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The European Commission faced criticism from Europe&#8217;s second-highest court regarding transparency issues surrounding COVID-19 vaccine <a target="_blank" href="https://www.benzinga.com/general/biotech/23/03/31170243/european-commission-keeps-mum-on-talks-regarding-pfizer-covid-19-vaccine-contract-report" rel="noreferrer noopener">contracts from four years ago</a>.
This scrutiny comes on the eve of a crucial vote on Commission head Ursula von der Leyen&#8216;s reelection bid.
Some European lawmakers have been vocal about their dissatisfaction with how the Commission handled its multibillion-euro contracts, particularly its failure to disclose text messages between von der Leyen and Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) CEO Albert Bourla regarding one of the agreements.
In 2022, a&nbsp;Pfizer executive &#8220;categorically&#8221; ruled out that the pharma giant&#8217;s chief executive agreed on the European COVID-19 contract via <a target="_blank" href="https://www.benzinga.com/general/biotech/22/10/29203684/pfizers-executive-says-european-covid-19-vaccine-contract-negotiations-did-not-happen-over-text-m" rel="noreferrer noopener">mobile phone text messages</a>.
The Commission contends that these messages were not retained.
During the height of the pandemic, the Commission secured agreements with several major companies for COVID vaccine supplies, including AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), GSK Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), Pfizer, and Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39687792/emergent-biosolutions-and-johnson-johnson-resolve-claims-over-covid-19-vaccine-manufacturing" rel="noreferrer noopener">Emergent BioSolutions And Johnson &amp; Johnson Resolve Claims Over COVID-19 Vaccine Manufacturing</a>.
In response to requests from some members of the European Parliament for full access to these documents, Reuters noted that the Commission provided only partial access, citing the need to protect commercial interests and the decision-making process through redactions.
&#8220;The Commission did not give the public sufficiently wide access to the purchase agreements for COVID-19 vaccines,&#8221; they said.
The General Court in Luxembourg upheld the lawmakers&#8217; challenge, although the Commission claimed partial success in defending certain contract clauses.
&#8220;In general, the Commission grants the widest possible public access to documents, in line with the principles of openness and transparency,&#8221; Reuters noted, citing the statement.
&#8220;In these cases, the Commission needed to strike a difficult balance between the right of the public, including MEPs (members of the European Parliament), to information, and the legal requirements emanating from the COVID-19 contracts themselves, which could result in claims for damages at the cost of taxpayers&#8217; money.&#8221;
Meanwhile, the European Parliament is scheduled to vote on Thursday regarding von der Leyen&#8217;s candidacy for a second term amid ongoing scrutiny and legal challenges concerning transparency issues.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/general/biotech/24/07/39602190/london-high-court-ruling-fuels-pfizer-and-moderna-legal-dispute-over-covid-19-vaccine-patents" target="_blank" rel="noreferrer noopener">London High Court Ruling Fuels Pfizer And Moderna Legal Dispute Over COVID-19 Vaccine Patents</a>.</li>
</ul>
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Biotech

Large Cap

News

Eurozone

Health Care

Legal

General

BNTX

MRNA

European Commission Faces Court Criticism Over COVID Vaccine Contract Transparency Ahead Of Vote on Ursula Von Der Leyen's Reappointment

Wednesday, 4D Molecular Therapeutics, Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) unveiled interim 24-week data from the Population Extension cohort of its PRISM <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39810122/4dmt-announces-positive-phase-2-prism-interim-results-for-intravitreal-4d-150-in-a-broad-wet-amd-p" rel="noreferrer noopener">Phase 2 Clinical Trial</a>.
The trial evaluates intravitreal 4D-150 in a broad wet AMD patient population.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39211736/why-is-4d-molecular-therapeutics-stock-trading-lower-on-thursday-genetic-disease-focused-study-da" rel="noreferrer noopener">Why Is 4D Molecular Therapeutics Stock Trading Lower On Thursday? Genetic Disease-Focused Study Data Released</a>.
The findings were presented at the American Society of Retina Specialists Annual Scientific Meeting.
The Phase 2 PRISM Population Extension cohort evaluated 45 wet AMD patients previously treated with anti-VEGF injections, with 30 patients at 3E10 vg/eye (the planned Phase 3 dose) and 15 at 1E10 vg/eye (the low dose control).
In the expanded Phase 2 dataset, 4D-150 allowed 77% of 30 patients to become injection-free after 24 weeks, with 60% on low-dose arm.
An anti-VEGF treatment reduction was observed at the planned Phase 3 dose (3E10 vg/eye), with an 89% reduction in the mean annualized injection rate and 93% receiving 0 or 1 injection.
The data also showed improved visual acuity and retina anatomic outcomes.
The study reported no significant inflammation or 4D 150–related serious adverse events.
Long-term follow-up of Phase 1 patients treated with 4D-150 indicated stable visual acuity and retinal thickness over two years.
4D-150 demonstrated safety and efficacy in the PRISM (wet AMD) and SPECTRA (DME) clinical trials.
No significant inflammation or serious adverse events were reported among 139 dosed patients across both trials.
Upcoming milestones include the final Phase 3 trial design update in September 2024 and the initiation of the first Phase 3 trial in the first quarter of 2025.
Further analyses from the PRISM and SPECTRA studies are expected in early 2025.
Price Action: FDMT shares are down 35.7% at $17.19 at last check Wednesday. During the premarket session, shares reached as high as $29.1.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/03/37991496/4d-molecular-therapeutics-outlines-pivotal-development-plans-for-cystic-fibrosis-rare-inherited-d" target="_blank" rel="noreferrer noopener">4D Molecular Therapeutics Outlines Pivotal Development Plans For Cystic Fibrosis, Rare Inherited Disease</a>.</li>
</ul>

Equities

Movers

Trading Ideas

FDMT

4D Molecular Therapeutics Goes Neck To Neck With Rival, Shares New Phase 2 Data For Its Wet AMD Candidate

CFRA analyst Angelo Zino maintains Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a Buy and raises the price target from $240 to $260.

Price Target

Analyst Ratings

AAPL

CFRA Maintains Buy on Apple, Raises Price Target to $260

Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on Core Scientific, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>), <a target="_blank" href="https://www.benzinga.com/quote/CORZ/analyst-ratings" rel="noreferrer noopener">with a price forecast of $20.</a>
According to the analyst, Bitcoin miners currently have one of the most coveted assets in the world &#8211; access to power.
In June 2024, Core Scientific announced a deal with CoreWeave (private), following which<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> shares went up meaningfully.</a>
With CoreWeave, Core Scientific was the first Bitcoin miner to sign a meaningful AI/HPC deal.
In what has now been extended, CoreWeave will lease 270 MW from Core Scientific for 12 years, and pay the company a total of $4.725 billion over that duration, amounting to ~$1.45 million per MW.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39716492/block-and-core-scientific-enter-supply-agreement-for-mining-asics" rel="noreferrer noopener">Block and Core Scientific Enter Supply Agreement for Mining ASICs</a>
What is most differentiated about this deal that other miners will not be able to replicate is the fact that CoreWeave will fund the entire capex buildout itself (~$1.3 billion).
Per the analyst, this is effectively an interest-free loan for CoreWeave, which can use the annuity like revenue stream to fund additional capacity expansion, and to potentially lever up the business to maximize equity returns.
Core Scientific has earmarked an additional 322 MW for AI/HPC, which could generate an additional $335 million in <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">annual revenue and $268 million in annual profits.</a>
Long term – the analyst sees the potential for shares to be multiples higher than the current price target.
Price Action: CORZ shares are trading lower by 5.17% to $11.10 at last check Wednesday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39749573/nio-advances-vehicle-safety-with-ai-enhanced-automatic-emergency-braking-and-navigation-features" target="_blank" rel="noreferrer noopener">NIO Advances Vehicle Safety With AI-Enhanced Automatic Emergency Braking And Navigation Features In Latest Update</a></li>
</ul>

Analyst Color

Initiation

Markets

Core Scientific, Inc. - Class A Common Stock

CORZ

Core Scientific Analyst Emphasizes 'Access To Power' In Bitcoin Mining Assets - Deal With CoreWeave Under Focus

Cassava Sciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) stock is trading lower on Wednesday on a heavy session volume of 14.35 million, as per data from <a target="_blank" href="https://www.benzinga.com/pro/feature/newsfeed" rel="noreferrer noopener">Benzinga Pro</a>.
The Board of Directors appointed Richard (Rick) Barry as Executive Chairman and the company&#8217;s principal executive officer, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39813058/cassava-sciences-announces-changes-in-executive-leadership-enhanced-corporate-governance-and-other" rel="noreferrer noopener">effective immediately</a>. The company is searching for a new permanent CEO.
Mr. Barry succeeds Remi Barbier, the Company&#8217;s Chairman, President, and CEO, who resigned and will remain employed by the Company until September 13, 2024, in a non-executive capacity, without duties or responsibilities.
Lindsay Burns, SVP of Neuroscience at Cassava, is also leaving the company. Cassava and Dr. Burns have agreed that she step down from her role with the company, effective immediately.
Following her separation from the company and for a one-year period, Dr. Burns will furnish consulting services as and to the extent reasonably requested by Cassava to provide information and support for scientific research and/or obtain governmental approval for the company&#8217;s products.
Cassava may, at its sole discretion, extend the term of the consulting agreement by up to an additional year.
Related: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39578081/cassava-sciences-cooperates-with-doj-sec-on-controversial-alzheimers-drug-investigation" rel="noreferrer noopener">Cassava Sciences Cooperates With DOJ, SEC On Controversial Alzheimer&#8217;s Drug Investigation</a>.
Mr. Barry said. &#8220;While our priority remains the development of a potentially effective treatment for Alzheimer&#8217;s disease, the Board has a steadfast commitment to doing so with transparency, accountability, and highest ethical business practices.&#8221; Among the actions the company is taking are:
<ul>
<li>New Leadership: The Board plans to separate the Chairman and CEO roles after identifying a new CEO.</li>
<li>Single-minded Commitment to Scientific Rigor and Honest Transparency: The company&#8217;s mission is to evaluate simufilam as a groundbreaking Alzheimer&#8217;s treatment, focusing on scientific rigor and transparency with patients, government agencies, and investors. All study results will be promptly and accurately posted on <a href="https://www.globenewswire.com/Tracker?data=vZZ6OkMSOaios8h0rajvwWFmEyTvQ8IToK5KGykCu4U97tT9zTPV9sYfj4rz1dS4u4NUT6tyetMZxzwISZ444PosvJOTncWJZySdB_IktB8=" target="_blank" rel="noreferrer noopener">clinicaltrials.gov</a>.</li>
<li>Rigorous Clinical Trials:  The ongoing Phase 3 trials adhere to FDA and industry standards to ensure the integrity of results. Under the FDA-reviewed protocols, no company personnel know or will know which subjects receive the drug or placebo.</li>
<li>Blinding information is maintained by a small group at CRO, Premier Research. Additionally, company personnel do not have access to sub-study results or other data that could reveal which patients are on placebo.</li>
<li>All data is sent directly to Premier Research. Statistical analyses are conducted by professional biostatisticians at Pentara Corporation, with trial results transmitted to them independently by the CRO, without company involvement.</li>
<li>Transparency in Communications and Reporting: Cassava is dedicated to maintaining transparent communication with its stakeholders. The company will resume quarterly analyst calls and ensure management is accessible to journalists. Cassava is also reviewing its disclosure practices to provide clear, comprehensive information. Ongoing dialogues with shareholders, employees, customers, regulators, and the community will shape the company&#8217;s governance practices.</li>
</ul>
Price Action: SAVA shares are down 27.20% at $9.85 at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/03/37605163/alzheimers-drug-trial-results-questioned-after-damning-fda-inspection-report" target="_blank" rel="noreferrer noopener">Alzheimer&#8217;s Drug Trial Results Questioned After &#8216;Damning&#8217; FDA Inspection Report</a>.</li>
</ul>

Management

SAVA

Cassava Sciences Faces Leadership Shake-Up, Prioritizes Transparency And Scientific Rigor In Alzheimer's Trials

Chewy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) short percent of float has risen 9.25% since its last report. The company recently reported that it has 21.75 million shares sold short, which is 18.66% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Chewy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240120_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Chewy has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Chewy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Chewy's peer group average for short interest as a percentage of float is 12.94%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

CHWY

Peering Into Chewy's Recent Short Interest

Ventas's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTR#NYSE">VTR</a>) short percent of float has fallen 6.57% since its last report. The company recently reported that it has 7.61 million shares sold short, which is 2.56% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.92 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Ventas Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240115_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Ventas has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Ventas's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Ventas's peer group average for short interest as a percentage of float is 6.48%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(VTR) - Analyzing Ventas's Short Interest

Avery Dennison's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVY#NYSE">AVY</a>) short percent of float has risen 3.23% since its last report. The company recently reported that it has 1.58 million shares sold short, which is 2.24% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.3 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Avery Dennison Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721240110_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Avery Dennison has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Avery Dennison's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Avery Dennison's peer group average for short interest as a percentage of float is 4.13%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Avery Dennison's Recent Short Interest

Bernstein analyst Alexia Howard maintains Mondelez International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) with a Outperform and lowers the price target from $90 to $88.

MDLZ

Bernstein Maintains Outperform on Mondelez International, Lowers Price Target to $88

Bernstein analyst Alexia Howard maintains Hershey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) with a Outperform and lowers the price target from $237 to $230.

Bernstein Maintains Outperform on Hershey, Lowers Price Target to $230

Bernstein analyst Bob Brackett maintains Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) with a Outperform and lowers the price target from $139 to $138.

Bernstein Maintains Outperform on Exxon Mobil, Lowers Price Target to $138

Bernstein analyst Bob Brackett maintains Devon Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) with a Market Perform and lowers the price target from $48 to $43.

Bernstein Maintains Market Perform on Devon Energy, Lowers Price Target to $43

Bernstein analyst Bob Brackett maintains Kosmos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) with a Market Perform and lowers the price target from $7 to $5.

Bernstein Maintains Market Perform on Kosmos Energy, Lowers Price Target to $5

On Wednesday, Johnson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) reported its second quarter results that reflected a strong momentum of its medtech and innovative medicine divisions. Although one-time charges prevented topline growth from reaching the bottom line, Johnson and Johnson showed it continues to advance its drug pipeline for a new medical era, with significant clinical milestones being attained throughout the quarter.&nbsp;
<h3>Second Quarter Highlights</h3>
For the June quarter, Johnson &amp; Johnson reported topline growth of 4.3% YoY as sales grew to $22.45 billion, surpassing the FactSet consensus of $22.33 billion.&nbsp;Regionally,&nbsp;U.S. sales grew 7.8% YoY, bringing in $12.5 billion, while&nbsp;international sales remained flat at $9.8 billion.&nbsp;
Fueled by cancer drug Darzalex among other growth drivers, the innovative medicine segment recorded sales growth of 5.5%, bringing in revenue of&nbsp;$14.49 billion, also topping FactSet consensus of $14.12 billion.
The medtech division grew 2.2% to $7.96 billion, coming short of Fact Set&rsquo;s consensus of $8.17 billion
As for Johnson &amp; Johnson&rsquo;s best-selling drugs, psoriasis treatment Stelara recorded growth of 3.1% to $2.89 billion, surpassing FactSet consensus of $2.85 billion, while cancer treatment Darzalex recorded 18.4% growth with sales rising to to $2.878 billion, also slighly below the expected $2.885 billion.
On the other hand,&nbsp;infectious disease drugs recorded a 13.9% drop with sales amounting to $965 million, while COVID-19 vaccine sales plummeted even more, falling 40% to $172 million.
Due to one-time charges, net earnings fell almost 13% to $4.6 billion, with earnings per share dropping nearly 6% to $1.93. But adjusted for one-time items, EPS actually rose by 10.2% to $2.82.
Slightly altered&nbsp;full year guidance
J&amp;J raised the midpoint of its full-year guidance for operational sales from a $88.9 billion to $89.4 billion, fueled by the completion of&nbsp;the $13.1 billion acquisition&nbsp;of its newest medtech conquest, Shockwave Medical.&nbsp;&nbsp;But, due to the costs of this strategic acquisitions, it also lowered its full-year adjusted operational EPS guidance that are now expected in a range from $10 to $10.10.
The second quarter performance reflects focus on medical innovation.
Throughout the quarter, the health care bellwether&nbsp;was&nbsp;busy with M&amp;A. Besides completing the Shockwave deal, it scooped up bispecific antibodies biotech&nbsp;Proteologix&nbsp;for $850 million in cash. Johnson and Johnson also spent $1.25 billion to&nbsp;&nbsp;get Numab Therapeutics&rsquo; experimental bispecific antibody that targets atopic dermatitis.&nbsp;&nbsp;In addition, J&amp; J also had a few activities of the regulatory front during the quarter.&nbsp;Carvykti was greenlit by the Food and Drug Administration for second-line use in adults with relapsed refractory multiple myeloma, which J&amp;J developed with Legend Biotech&rsquo;s. J&amp;J also submitted an application to treat moderately to severely active Crohn&rsquo;s disease with Tremfya.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Johnson And Johnson Continues To Focus On Medical Innovation

Bernstein analyst Bob Brackett maintains APA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>) with a Market Perform and lowers the price target from $37 to $30.

Bernstein Maintains Market Perform on APA, Lowers Price Target to $30

BofA Securities analyst Brad Sills maintains Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with a Buy and<a target="_blank" href="https://www.benzinga.com/quote/MSFT/analyst-ratings" rel="noreferrer noopener"> raises the price target from&nbsp;$480&nbsp;to&nbsp;$510.</a>
Microsoft will publish the fiscal year 2024 fourth-quarter financial results after the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39803401/microsoft-announces-quarterly-earnings-release-date" rel="noreferrer noopener">close of the market on&nbsp;Tuesday, July 30, 2024.</a>
Sills sees 1% upside to the fourth quarter revenue estimate of $64.0 billion, stemming from sustained Azure strength, Office E3/E5 premium mix, early Microsoft Copilot traction and a <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">normalizing PC/Windows buying environment.</a>
In addition, the analyst projects a neutral currency impact on growth, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consistent with guidance</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur" rel="noreferrer noopener">Missed Out On Nvidia? Michael Saylor Says &#8216;Get On The Bitcoin Standard&#8217; For Even Better Returns</a>
In addition, Sills sees a $100 million upside to the PBP segment revenue estimate for $20 billion (+9% y/y) from a modest Commercial Office upside on a conservative outlook for 14% growth.
The analyst writes that office upside is likely to come from ASP growth (6% y/y, consistent with third-quarter), given partner commentary on sustained strength in the premium E5 cycle and early traction with Copilot upsell deals.
In an upside case, the Office business could be on track to achieve 20% growth by the first quarter of FY26.
Overall, the analyst forecasts a reiterated outlook for double-digit revenue growth and margin to be down 100bps on ramping capex, driving the cost of sales higher.
Price Action: MSFT shares are trading lower by 1.5% to $442.77 at last check Wednesday.
Photo via Shutterstock
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