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Tuesday, April 11, 2023

WeightWatchers Surges on Obesity-Drug Related Deal

 Shares of WW International, previously known as WeightWatchers, soared as much as 44% Tuesday in its largest move since March after it gained a new Wall Street bull, following the closing of its acquisition of a telehealth provider that will help it access the growing market for new obesity drugs.

Goldman Sachs analyst Jason English upgraded his rating on the stock to buy from neutral following the companies acquisition of Sequence. English also raised his price target on WW to $13 from $3.80, implying that shares could surge 216% from their close on Monday.

“We believe a catalyst for a turnaround has emerged with its new obesity drug on-ramp solution,” he wrote in a note. “With the now completed acquisition of Sequence, WW will begin to offer a pharmaceutical based clinical subscription service that it can integrate with its legacy behavioral based weight management offering.”

Tapping into the burgeoning market should boost WW’s earnings per share, leading the stock higher, he said. English’s price target makes him the biggest WW bull on the Street, according to data compiled by Bloomberg.

WW first announced that it struck a $132 million deal with Sequence in March. It marked an important shift for WW to incorporating an emerging class of weight-loss drugs, which have been subject to social media frenzies and shortages as they’ve become popular.

That news also sent the stock up 79% in one day, a gain that has since been largely eroded as investors mull WW’s declining subscribers and revenue. The stock, which reached highs of more than $100 per share in 2018, now trades in the $4 range.

https://finance.yahoo.com/news/weightwatchers-surges-obesity-drug-related-131724516.html

Forget China. This is America’s greatest challenge

 While politicians rightfully focus on the pressing threat posed by a rising China, intent to reshape the current liberal rules-based order according to her values and interests, they risk ignoring a more pernicious domestic danger.  

America’s unique strengths derive from her culture, not simply from abundant natural resources or fortuitous geography. This culture results in the prosperous free market economy, military superiority and functioning democracy that have made her a superpower. This culture is not genetically encoded or automatically passed down but must be renewed with each generation. America’s greatest challenge is not overseas, but comes from liberals at home eroding that cultural heritage.  

First, liberals are undermining the rule of law that prevents the arbitrary exercise of power and protects law-abiding citizens. While liberal prosecutors refuse to enforce laws against open-air drug markets, retail theft, semi-permanent homeless encampments on public sidewalks and parks, and illegal immigration, liberal politicians propagate restrictive permitting rules and regulations that render unwitting home and business owners vulnerable to selective enforcement.  

Calls to defund the police and catch and release criminals for increasingly serious crimes leave many urban dwellers wondering if the state will fulfill its first responsibility to protect keep them from violent harm. 

Second, liberals are undermining the ideal of meritocracy that frees society from inherited privilege and petty corruption. America’s founding rebuke to hereditary aristocratic European powers was its insistence that advancement should be based on accomplishments resulting from striving, talents and good fortune.  

While talents are distributed unequally, conservatives work to increase the equality of opportunity through reforms like school choice. Conservatives respect the individual’s right to keep the fruits of his labor, and recognize doing so increases society’s productivity and wealth, producing the surplus that funds a strong national defense and safety net welfare state.  

Whereas they once joined conservatives in lauding "Horatio Alger" rags-to-riches stories celebrating the ideal of the self-made man, liberals now denounce achievement as individual accomplishment. Rugged individualism has been replaced by a collectivist "you didn’t build that."  

Liberals have gone beyond critiquing extreme inequality and the lack of social mobility that threaten society’s stability and continued prosperity. They now denounce America’s economy and social institutions as systematically rigged.  

Rather than joining conservatives in using courts to correct specific instances of discrimination or target affirmative action assistance to those individuals overcoming genuine hardship, liberals prioritize racial, gender and sexual group membership over individual circumstances.  

Disparate group outcomes are cited a priori as evidence requiring sweeping state intervention and redistribution. Liberals reject the ideal of a neutral meritocratic society that rewards individuals for what they do, not who they are. 

Third, liberals are undermining pride in American history and her values that has animated unity at home and a generous, confident and inspiring policy abroad. Rather than viewing America as a unique force for good that unleashed more freedom, security, and prosperity for more people than any other society, liberals insist on reducing America to her worst acts and defining her as irredeemably and structurally racist.  

Liberals no longer advocate incremental reforms to expand the American Dream to include those left behind, but advocate a complete restructuring of society as the only remedy for past sins. Liberals no longer join conservatives in highlighting the moral contrast between Western liberal democracies and authoritarian communist nations, but embrace extreme multiculturalism and reject the idea of American exceptionalism or even legitimacy. 

Fourth, liberals are undermining the marketplace of ideas that has facilitated a better understanding of reality, protected minority viewpoints, and provided outlets for protesting voices. Liberals unilaterally declared the urgency of addressing climate change and COVID-19 trumped the rights of dissenting voices to question the establishment viewpoint, and expanded that precedent to suppress conservative viewpoints and religious liberty rights in the name of inclusion and diversity.  

Subordinating the pursuit of truth to liberals’ conception of social justice has corrupted America’s higher education system and increased political polarization. Candidates are less incentivized to persuade, engage with opposing views, or find common ground. Instead, they are rewarded for purity in appealing to their most passionate supporters via partisan distribution channels. 

America’s culture endowed her with the optimism and confidence to rescue the world from fascism and communism, and to create a large, vibrant, and diverse middle class at home. America will need those same strengths to confront today’s challenges.  

A self-assured nation that continues to believe her best days are ahead will make sacrifices today to benefit future generations, assimilate skilled and hard-working immigrants who come legally helping offset declining fertility rates, reestablish secure supply lines with allied nations and accelerate economic growth while ensuring a wider dispersion of opportunities to reach neglected geographies and populations.  

A revitalized and unified America will need to assemble and lead a coalition of allied nations with shared values and/or strategic interests to counterbalance a rising China, but can only do so after securing its strength at home.  

Many Republican donors and leaders blame recent election losses, including the Wisconsin Supreme Court election, on the party’s focus on cultural issues and prefer to focus on economic issues they see as less likely to divide the party or alienate swing suburban voters.  

Liberal donors, activists and operatives have engaged in cultural debates with unmatched funding and intensity, while many of their conservative counterparts seem to simply hope the issues will go away.  Conservatives risk missing this moment by failing to take cultural issues seriously or by focusing on extreme positions that alienate persuadable moderates.  

Gov. Glenn Youngkin’s victory in Virginia, San Francisco’s school board and district attorney recall elections, and Mayor Eric Adams’ win in New York show voters across party lines frustrated with rising crime rates and the prioritization of radical liberal ideology over academic achievement will reward those who speak up against the liberal mob. 

Stanford Law Dean Martinez’s apology and commitment to free speech, after students heckled a federal judge, show an academic remnant remains committed to traditional values of open debate. Conservatives can focus on cultural issues to build a majority coalition and show that liberals are the out-of-touch extremists threatening America’s heritage and future. Winning the debate on cultural issues is good politics for conservatives and important to keeping America great. 

Whole Foods in San Francisco closing one year after opening due to safety concerns

 Whole Foods Market announced that a store in downtown San Francisco, will be closed after Monday, just over a year after the store first opened, because of crime in the city, according to a report.

The grocery store chain said the Whole Foods located at Eighth and Market streets will be closed temporarily as it deals with crime near the store that impacted its workers' safety.

"We are closing our Trinity location only for the time being," a Whole Foods spokesperson said in a statement. "If we feel we can ensure the safety of our team members in the store, we will evaluate a reopening of our Trinity location."

Deteriorating street conditions around drug use and crime near the grocery store led to the Whole Foods location closing its doors, according to The San Francisco Standard.

There has been a massive decline in people walking in downtown San Francisco since the start of the coronavirus pandemic because of remote jobs. Many small businesses in the area have had to shut down. 

The area has also witnessed extreme poverty, drug use and mental illness on the street. 

City Hall officials are predicting a nearly $800 million deficit in the city's budget, according to The San Francisco Standard.

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The Whole Foods grocery store on Market Street cut its operating hours in October over high theft and hostile visitors, one of the store's managers told the outlet. In November, the store changed its bathroom rules after syringes and pipes were found.

The company called the 64,737 square-foot location its "flagship store" in a press release last year when announcing its March 2022 opening.

Just hours before the store’s closure on Monday, the market’s aisles were still stocked with food and other products, and workers continued to fill shelves.

Board of Supervisors member Matt Dorsey said in a tweet Monday that he was "incredibly disappointed but sadly unsurprised by the temporary closure of Mid-Market’s Whole Foods." Dorsey's district includes the Whole Foods store.

"Our neighborhood waited a long time for this supermarket, but we’re also well aware of problems they’ve experienced with drug-related retail theft, adjacent drug markets, and the many safety issues related to them," he wrote.

Dorsey, a Democrat, announced he will introduce legislation with Supervisor Catherine Stefani to amend the City Charter in an effort to fully staff the city's police department within five years.

The police department has lost more than 330 officers since 2017 and its staffing level of about 1,500 officers is a far cry from its goal of having 2,100 officers.

"Whole Foods’ closure — together with many other safety-related challenges we’ve seen recently — is Exhibit A as to why San Francisco can no longer afford NOT to solve our police understaffing crisis," Dorsey wrote. "San Franciscans — or at least the ones I represent in District 6 — are demanding solutions, and they have a right to expect that from those of us in City Hall. I hope my colleagues will support this effort. We owe our residents nothing less."

https://www.foxbusiness.com/retail/whole-foods-san-francisco-closing-one-year-after-opening-due-safety-concerns-report

Nirsevimab: Sanofi, AstraZeneca and Sobi simplify contractual agreements

 Nirsevimab: Sanofi, AstraZeneca and Sobi simplify contractual agreements

  • Modification of existing collaboration agreement with AstraZeneca gives Sanofi full commercial control of nirsevimab and enhanced agility in the U.S.

  • Existing collaboration agreement with AstraZeneca remains in place for nirsevimab activities ex-U.S.

Biden’s war on prescription drugs

 President Biden wants you to believe that his fiscal year (FY) 2024 budget will save Medicare, which will be insolvent as early as 2028, without raising costs on seniors or cutting benefits. 

If that sounds too good to be true, it’s because it is. 

Biden’s plan to “save” Medicare is to raise taxes and subject more drugs to government price controls. The White House boasts that the president’s $6.8 trillion budget proposal will “extend the life of the Medicare Trust Fund by at least 25 years.” This band-aid means that anyone under age 35, or more than one-third of the current workforce, will still face Medicare insolvency in their lifetimes. 

Even if you take the White House at its word, Biden is clearly kicking the can down the road for the next generations to deal with. This, however, is par for the course for Washington Democrats these days, particularly when it comes to budget issues; call something “free” and hope you aren’t held accountable when the bill comes due. 

Biden’s topline spending numbers also revolve around the false belief that when the government gets involved, prices drop. Rarely, if ever, is this true. The federal government is inherently worse at negotiating drug prices than the private sector; for example, to offset government-set prescription drug prices in the Inflation Reduction Act, drug companies raised the prices of nearly 1,000 other medications, proving that the government alone cannot effectively mandate private sector prices. 

Any claim that government price negotiations will automatically lead to cost savings must be greeted with skepticism. 

Further, any savings that result from this government drug pricing scheme would be more than offset by new entitlement programs that the left is pushing for, meaning none of Biden’s already inflated estimate of $307 billion in savings would be used to stabilize Medicare or given back to the taxpayer. 

Instead, the president proposes $252 billion in new taxes, driven by a rise in the Net Investment Income Tax, on America’s family-owned businesses to help subsidize our broken Medicare system. 

Seventy five percent of businessowners will face immediate financial setbacks should this plan take place, the same people who fought tooth and nail to keep their doors open during COVID-19 and are still battling high inflation and low labor force participation. Mom and Pop shops, which employ nearly half of the workforce, will inevitably be forced to raise prices, lay off workers, or both to absorb these heightened costs. 

It’s a twist of the knife that this administration thrust into the heart of small businesses on day one.  

It’s abundantly clear that this administration has no plan other than to tax, borrow and spend. We have a spending problem, not a revenue problem, so this approach will never work. Frustratingly, the new left appears to be willing to sacrifice anything — even lives — if it means growing the federal government’s control over our health care system. 

When Washington Democrats forced the Inflation “Reduction” Act into law, they decided that government intrusion in the health care system is more important than the millions of cancer patients who are desperately waiting on a lifesaving cure and treatment. At least 15 cures will no longer come to market due government price controls and regulations. Will that be a cure for cancer? Diabetes? Alzheimer’s? We may never know; however, two exciting new drug therapies, one for Stargardt disease, a rare eye disease that leads to vision loss, and another for blood cancers have already been suspended with company spokespersons directly citing the Inflation Reduction Act for the pause. 

Decreased investment in pharmaceutical research and development has real-world consequences. Patients waiting for a promising new drug trial to alleviate their chronic pain, or even save their life, watched that hope disappear with the flick of Biden’s wrist. You think the president would have learned from this mistake and, at a minimum, prevented any further hope from being dashed from patients.

Instead, when it comes to the Biden administration’s failures, the past is merely prologue. 

Rep. Buddy Carter is a pharmacist who sits on both the House Budget and Energy and Commerce Committees.

https://thehill.com/opinion/congress-blog/3943114-bidens-war-on-prescription-drugs/

Weight loss in older adults associated with risk of early death, study finds

 A new study found that weight loss in older adults may increase their risk of death, especially among older men.

The study, published in JAMA Network Open on Monday, looked at 16,703 adults who were 70 years old or older in Australia and 2,411 adults in the United States who were 65 or older.

The study said the participants, who did not have cardiovascular disease (CVD), dementia, physical disability or “life-limiting” chronic illness, were weighed annually at their regular checkup appointments between 2010 and 2014.

The study ultimately found that there is a “significant association” between minor weight loss of more than five percent and mortality.

A man chooses pasta from the shelf of a shop in downtown Milan, Italy, Wednesday, Sept. 12, 2007. (AP Photo / Luca Bruno)

The study found that compared with men who had a stable weight over the period, those who lost between 5 and 10 percent of weight had a 33 percent higher risk of mortality.

The men who lost more than 10 percent of weight had a 289 percent higher chance of mortality.

Compared with women who had a stable weight, women who lost between 5 and 10 percent of weight had a 26 percent higher chance of mortality, the study found.

Women who lost more than 10 percent of weight had 114 percent higher chance of mortality, according to the study.

The researchers said that the difference between men and women may be because men have a higher percentage of body muscle than body fat compared to women, who typically have more body mass of fat than men.

The study said that a “likely explanation” with the association between weight loss and mortality may be an “early prodromal indicator of the presence of various life-shortening diseases.”

Those who gained weight did not show an increased risk of mortality in the group of healthy older adults, the study said.

The research also found that the weight loss could be associated with a higher risk of a cancer diagnosis and a higher mortality risk with CVD and other life-limiting conditions.

https://thehill.com/policy/healthcare/3943169-seniors-weight-loss-increased-death-rate/

Harris announces $1.7B in grants for more than 600 community lenders

 Vice President Harris on Monday announced $1.7 billion in grants for more than 600 community lenders to support small businesses, entrepreneurs, nonprofits, housing and commercial real estate as they seek to rebound from the coronavirus pandemic.

Harris announced the grants as part of the Treasury Department’s Community Development Financial Institutions Fund, saying that the loans will go to support local lending institutions that primarily serve minority communities, which may be hesitant to seek out a loan from a bigger bank. She said that the lenders will not need to pay back “not even a dollar of this investment,” and noting that the awards are grants, not loans.

“These banks predominantly do business in overlooked and underserved communities,” she said. They know these communities. They understand these communities. And in particular, most importantly, they know and see the capacity of these communities.”

Harris said that the grants will support smaller institutions that were affected by COVID-19, including 70 community lenders in Puerto Rico. Other lenders who will receive the grants include Community First Fund in Pennsylvania, PACE Finance Corporation in California and BankPlus in Missouri.

Treasury Secretary Janet Yellen said in a statement that the funds will help with the country’s economic recovery.

“These grant funds will be transformative for grantees that are building a more equitable, resilient economy, along with helping sustain our strong economic recovery” Yellen said. “These critical resources will allow mission-driven lenders to expand access to capital in financially underserved communities, which will help increase contributions to long-term economic growth.”

https://thehill.com/homenews/administration/3943398-harris-announces-1-7b-in-grants-for-more-than-600-community-lenders/