Life

Jazz: Phase 2 Data Shows Zanidatamab's Potential As Foundational Treatment For HER2-positive MGEA

Pre-market Movers: BMEA, GGE, HUDI, STBX, TIRX…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

Biomea Fusion, Inc. (BMEA) is up over 37% at $12.90.
Green Giant Inc. (GGE) is up over 27% at $3.76.
Huadi International Group Co., Ltd. (HUDI) is up over 24% at $7.06.
Starbox Group Holdings Ltd. (STBX) is up over 17% at $3.51.
Monopar Therapeutics Inc. (MNPR) is up over 11% at $3.19.
Visteon Corporation (VC) is up over 5% at $150.70.

In the Red

Tian Ruixiang Holdings Ltd (TIRX) is down over 13% at $2.11.
Olink Holding AB (publ) (OLK) is down over 12% at $21.13.
Innovative Industrial Properties, Inc. (IIPR) is down over 11% at $98.30.
Akoustis Technologies, Inc. (AKTS) is down over 10% at $3.19.
Magic Empire Global Limited (MEGL) is down over 10% at $2.70.
First Wave BioPharma, Inc. (FWBI) is down over 9% at $4.40.
Roblox Corporation (RBLX) is down over 7% at $33.25.
Veris Residential, Inc. (VRE) is down over 7% at $14.98.
Discover Financial Services (DFS) is down over 6% at $95.48.
Alcoa Corporation (AA) is down over 6% at $50.13.
Kosmos Energy Ltd. (KOS) is down over 6% at $7.21.
LiveWire Group, Inc. (LVWR) is down over 5% at $5.03.

Fed's Beige Book Says U.S. Economic Activity Relatively Unchanged

Overall U.S. economic activity has been relatively unchanged since late November, according to the Federal Reserve’s Beige Book.

The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline.

The Fed said some retailers reported more robust sales over the holidays while others noted that high inflation continued to reduce consumers’ purchasing power, particularly among low and moderate-income households.

Employment continued to grow at a modest to moderate pace for most districts, according to the report, with only one district reporting a slight decline in employment and another reporting no change in employment levels.

With regard to inflation, the Fed said selling prices increased at a modest or moderate pace in most districts, although many said that the pace of increases had slowed from that of recent reporting periods

“On balance, contacts across Districts said they expected future price growth to moderate further in the year ahead,” the Fed said.

The Beige Book is typically released two weeks ahead of the Fed’s next monetary policy meeting, with the next meeting scheduled for January 31-February 1.

CME Group’s FedWatch Tool currently indicates a 92.3 percent chance of a 25 basis point interest rate hike and a 7.7 percent chance of a 50 basis point rate hike.

Tenet To Exceed Midpoint Of FY22 Adj. EBITDA Guidance Range; Issues Leadership Updates

Tenet Healthcare Corp. (THC) said it anticipates its adjusted EBITDA, excluding any fourth quarter stimulus grant income related to the pandemic, will be slightly above
the mid-point of its adjusted EBITDA guidance of $3.425 billion for the year
ended December 31, 2022.

Saum Sutaria, CEO of Tenet, said: “All three of our business units are expected to produce Adjusted EBITDA excluding grant income that was at or slightly above the mid-point of our guidance.”

Tenet Healthcare announced the retirement of Daniel Cancelmi, Executive Vice President & CFO, at the end of 2023. The company said a national search is ongoing to identify a successor.

The company also announced the retirement of Brett Brodnax, President & CEO of USPI, at the end of 2023. Andy Johnston has returned to USPI as Chief Administrative Officer.

The announcement also included the retirement of Roger Davis, President &
CEO of Conifer Health Solutions, at the end of the first quarter 2023. Deepali Narula has been promoted to Chief Operating Officer of Conifer. Bryan Forry has been promoted to CFO of Conifer.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Northern Trust Corp. Profit Declines In Q4, misses estimates

Northern Trust Corp. (NTRS) revealed earnings for fourth quarter that decreased from last year and missed the Street estimates.

The company’s bottom line totaled $151.0 million, or $0.71 per share. This compares with $401.7 million, or $1.91 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $1.80 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 9.0% to $1.52 billion from $1.67 billion last year.

Northern Trust Corp. earnings at a glance (GAAP) :

-Earnings (Q4): $151.0 Mln. vs. $401.7 Mln. last year.
-EPS (Q4): $0.71 vs. $1.91 last year.
-Analyst Estimates: $1.80
-Revenue (Q4): $1.52 Bln vs. $1.67 Bln last year.

Jazz: Phase 2 Data Shows Zanidatamab's Potential As Foundational Treatment For HER2-positive MGEA

Jazz Pharmaceuticals plc (JAZZ) and Zymeworks Inc. (ZYME) announced tolerability and efficacy results, including the first overall survival data, from a Phase 2 trial examining zanidatamab in combination with chemotherapy, in first-line patients with HER2-expressing metastatic gastroesophageal adenocarcinoma. The company said the preliminary results showed that, at the time of analysis, the median OS had not yet been reached with a median duration of study follow-up of 26.5 months. The 18-month overall survival rate was 84%. The results overall confirmed objective response rate of 79%, disease control rate of 92%, and median progression-free survival of 12.5 months.

Rob Iannone, executive vice president, global head of research and development of Jazz Pharmaceuticals, said: “These results showcase zanidatamab’s potential as a foundational treatment for patients with HER2-positive mGEA, and we look forward to additional data in 2024 from the ongoing pivotal Phase 3 trial that may support U.S. and global regulatory filings.”

For More Such Health News, visit rttnews.com.