Vertex Pharmaceuticals, Inc.
279.42 - 287.855
176.36 - 293.17
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Thursday, July 1, 2021 Futures Up/Down % Last Dow 17.00 0.05% 34,416 S&P 500 0.50 0.01% 4,289 Nasdaq -29.50 0.20% 14,519 Stocks are muted to begin the second half of the year ahead of an OPEC+ meeting and weekly jobless claims data today and the monthly non-farm payrolls jobs report tomorrow morning. The Nasdaq is slipping in pre-market trading, continuing yesterday’s underperformance. Micron shares are also trading down in the pre-market despite its earnings beat and guidance raise after the company raised its capex guidance due to higher input costs and investments in new products. Bitcoin is sliding again over the past 2 days, as it is now valued at about $33,300 despite being above $36,000 on Tuesday afternoon. WTI Crude has also hit $75/barrel for the first time since October 2018 after reports that OPEC+ has reached a preliminary output deal. In Asian markets, The Nikkei Index is off by 84 points, the Shanghai Index has barely budged down 2 points, and the Hang Seng Index is down 166 points. In Europe, the German DAX has edged higher by 19 points, while the FTSE 100 has gained 42 points. Market Closing Prices Yesterday The S&P 500 Index rose 5.52 points, or 0.13%, to 4,297 The Dow Jones Industrial Average climbed 210.29 points, or 0.61%, to 34,502 The Nasdaq Composite dipped -24.38 points, or 0.17%, to 14,504 The Russell 2000 Index inched higher 1.71 points, or 0.07% to 2,310 Economic Calendar: 7:30 AM ET Challenger Layoffs for June 8:30 AM ET Weekly Jobless Claims 8:30 AM ET Continuing Claims 9:45 AM ET Markit Manufacturing PM, June-F 10:00 AM ET Construction Spending for May 10:00 AM ET ISM Manufacturing PMI, for June 10:30 AM ET Weekly EIA Natural Gas Inventory Data Earnings Calendar: Earnings Before the Open: $AYI, $LNN, $MKC, $SMPL, $WBA Earnings After the Close: None Other Key Events: Raymond James Company Meetings at Mobile World Congress (virtual), 6/28-7/1 Macro Up/Down Last Nymex 1.32 75.94 Brent 1.52 74.99 Gold 3.05 1,774 EUR/USD 0.0001 1.1856 JPY/USD 0.47 111.58 10-Year Note +0.031 1.475% Sector News Breakdown Consumer Hertz ($HTZZ) common stock to trade as $HTZZ (from HTZGQ) starting today after emerging from Chapter 11 bankruptcy Bally’s ($BALY) and Gamesys Group shareholders both approved the companies’ proposed business combination McCormick & Co ($MCK) Q2 adj EPS $0.69 vs est $0.61; Q2 revenue $1.56B vs est $1.47B; sees FY21 adj EPS $3.00-$3.05 from prev. $2.97-$3.02; expects to FY21 sales growth 11-13%, 8-10% in constant currency, Energy, Industrials & Materials ExxonMobil ($XOM) sees Q2 earnings gain of $0.6-1B from higher oil price, $200M from higher gas prices, and $800M in chemical margins Apache ($APA) filed mixed securities shelf Enbridge ($ENB) upgraded to Neutral at Goldman Edison International ($EIX) downgraded to Sector Weight from OW at KeyBanc Desktop Metal ($DM) files to sell 2.49M shares of common stock for holders U.S. Department of Defense awarded new contracts to Lockheed Martin ($LMT), Raytheon ($RTX), Mercury Systems ($MRCY), Northrup Grumman ($NOC), L3Harris Technologies ($LHX) MKS Instruments ($MKSI) agreed to acquire Atotech ($ATC) for $5.1 billion in cash in stock, paying $16.20 in cash and 00052 of a share of MKS for each ATC common share. This deal is equivalent to $26.02/share, a 1.9% premium Financials Realty Income (O) started an offering of 7.3M shares Franklin Covey (FC) Q3 EPS $0.90 vs est $0.07, Q3 revenue $58.7M vs est $51.6M; now sees FY21 adj EBITDA $24.5M-$26.5M from prev. range $20M-$22M Healthcare Apellis ($APLS) and Beam Therapeutics ($BEAM) entered into an exclusive research collaboration to apply base editing to discover novel therapies for complement-driven diseases Raymond James initiated coverage on Passage Bio ($PASB) at Outperform with a $29 PT, Agios Pharmaceuticals ($AGIO) at Market Perform, and Vertex Pharmaceuticals ($VRTX) at Market Perform CureVac ($CVAC) said statistical criteria for primary endpoint were met – Phase 2b/3 showed protection in age group 18-60; 48% vaccine efficacy against Covid of any severity across all age groups and 15 variants, 53% against disease of any severity, and 77% against moderate and severe disease. Novavax ($NVAX) published results of its UK Phase 3 clinical trial that demonstrated high levels of efficacy of its Covid-19 vaccine Technology, Media & Telecom Micron ($MU) 3Q adj eps $1.88 vs est. $1.72, gross margin 42.9% vs est. 42.0%; sees 4Q revs $8-8.4B vs est. $7.85B; expects DRAM, NAND supply to remain tight into 2022 Texas Instruments ($TXN) announced it purchased Micron’s (MU) 300-mm semiconductor factory in Lehi, UT for $900M $COHU announced a $100 million debt prepayment that reduces outstanding principal of its term loan B facility to about $104M and is is expected to save about $0.8M in fiscal Q3 interest expense DBV Technologies ($DBVT) filed for stock shelf of up to $250M Shaw Communications ($SJR) Q3 EPS $0.56 vs est $0.28 on revs $1.1B (+18.2% YoY)
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Upside: -NOVN +32% (reports positive topline results from pivotal Phase III trial of SB206 in patients with molluscum contagiosum) -PGEN +28% (announces positive topline results from Phase 1b/2a study of AG019 ActoBiotics, a Novel Therapy designed to address the underlying cause of Type 1 Diabetes; primary endpoints were met) -GENE +15% (US Patent Office grants foundational pharmacogenomic patent) -MX +15% (confirms 21% improved rival bid of $35/shr cash unsolicited proposal from Cornucopia Investment Partners) -ZDGE +9.5% (earnings, guidance) -ATC +8.4% (MKS Instruments said to have approached Atotech for acquisition) -ADMP +5.9% (provides update on clinical trial start-up progress for tempol in the treatment of COVID-19) -RFP +5.6% (announces $1/share Special Dividend, and $50M in lumber investments) -PLAY +5.3% (earnings, guidance) -AUTL +5.1% (presents new data on obe-cel in r/r Indolent B cell lymphomas and gives an update of obe-cel in r/r Adult ALL at the European Hematology Association Virtual Congress) -MBIO +5.0% (announced updated interim Phase 1/2 data for MB-106) -TYME +5.0% (comprehensive strategic review identified breast cancer as a priority indication for development, a focus on second-line pancreatic cancer, and continuation of trial in high-risk sarcomas) -LIFE +2.5% (presents poster demonstrating functional selectivity of second Anti-NRP2 Antibody) -OCGN +1.4% (Roth Capital broker downgrade) -AVO +1.3% (earnings, guidance) Downside: -ORPH -52% (application for MIPLYFFA under priority review with FDA, expected Prescription Drug User Fee Act action date of June 17; company not aware for reason for stock volatility) -VRTX -14% (reports primary endpoint achieved in Phase 2 Study of VX-864 in Alpha-1 Antitrypsin Deficiency but magnitude of treatment effect observed unlikely to translate into substantial clinical benefit) -CVAC -11% (downside momentum) -INCY -4.0% (FDA extendes the New Drug Application review period for ruxolitinib cream for the treatment of atopic dermatitis) -ADC -3.9% (prices 4.0M shares at implied $71.50/shr to raise $286M) -SNOW -3.7% (provides 2029 financial targets) -ELY -3.6% (to join S&P MidCap 400) -LTHM -3.2% (prices 13M shares at $17.50/shr) -AGNC -3.1% (reports tangible net book value) -RCL -2.1% (two guests aboard Celebrity Millennium test positive for COVID during required end-of-cruise testing) -CHWY -1.4% (earnings, guidance)
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/*============================================= = Friday, June 11, 2021 = =============================================*/ Futures Up/Down % Last Dow 75.00 0.22% 34,429 S&P 500 4.25 0.11% 4,233 Nasdaq 13.50 0.09% 13,963 Stock futures are looking higher, trying to build off yesterday’s gains as the S&P 500 Index posted its first closing high in over a month and as the Nasdaq Composite outperformed (rising over 0.75%) as the yield on the benchmark 10-year yield fell to its lowest levels since March, now down around the 1.43% level. Market fears of rising prices and inflation have deteriorated despite another spike in CPI yesterday when prices topped 5% on YoY basis, its highest levels since 2008 as investors hang on to the notion (implied by the Fed) that the price hikes are indeed transitory. Market gains were paced by strong gain in healthcare and REITs. In Asian markets, The Nikkei Index fell -9 points to 28,948, the Shanghai Index slid -21 points to 3,589, and the Hang Seng Index rose 103 points to 28,842. In Europe, the German DAX is up about 40 points to 15,610, while the FTSE 100 is higher by 45 points to 7,133. Market Closing Prices Yesterday The S&P 500 Index gained 19.63 points, or 0.47%, to 4,239.18 The Dow Jones Industrial Average rose 19.10 points, or 0.06%, to 34,466.24 The Nasdaq Composite jumped 108.58 points, or 0.78%, to 14,020.33 The Russell 2000 Index declined -15.72 points, or 0.68% to 2,311.41 Events Calendar for Today 10:00 AM EST University of Michigan Sentiment June-P 1:00 PM EST Baker Hughes Weekly rig count data Other Key Events: FBN Securities Silicon Valley Tech Tour (virtual), 6/10-6/11 Oppenheimer Virtual Software & Semiconductor Bus Tour, 6/7-6/11 Macro Up/Down Last Nymex 0.13 70.42 Brent 0.14 72.66 Gold -6.00 1,892.50 EUR/USD -0.0014 1.2156 JPY/USD 0.16 109.49 10-Year Note -0.021 1.437% World News The U.S. Senate Commerce Committee unveiled on Thursday a bipartisan surface transportation bill that would authorize $78 billion over five years, including sharply higher passenger rail funding, along with tougher auto safety requirements. Ten Senate Democrats and Republicans say they reached five-year, nearly $1 trillion infrastructure deal ‘; agreement calls for about $974 bln in infrastructure spending over five years without raising taxes. The package includes about $579 bln in new spending. UK Apr GDP beat m/m: 2.3% m/m vs 2.2% cons; 3m/3m 1.5% in-line; y/y 27.6% in-line; UK April Trade Balance smaller deficit: -£10.96b vs -£12.1b consensus; UK Apr Trade Balance non-EU smaller deficit: -£5.55b vs -£6.54b previous Sector News Breakdown Consumer Chewy ($CHWY) 1Q EPS $0.09 vs. est. ($0.03) on sales $2.14B vs. est. $2.13B; Gross margin of 27.6% expanded 420 bps YoY; net margin of 1.8% improved 480 bps YoY; Q1 adjusted EBITDA of $77.4M; Q1 active customers 19.8M, up 31.6% from last year Dave & Busters ($PLAY) Q1 EPS $0.40 vs. est. loss (-$0.19); Q1 revs $265.3M vs. est. $256.6M; Q1 comp store sales fell -35%; sees Q2 revs $335M-$350M vs. est. $287.4M Copa Holdings ($CPA) reports revenue passenger miles dropped 58% to 753.6M in May 2021 vs. May 2019; capacity down 53.4% to 970.9M available seat miles as compared to May 2019 Energy, Industrials and Materials The IEA forecasts global oil demand to recover to pre-pandemic levels late next year and urged OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity Livent ($LTHM) 13M share Secondary priced at $17.50 REV Group ($REVG)5M share Secondary priced at $15.50 Navigator Holdings ($NVGS) Q1 EPS $0.05 vs. est. $0.05; Q1 revs $85.7M vs. est. $71.29M Financials AGNC Investment ($AGNC) estimates tangible net book value per share of $16.82 as of May 31, 2021, down 6.4% from $17.96 it estimated at April 30. Agree Realty ($ADC) 4M share Spot Secondary priced at $71.50 Manning & Napier ($MN) reports preliminary AUM $22.1B as of May 31 Victory Capital Holdings, Inc. ($VCTR) reported assets under management (AUM) of $160.9 billion as of May 31, 2021 TaskUs ($TASK)2M share IPO priced at $23.00 Healthcare Vertex Pharma ($VRTX) shares declined over 10% after abandoning further development of VX-864 for alpha-1 antitrypsin deficiency saying that the treatment benefit seen in a phase 2 study is “unlikely to translate into substantial clinical benefit.” Jury selection began this week in a case considered one of the biggest and most complicated in the effort to hold corporations liable for the opioid crisis according to Barron’s. The trial, in New York, was delayed a year because of the pandemic. New York state and two of its counties, Nassau and Suffolk on Long Island, are suing a number of companies, including Johnson & Johnson (JNJ), McKesson ($MCK) and Teva Pharmaceutical ($TEVA), for monetary damages Tyme Technologies, Inc. ($TYME) completes strategic review, announces oasis breast trial with Georgetown University, and reports fiscal year 2021 financial results; review identified breast cancer as a priority indication for development, a focus on second-line pancreatic cancer, and continuation of trial in high-risk sarcomas CureVac ($CVAC) slides; The efficacy of CureVac’s Covid-19 vaccine is still hard to determine but is set to remain in focus as critical data from the phase 3 trial is expected this month, Berenberg says. Analysts at the bank say the trial’s progress seems encouraging and could facilitate a rapid regulatory discussion in the coming months. They expect the CVnCoV vaccine to be 70% to 80% effective – DJ PTC Therapeutics ($PTCT) announced interim results from the ongoing RAINBOWFISH trial that demonstrated pre-symptomatic infants with spinal muscular atrophy, or SMA Vertex Pharmaceuticals ($VRTX) and CRISPR Therapeutics ($CRSP) announce new data on 22 patients, with follow-up of at least 3 months, treated with CRISPR/Cas9-based gene-editing therapy, CTX001 Technology, Media & Telecom Nvidia ($NVDA) has agreed to acquire DeepMap, a startup committed to building high-definition maps for autonomous vehicles to navigate the world safely Didi Chuxing, China’s biggest ride-hailing firm, made public the filing for its long-anticipated U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year. SeaChange ($SEAC) 1Q adj EPS ($0.07) vs. est. ($0.09) on revs $5.1Mm vs. est. $4.9Mm; qtr end backlog $20.1Mm
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vRTX uos Carlos?
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Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) - a rare, life-threatening genetic disease - and has several ongoing clinical and research programs in CF. Beyond CF, Vertex has a robust pipeline of investigational small molecule medicines in other serious diseases where it has deep insight into causal human biology, including pain, alpha-1 antitrypsin deficiency and APOL1-mediated kidney diseases. In addition, Vertex has a rapidly expanding pipeline of cell and genetic therapies for diseases such as sickle cell disease, beta thalassemia, Duchenne muscular dystrophy and type 1 diabetes mellitus.
CEO: Jeffrey Leiden
HQ: 50 Northern Ave Boston, 02210-1862 Massachusetts