Search This Blog

Monday, February 28, 2022

NYSE, Nasdaq halt trading of Russia-based companies

 The New York Stock Exchange and the Nasdaq MarketSite have temporarily halted trading in select Russian companies listed on their respective exchanges. 

Per a notice with the NYSE, the listed companies are Mechel PAO, American Depositary Shares – each representing two ordinary shares – and Mobile TeleSystems Public Joint Stock Company and Cian PLC American Depositary Shares, each representing one ordinary share. 

TickerSecurityLastChangeChange %
CIANCIAN PLC3.40+0.09+2.72%
MTLMECHEL OAO2.25-0.05-2.17%
MBTMOBILE TELESYSTEMS5.50-0.52-8.64%

Sources familiar with exchanges tell FOX Business the halts, which can be used for unusual trading in any security, will allow time for officials to review the fast-moving developments impacting the shares. 

TickerSecurityLastChangeChange %
YNDXYANDEX NV18.94-1.38-6.79%
OZONOZON HOLDINGS PLC11.60-1.03-8.16%
GDEVNEXTERS6.38-0.12-1.85%
QIWIQIWI PLC5.67+0.51+9.88%
HHRHEADHUNTER GROUP PLC15.03+0.04+0.27%

At the Nasdaq, stocks included are Yandex, known as Russia's Google, and online retailer Ozon, as well as Nexters and QIWI and Head Hunter Group.

A Nasdaq spokesperson tells FOX Business the companies have been contacted and asked for information material to the ongoing situation between Russia and Ukraine and how it may impact business. 

placeholder
TickerSecurityLastChangeChange %
ICEINTERCONTINENTAL EXCHANGE INC.127.42-1.02-0.79%
NDAQNASDAQ INC.170.46-2.26-1.31%

Officials at the NYSE, which is owned by Intercontinental Exchange, declined to comment. 


https://www.foxbusiness.com/markets/nyse-nasdaq-halt-trading-of-russia-based-companies

Abortion Bill Unmasks Democratic Extremism

 


 Senate Democrats’ decision to advance the deceptively titled “Women’s Health Protection Act” may play well with the abortion lobby. But for the rest of America – and especially Catholics – the move reveals Democrats’ ultimate endgame - an extreme abortion regime, stripped of all moderation and restraint, beyond what any country has previously decreed. 

Backed by House Speaker Nancy Pelosi and endorsed by President Joe Biden, both of whom are practicing Catholics, the bill has been called by the United States Conference of Catholic Bishops “the most radical abortion bill of all time.”

Better named “The Abortion On Demand Until Birth Act,” it goes far beyond codifying Roe v. Wade into federal law. This legislation would nullify all state laws restricting abortion, require healthcare workers to perform abortions, and provide direct federal taxpayer funding for all abortions, for any reason. Additionally, it would preemptively invalidate all future state-level legislation protecting the unborn. 

Laws that the Supreme Court has previously upheld would be thrown out if this bill becomes the law of the land. States could no longer require abortionists to provide women science-backed information about their unborn child, or any alternatives to abortion, observe waiting periods, limit the performance of abortions to licensed physicians, prevent elective abortions after 20 weeks or even after viability. Many of these limits are widely popular, uncontroversial, and are woven into the abortion laws in nearly every country in the industrial world. If Democrats get their way, they would be wiped out entirely.

Pro-life doctors and nurses would see their ability to opt out of abortion procedures eliminated. Healthcare professionals would be strong-armed into performing and participating in abortions — regardless of whether they have moral objections. The text of the bill says that refusing to participate could result in heavy court damages and fees. Administrators at many hospitals would face internal and external pressure to fire non-compliant pro-life staff members to avoid fines. Catholic hospitals, which in some states make up nearly 40 percent of all hospital beds, would be forced to sell or close.

The bill would also eliminate state protections for children from abortion based on their sex, race, or diagnosis of a genetic abnormality such as Down syndrome. Justice Clarence Thomas elegantly defended laws preventing these barbaric practices writing, “Put differently, this law and other laws like it promote a State’s compelling interest in preventing abortion from becoming a tool of modern-day eugenics.” The Abortion On Demand Act would permit these reprehensible practices which are akin to policies common in North Korea or Communist China, not western democracies. They have no place in 21st century America.

Catholics in particular, but Americans in general, overwhelmingly oppose these extreme policies. Marist’s 2022 poll on Americans’ opinions about abortion found 71%, including nearly half of Democrats, would limit abortion to – at most - the first three months of pregnancy. And 54% opposed using taxpayer money to fund domestic abortions. Fully three-fourths of Americans believe that doctors, nurses, and other medical professionals should not be legally required to perform abortions. 

This past summer an Associated Press poll produced findings similar to Marist regarding Americans’ views of late-term abortion with 65% saying abortion should generally be illegal in the second trimester, and that number went up to 80% for the third trimester. 

The only good news is that this brazen overreach will put every member of the Senate on record and force vulnerable pro-abortion Democrats to defend their support of the bill.

The phony "Women's Health Protection Act" could be a gift in disguise. Catholic voters, like the majority of Americans, are deeply opposed to an authoritarian abortion regime in America. The radical attempt to crush dissent and compel ideological uniformity on the federal, state, and individual levels could help contribute to sweeping losses for pro-abortion candidates this year. Abortion minded strategists would be wise to remember the wisdom of the adage: Be careful what you wish for.

Brian Burch is president of CatholicVote, a national faith-based organization.

https://www.realclearpolitics.com/articles/2022/02/28/abortion_bill_unmasks_democratic_extremism_147263.html

NeuroSense to Present at American Society for Experimental Neurotherapeutics on March 3

  NeuroSense Therapeutics Ltd. (Nasdaq: NRSN) ("NeuroSense"), a company developing treatments for severe neurodegenerative diseases, today announced that Dr. Shiran Zimri, the Company's Head of Scientific Programs, will deliver a presentation titled "Breaking the Paradigm – PrimeC as a Novel Approach to ALS Therapy" at the American Society for Experimental Neurotherapeutics (ASENT) 2022 Annual Meeting on Thursday, March 3, 2022. NeuroSense, together with Amylyx Pharmaceuticals, and the National Institute of Neuroscience in Tokyo, will co-lead a session titled "Not a One-Trick Pony: Repurposing Established Drugs for New Neurological Indications" during which Dr. Zimri will present.

NeuroSense's lead drug candidate PrimeC is a novel formulation consisting of specific doses of two FDA-approved drugs designed to work synergistically to treat amyotrophic lateral sclerosis (ALS), an incurable neurodegenerative disease that causes complete paralysis and ultimately death within 2 to 5 years from diagnosis.

"Our proprietary combination therapy approach using two well-established drugs to treat a disease as complex as ALS not only breaks the current paradigm of focusing on one target, it also potentially enables a faster path to market," Dr. Zimri commented. "With a well-established safety profile, the combination therapy's efficacy is focused on three targets: regulating microRNA synthesis, modulating iron accumulation, and attenuating neuroinflammation, and has achieved meaningful outcomes in clinical and preclinical studies to date."

PrimeC successfully met its primary endpoints in a Phase 2a trial including safety, reduced functional and respiratory deterioration, and significant changes in ALS-related biomarkers. NeuroSense expects to commence a Phase 2b ALS study in H1 2022, with a Phase 3 study slated for H2 2023.

https://finance.yahoo.com/news/neurosense-therapeutics-present-american-society-141500747.html


CorMedix Refiles DefenCath US Application For Catheter-Related Bloodstream Infections

 CorMedix Inc 

 (Get Free Alerts for CRMD) has resubmitted the New Drug Application (NDA) for DefenCath to address the Complete Response Letter (CRL) issued by the FDA. 

  • In parallel, the Company's third-party manufacturer submitted responses to the deficiencies identified at the manufacturing facility in the Post-Application Action Letter issued by the FDA concurrently with the CRL.
  • In March last year, the FDA issued a CRL noting concerns at the third-party manufacturing facility.
  • DefenCath is being developed as a catheter lock solution with an initial indication of use to reduce catheter-related bloodstream infections in patients with renal failure receiving chronic hemodialysis via a central venous catheter. 
  • The FDA has 30 days to review the submission for completeness to accept for filing and provide guidance on the review timeline.
  • Dr. Phoebe Mounts, General Counsel and Head of Technical Operations at CorMedix noted, "as CorMedix has previously announced, FDA has stated that satisfactory resolution of the deficiencies may require a preapproval inspection of the manufacturing facility."

Humacyte's Human Acellular Vessel Shows Long Term Benefit In Hemodialysis

 Humacyte Inc 

 (Get Free Alerts for HUMA) announced five-year data from a Phase 2 trial of Human Acellular Vessel (HAV) for arteriovenous (AV) access in hemodialysis.

  • In the Phase 2 long-term follow-up data, the HAV was observed to provide routine and functional hemodialysis access for patients with end-stage renal disease who require dialysis three times a week. 
  • At month 60, patency allowing for reliable dialysis access cannulation was estimated at 58.2% of evaluable patients after censoring for deaths and withdrawals. 
  • While there was no comparator in this Phase 2 trial, historical reports of arteriovenous fistula, currently the most prevalent method of providing hemodialysis access, indicate an approximately 30% functional patency of evaluable patients at five years. 
  • In addition, no infections of the HAV were reported during the five-year follow-up period, with the HAV being well-tolerated and non-immunogenic.
  • The Company is currently conducting a Phase 3 trial in up to 240 dialysis patients to assess the usability of the HAV for dialysis at six and 12 months compared to autogenous fistulas. 
  • Human Acellular Vessels (HAV) are investigational engineered off-the-shelf replacement vessels under development for vascular repair, reconstruction, and replacement.

Another biosimilars retreat, this time from Viatris

 The biosimilars businesses owned by Viatris and Biocon have been intertwined for many years, and the partnership is heading for fuller consummation. The Indian group is paying $3.3bn to take control of the partnership, allowing Viatris to pay down debt and focus on fewer, higher-margin areas. The terms see Biocon hand over $2bn in cash and $1bn of Biocon Biologics shares, equivalent to around a 13% stake; this biologics division will be spun off via IPO towards the end of 2023. A further $335m will be paid if Biocon choses to opt in on an Eylea biosimilar. Notably, the deal does not include a Botox copycat; this project remains Viatris’s most important pipeline project, analysts at Evercore ISI noted today. How Viatris plans to keep expanding is a big question for investors, as biosimilars was considered one of its fastest-growing business areas. Perhaps this explains why Viatris shares dropped 23% on the news, even as the sellside came out largely in support of the valuation. The company is far from the first to step back from this area: Biogen sold its stake in a biosimilars joint venture last month.

The biggest biosimilars heading Biocon's way
  Forecast worldwide sales ($m)
ProductReference brand20222023202420252026
SemgleeLantus 261274282299311
OgivriHerceptin 161153148145143
FulphilaNeulasta 146144142140141
Hulio Humira 96111197178175
KrabevaAvastin 1520253035
Note: brand names may differ regionally, Humira biosimilar to launch in US 2023. Source: Evaluate Pharma

https://www.evaluate.com/vantage/articles/news/corporate-strategy-snippets/another-biosimilars-retreat-time-viatris

MSCI: Russia’s Stock Market is 'Uninvestable'

 by 

 

 

Reuters is reporting that MSCI is considering removing all of Russia’s listed stocks from its indexes.

The action follows stringent new sanctions and central bank restrictions on trading.

Dimitris Melas, MSCI’s head of index research and chair of the Index Policy Committee, told Reuters “It would not make a lot of sense for us to continue to include Russian securities if our clients and investors cannot transact in the market.”

Russia has a weighting of 3.24% in MSCI’s emerging market benchmark and a 30 bps weight in global benchmarks.

The Moscow exchange did not open today, but U.S.-based Russian ETFs are still trading here. There are 27 ETFs that have >5% of their portfolios in Russian stocks. Russia’s bourses have fallen about half from November 2021 highs; A 10-year chart shows the Russian bourses cut in half since 2012. The Russian Ruble has also fallen about 30%.

David Nadig at ETF Trends observes that “folks in giant ETFs like the iShares Emerging Markets ETF (EEM), are going to realize that they have just a little bit of exposure here — usually a few percent. They may also realize that they have exposure to China, Brazil, and Saudi Arabia…”

Eliminating Russia from your holdings is a relatively painless way to take a stand, as they are but 1-2% of traded global equities. China represents about a third of emerging markets, while Saudi Arabia has relations with just about every energy firm on the planet. Those two represent a more challenging sell decision as they represent substantial parts of global GDP.

 

https://ritholtz.com/2022/02/msci-russia-uninvestable/