data that supports Glioblastoma Multiforme as one of many potential indications, the clearance of our IND for WP1122 in GBM, and Orphan Drug Designation previously received from the FDA, WP1122 is well-positioned to be a potential treatment option for this devastating disease.”

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Wiley Q2 Profit Down; Backs FY23 Earnings View, Cuts Revenue Forecast

John Wiley & Sons, Inc. (WLY), a publisher and provider of scientific research and career-connected education, reported Wednesday that its second-quarter net income was $38.19 million, down from $55.97 million a year ago.

Earnings per share declined 31 percent to $0.68 from last year’s $0.99.

Adjusted earnings per share were $1.20, compared to $1.29 a year ago.

Revenue of $514.8 million declined 3 percent from last year’s $533 million.

Looking ahead, Wiley reaffirmed fiscal 2023 adjusted earnings per share outlook of $3.70 to $4.05, and adjusted EBITDA outlook of $425 million to $450 million. Adjusted earnings per share is trending to lower end of range mainly due to rising interest expense.

The company lowered its fiscal 2022 revenue outlook at constant currency to $2.11 billion to $2.15 billion from previous view of $2.175 billion to $2.215 billion, due to consumer spending and enrollment headwinds in Academic & Professional Learning.

Esperion Therapeutics Shares Up 14% As CLEAR Trial Of Nexletol Meets Primary Endpoint

Shares of Esperion Therapeutics, Inc. (ESPR) are gaining over 14% on Wednesday morning after CLEAR Outcomes trial of Nexletol met primary endpoint.

ESPR is currently trading at $8.87, up $1.06 or 14.25%, on the Nasdaq, on a heavy volume of 12.2 million shares, above average volume of 1.1 million. The stock opened its trading at $7.41 after closing Tuesday’s trading at $7.44. The stock has traded between $3.28 and $8.87 in the past 52-week period.

Esperion announced that the landmark Cholesterol Lowering via Bempedoic acid, an ACL-Inhibiting Regimen (CLEAR) Outcomes trial met its primary endpoint, demonstrating statistically significant risk reduction in MACE-4 in patients treated with 180 mg/day NEXLETOL compared to placebo.

“With the announcement of these positive topline results, bempedoic acid becomes the first ATP-citrate lyase inhibitor to demonstrate significant and clinically meaningful outcomes results for patients in whom existing lipid lowering therapies fall short,” said Sheldon Koenig, President and CEO of Esperion. “We thank the thousands of patients and investigators worldwide for bringing this study to a successful close. We look forward to sharing this data with the medical community and submitting to appropriate regulatory authorities as quickly as possible in 2023. CLEAR Outcomes further strengthens the clinical evidence supporting the role of bempedoic acid for patients.”

Syndax Pharma Slips 9% After Pricing Stock Offering At $22 A Share

Shares of Syndax Pharmaceuticals, Inc. (SNDX) are slipping over 9% on Wednesday morning after the company priced a public offering of about 6.82 million shares at $22.00 a share.

SNDX is currently trading at $22.01, down $2.20 or 9.09%, on the Nasdaq. The stock opened at $22.26 after closing Tuesday’s trading at $24.21. The stock has traded between $13.27 and $26.51 in the past 52-week period.

The proceeds from the offering are expected to be about $150.0 million. The offering is expected to close on December 9, 2022.

Democrats Ensure Clear Senate Majority With Georgia Runoff Win

The Democrats have ensured a clear majority in the Senate by winning the Georgia Senate runoff.

Senator Raphael Warnock’s victory over his Trump-backed challenger Herschel Walker gave the Democrats a crucial 51 seats in the 100-member Upper House.

None of the candidates secured 50 percent of the votes in the midterm elections held in November.

With 99 percent of votes counted in the tight runoff, 51.4 percent went to Warnock and 48.6 percent to Walker.

Delivering a victory speech in Atlanta, Warnock said, “It is my honor to utter the four most powerful words ever spoken in a democracy: the people have spoken!”

The 53-year-old Baptist pastor became the first black senator in Georgia when he was first elected in January 2021.

The outright majority in the Senate gives the Democrats the advantage of passing bills and advancing President Joe Biden’s nominees more easily and ensures a majority on committees.

If all Democrat senators vote along party lines in the Senate, Vice President Kamala Harris will have no need to cast the tie-breaking vote as has been the case over the last two years in an evenly divided chamber.

Gold Futures Settle Notably Higher

Gold futures settled higher on Wednesday, gaining for a second straight session, with the dollar drifting lower as traders looked ahead to the Federal Reserve’s monetary policy announcement, due next week.

The dollar index fell to 104.88, and despite recovering to around 105.00, was down 0.5% from the previous close.

Gold futures for February ended higher by $15.60 or about 0.9% at $1,798.00 an ounce.

Silver futures for March ended up $0.587 at $22.922 an ounce, while Copper futures for March settled at $3.8605 per pound, up $0.0425 from the previous close.

Data released by the Labor Department showed unit labor costs jumped by much less than previously estimated in the third quarter.

The report showed the surge in unit labor costs in the third quarter was downwardly revised to 2.4% from 3.5%. The jump in unit labor costs was expected to be downwardly revised to 3.2%.

The downward revision to unit labor cost growth reflected an upward revision to labor productivity as well as a downward revision to the spike in hourly compensation.