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Why SAB Biotherapeutics Is Rising In Pre-market?

Royal Bank of Canada Q4 Profit Advances

Royal Bank of Canada (RY.TO) released earnings for its fourth quarter that increased from last year.

The company’s earnings came in at C$3.89 billion, or C$2.68 per share. This compares with C$3.25 billion, or C$2.23 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 11.6% to C$12.38 billion from C$11.09 billion last year.

Royal Bank of Canada earnings at a glance:

-Earnings (Q4): C$3.89 Bln. vs. C$3.25 Bln. last year.
-EPS (Q4): C$2.68 vs. C$2.23 last year.
-Revenue (Q4): C$12.38 Bln vs. C$11.09 Bln last year.

Turkish central bank says sells dollars, intervening to support lira

The Turkish Central Bank said on Wednesday it was intervening in the foreign exchange market, selling dollars due to "unhealthy price formations" after the lira plunged to a fresh record low against the U.S. currency overnight.

At 0915 GMT, the lira stood at 13.53 to the dollar, still 0.8% weaker on the day. It had weakened more than 3% to 13.87 earlier, near its overnight record low of 14.0.

Gold tumbles ₹302; silver declines ₹81

In the international market, gold was trading with marginal gains at $1,778 per ounce and silver was flat at $22.74 per ounce.

Gold in the national capital on Wednesday tumbled ₹302 to ₹46,848 per 10 gram reflecting an overnight decline in international precious metal prices along with rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹47,150 per 10 gram.

Silver also dipped ₹81 to ₹61,031 per kilogram from ₹61,112 per kilogram in the previous trade.

The rupee gained 22 paise to close at 74.91 (provisional) against the U.S. dollar on Wednesday.

"Spot gold prices for 24-carat gold at Delhi fell by Rs 302 reflecting an overnight decline in COMEX gold prices along with rupee appreciation," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

In the international market, gold was trading with marginal gains at $1,778 per ounce and silver was flat at $22.74 per ounce.

"Gold prices traded firm with spot gold prices at COMEX trading marginally up at USD 1,778 per ounce on Wednesday," Mr. Patel added.

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UK House Price Inflation Accelerates Unexpectedly

UK house prices rose at a faster pace in November, defying expectations for an easing, survey results from the Nationwide Building Society showed Wednesday.

The house price index rose 10.0 percent year-on-year following a 9.9 percent increase in October. Economists had forecast a 9.3 percent climb.

Compared to the previous month, house prices rose 0.9 percent in November after a 0.7 percent climb in October. Economists had predicted a slower growth of 0.5 percent. The monthly increase was the fastest in three months.

House prices are now almost 15 percent above the level prevailing in March last year when the pandemic struck the UK, Nationwide Chief Economist Robert Gardner said.

The housing market has shown signs of cooling in recent months, while the underlying activity seems to be holding up well, Nationwide said.

“But the outlook remains uncertain, where a number of factors suggest the pace of activity may slow,” Gardner said.

The impact the new ‘Omicron’ variant of coronavirus on the wider economy remains unclear, the economist noted.

“Even if economic conditions continue to improve, rising interest rates may exert a cooling influence on the market,” Gardner said.

House price growth has been out-pacing income growth by a significant margin and, as a result, housing affordability is already less favorable than was the case before the pandemic struck, the economist added.

Patterson Boosts FY22 Outlook – Quick Facts

While reporting financial results for the second quarter on Wednesday, medical supplies company Patterson Companies Inc. (PDCO) raised its earnings and adjusted earnings guidance for the full-year 2022, given the momentum and confidence in the business.

For fiscal 2022, the company now projects earnings in a range of $1.69 to $1.79 per share and adjusted earnings in a range of $2.00 to $2.10 per share.

Previously, the company expected earnings in the range of $1.64 to $1.74 per share and adjusted earnings in the range of $1.95 to $2.05 per share.

On average, 12 analysts polled by Thomson Reuters expect the company to report earnings of $2.03 per share for the year. Analysts’ estimates typically exclude special items.

Why SAB Biotherapeutics Is Rising In Pre-market?

SAB Biotherapeutics (SABS) said SAB-176, the company’s investigational therapeutic for the treatment of seasonal influenza, achieved statistically significant reductions in viral load and clinical signs and symptoms compared to placebo in a phase 2a challenge study.

SAB-176 is a quadrivalent fully human polyclonal antibody therapeutic candidate designed for the treatment of moderate to severe type A and B seasonal influenza viruses.

“These positive efficacy data for SAB-176 represent the second clinical proof of concept achieved by our DiversitAb platform in the past two months,” said Eddie Sullivan, CEO of SAB Biotherapeutics.

The company plans to further evaluate SAB-176 in a phase 2 influenza clinical trial slated to begin in second quarter, 2022.

Shares of SAB Biotherapeutics were up 4% in pre-market trade on Wednesday.