BioCryst Pharmaceuticals Stock Slips 16%
CVRx Stock Plunges 30% As Heart Failure Therapy Trial Fails To Meet Primary Endpoint
Shares of CVRx, Inc. (CVRX) are slipping over 30% on Tuesday morning after the company announced that a trial for heart failure therapy failed to meet the primary endpoint.
CVRX is currently trading at $12.02, down $5.18 or 30.12%, on the Nasdaq. The stock opened its trading at $12.00 after closing the previous trading day’s trading at $17.20. The stock has traded between $4.60 and $19.94 in the past 52-week period.
CVRx announced the preliminary topline results of the BeAT-HF, Baroreflex Activation Therapy for Heart Failure, post-market randomized clinical trial.
The company said the trial did not meet its primary endpoint, however, the totality of data supports Barostim’s use as an effective treatment for patients with heart failure.
SIA Group Posts Profit For 9-month Period
Singapore Airlines Ltd. (C6U.SI), a carrier airline, on Tuesday reported a turnaround to profit for the nine-month period to December 2022, reflecting a rise in revenue, driven by increased demand.
Passenger load factor rose to 85.6 percent from 24.9 percent of previous year period.
For the nine-month period, the company recorded a profit of S$1.555 billion or 24.2 cents per share, compared with a loss of S$752.1 million or 13 cents per share, recorded for the same period of previous year.
EBITDA surged to S$3.755 billion from S$921.2 million of previous year.
Operating income was at S$1.989 billion, compared with a loss of S$543.1 million.
Revenue stood at S$13.262 billion, higher than last year’s S$5.142 billion.
Looking ahead, the company said: “…Demand for air freight is expected to face headwinds, in addition to the seasonally weaker fourth quarter. This is due to macroeconomic concerns, and a slowdown in new orders as importers trim inventory levels. The increase in bellyhold cargo capacity will also increase the pressure on cargo yields.”
Aileron Terminates Phase 1b Breast Cancer Chemoprotection Trial Of ALRN-6924
Aileron Therapeutics (ALRN) announced Tuesday that a review of initial data from its Phase 1b chemoprotection trial of ALRN-6924 in patients with p53-mutated breast cancer showed that patients in the trial experienced severe neutropenia (Grade 4) and alopecia.
The primary endpoint of the Phase 1b open-label trial, which was evaluating ALRN-6924 in patients with breast cancer receiving neoadjuvant or adjuvant treatment with docetaxel, doxorubicin, and cyclophosphamide, or “TAC” chemotherapy, was duration and incidence of severe neutropenia in cycle 1. Incidence of chemotherapy-induced alopecia (hair loss) was a secondary endpoint. Based on these findings, Aileron has decided to terminate the Phase 1b breast cancer trial and further development of ALRN-6924.
Aileron also announced that it is exploring a range of strategic alternatives to maximize shareholder value. The company has engaged Ladenburg Thalmann & Co., Inc. to act as a strategic advisor for this process.
Aileron said it does not intend to comment further on this process unless or until its Board of Directors has approved a definitive course of action or it is determined that other disclosure is appropriate.
Aileron has determined to reduce its remaining workforce from 9 to 3 full-time employees in the coming weeks. The company plans to retain the remaining employees to assist in executing the strategic alternatives review process.
Atlas Lithium Stock Gains 21%
Shares of Atlas Lithium Corporation (ATLX) are gaining over 21% on Tuesday morning. The company announced that it is set to ring the NASDAQ opening bell on Friday, February 24, 2023.
ATLX is currently trading at $8.79, up $1.57 or 21.75%, on the Nasdaq. The stock opened its trading at $8.20 after closing the previous trading day at $7.22. The stock has traded between $6.01 and $12.94 in the past 52-week period.
Atlas Lithium operates as a mineral exploration and mining company in Brazil. It focuses on advancing and developing its 100%-owned hard-rock lithium project.
Helix Energy Solutions Group Climbs 18% On Swing To Profit In Q4
Helix Energy Solutions Group, Inc. (HLX) shares are up more than 18 percent on Tuesday morning trade after the company reported fourth-quarter profit compared to loss last year.
The fourth quarter earnings were $2.71 million or $0.02 per share compared to loss of $25.91 million or $0.17 per share a year ago.
Revenues for the quarter increased to $287.82 million from $168.66 million in the previous year.
Currently, shares are at $9.00, up 18.11 percent from the previous close of $7.62 on a volume of 2,673,005.
Manitowoc Gains 14% On Improved Q4 Earnings, Outlook
Shares of Manitowoc Co., Inc. (MTW) are up 14 percent on Tuesday morning trade after the company reported fourth-quarter net sales of $621.6 million, which grew from $497.8 million in the previous year.
Looking ahead to the full year 2023, the company expects adjusted earnings in a range of $0.35-$1.15 per share, while analysts are targeting $0.52 per share.
The company projects full-year net sales of around $2.0 to $2.1 billion, higher than analysts’ estimate of 1.94 billion.
Currently, shares are at $16.32, up 13.61 percent from the previous close of $14.36 on a volume of 342,201.
BioCryst Pharmaceuticals Stock Slips 16%
Shares of BioCryst Pharmaceuticals Inc. (BCRX) are slipping over 16% on Tuesday morning after reporting fourth-quarter results.
BCRX is currently trading at $8.49, down $1.70 or 16.72%, on the Nasdaq, on a volume of 4.5 million, above average volume of 2.6 million. The stock opened its trading at $8.75 after it closed previous trading day at $10.20. The stock has traded between $7.61 and $18.60 in the past 52-week period.
For the fourth quarter, revenues were $79.5 million, up 68% from $47.2 million last year. The increase was primarily due to $70.7 million in ORLADEYO net revenue in the fourth quarter, in addition to $8.7 million of revenue from Rapivab related sales.
Net loss for the fourth quarter was $71.5 million or $0.38 per share, compared to a net loss of $17.8 million or $0.10 per share last year. Adjusted loss for the fourth quarter was $73.6 million or $0.40 per share.