Beyond Meat misses quarterly expectations as faux meat demand slides

 Beyond Meat missed market expectations for quarterly revenue and posted a wider-than-expected loss on Wednesday, hurt by relentless weakness in demand for plant-based meat.

The company, which also supplies its plant-based patties to fast food chains such as McDonald's and Yum! Brands , has been offering steeper discounts, as consumer sentiment about plant-based meat and its health benefits took a beating.

In August, Beyond Meat cited data from trade association Food Marketing Institute which showed the percentage of consumers in the U.S. who believe plant-based meats are healthy dropped from 50% to 38% from 2020 to 2022.

Net revenue for the third quarter fell 8.7% to $75.3 million, compared with analysts' average estimate of revenue of $85.4 million, as per LSEG data.

The company's shares, which have fallen almost 45% so far this year, were down marginally in extended trade.

"Consumers in the U.S. haven't fully warmed up to plant-based protein alternatives like Beyond Meat... because the products currently available on the market don't live up to shoppers' standards for taste and flavor," said Rachel Wolff, a senior analyst at Insider Intelligence.

With household budgets pinched by sticky inflation, consumers have also swayed to cheaper animal proteins instead of pricier plant-based alternatives.

Earlier this month, the company trimmed its annual revenue forecast and lowered its gross margin expectations. The company also announced fresh job cuts as part of a cost-reduction plan. For the period ended Sept. 30, Beyond Meat posted a loss of $1.09 per share, compared with market expectations of a loss of 89 cents per share.

https://finance.yahoo.com/news/1-beyond-meat-misses-quarterly-211131126.html

Xencor pulls back from Genentech cancer pact to cut costs

 Xencor and CytomX Therapeutics have taken a scalpel to their pipelines, stopping work on an ex-AbbVie antibody-drug conjugate (ADC) and pulling back from a co-development deal with Genentech to focus cash on other projects.

Compared to CytomX, Xencor is making more substantial changes to its strategy. Seeking to extend its runway into 2027, Xencor is rethinking its plans for three programs, including the IL-15 collaboration it entered into with Roche's Genentech unit in 2019. Since forming the deal, Xencor has funded 45% of the worldwide development costs of XmAb306 and other IL-15 assets. Now, the biotech is opting out of cost sharing.

Genentech has moved the potency-reduced IL15/IL15Rα-Fc fusion protein XmAb306 into a set of phase 1 trials in various cancers in combination with drugs including its checkpoint inhibitor Tecentriq. Xencor has previously warned investors that its support for the program, which would have secured it a 45% share of net profits from sales, may require it “to incur substantial costs in excess of available resources.”

Xencor disclosed the change to the IL-15 collaboration alongside updates on its plans for vudalimab and XmAb104. Citing the “rapidly changing competitive environment,” the biotech revealed it is stopping the gynecologic tumor cohorts in the monotherapy study of its PD-1xCTLA-4 bispecific vudalimab. Work on other indications is continuing. 

The XmAb104 program is stopping altogether. Xencor decided to halt internal development on XmAb104 after data from phase 1 expansion cohorts fell short of the efficacy criteria for progressing further. The study expansion enrolled patients with microsatellite stable colorectal cancer. 

Xencor shared details of its updated strategy minutes before CytomX provided an update on CX-2029, a CD71-directed ADC. AbbVie walked away from CX-2029 in March, terminating the pact after getting a look at results from a phase 2 trial. 

CytomX reacquired the full rights to the program and began evaluating the next steps. Late Tuesday, the biotech revealed there will be no progress anytime soon, stating that “based on current priorities, [it] will not be directing significant additional investment in this program in the near-term.” The biotech made the call despite telling investors that it is “encouraged by the anti-tumor activity.”

Another company making program cuts is Genmab, which has axed an antibody-based therapy called GEN3009, according to a third quarter earnings report issued Tuesday. The bispecific was created using the company's DuoHexaBody technology targeting CD37.

Genmab had been testing GEN3009 in a phase 1/2 trial for B-cell non-Hodgkin lymphomas. That trial has now been discontinued based on a strategic review of Genmab's portfolio rather than safety or regulatory concerns, the company noted.

https://www.fiercebiotech.com/biotech/xencor-pulls-back-genentech-cancer-pact-cut-costs-cytomx-drops-ex-abbvie-adc

Gsk plc: Berenberg reduces the target price from USD 44 to USD 41.

 maintains its buy recommendation

https://www.marketscreener.com/quote/stock/GSK-PLC-9590199/

Gilead sciences, inc.: Jefferies raises the target price from USD 90 to USD 95.

 maintains its buy recommendation 

https://www.marketscreener.com/quote/stock/GILEAD-SCIENCES-INC-4876/

Tharimmune volatile around licensing agreement

 Tharimmune (NASDAQ:THAR) stock is taking off on Tuesday after the clinical-stage biotechnology company announced an exclusive worldwide licensing agreement with Avior.

This licensing agreement covers AV104, which is in development as a treatment for moderate-to-severe cholestatic pruritis in patients with primary biliary cholangitis. The company also notes that this asset is being renamed TH104.

With this agreement, Tharimmune will handle the development, marketing and commercialization of TH104. It expects to conduct a phase 1 pharmacokinetic trial and a phase 2 proof-of-concept efficacy study covering the treatment. It will do so after getting approval from the FDA and expects the trials to last for 12 months.

Randy Milby, CEO of Tharimmune, said this about the news.

“This license agreement allows the company to bring a clinical-stage asset into the organization as we shift into a business model focused on clinical development signifying our next step as we grow into a patient-focused biotechnology organization.”

THAR Stock Movement Today

Today’s news brings with it heavy trading of THAR stock. That has more than 16.8 million shares of the company’s stock changing hands as of this writing. For the record, its daily average trading volume is closer to 1 million shares.

In addition to this licensing agreement, Tharimmune also announced a proposed public stock offering for its shares. The company doesn’t say how many shares will be included in the offering or what they will be priced at.

https://investorplace.com/2023/11/why-is-tharimmune-thar-stock-up-113-today/

BridgeBio Pharma's Upside Potential Is Significant According to Citi

 Citi initiated coverage on BridgeBio Pharma Inc BBIO, a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, noting an optimistic outlook on the stock.

The analyst David Lebowitz says the optimistic outlook stems from the substantial market potential of acoramidis, particularly following its recent Phase 3 successes in treating ATTR cardiomyopathy (ATTR-CM). 

ATTR-CM primarily affects the heart, as clumps of amyloid are deposited in the heart tissue.

Citi initiates with a recommendation of Buy/High Risk and a price target of $42.

The analysts anticipate that acoramidis could achieve blockbuster sales levels following its expected launch in the second half of 2024. 

In addition, the prospects for infigratinib, BBIO's candidate for dwarfism, are expected to be highly promising. 

In March, BridgeBio Pharma said that at the highest dose level evaluated (Cohort 5, 0.25 mg/kg once daily), the mean increase from baseline in annualized height velocity for the ten children with six-month visits was +3.03 cm/yr.

Moreover, BridgeBio Pharma's pipeline includes other notable candidates, such as encaleret and BBP-418, which can become significant contributors to the company's growth and valuation.

https://www.benzinga.com/general/biotech/23/11/35652192/rare-disease-player-bridgebio-pharmas-upside-potential-is-significant-according-to-citi-analyst-h

Teva Lifts Revenue Forecast - Huntington's And Migraine Drugs Help Q3

 Teva Pharmaceutical Industries Ltd TEVA reported Q3 sales of $3.85 billion, beating the consensus of $3.72 billion.

The 7% Y/Y increase was mainly due to higher revenues from generic products in all segments, Austedo (Huntington's Disease treatment) in the North America segment and Ajovy (migraine drug) in all segments, partially offset by lower revenues from Bendeka and Treanda in the North America segment as well as from API sales to third parties.

The company reported Q3 adjusted EPS of $0.60, higher than $0.59 a year ago, missing the consensus of $0.61.

The adjusted gross profit margin was 53.5% compared to 53.0% a year ago, mainly due to a favorable mix of products in the North America segment primarily driven by increased revenues from Austedo, partially offset by higher costs due to inflationary and other macroeconomic pressures.

Adjusted operating margin reached 26.5% from 27.2% a year ago.

Adjusted EBITDA increased to $1.134 billion from $1.089 billion a year ago.

"Continued solid performance of Austedo, Ajovy and our generics business delivered growth across all geographies," said Chief Executive Officer Richard Francis. "Based on these strong and consistent results, we are increasing our revenue outlook for 2023 for the second consecutive quarter."

Outlook: Teva revised its FY23 revenue forecast to $15.1 billion–$15.5 billion versus the prior range of $15.0 billion -$15.4 billion and the consensus of $15.17 billion.

It maintained its adjusted earnings per share forecast of $2.25-$2.55 versus the consensus of $2.27 and adjusted EBITDA of $4.5 billion-$4.9 billion.

https://www.benzinga.com/general/biotech/23/11/35671873/teva-pharmaceutical-lifts-revenue-forecast-huntingtons-and-migraine-drugs-help-q3-performance