Revance Therapeutics (RVNC) stock drops 5.6% as Crown Laboratories fails to start tender offer by deadline, impacting acquisition agreement.
Monday, September 16, 2024
'3 Democrats call for interest rate cut ahead of pivotal Fed meet'
Three prominent Democrats urged Federal Reserve Chair Jerome Powell on Monday to cut interest rates by 75 basis points, warning the central bank may have already delayed too long.
The central bank is poised to announce rate cuts Wednesday after more than a year at the two-decade-high range of 5.25 to 5.5 percent.
While Powell signaled in December that rate cuts were on the horizon, sticky inflation this spring delayed his timeline for rate cuts as the Fed waited and watched for inflation to continue to fall.
Inflation clocked in at 2.5 percent in August, even lower than anticipated and a far cry from its 9.1 percent peak in June 2022.
“It is clearly the time for the Fed to cut rates. In fact, it may be too late: your delays have threatened the economy and left the Fed behind the curve,” Sens. Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.) and John Hickenlooper (D-Colo.) wrote in a letter to Powell.
The unemployment rate has also inched up from 3.5 percent in July 2023 to 4.2 percent in August, although it remains low by historical standards.
“Employment numbers adjust slowly, so the Fed should frontload rate cuts to avoid sliding towards a potential crisis,” the lawmakers wrote.
A 75 basis point cut is highly unlikely, although the lawmakers point out that a rate of 4.5 to 4.75 percent would still be higher than it was at any point between November 2007 and January 2023 if they did.
A majority of interest rate traders are forecasting a 50 basis point cut, according to the CME FedWatch tool.
Some Democrats including Warren have pressed Powell to cut rates for months, citing the burden of high borrowing costs on Americans and a negative impact on housing affordability.
On the other end of the political spectrum, former President Trump has accused the lifelong Republican he appointed in 2017 of being “political” and suggested Powell would cut rates ahead of the November election to help the Democratic Party.
But the Fed is a politically independent agency, and Powell has said repeatedly that the central bank would base its decision to cut interest rates on data and disregard policy.
Ascendis Hammers BioMarin On New Results For Growth Drug
Ascendis Pharma (ASND) stock rocketed Monday on promising test results for a growth treatment that could rival BioMarin Pharmaceutical's (BMRN) approved drug, Voxzogo.
Ascendis tested its drug, dubbed TransCon CNP, in children ages 2 to 11 with achondroplasia. In this genetic condition, an abnormal protein causes slow growth. Children who received TransCon CNP for a year grew an average 5.89 centimeters, compared to 4.41 centimeters for placebo recipients.
Ascendis Pharma's results look competitive with BioMarin's Voxzogo, Leerink Partners analyst Joseph Schwartz said in a report.
"Acknowledging the perils of cross-trial comparisons, it appears that TransCon CNP data are competitive vs. the one approved product," he said. "Moreover, considering TransCon CNP is a once-weekly injection vs. once-daily for Voxzogo, we see this becoming a meaningful product for Ascendis," he said.
https://www.investors.com/news/technology/ascendis-pharma-stock-biomarin-voxzogo/
Exelixis Results of Phase 3 Evaluating Cabozantinib in Advanced Neuroendocrine Tumors
Cabozantinib continues to demonstrate a significant improvement in progression-free survival versus placebo in patients with advanced neuroendocrine tumors, including across key subgroups –
– Findings were the basis for the supplemental New Drug Application filed with the U.S. Food and Drug Administration for cabozantinib for advanced neuroendocrine tumors –
Incyte bolstered by Zynyz data, Guggenheim note
- Incyte (NASDAQ:INCY) closed ~4.5% higher Monday after releasing promising data at the European Medical Society for Medical Oncology on Saturday on Zynyz (retifanlimab) for anal cancer.
- The gain represented the biotech's largest daily one since July 9, when it closed up ~4.4%.
- The ESMO data showed that the median PFS in the Zynyz + chemo group was 9.3 months compared to 7.4 months in the chemo only arm.
- In a note, Guggenheim's Michael Schmidt said the Zynyz regimen would lead to a "robust uptake in a high unmet need population." He rates Incyte a buy with a $92 price target (~39% upside based on Sept. 16 close), just raised from $86.
US Accuses Russia Of Helping Iran Achieve A Nuke
Britain and the United States have been talking up a new 'axis of evil' - and they tend to identify it as consisting of 'pariah' states Russian, Iran and North Korea. All of them are under far-reaching US-led sanctions, but in the process these countries have increasingly cooperated to the extent they've been more and more isolated on a global stage.
Last week's major Washington accusation that Iran has transferred ballistic missiles to Russia gave way to new weekend allegations that Moscow is in return aiding in the Islamic Republic's nuclear program.
Bloomberg reported over the weekend just after UK Prime Minister Ken Starmer's visit to Washington, "The US and UK are increasingly concerned that Russia is sharing with Iran secret information and technology that could bring it closer to being able to build nuclear weapons, in exchange for Tehran providing Moscow with ballistic missiles for its war in Ukraine.
"The Kremlin has increased its cooperation with Iran over its ambitions to obtain atomic weapons in recent months, according to Western officials familiar with the matter, who spoke on the condition of anonymity to discuss assessments that haven’t been made public," the report said.There's a widespread perception that Tehran is pushing to achieve nuclear weapons status in response to its ongoing showdown with Israel, and in connection to Gaza events.
Secretary of State Antony Blinken has also lately highlighted potential Russia-Iran nuclear cooperation, saying days ago: "For its part, Russia is sharing technology that Iran seeks – this is a two-way street – including on nuclear issues as well as some space information."
He has accused both countries of sowing "even greater insecurity" around the world. And G7 countries warned last week that Iran's enriched uranium and nuclear program "continued to grow significantly, without any credible civilian justification."
Russia, which is among the world's two countries possessing the most nuclear warheads (alongside the United States), has the technical knowhow and components to potentially help Iran bring a bomb to completion.
Iran has meanwhile claimed it has demonstrated "restraint" and is taking a 'moderate' path...
But still, the rhetoric of Western officials and reports are filled with speculation and "what ifs" - but their biggest claims lack for evidence. At this point Iran is also denying that it has sent Russia ballistic missiles, despite Washington's insistence that it has.
https://www.zerohedge.com/geopolitical/us-accuses-russia-helping-iran-achieve-nuke
'Somebody Do Something!!' - The Blob Is Shrieking As Kamala Enters Fade-Away Mode
Beep, Beep!
“Donald Trump is looking increasingly likely to be the winner of the presidential race. I have long held that the globalists will wrap up an economic collapse or a world war and throw it in Trump’s lap.”
- Brandon Smith
This time, the shooter lives to do some ‘splainin’. Do you wonder if he might get around to ‘splainin’ his role with the shady non-governmental orgs (NGOs) supported by the CIA who enabled his travels to Ukraine and his efforts there recruiting global mutts to fight for the Nazi-ish Azov Battalion? Perhaps he might rat-out actual government officials who assisted him in his colorful misadventures? As Ed Snowden remarked on “X”, wannabe Trump assassin Ryan Routh has “something of an Oswald vibe” — meaning, well-groomed by the intel boys, to be used as required.
Perhaps we’ll find out — if nothing fatal happens to befall Mr. Routh while in custody — how exactly he learned Mr. Trump would be on the links that afternoon? The candidate’s round of golf that day was supposedly a snap decision known only amongst his innermost circle. Or how did Mr. Routh figure out the most advantageous fairway to lay at for a clear shot?
The FBI is on the case, you may be reassured to know.
Things political are speeding up with the autumnal quickening. The blob is truly and deeply a’fright. So many blobsters will be liable to pay for their multitudinous crimes against the people of this country if Mr. Trump squeaks back into power that such a future is unthinkable to them. And yet, nothing has worked to deactivate this. . . this golden golem stalking the land. Nothing to show for the immense catalog of lawfare cases concocted to drain his wealth and stuff him into a prison cell — and astounding how amateurish they all were! Engoron and Merchan, two boobies hatched out of Judicial Error Central. Fani Willis, a walking-talking banana peel! Merrick Garland, saving democracy one abuse of power at a time!
The Butler, PA, head-shot op came awfully close to eliminating their, uh, problem, but no cigar. The Palm Beach golf course ambush had a Peter Sellers vibe, wouldn’t you agree? With the rifle muzzle poking through the shrubbery behind a fence. What next? A pizza with pepperoni, mushrooms, and cyanide? Maybe try to drop an anvil on Mr. Trump’s head from a passing airplane?
(Beep-beep. . . woosh!)
Somebody do something!!! The blob is shrieking to its minions from the sub-basement bunkers at Langley to the salons of Georgetown, to the US Embassy in Ukraine. Well, there’s always World War Three! And it looks like just such a romp is about to be instigated. You may have seen the photo last week of “Joe Biden” meeting with UK Prime Minister Keir Starmer at a big conference table, talking-up a plan to give Ukraine the green light to rain long-range missiles deep into Russia. Meaning, let NATO technicians work the targeting console to send US or British made rockets any old place over there? Like, Red Square? Or the Winter Palace, St. Petersburg? Find an actual Ukrainian to push the launch button.
How is that not a direct attack on Russia by NATO? Well, of course it is exactly that. Russia’s chief executive, Mr. Putin, clarified it for the Globalist Neocon cohort infesting NATO that such an action would bring. . . “consequences.” That is a word the Neocons are no longer acquainted with; it has been such a long time since they’ve crossed its path, like its boon companion, “truth,” also missing-in-action these days. And, to be fair, Mr. Putin did not specify what the consequences might be, not even a simple metaphor like a mushroom cloud, or an ashtray.
How did they even get “Joe Biden” off the beach for that photo op? It is understood by everyone over ten-years-old in America that “JB” is not available for duty anymore. The “out-to-lunch” sign hangs permanently on the doorknob of the Oval Office now. The USA does not have a functioning chief-of-state for the first time in 235 years. After 2021, some sort of unelected, informal Politburu that self-assembled in the White House, like a clot from a Covid Vaccine shot, is running our affairs. Maybe Kamala Harris has a clue who is in that outfit. Or somebody in the news median could ask her (if she ever gets around to holding an actual news conference, where the questions are not previewed or scripted.) Anyone dare ask?
Kamala Harris is strangely missing from the front page of The New York Times this morning.
Is that a little ominous?
The debate is behind her. There will not be another, apparently. There is nothing about her schedule on the official campaign website. Has she entered fade-away mode? Is it all over now except for the ballot harvesting and the, uh, little adjustments to the Dominion vote-counting machines? Has the drinking started again?
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