Latest news for Southern Financial (OTC:SFCO) Stock

Southern Financial Corp is an operator of a bank providing banking services to domestic markets throughout South Carolina and Georgia. The company's platform offers a range of Personal and Business banking services.

SOUTHERN FINL CORP by Southern Financial Corp.

Southern Financial Corp

<ul>
<li>TX45 is an Fc-relaxin fusion protein being evaluated in patients with Group 2 Pulmonary Hypertension (PH) due to Heart Failure with Preserved Ejection Fraction (HFpEF), a serious condition estimated to affect over 600,000 people in the U.S. alone, currently with no approved therapies &nbsp;</li>
<li>Planned initiation of global, 24-week Phase 2 clinical trial to evaluate TX45 administered subcutaneously in subjects with Group 2 PH due to HFpEF (PH-HFpEF) in the third quarter of 2024, with topline trial results expected in 2026 &nbsp;</li>
<li>Phase 1a topline trial results of TX45 in healthy volunteers are expected to be released this September, with detailed data to be subsequently presented at a scientific meeting &nbsp;</li>
<li>Phase 1b hemodynamic trial evaluating single doses of TX45 in subjects with Group 2 PH-HFpEF continues to enroll as planned, with topline study results expected in mid-2025 &nbsp;</li>
</ul>
WATERTOWN, Mass., July 30, 2024 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=ah9gI2fSvR0kOQIKijh3A2neP4cQrkBQtvwv9CwYafR2mfgaDx9GnMFIq1hDdho03VW7_NMktC9lfGo9_14BHFkrjyux2di6a6kh0r5-t9M=">Tectonic Therapeutic, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECX#NASDAQ">TECX</a>) (Tectonic), a clinical stage biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of G-protein coupled receptors (GPCRs), today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for TX45, an Fc-relaxin fusion protein being evaluated for the treatment of patients with Group 2 PH-HFpEF. TX45 aims to address the physiological abnormalities of PH-HFpEF through its effects on both pulmonary and systemic vasodilation, cardiac diastolic dysfunction and potential remodeling in both the pulmonary vessels and cardiac muscle, which could translate into a clinically meaningful improvement in exercise capacity in these patients.

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Tectonic Therapeutic Gets U.S. FDA IND Clearance For Lead Program, TX45

Affirm Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) stock gained after B of A Securities analyst Jason Kupferberg upgraded the stock from Neutral to Buy with a <a target="_blank" href="https://www.benzinga.com/quote/AFRM/analyst-ratings" rel="noreferrer noopener">price target of&nbsp;$36</a>.
Kupferberg noted GAAP profitability may be closer than expected by consensus.
The analyst said the fourth-quarter print and guide could be a positive catalyst, and fiscal 2025 forecasts seem achievable.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39795308/affirm-faces-regulatory-shake-up-with-new-cfpb-rules" rel="noreferrer noopener">Affirm Faces Regulatory Shake-Up with New CFPB Rules</a>
A lower interest rate regime should also support RLTC (revenue minus transaction costs, the most crucial P&amp;L metric), Kupferberg said, who is bullish on new and expanded partnerships, i.e., Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
Credit risk continues to be well-controlled, the analyst noted.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30113505/newplot-1-14.png" alt="" class="wp-image-465342" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30113505/newplot-1-14.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/30113505/newplot-1-14-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
At its November 2023 investor forum, Affirm Holdings detailed a medium-term profitability framework that Kupferberg noted as achievable given expense prudence year-to-date. In the context of this framework, Kupferberg said the Street is mis-modeling warrant expense and share-based compensation.
As warrant expense and Stock-based compensation (SBC) expense grind lower, the analyst forecasted GAAP profitability to arrive in fiscal 2026 faster than consensus.
Kupferberg flagged the increasing market expectations of three rate cuts in 2024 and four in 2025. A lower interest rate environment would be beneficial to Affirm Holdings&#8217; funding costs and for gain on loan sales.
As per the analyst, Affirm Holdings recently moved its merchants to a 36% annual percentage rate (APR) cap on loans, up from 30% previously, which should remain a tailwind for yields and Gross Merchandise Value (GMV) growth.
Given recent share price underperformance, Kupferberg noted the fourth-quarter print could be a positive catalyst.
Affirm Holdings may communicate a more bullish message on profitability while delivering fourth-quarter upside and guiding fiscal 2025 solidly in line, as per the analyst.
New Apple relationships, further scaling of Affirm Card, and potential geographic expansion of existing large partnerships like Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) should all support fiscal 2025 and 2026 forecasts, Kupferberg added.
The analyst projected fiscal 2024 sales of $2.27 billion, fiscal 2025 sales of $2.75 billion and fiscal 2026 sales of $3.24 billion.
Price Action: AFRM shares closed trading higher by 2.31% at $27.46 on Tuesday.
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Affirm's Growth Boosted by Apple and Amazon Partnerships, Lower Interest Rates: Analyst

Guidance

Terex Sees FY24 Adj. EPS $7.15-$7.45 Vs $7.02 Estimate

Kite Realty Group Sees FY24 NAREIT FFO From $2.02-$2.08 To $2.04-$2.08

Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) reported quarterly earnings of $0.31 per share which met the analyst consensus estimate. The company reported quarterly sales of $85.626 million which beat the analyst consensus estimate of $72.133 million by 18.71 percent. This is a 2.85 percent decrease over sales of $88.141 million the same period last year.

Earnings

Earnings Beats

Acadia Realty Trust Q2 2024 FFO $0.31, Inline, Sales $85.626M Beat $72.133M Estimate

TAMARACK Study Update
MacroGenics completed enrollment of the TAMARACK study in the fourth quarter of 2023, and plans to present at ESMO the study's landmark primary endpoint of 6-month rPFS rate, which represents the proportion of study participants who remain alive and progression-free at 6 months.
In late July 2024, after a review of accumulated study data, MacroGenics agreed with the study's Independent Data Monitoring Committee's (IDMC) recommendation that study treatment should be discontinued for the remaining mCRPC study participants who potentially could have received additional doses. Most of these remaining study participants had already received 8-12 cycles of vobra duo. Participants continue to be monitored for adverse events, disease progression and survival.
"Patient safety is our top priority, and having reached the study's primary endpoint, we decided to discontinue additional dosing for the remaining TAMARACK participants who had not yet completed treatment. We expect to have the data necessary to determine next steps for the vobra duo program later this year and will provide further updates on an investor call following our ESMO presentation," continued Dr. Koenig. "We are committed to fully assessing the potential of vobra duo in mCRPC through rigorous evaluation of the data, including the mature median rPFS and OS. We look forward to completing follow-up for the TAMARACK trial before year-end and presenting final data at a future conference."
The Company expects to have the mature efficacy findings, including median rPFS, later in the second half of 2024 and plans to present the data at a subsequent medical conference. The data to be presented at ESMO will be used to inform how future potential studies could be designed.

MGNX

MacroGenics Provides Vobramitamab Duocarmazine Update, Abstract Of Clinical Data Accepted For Poster Presentation At ESMO Congress 2024 In September; Gives TAMARACK Study Update, Says "Patient Safety Is Our Top Priority, And Having Reached The Study's Primary Endpoint, We Decided To Discontinue Additional Dosing For The Remaining Tamarack Participants Who Had Not Yet Completed Treatment:

Terex (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEX#NYSE">TEX</a>) reported quarterly earnings of $2.16 per share which beat the analyst consensus estimate of $2.06 by 4.85 percent. The company reported quarterly sales of $1.40 billion which missed the analyst consensus estimate of $1.43 billion by 1.87 percent. This is a 0.22 percent decrease over sales of $1.40 billion the same period last year.

Earnings Misses

Terex Q2 2024 Adj EPS $2.16 Beats $2.06 Estimate, Sales $1.40B Miss $1.43B Estimate

Kite Realty Gr Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRG#NYSE">KRG</a>) reported quarterly earnings of $0.53 per share which beat the analyst consensus estimate of $0.50 by 6 percent. The company reported quarterly sales of $212.434 million which beat the analyst consensus estimate of $207.534 million by 2.36 percent. This is a 1.76 percent increase over sales of $208.759 million the same period last year.

Kite Realty Gr Trust Q2 2024 FFO $0.53 Beats $0.50 Estimate, Sales $212.434M Beat $207.534M Estimate

WIIM

AMD shares are trading higher following better-than-expected Q2 earnings.

Full Year 2024 Revenue Guidance and Operating Income Outlook
<ul>
<li>Inari raises full year 2024 revenue guidance to $594.5&nbsp;million to $604.5&nbsp;million, an increase of $2 million at the midpoint from our prior guidance range of $592.5 million to $602.5 million, reflecting growth of approximately 20.5% to 22.5% over 2023.</li>
<li>The company continues to expect to reach sustained operating profitability in the first half of 2025.</li>
</ul>

NARI

Inari Medical Sees FY24 Revenue $594.5M-$604.5M Vs $708M Estimate

AMD Reports Record Data Center Segment Revenue of $2.8B, Up 115% YoY, Driven by AMD Instinct GPU and 4th Gen AMD EPYC CPU Sales

MacroGenics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNX#NASDAQ">MGNX</a>), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today announced the achievement of $100 million in milestones from Incyte Corporation related to development progress of ZYNYZ&#xAE; (retifanlimab-dlwr), following an agreement on July 24, 2024, pursuant to which certain milestones were deemed to have been met. ZYNYZ is an intravenous PD-1 inhibitor indicated in the U.S. for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma. ZYNYZ is a monoclonal antibody initially developed by MacroGenics and licensed to Incyte under a 2017 exclusive global collaboration and license agreement. Incyte and its collaborators continue to pursue development of retifanlimab in other indications, which include both monotherapy and combination regimens.
Under the 2017 collaboration agreement with Incyte, MacroGenics received an upfront payment of $150 million and has achieved a total of $215 million in milestones, including the recent $100 million described above. MacroGenics remains eligible to receive up to a total of $210 million in potential development and regulatory milestones and up to $330 million in potential commercial milestones. MacroGenics receives tiered royalties, which range from 15 to 24 percent, on worldwide net sales of ZYNYZ.
MacroGenics expects to provide its June 30, 2024 cash, cash equivalents and marketable securities balance in its second quarter earnings announcement on or around August 6, 2024. The Company currently anticipates that its June 30, 2024 cash balance plus the $100 million in milestones achieved from Incyte, in addition to projected and anticipated future payments from partners and product revenues should support its cash runway into 2026. The Company's expected funding requirements reflect anticipated expenditures related to its ongoing clinical and preclinical studies.

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MacroGenics Achieves $100M In Milestones Related To Retifanlimab Collaboration wWth Incyte Related To Development Progress Of ZYNYZ

Axis Capital Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXS#NYSE">AXS</a>) reported quarterly earnings of $2.40 per share which missed the analyst consensus estimate of $2.59 by 7.34 percent. The company reported quarterly sales of $1.45 billion which missed the analyst consensus estimate of $1.52 billion by 4.89 percent. This is a 4.79 percent increase over sales of $1.38 billion the same period last year.

Axis Capital Holdings Q2 2024 Adj EPS $2.40 Misses $2.59 Estimate, Sales $1.45B Miss $1.52B Estimate

Extra Space Storage Sees FY24 Core FFO $7.95-$8.15

Houlihan Lokey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLI#NYSE">HLI</a>) reported quarterly earnings of $1.22 per share which beat the analyst consensus estimate of $1.21 by 0.83 percent. This is a 37.08 percent increase over earnings of $0.89 per share from the same period last year. The company reported quarterly sales of $513.609 million which beat the analyst consensus estimate of $508.673 million by 0.97 percent. This is a 23.51 percent increase over sales of $415.829 million the same period last year.

Houlihan Lokey Q1 2025 Adj. EPS $1.22 Beats $1.21 Estimate, Sales $513.609M Beat $508.673M Estimate

UDR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDR#NYSE">UDR</a>) reported quarterly earnings of $0.62 per share which beat the analyst consensus estimate of $0.61 by 1.64 percent.

UDR Q2 2024 FFO $0.62 Beats $0.61 Estimate

Voya Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOYA#NYSE">VOYA</a>) reported quarterly earnings of $2.18 per share which beat the analyst consensus estimate of $2.14 by 1.87 percent. The company reported quarterly sales of $2.033 billion which beat the analyst consensus estimate of $1.870 billion by 8.70 percent. This is a 8.66 percent increase over sales of $1.871 billion the same period last year.

VOYA

Voya Financial Q2 2024 Adj. EPS $2.18 Beats $2.14 Estimate, Sales $2.033B Beat $1.870B Estimate

Comstock Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRK#NYSE">CRK</a>) reported quarterly losses of $(0.43) per share which missed the analyst consensus estimate of $(0.16) by 168.75 percent. The company reported quarterly sales of $246.80 million which missed the analyst consensus estimate of $296.69 million by 16.82 percent. This is a 14.37 percent decrease over sales of $288.21 million the same period last year.

Comstock Resources Q2 2024 Adj EPS $(0.43) Misses $(0.16) Estimate, Sales $246.80M Miss $296.69M Estimate

AMD Sees Q3 2024 Revenue $6.4B-$7B vs $6.61B Est., Expects Q3 2024 Non-GAAP Gross Margin to be Approximately 53.5%

Landstar System (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSTR#NASDAQ">LSTR</a>) reported quarterly earnings of $1.48 per share which beat the analyst consensus estimate of $1.46 by 1.37 percent. The company reported quarterly sales of $1.225 billion which missed the analyst consensus estimate of $1.248 billion by 1.86 percent. This is a 10.84 percent decrease over sales of $1.374 billion the same period last year.

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