Gold Drifts From Flatline Amidst Fed Jitters
ImmunoGen: ELAHERE Shows Overall Survival Benefit In Phase 3 MIRASOL Trial
ImmunoGen Inc. (IMGN) reported positive top-line data from the Phase 3 confirmatory MIRASOL trial evaluating the safety and efficacy of ELAHERE compared to chemotherapy in patients with folate receptor alpha-positive platinum-resistant ovarian cancer who have received one to three prior lines of therapy. Based on the data, the company plans to submit a Marketing Authorization Application in Europe and a supplemental Biologics License Application in the US for the conversion to a regular approval of ELAHERE.
In November 2022, the FDA granted accelerated approval for ELAHERE for the treatment of adult patients with FR-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received one to three prior systemic treatment regimens based on ORR and duration of response data from the pivotal SORAYA trial.
Shares of ImmunoGen are up 100% in pre-market trade on Wednesday.
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CDW Corporation Q1 Profit Decreases, but beats estimates
CDW Corporation (CDW) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company’s earnings totaled $230.1 million, or $1.68 per share. This compares with $250.2 million, or $1.83 per share, in last year’s first quarter.
Excluding items, CDW Corporation reported adjusted earnings of $278.7 million or $2.03 per share for the period.
Analysts on average had expected the company to earn $2.00 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 14.3% to $5.10 billion from $5.95 billion last year.
CDW Corporation earnings at a glance (GAAP) :
-Earnings (Q1): $230.1 Mln. vs. $250.2 Mln. last year.
-EPS (Q1): $1.68 vs. $1.83 last year.
-Analyst Estimates: $2.00
-Revenue (Q1): $5.10 Bln vs. $5.95 Bln last year.
Mirion Q1 Profit Beats Estimates, Revenues Up 11.6%: Reaffirms Guidance
Mirion (MIR) reported a net loss of $42.9 million in the first quarter, compared to a net loss of $19.0 million, last year. GAAP net loss per share was $0.22, compared to a loss of $0.10. Adjusted earnings per share was $0.06, compared to $0.10. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.05, for the quarter. Analysts’ estimates typically exclude special items.
Revenues increased 11.6% to $182.1 million, compared to $163.2 million, prior year. Analysts on average had estimated $179.2 million in revenue.
Mirion reaffirmed guidance for the fiscal year and 12-month period ending December 31, 2023. The company continues to project: reported revenue growth of 6% – 9%; organic revenue growth of 4% – 7%; and adjusted EPS of $0.28 – $0.34.
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Cerevel Therapeutics Holdings Inc. Q1 loss increases in line with estimates
Cerevel Therapeutics Holdings Inc. (CERE) reported Loss for its first quarter that increased from last year in line with the Street estimates.
The company’s bottom line came in at -$104.286 million, or -$0.67 per share. This compares with -$68.294 million, or -$0.46 per share, in last year’s first quarter.
Analysts on average had expected the company to earn -$0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Cerevel Therapeutics Holdings Inc. earnings at a glance (GAAP) :
-Earnings (Q1): -$104.286 Mln. vs. -$68.294 Mln. last year.
-EPS (Q1): -$0.67 vs. -$0.46 last year.
-Analyst Estimate: -$0.67
Griffon Slips To Loss In Q2, Revenue Misses Estimates; Cuts FY23 Revenue View
Griffon Corp. (GFF) Wednesday reported net loss for the second quarter compared to profit last year. Revenues were down 9 percent from the previous year.
Quarterly loss for the quarter was $62.26 million or $1.17 per share, compared to profit of $65.69 million $1.09 per share last year. The results included a provision for income taxes of $27.90 million, while the prior year included benefits of $24.64 million in the previous year.
Excluding items, adjusted income from continuing operations was $66.9 million, or $1.21 per share. On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.65 per share. Analysts’ estimates usually exclude special items.
Revenue for the quarter increased to $710.98 million from $779.62 million a year ago. Wall Street expected revenue of $719.04 million.
Looking ahead to the full year 2023 the company expects revenue of $2.7 billion, while its previous outlook was $2.95 billion. Street estimates were $2.9 billion.
In another release, the company declared a quarterly cash dividend of $0.125 per share, payable on June 15, to shareholders on record May 25, 2023.
Gold Drifts From Flatline Amidst Fed Jitters
Prices of the yellow metal edged lower on Wednesday amidst uncertainty over the Fed’s future rate hikes and hopes of a pause signal. While the Fed is widely expected to raise rated by 25 basis points in the current review, markets are still guessing how the Fed would strike a balance between financial stability and price stability, going forward.
The Dollar Index (DXY), a measure of the Dollar’s relative strength against a basket of six currencies dropped 0.33 percent overnight to 101.62. The day’s range was between a low of 101.50 and a high of 101.92. The Dollar’s weakness however did not suffice to firm up the prices of the yellow metal.
Fresh indications of stress in the U.S. banking sector also did not suffice to convincingly lift the prices of the yellow metal.
Gold Futures for June Settlement shed 0.12 percent to trade at $2,020.95. The day’s trading range has been between $2,017.20 and $2,028.30.
Spot Gold has lost 0.16 percent to trade at $2,013.56 per troy ounce. The day’s trading range has been between $2,008.40 and $2,019.57.