Franklin Resources Preliminary Q4 Net Income Rises

Franklin Resources, Inc. (BEN) reported preliminary fourth quarter net income of $295.5 million or $0.58 per share, compared to $232.7 million or $0.46 per share, prior year. Preliminary adjusted net income was $427.0 million and adjusted earnings per share was $0.84, compared to $394.4 million and $0.78, prior year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.59, for the quarter. Analysts’ estimates typically exclude special items.

Preliminary fourth quarter operating revenues were $1.99 billion, up 2% from last year. Analysts on average had estimated $1.56 billion in revenue.

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AffaMed Therapeutics Reports Positive Top-Line Results From Study Evaluating DEXTENZA

Biotechnology company AffaMed Therapeutics announced Tuesday positive top-line results from the Real-World Study conducted in the Boao Lecheng Pilot Zone in Hainan, China, to evaluate the safety and efficacy of DEXTENZA (0.4 mg dexamethasone ophthalmic insert) for the treatment of ocular inflammation and pain following cataract surgery.

The trial met its primary endpoint, with Dextenza demonstrating a significant reduction of ocular inflammation as measured by the absence of anterior chamber cells in the study eye on Day 14 after cataract surgery.

The trial also met its secondary endpoint, demonstrating a significant reduction of ocular pain on Day 8.

Dextenza was also well-tolerated and had a favorable safety profile consistent with all prior trials.

In October 2020, AffaMed Therapeutics entered into a licensing agreement with Ocular Therapeutix, Inc. (OCUL) for the development and commercialization of DEXTENZA in Greater China, South Korea, and certain ASEAN markets.

DEXTENZA is approved in the U.S. and MacauSAR for the treatment of ocular inflammation and pain following ophthalmic surgery, and ocular itching associated with allergic conjunctivitis.

SciSparc Granted Patent By Australian Patent Office; Shares Rise

Shares of SciSparc Ltd. (SPRC) surged by more than 57% on Tuesday following the announcement that the company’s patent application for a combination of opioids and N-Acylethanolamines for pain treatment has been accepted by IP Australia – the government agency responsible for administering intellectual property rights and patent legislation in Australia.

SPRC is trading on the Nasdaq at $5.36, up 57.33% or $1.95 per share. It has traded between $2.80 and $41.34 in the past 52-week period.

The company’s Chief Executive Officer, Oz Adler said, “… our unique technology allows us to harness the ability to treat pain through opioids while using significantly lower concentrations than those used on the market today and allows us to continue to fulfill our promise to offer both effective and safe treatments.”

Accenture To Acquire OnProcess Technology

Accenture Plc. (ACN) Tuesday announced the agreement to acquire Boston-based supply chain managed services provider OnProcess Technology to improve the way inventory is managed and solve complex service challenges.

Upon completion of the acquisition, Accenture will enhance its supply chain capabilities, specifically in asset recovery and service supply chain management.

The combination is expected to improve operational efficiency and enhance the customer experience.

OnProcess has more than 1,500 employees.

Sarepta Shares Fall On Missed Primary Endpoint For EMBARK Study

Shares of Sarepta Therapeutics, Inc. (SRPT) witnessed a significant decline of over 42% on Tuesday as the company revealed that the primary endpoint was not met for the EMBARK study.

SRPT is trading on the Nasdaq at $61.48, down 42.89% or $46.17 per share. It has traded between $55.25 and $159.89 in the past 52-week period.

EMBARK was a double-blind, placebo-controlled, Phase 3 clinical trial of ELEVIDYS conducted globally in patients suffering from Duchenne muscular dystrophy (DMD) aged 4 through 7 years.

The results showed that after 52 weeks of treatment, the difference of 0.65 points between the ELEVIDYS-treated patients and those on placebo did not reach statistical significance.

The North Star Ambulatory Assessment (NSAA) total score improved by 2.6 points for ELEVIDYS-treated patients whereas it was 1.9 points for those on placebo.

Pinterest Stock Jumps 16% After Q3 Profit, Revenues Top Street View

Shares of Pinterest, Inc. (PINS) are gaining over 16% on Tuesday morning after its third-quarter results were better than analysts’ expectations.

PINS is currently trading at $29.33, up $4.23 or 16.87%, on the NYSE. The stock opened its trading at $29.44 after closing Monday at $25.10. The stock has traded between $20.60 and $30.86.

Third-quarter revenues jumped 11% to $763.2 million from $684.6 million last year. Analysts polled by Thomson Reuters expected revenues of $743.44 million for the quarter.

Net income for the quarter was $6.7 million or $0.01 per share, compared to a net loss of $65.2 million or $0.10 per share last year. Adjusted earnings were $0.28 per share, compared to $0.11 per share last year. Analysts expected earnings of $0.20 per share.

Looking forward to the fourth quarter, the company expects revenue to grow in the 11-13% range year over year. Analysts currently expect revenue growth of 11.30%.

Chicago Business Barometer Unexpectedly Edges Slightly Lower In October

Chicago business activity unexpectedly contracted at a slightly faster rate in the month of October, according to a report released by MNI Indicators on Tuesday.

MNI Indicators said its Chicago business barometer edged down to 44.0 in October from 44.1 in September, with a reading below 50 indicating a contraction. Economists had expected the index to inch up to 45.0.

The unexpected dip by the business barometer came as the production index tumbled to 46.5 in October from 51.1 in September, returning to contraction territory after two months of growth.

Meanwhile, the new orders jumped 4.2 points in October after plunging by 17.6 points in September, driven largely by an increase in the proportion of respondents reporting an unchanged pipeline.

The employment index also shot up to 50.2 in October from 44.5 in September, indicating the first month of job growth since April 2023.

MNI Indicators said the surge by the employment index was driven by increases in employment by some respondents to address holiday-season expectations and falls for those affected by labor unrest.

The report also said the prices paid index crept up to 60.1 in October from 59.5 in September but remains below levels seen for the majority of the last three calendar years.