Kremlin critic Alexey Navalny was detained in Moscow after flying back from Germany, where he spent five months recovering from a poisoning that nearly killed him. Elizabeth Palmer reports.
Kremlin critic Alexey Navalny was detained in Moscow after flying back from Germany, where he spent five months recovering from a poisoning that nearly killed him. Elizabeth Palmer reports.
Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, today reported its Electronic Brokerage monthly performance metrics for February.
(Bloomberg) -- President Joe Biden’s plans for a new era of tough Wall Street oversight will take center stage this week when two of his top regulator picks face questions from Senate Banking Committee members at a Tuesday hearing.Gary Gensler, whom the White House has tapped to head the Securities and Exchange Commission, and Rohit Chopra, the administration’s choice to lead the Consumer Financial Protection Bureau, are likely to win confirmation, lawmakers and financial executives say. Yet their strong support from progressive Democrats means they’re certain to get pointed questions from Republican senators about their plans to crack down on businesses.The wild rally in GameStop Corp., the explosion of blank-check companies and apps -- like Robinhood Markets’ platform -- that have prompted millions of novice investors to start trading are sure to be focuses. The biggest banks, hedge funds and private equity firms are also likely to be spotlighted, particularly after four years of rule cutting under former President Donald Trump.Gensler, 63, is well known on Wall Street after leading the Commodity Futures Trading Commission during the Obama administration and making a fortune decades earlier at Goldman Sachs Group Inc. Chopra, a 39-year-old Federal Trade Commission member who helped Senator Elizabeth Warren set up the CFPB, would run an agency that Democrats want reinvigorated to protect consumers from abuses involving credit cards, mortgages and high-interest loans. Republicans would prefer it remain in the slumber that defined the bureau in the Trump era.“There remains a sharp divide between Republicans and Democrats on the role of the CFPB in financial regulation,” said Andrew Olmem, National Economic Council deputy director in the Trump administration who is now a partner at the Mayer Brown law firm. “This is a very important nomination because a new director can significantly shift the direction of the CFPB.”Gensler, who has been been teaching at the Massachusetts Institute of Technology, indicated in his prepared testimony that he planned to examine whether SEC rules have kept pace with advancements in technology. “I believe financial technology can be a powerful force for good -- but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public,” he said.Chopra signaled he would focus on the economic impact of coronavirus, which he said has left millions of Americans’ finances “in ruin.” “Experts expect distress across a number of consumer credit markets, including an avalanche of loan defaults and auto repossessions,” he said.What follows is a breakdown of policy topics that Gensler and Chopra will confront at the hearing -- and, if confirmed, in their jobs:Retail InvestorsThe popularity of commission-free trading -- spearheaded by Robinhood -- has forced regulators to grapple with new questions. Top among them is “gamification” and the proliferation of apps that make investing fun but that critics claim inappropriately hook consumers with nudges and prompts to keep them trading. Determining whether and how to respond is something Gensler will have to grapple with. The issue could also fall under the purview of Chopra and the CFPB.The GameStop frenzy has prompted additional regulatory concerns, including whether unsophisticated investors should be able to so freely engage in risky trading involving options. Bubbles, too, will be on senators’ minds. A number think the SEC should do something about the eye-popping rise of unregulated Bitcoin and other cryptocurrencies. Another potential target is special purpose acquisition companies, or SPACS, which are essentially corporate shells that issue shares before investors even know what their money is being used for.Market StructureThe GameStop saga has made lawmakers wake up to the inner-workings of the stock market. Practices like off-exchange trading and Robinhood and other brokers selling their customers’ orders to so-called market makers like Citadel Securities are getting unprecedented attention on Capitol Hill.Short-selling has also come under fire after it emerged that hedge funds making bearish bets had borrowed more than 100% of GameStop’s outstanding shares. In the face of all that complexity, lawmakers will want to know how Gensler plans to ensure that markets are fair for average Americans.Private EquityAmong the Banking Committee Democrats who have most relished going after private equity are Chairman Sherrod Brown of Ohio and Warren of Massachusetts.Warren introduced the “Stop Wall Street Looting Act” in 2019 calling for new rules for buyout firms, and she made the industry’s treatment of workers a centerpiece of her unsuccessful 2020 presidential campaign. She and Brown have said they will continue to press the issue and have ideas for how Gensler can use the SEC to add new oversight. Giving impetus to their plans is a successful push by private-equity firms during the Trump administration to be included as an investment option in corporate retirement saving plans.EnforcementWall Street could soon find itself subject to lots more investigations launched by the CFPB, which was created to crack down on industry abuses that Democrats argue spurred the 2008 financial crisis. Beyond big banks, the agency under Chopra may also focus on payday lenders, student loan providers and on issues tied to the retail trading boom.At the SEC, wielding the agency’s powers to probe and sanction companies is where Gensler can make his biggest impact. A high-profile case against a major bank or hedge fund can ripple through the finance industry, deterring other firms from engaging in similar conduct. During the Trump era, busting Wall Street titans was rarely a priority, something progressives expect Gensler to change quickly.CryptoBitcoin has skyrocketed more than 400% in the past year and Coinbase, a trading platform used by millions American, is on the cusp of one of the biggest initial public offerings in years. Yet, despite all the buzz, cryptocurrencies are still a big question mark for Wall Street. Industry backers say that an impediment to broad adoption is a clear legal framework and a lack of regulatory clarity from the SEC.It’ll probably fall largely on Gensler to determine how to regulate the industry. Thorny topics he will likely have to deal with include whether to approve a crypto based exchange-traded fund, and how aggressively to pursue a high-profile lawsuit the SEC filed last year against Ripple Labs Inc. for allegedly misleading investors by selling more than $1 billion of virtual tokens without registering them with the regulator.Climate ChangeProgressives want Biden’s financial regulators to play a crucial role in addressing climate change, including by pressing companies to reveal more about how global warming affects their bottom lines. Democrats also want industry watchdogs to combat inequality by implementing policies that narrow social and economic gaps.At Tuesday’s hearing, such objectives are expected to get lots of attention from Republicans, who argue that securities laws and corporate disclosures should not be used to push what they consider to be political agendas.(Updates with prepared testimony in sixth and seventh paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
SAN DIEGO, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics (NASDAQ: SRNE, “Sorrento”) and Scilex Holdings Company (“Scilex”), a majority owned subsidiary of Sorrento, have entered into an exclusive licensing term sheet with Aardvark Therapeutics (“Aardvark”) to acquire Aardvark’s proprietary formulation, Delayed Burst Release Low Dose Naltrexone (DBR-LDN), or ARD-301, for the treatment of chronic pain, fibromyalgia, and chronic post-COVID syndrome (“long haul COVID” or “long COVID”) in multiple Phase 2 programs planned to be initiated this year. Following execution of the definitive agreement between the parties, Scilex plans to work with Aardvark to initiate a new Phase 2 trial this year for fibromyalgia, which Scilex believes will be an important milestone for treating physicians, and most importantly for the estimated 10 million U.S. adults suffering from this chronic, frequently debilitating central pain condition with limited treatment options.1 Approximately one-third of those diagnosed with fibromyalgia in the U.S. are reported to receive chronic prescription opioids, which is part of the opioid crisis, since opioids are not believed to be an effective solution for chronic central pain.2 ARD-301 is comprised of a non-opioid, non-addictive therapy option that has been shown to have activity for improving a broad array of fibromyalgia symptoms in prior clinical studies with LDN. Currently, there are only three FDA approved pharmacologic treatments for fibromyalgia, but they have demonstrated limited efficacy and burdensome side effects in many patients. COVID-19 is a global public health crisis with severe and potentially long-lasting effects. COVID-19 patients around the world have reported persistent suffering, including serious complications that can last for months after the acute infection resolves, and – even with vaccines – there is great a need for treatment options for Long Haul COVID. According to a research letter published in the Journal of the American Medical Association (JAMA), more than 40 percent of COVID-19 survivors assessed in an Italian study still reported shortness of breath an average of 60 days following symptom onset.3 These data suggest that a significant percentage of COVID-19 survivors may be at risk for respiratory complications and other sequelae, which is a condition that is now colloquially referred to as “Long COVID.” “I look forward to working with Sorrento, Scilex Holding, and Aardvark Therapeutics to initiate a Phase 2 trial to explore potential benefit of ARD-301 for patients suffering from the sequelae of chronic post-COVID syndrome,” said Stephen Faraone, Ph.D., Distinguished Professor and Vice Chair for Research, Department of Psychiatry, SUNY Upstate Medical University, Syracuse, New York. “We at Scilex are very excited to license from Aardvark a meaningful non-opioid therapeutic option that is desperately needed for millions of people in the US and around the world who will develop fibromyalgia or the critical complications of COVID-19 disease where very few treatments exist,” said Jaisim Shah, President and CEO of Scilex. “As increasing numbers of patients suffer from uncontrolled chronic pain resulting from dysregulation of pain signaling, we look forward to helping advance both clinical programs with Scilex’s team to address these high unmet needs,” commented Tien Lee, MD, Chief Executive Officer of Aardvark Therapeutics. Dr. Brian Johnson, professor of psychiatry and anesthesia at SUNY Upstate Medical University, states, “it is very encouraging to see development of an innovative low-dose naltrexone formulation to address fibromyalgia, a condition for which there is a need for better pharmacotherapies.” About Sorrento Therapeutics Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to treat cancers and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as fully human antibodies ("G-MAB™ library"), clinical stage immuno-cellular therapies ("CAR-T", "DAR-T"), antibody-drug conjugates ("ADCs"), and clinical stage oncolytic virus ("Seprehvir®", “Seprehvec™”). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including COVIDTRAP™, ACE-MAB™, COVI-MAB™, COVI-GUARD™, COVI-SHIELD™, COVI-AMG™ and T-VIVA-19™; and diagnostic test solutions, including COVI-TRACK™, COVI-STIX™ and COVI-TRACE™. Sorrento's commitment to life-enhancing therapies for patients is also demonstrated by our effort to advance a first-in-class (TRPV1 agonist) non-opioid pain management small molecule, resiniferatoxin ("RTX"), and ZTlido® (lidocaine topical system) 1.8% for the treatment of post-herpetic neuralgia. RTX has completed a phase 1B trial for intractable pain associated with cancer and a phase 1B trial in osteoarthritis patients. ZTlido® was approved by the FDA on February 28, 2018. SP-102 is undergoing a Phase 3 pivotal trial for the treatment of lumbosacral radicular pain/sciatica. For more information visit www.sorrentotherapeutics.com. About Scilex Holding Company Scilex Holding Company, a majority-owned subsidiary of Sorrento, is a commercial-stage, non-opioid pain management company focused on the development and commercialization of topical and injectable therapies. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with moderate to severe chronic pain. Scilex launched its first commercial product in October 2018 and is developing its late-stage pipeline, which includes a pivotal Phase 3 candidate and a Phase 2 candidate. Its commercial product, ZTlido® (lidocaine topical system) 1.8%, or ZTlido®, is a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain. Scilex’s two product candidates are SP-102 (10 mg, dexamethasone sodium phosphate viscous gel), or SEMDEXA™, a Phase 3, novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica with FDA Fast Track status, and SP-103 (lidocaine topical system) 5.4%, or SP-103, a Phase 2, next-generation, triple-strength formulation of ZTlido®, for the treatment of low back pain. For more information visit www.scilexpharma.com. About Aardvark Therapeutics Aardvark Therapeutics is a clinical stage biotechnology company focused on the development of novel small molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, inflammation, and other indications. For more information visit www.aardvarktherapeutics.com. About Fibromyalgia Fibromyalgia is a chronic condition associated with widespread pain and tenderness, as well as general fatigue. Fibromyalgia is considered by many to be a condition that is largely mediated in the central nervous system, given that fibromyalgia sufferers often present without a direct peripheral insult or injury. People suffering from fibromyalgia also often experience sleep disruption, depressed mood, and cognitive impairment. It is estimated that, in the United States, fibromyalgia affects more than 10 million people. Currently, there are only three FDA-approved pharmacologic treatments for fibromyalgia, but they have limited efficacy and burdensome side effects in many patients. Forward-Looking Statements This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Sorrento Therapeutics, Inc. and its subsidiaries, including but not limited to Scilex, under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the proposed agreement between Sorrento, Scilex and Aardvark regarding the proposed license and acquisition ARD-301 for the treatment of chronic pain, fibromyalgia, and chronic post-COVID syndrome, the prospects for ARD-301 and Scilex’s plans to initiate [a] new Phase 2 trial[s] this year for fibromyalgia. Risks and uncertainties that could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to the risk that the parties do not enter into a definitive agreement or close the proposed transaction, the risk that ARD-301 does not meet the parties’ objectives and the risk that Scilex does not commence [a] Phase 2 trial[s] for fibromyalgia in 2021 or at all. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and we undertake no obligation to update any forward-looking statement in this press release except as may be required by law. Media and Investor Relations Contact: Alexis Nahama, DVM Telephone: 1.858.203.4120 Email: firstname.lastname@example.org Website: www.sorrentotherapeutics.com Sorrento® and the Sorrento logo are registered trademarks of Sorrento Therapeutics, Inc. ZTlido® and G-MAB™ are trademarks owned by Scilex Pharmaceuticals Inc. and Sorrento, respectively. SEMDEXA™ (SP-102) is a trademark owned by Scilex Holding. A proprietary name review by the FDA is planned. Seprehvir® is a registered trademark of Virttu Biologics Limited, a wholly-owned subsidiary of TNK Therapeutics, Inc. and part of the group of companies owned by Sorrento Therapeutics, Inc. All other trademarks are the property of their respective owners. © 2021 Sorrento Therapeutics, Inc. All Rights Reserved. References National Fibromyalgia Association (https://fmaware.net/fibromyalgia-prevalence/)Mary-Ann Fitzcharles, Neda Faregh, Peter A. Ste-Marie, Yoram Shir, "Opioid Use in Fibromyalgia Is Associated with Negative Health Related Measures in a Prospective Cohort Study", Pain Research and Treatment, vol. 2013, Article ID 898493, 7 pages, 2013.Carfì, A., Bernabei, R., & Landi, F. (2020). Persistent Symptoms in Patients After Acute COVID-19. Jama, 324(6), 603. doi:10.1001/jama.2020.12603
The "Navigating through Maze of In-vitro Diagnostics (IVD) Regulations: A systematic approach from Regulatory Strategy to Regulatory Approvals in U.S./Europe/Canada" conference has been added to ResearchAndMarkets.com's offering.
Otterbourg P.C. announced today that Michael O’Brien has joined the firm as a member in the corporate department. He comes to Otterbourg from the New York office of Akerman LLP, where he served as a partner.
The "Last Week Tonight" host pounced on the New York governor's growing scandals.
One student was hurt, according to Watson Chapel School District. "If you have not been notified by the school, your student is safe and secure," the post said.
U.S. manufacturing activity increased to a three-year high in February amid a surge in new orders, but factories continued to face higher costs for raw materials and other inputs as the pandemic drags on. The acceleration reported by the Institute for Supply Management (ISM) on Monday was despite a global semiconductor chip shortage, which has hurt production at automobile plants. "Manufacturing is doing well but it will not be smooth sailing over the next few months because of supply-chain disruptions, slow delivery times and a global shortage of semiconductors," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.
Dubious intermediaries have offered governments across the European Union a total of about 1 billion non-existent COVID-19 vaccine doses worth about 14 billion euros, the bloc's anti-fraud agency told Reuters on Monday. Such middleman are asking for advance payments and giving no delivery details, Ville Itala, the head of the European anti-fraud office OLAF, said, stressing that pharmaceutical companies insist they sell directly to governments.
Tilson thinks Buffett "left a lot of money on the table" by not putting more capital to work last year.
Stocks started this year with heft gains, edged back last week, and now are rising again. The big tech giants led the moves, with volatility in Apple and Amazon leading the NASDAQ on its gyrations. The strategy team at investment bank Goldman Sachs have taken notice of the market shakeups, and are working out what it means for investors. According to macro strategist Gurpreet Gill, watching bond yields and stock values closely, “the rise in global yields is a reflection of improved growth prospects given encouraging vaccine progress and in the US forthcoming sizeable fiscal stimulus. [It] also signals higher inflation expectations and in turn pulled forward expectations for the timing of monetary policy normalization.” Monetary policy may be key to calming investor worries – and on that score, Federal Reserve Chair Jerome Powell’s testimony to Congress is seen as positive. In his comments to lawmakers, the head of the central bank indicated that the Fed has no intention to raise interest rates any time soon. So far, the outlook is in-line with predictions made by Goldman economist Jan Hatzius, who stated his belief earlier this year that the Fed would hold tight on rates and that 2021 will be a good year for long positions on stocks. So much for the macro outlook. At the micro level, turning to individual stocks, Goldman’s analysts have been busy locating the equities which they believe will gain should current conditions hold for the near- to mid-term. They found two stocks in particular with, in their view, 50% or higher upside potential. Using TipRanks’ database, we found out both tickers also sport a “Strong Buy” consensus rating from the rest of the Street. Vinci Partners Investments (VINP) The first Goldman pick we’re looking at is Vinci Partners, an alternative investment and asset management firm based in Brazil. The company offers customers a range of services and funds, including access to hedge funds, real estate and infrastructure investment, private equity, and credit investment. Vinci boasts a global reach and a leading position in Brazil’s wealth management industry. To start the new year, Vinci went public on the NASDAQ index. VINP shares started trading on January 28, at $17.70, slightly under the company’s initial pricing of $18. The first day’s trading saw 13.87 million shares of VINP go on sale. After some 4 weeks on the public markets, Vinci has a market cap of $910 million. Covering this stock for Goldman Sachs, analyst Tito Labarta describes Vinci as a well-diversified asset platform with strong growth potential. “We think Vinci is well positioned to gain share and outpace market growth given strong competitive advantages. Vinci has one of the most diverse product offerings among its alternative asset management peers, with seven different investment strategies and 261 funds. Moreover, Vinci has outperformed its benchmarks in all strategies, having a strong track record and being recognized with awards from relevant institutions, such as Institutional Investor, Morningstar, Exame and InfoMoney. The company has developed strong communication tools to reinforce its brand and institutional presence in the Brazilian marketplace, such as podcasts, seminars, investor days with IFAs, among other participations in events and webinars," Labarta opined. In line with his upbeat outlook, Labarta rates VINP a Buy, and his $39 price target implies an impressive 141% upside potential for the year ahead. (To watch Labarta’s track record, click here) One month on the NASDAQ has brought Vinci positive attention from Wall Street’s analysts, with a 3 to 1 split in the reviews favoring Buys over Holds and giving the stock its Strong Buy analyst consensus rating. The stock is currently selling for $16.15 and its $26.75 average price target suggests it has room for ~66% growth in the next 12 months. (See VINP stock analysis at TipRanks) Ortho Clinical Diagnostics Holdings (OCDX) Goldman Sachs analysts have also pointed out Ortho Clinical Diagnostics as a potential winner for investors. This company, a leader in the field of in vitro diagnostics, works with hospitals, clinics, labs, and blood banks around the world to deliver fast, secure, and accurate testing results. Ortho Clinical Diagnostics possesses several important ‘firsts’ in its industry: it was the first company to deliver a diagnostic test for Rh +/- blood typing, for detection of HIV and HEP-C antibodies, and more recently has been working on COVID-19 tests. Ortho is the world’s largest pure-play in vitro diagnostics company, handling over 1 million tests every day, from more than 800,000 patients around the world. Like Vinci Partners above, this company went public on January 28. The IPO saw Ortho put 76 million shares on the market, with trading on the first day opening at $15.50, below the $17 initial pricing. Even so, the IPO raised $1.22 billion in gross funds, and the over-allotment option from the underwriters brought in an additional $193 million. Goldman Sachs analyst Matthew Sykes believes the company’s past growth performance justifies a positive sentiment, and that Ortho is capable of deleveraging its balance sheet. "The key to the equity story for OCDX is successfully resetting their organic growth rate to a durable 5-7% from an historical pace of roughly flat. Given the level of profitability and potential FCF generation, if OCDX were to reset growth, they could delever the balance sheet and increase their level of inorganic and organic investments to create a durable growth algorithm," Sykes wrote. The analyst added, "The key growth driver in our view is the increase in OCDX’s lifetime customer value driven by a transition in the product set of their Clinical Lab business from a stand-alone clinical chemistry instrument to an integrated platform and ultimately to an automated platform. This transition is taking place largely within their own customer base, therefore is not dependent upon displacement, but rather serving the need of increasing throughput of a customer’s diagnostic capabilities. To this end, Sykes rates OCDX a Buy, and sets a $27 price target. At current levels, this implies a one-year upside of 51%. (To watch Sykes’ track record, click here) Ortho has a long history of delivering results for its customers, and that has Wall Street in a mood to rate the stock well. OCDX shares get a Strong Buy from the analyst consensus, based on 9 Buy reviews set since the IPO – against a just a single Hold. The average price target is $23.80, indicating ~33% upside potential from the current trading price of $17.83. (See OCDX stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Now's the time to refresh every room in your house.
The "Content Disarm and Reconstruction Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Image Source: Getty / Jacopo Raule Anya Taylor-Joy may have played a passionate, chess-playing redhead on The Queen's Gambit, but the actress's true hair color is actually closer to that of her character's in Emma. As good as Taylor-Joy looked with that short red bob as Beth Harmon, it was only a wig, and her natural hair color is blond.
Global energy leaders and other luminaries like Microsoft co-founder Bill Gates bored in on the tough road to transforming world economies to a lower-carbon future at the kickoff of the all-virtual CERAWeek conference on Monday. Within that, there was a notable bit of tension as some oil and gas executives still asserted their primacy, noting the need for fossil fuels to drive economic activity. CERAWeek, the world's largest oil-and-gas conference, returns this week after a hiatus in 2020 due to the coronavirus pandemic, and at a time when oil demand is still struggling to recover from the demand destruction wrought.
The Duke and Duchess of Sussex updated their Archewell Foundation website with suggestions on how to celebrate March 8
JJ Watt says he and his wife Kealia Ohai push each other to train harder, noting it’s "one of the best things about our relationship"
The incident comes amid a rise in hate crimes against Asian Americans.
In honor of Women's History Month, Alli Murphy Photography, a prominent Long Island boudoir photography company, is pleased to announce a philanthropic initiative benefiting Dress for Success Brookhaven. The company will donate 10% of their March net profit, as well as headshot photography services. The monetary donation will support programs that help transition women towards self-sufficiency by addressing their social and economic needs as they relate to work, home, and the community.
The "Peptide Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.