BofA downgraded Candel Therapeutics (CADL) to Neutral from Buy with a price target of $7, down from $13. The firm sees catalyst flow picking up for its small-to-mid sized biotech coverage heading into early 2026, but would deprioritize stocks without near-term catalysts given the environment it would argue “has been more rewarding for positive clinical data than in recent years.” For Candel in particular, the firm sees “a relative catalyst desert” until a BLA filing in Q4 of 2026 and views pipeline development as likely conditional on additional financing, the analyst tells investors.
Friday, September 5, 2025
Bessent Urges Independent Fed Review, Criticizes Excess Stimulus
Treasury Secretary Scott Bessent blasted the Federal Reserve for putting its own independence at risk through “mission creep” and called for an independent review of the US central bank, including its monetary policy.
“At the heart of independence lies credibility and political legitimacy,” Bessent said in an opinion piece in the Wall Street Journal published Friday. “Both have been jeopardized by the Fed’s expansion beyond its mandate.”
CERo Therapeutics Gets Fast Track Designation For Experimental Cancer Drug, But Stock Tumbles
The new designation was granted weeks after the FDA awarded the experimental drug an Orphan Drug designation.
CERo Therapeutics Holdings (CERO) announced on Friday that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation to the company’s lead investigational compound, CER-1236, for Acute Myeloid Leukemia (AML).
The company is currently undertaking early-stage trials of CER-1236 in patients with acute myeloid leukemia. The study is designed to evaluate the safety and preliminary efficacy of the experimental cancer drug.
Shares of the company, however, slumped 12% at the time of writing after the firm said on Thursday that it recently received a letter from the Nasdaq Listing Qualifications department notifying the company that it does not comply with the minimum stockholders’ equity requirement of $2.5 million for continued listing on the Nasdaq Capital Market.
The Nasdaq staff indicated that the company’s securities would be suspended from trading on Nasdaq and delisted on Sept. 8, 2025. The company said that it subsequently requested a hearing to appeal the determination before a panel. The hearing request will stay the suspension of the trading of the company’s common stock and delisting thereof pending such hearing, it said.
The company said that it intends to submit a plan to regain compliance with the Stockholders’ Equity Requirement at the hearing. Such a plan of compliance may include an increase in stockholders’ equity through the consummation of public or private financing transactions, the company said, while adding that there can be no assurances that it will obtain a favorable decision from the hearing panel.
Nuvation recorded conferences
Nuvation Bio Inc. (NYSE: NUVB), a global oncology company focused on tackling some of the toughest challenges in cancer treatment, today announced that David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio, and Philippe Sauvage, Chief Financial Officer of Nuvation Bio, will participate in three upcoming investor conferences, including fireside chats at two conferences:
- Cantor Global Healthcare Conference 2025 on Thursday, September 4, 2025, at 2:10 p.m. ET in New York, NY
- H.C. Wainwright 27th Annual Global Investment Conference on Tuesday, September 9, 2025, at 11:30 a.m. ET in New York, NY
The management team will participate in one-on-one meetings at the Citi 2025 BioPharma Back to School Conference on Wednesday, September 3, 2025, in Boston, MA.
Live webcasts of each fireside chat will be available on the Investor Relations section of the Nuvation Bio website. An archived recording will be available for 90 days following each event.
Fortress Biotech Soars on Menkes Disease Treatment Hopes
Fortress Biotech's stock jumped pre-market on September 5, 2025, driven by anticipation of its Menkes disease treatment approval.
- The surge reflects investor optimism ahead of the September 30 PDUFA date for regulatory decision-making.
- The biotech firm's focus on rare disease innovations has strengthened market confidence in its therapeutic pipeline.
https://www.ainvest.com/news/fortress-biotech-soars-13-73-menkes-disease-treatment-hopes-2509/
US Job Growth Collapses To Just 22K, Jobless Rate Rises To 4.3% Puts 50bps Rate Cut In Play
Ahead of today's jobs report, consensus was that a print between 40K and 100K is largely priced in and greenlighting a 25bps rate cut by the Fed in two weeks, and that we would need a real outlier number for the Fed to either cut 50bps... or not hike. Well, we got a real outlier when moments ago the BLS reported that in August the US added only 22K jobs, a big drop from the upward revised 79K (from 73K previously) but more importantly June was revised from 27K to -13K, ushering in the first negative jobs print since 2020.
The number came in far below Wall Street estimates of a 75K print. In fact, it was higher than just one of the 80 estimates provided to Bloomberg.
Developing.
Oldest member of Congress, Democrat Eleanor Holmes Norton, is seeking reelection
The oldest member of Congress, 88-year-old Democrat Eleanor Holmes Norton, brushed aside growing concerns about her age, saying that she will “of course” be running for reelection.
“I say that my seniority is what is very important, and I am not going to step aside,” Norton, a non-voting delegate representing the District of Columbia, told Axios.
Norton, who was born in 1937 and has served as a member of the House since 1991, has sparked concern among friends and colleagues who feel she has experienced a notable mental decline in recent years, the New York Times reported earlier this year.
The longtime advocate of home rule in DC’s refusal to retire is all the more pressing as her district has come increasingly under the direct control of the Trump Administration — but also follows a trend among aging congressional Democrats.
The issue came into the spotlight when New York Democrat Rep. Larry Nadler — who, at 78, is 10 years younger than Norton — announced this week that he’s finally throwing in the towel, citing the need for a “generational change” in the party.
Watching former President Joe Biden step aside for his Vice President Kamala Harris in the 2024 election “really said something about the necessity for generational change in the party,” the 34-year congressman told the New York Times, “and I think I want to respect that.”
However, Rep. David Scott (DA-GA), 80, and Rep. John Larson (D-CT), 77, also confirmed they planned to run for re-election even amid worries about their health.
“Generational change is fine, but you’ve got to earn it,” Larson told Axios. “It’s not like, ‘Oh geez, you know what, why didn’t I think of that? Now’s the time for me to step down because, well, it’s generational change!’”
Larson suffered a “complex partial seizure” on the House floor in February, freezing up mid-speech in what his team blamed on an adverse reaction to new medication. Concerns about Larson’s declining mental fitness have also been widely reported.
Eleven of the 14 members of Congress over the age of 80 are Democrats. And with the exception of the House’s second-oldest representative, 87-year-old Hal Rogers (R-KY), the next five oldest members are all Democrats.
Three elderly Democratic House members have died already this year, all over the age of 70: the Dems have lost Gerry Connolly (D-Va.), 75; Rep. Sylvester Turner (D-Texas), 70; and Raul Grijalva (D-Ariz.), 77.
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