Eiger BioPharmaceuticals Inc Stock (OTC: EIGRQ)

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Amylyx Pharmaceuticals acquired avexitide from Eiger BioPharmaceuticals Inc. for $35.1 million. Avexitide, a GLP-1 receptor antagonist, ready for Phase 3 trial for post-bariatric hypoglycemia and congenital hyperinsulinism.

Why Is Small Cap Amylyx Pharmaceuticals Stock Trading Higher On Wednesday?

Eiger BioPharmaceuticals Inc

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.24 per share which beat the analyst consensus estimate of $0.22 by 9.09 percent. This is a 4 percent decrease over earnings of $0.25 per share from the same period last year. The company reported quarterly sales of $155.13 million which missed the analyst consensus estimate of $192.61 million by 19.46 percent. This is a 2.62 percent increase over sales of $151.17 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

ESRT

Empire State Realty Trust Q4 FFO $0.24 Beats $0.22 Estimate, Sales $155.13M Miss $192.61M Estimate

WIIM

Herbalife shares are trading higher after the company reported Q4 EPS and revenue above estimates.

Dividends

Thermo Fisher Scientific Increases Quarterly Dividend From $0.39 To $0.43

Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) reported quarterly earnings of $1.11 per share which met the analyst consensus estimate. This is a 31.06 percent decrease over earnings of $1.61 per share from the same period last year. The company reported quarterly sales of $545.472 million which missed the analyst consensus estimate of $558.455 million by 2.32 percent. This is a 0.38 percent increase over sales of $543.403 million the same period last year.

Northern Oil & Gas Q4 2024 Adj. EPS $1.11, Inline, Sales $545.472M Miss $558.455M Estimate

Investment Summary
CDI plans to invest the following capital in each of the projects between 2025 and 2028:
<ul>
<li>Skye Terrace Renovation and Expansion Project - $455 to $465 million</li>
<li>Conservatory Project - $320 to $330 million</li>
<li>Infield General Admission Project - $60 to $70 million</li>
<li>Infrastructure Projects - $45 to $55 million</li>
</ul>
Pending approval of incentives that must be approved first by the City of Louisville and then by the appropriate state agencies including the Kentucky Cabinet for Economic Development, CDI anticipates spending $120 to $130 million of this project capital in 2025 and expects to have all three projects as well as the necessary infrastructure improvements completed by the 154th Kentucky Derby in May 2028. CDI believes that these investments will lay the foundation for growth over the next decade and create significant shareholder value over the long term.

CHDN

Churchill Downs Plans $880M-$920M Investment For Skye Terrace, Conservatory, Infield, Infrastructure Projects 2025-2028; $120M-$130M Spend Anticipated In 2025; Completion By 154th Kentucky Derby 2028 For Long-Term Shareholder Value

ONE Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGS#NYSE">OGS</a>) reported quarterly earnings of $1.34 per share which beat the analyst consensus estimate of $1.33 by 0.75 percent. The company reported $630.70 million in sales this quarter. This is a 4.09 percent increase over sales of $605.92 million the same period last year.

ONE Gas Q4 2024 Sales $630.70M Up From $605.92M YoY

Guidance

Jackson Establishes 2025 Capital Return To Common Shareholders Target Of $700M - $800M

Mister Car Wash shares are trading higher after the company reported better-than-expected Q4 financial results and issued FY25 adjusted EPS guidance above estimates.

AESI

Atlas Energy Solutions Increases Quarterly Dividend From $0.24 To $0.25

ACVA

ACV Auctions shares are trading lower following a Q4 EPS miss.

ONE Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGS#NYSE">OGS</a>) reported quarterly earnings of $1.34 per share which beat the analyst consensus estimate of $1.33 by 0.75 percent. The company reported quarterly sales of $630.70 million which missed the analyst consensus estimate of $973.58 million by 35.22 percent. This is a 4.09 percent increase over sales of $605.92 million the same period last year.

ONE Gas Q4 2024 Adj EPS $1.34 Beats $1.33 Estimate

Inseego (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INSG#NASDAQ">INSG</a>) sees Q1 sales of $30.000 million-$33.000 million vs $41.40 million analyst estimate.

INSG

Inseego Sees Q1 Sales $30.000M-$33.000M vs $41.40M Est

RELY

Remitly Global shares are trading higher after the company reported better-than-expected Q4 financial results.

CHMG

Chemung Financial Increases Quarterly Dividend From $0.31 To $0.32

CVNA

Carvana shares are trading lower. The company reported Q4 financial results.

Inseego (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INSG#NASDAQ">INSG</a>) reported quarterly losses of $(1.23) per share which missed the analyst consensus estimate of $(0.31) by 296.77 percent. This is a 3.91 percent increase over losses of $(1.28) per share from the same period last year. The company reported quarterly sales of $48.09 million which beat the analyst consensus estimate of $45.57 million by 5.53 percent. This is a 12.47 percent increase over sales of $42.75 million the same period last year.

Inseego Q4 EPS $(1.23) Misses $(0.31) Estimate, Sales $48.09M Beat $45.57M Estimate

On Wednesday, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) launched Majorana 1, making its <a target="_blank" href="https://www.benzinga.com/topic/quantum-computing" rel="noreferrer noopener">quantum chip debut</a> powered by a new Topological Core architecture that it expects to realize quantum computers capable of solving meaningful, <a target="_blank" href="https://news.microsoft.com/source/features/ai/microsofts-majorana-1-chip-carves-new-path-for-quantum-computing/" rel="noreferrer noopener">industrial-scale problems in years</a>.
The chip leverages topoconductor, a material which can observe and control Majorana particles to produce more reliable and scalable qubits, which are the building blocks for quantum computers.
Topoconductors and Microsoft&#8217;s new type of chip&nbsp;offer a path to developing quantum systems that can scale to a million qubits and tackle the most complex industrial and societal problems.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/25/02/43815333/muddy-waters-carson-block-warns-against-chinese-stocks-despite-recent-market-surge-report" rel="noreferrer noopener">Muddy Waters&#8217; Carson Block Warns Against Chinese Stocks Despite Recent Market Surge: Report</a>
This new architecture offers a clear path to fit a million qubits on a single chip that can fit in the palm of one&#8217;s hand, delivering solutions like breaking down microplastics into harmless byproducts or inventing self-healing materials for construction, manufacturing, or healthcare.
The topoconductor, or topological superconductor, is a unique material category that can create a topological state that can produce a more stable qubit that is fast, small, and digitally controlled.
The topoconductor required developing an entirely new materials stack made of indium arsenide and aluminum, much of which Microsoft designed and fabricated atom by atom.
Microsoft aimed to coax new quantum particles called Majoranas into existence and take advantage of their unique properties to reach the next horizon of quantum computing.&nbsp;
The world&#8217;s first Topological Core, powering the Majorana 1, is reliable by design. It incorporates error resistance at the hardware level, making it more stable.
The Microsoft team&#8217;s new measurement approach enables qubits to be controlled digitally.
Microsoft has placed eight topological qubits on a chip designed to scale to one million.
That approach led the Defense Advanced Research Projects Agency (DARPA) to include Microsoft in a program to evaluate innovative quantum computing technologies.&nbsp;&nbsp;
In addition to making its quantum hardware, Microsoft has partnered with Quantinuum and Atom Computing to reach&nbsp;scientific and engineering breakthroughs&nbsp;with today&#8217;s qubits.
Now, Azure Quantum offers a&nbsp;suite of integrated solutions&nbsp;that allow customers to leverage these leading AI, high-performance computing, and quantum platforms in Azure to advance scientific discovery.
Last December, Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google announced its&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/24/12/42397333/google-quantum-ais-new-willow-chip-can-do-in-minutes-that-supercomputers-would-take-10-septillion-years" rel="noreferrer noopener">quantum chip&nbsp;Willow</a>. The company said Willow could reduce errors exponentially as it scaled up&nbsp;using&nbsp;more&nbsp;qubits.
In November,&nbsp;Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) tapped Quantum AI to drive the development of next-generation&nbsp;quantum computing devices to reduce week-long processes and advance quantum hardware innovation.
Google&nbsp;looks to introduce&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43552657/google-to-launch-commercial-quantum-computing-applications-in-five-years-challenges-nvdia-on-the-timeline" rel="noreferrer noopener">commercial quantum computing applications</a> within&nbsp;the next five years, challenging&nbsp;Nvidia chief&nbsp;Jensen Huang&#8217;s&nbsp;20-year prediction.
Price Action: MSFT stock closed up by 1.25% to $414.77 on Wednesday.
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</ul>

Short Sellers

Tech

GOOG

GOOGL

MSFT

NVDA

Microsoft Joins Quantum Computing Battle with Majorana 1, Challenging Google, Nvidia's Advances

ACV Auctions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACVA#NASDAQ">ACVA</a>) reported quarterly losses of $(0.16) per share which missed the analyst consensus estimate of $(0.14) by 14.29 percent. This is a 14.29 percent decrease over losses of $(0.14) per share from the same period last year. The company reported quarterly sales of $159.51 million which beat the analyst consensus estimate of $155.91 million by 2.31 percent. This is a 34.75 percent increase over sales of $118.38 million the same period last year.

ACV Auctions Q4 EPS $(0.16) Misses $(0.14) Estimate, Sales $159.51M Beat $155.91M Estimate

Openlane (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KAR#NYSE">KAR</a>) is looking for FY2025 Adj EPS of $0.90-$1.00 vs $0.96 analyst estimate..

Openlane Sees FY2025 Adj EPS $0.90-$1.00 vs $0.96 Est

Jackson Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JXN#NYSE">JXN</a>) reported quarterly earnings of $4.65 per share which missed the analyst consensus estimate of $4.88 by 4.71 percent. This is a 83.79 percent increase over earnings of $2.53 per share from the same period last year.

Jackson Finl Q4 2024 Adj EPS $4.65 Misses $4.88 Estimate

Small Cap

Press Releases

Sentynl Therapeutics Announces Global Acquisition of Zokinvy® (Lonafarnib) for Treatment of Hutchinson-Gilford Progeria Syndrome from Eiger BioPharmaceuticals

Amylyx Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMLX#NASDAQ">AMLX</a>) acquired avexitide from Eiger BioPharmaceuticals Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EIGRQ#OTC">EIGRQ</a>) <a href="https://www.benzinga.com/pressreleases/24/07/b39705518/amylyx-pharmaceuticals-announces-acquisition-of-phase-3-ready-glp-1-receptor-antagonist-avexitide-">for $35.1 million</a>.



Avexitide is an investigational, first-in-class glucagon-like peptide-1 (GLP-1) receptor antagonist that has been evaluated in five clinical trials for post-bariatric hypoglycemia (PBH) and has also been studied in congenital hyperinsulinism (HI), two indications characterized by hyperinsulinemic hypoglycemia.



The FDA has granted avexitide Breakthrough Therapy Designation for both indications, Rare Pediatric Disease Designation in congenital HI, and Orphan Drug Designation for hyperinsulinemic hypoglycemia (which includes PBH and congenital HI).



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/04/38188232/amylyx-pharmaceuticals-investigational-drug-shows-improved-pancreatic-function-in-patients-w" rel="noreferrer noopener">Amylyx Pharmaceuticals&#8217; Investigational Drug Shows Improved Pancreatic Function In Patients With Inherited Disorder</a>.



Avexitide is designed to bind to the GLP-1 receptor on pancreatic islet beta cells and block the effect of GLP-1 to mitigate hypoglycemia by decreasing insulin secretion and stabilizing glucose levels.



As part of the transaction, Amylyx assumed certain contractual obligations from Eiger, including a 3% royalty on future sales of avexitide in PBH, if approved, to certain academic institutions.



In previous Phase 2 and Phase 2b studies in PBH, avexitide showed statistically significant reductions in hypoglycemic events characterized by low blood glucose.



Amylyx expects to begin the Phase 3 program for avexitide in PBH in Q1 2025.



The results from the Phase 2 PREVENT study showed that, compared with placebo, avexitide 30 mg twice daily (BID) and 60 mg once daily (QD) significantly increased mean plasma glucose nadir (prespecified primary endpoint) and lowered insulin peak, corresponding to 50% and 75% fewer participants requiring rescue during mixed meal tolerance testing, respectively.



Avexitide was generally well tolerated.



A Phase 2b open-label cross-over study of higher dose avexitide (45 mg BID and 90 mg QD) showed that Avexitide reduced the frequency of hypoglycemia by up to 65% and the amount of time in hypoglycemia by up to 64%.



Price Action: AMLX shares are up 21.2% at $1.99 at last check Wednesday.



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As part of the transaction, Amylyx assumed certain contractual obligations from Eiger, including a 3% royalty on future sales of avexitide in PBH, if approved, to certain academic institutions.

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Latest news for Eiger BioPharmaceuticals Inc (OTC:EIGRQ) Stock

Wednesday, July 10, 2024

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