NextEra Down 5% After Announcing $500 Mln Senior Notes Pricing
European Economic News Preview: ECB Lagarde’s Speech On Highlight
European Central Bank President Christine Lagarde is set to speak at two different events on Thursday. No other major economic data is due, headlining a quiet day for the European economic news.
At 1.30 am ET, France’s statistical office publishes revised non-farm payroll employment data for the third quarter.
At 2.00 am ET, Denmark’s manufacturing output figures are due for October. Production had increased 1.3 percent in September.
At 3.00 am ET, the Czech Statistical Office is set to issue consumer prices and foreign trade reports. Consumer price inflation is expected to advance further to 22.2 percent in November from 21.1 percent in October.
At 6.00 am ET, consumer prices data from Ireland is due.
At 7.00 am ET, ECB President Lagarde speaks at the 6th Annual conference of the European Systemic Risk Board: Addressing Financial Stability Challenges.
Lagarde is also scheduled to attend the pre-opening of the exhibition of German conceptual artist Rosemarie Trockel at Museum of Modern Art in Frankfurt. This is at 1.00 pm ET.
Design Therapeutics Stock Tanks 40% As Analysts Lowers Price Target
Shares of Design Therapeutics, Inc. (DSGN) are slipping over 40% on Thursday morning after analysts at Wedbush and Royal Bank of Canada lowered the clinical-stage biotechnology company’s target price.
DSGN is currently trading at $7.67, down $5.02 or 39.56%, on the Nasdaq. The stock opened its trading at $13.42 after closing Wednesday’s trading at $12.69. The stock has traded between $7.09 and $26.30 in the past 52-week period.
Wedbush lowered Design’s price target from $26.00 to $19.00 per share, while RBC lowered its target from $29.00 to $24.00 per share.
On Thursday, Design Therapeutics, which develops treatments for serious degenerative genetic diseases, reported progress across its portfolio of novel GeneTAC small molecules.
The updates include initial results on DT-216 from the company’s single-ascending dose (SAD) Phase 1 clinical trial in patients with Friedreich ataxia (FA). The results show that DT-216 was generally well-tolerated and able to overcome the frataxin (FXN) transcription impairment that causes FA, with a greater than two-fold increase in FXN mRNA in the cohort with the highest response. These data support the continued advancement of DT-216 in the ongoing multiple-ascending dose (MAD) Phase 1 trial and the anticipated Phase 2 clinical trial in FA patients, which is on track to begin in 2023.
Baidu Up 4%
Shares of Chinese tech company Baidu, Inc. (BIDU) are rising 4 percent on Thursday’s trading continuing their upward trend since the past few days. The stock movement is in tandem with the U.S markets, which are in the green early on Thursday morning.
Currently at $119.34, the stock has traded between $73.58 and $171.87 during the past 52 weeks.
Pharvaris Up 90% On Positive Data From Phase 2 Study Of Treatment For Hereditary Angioedema Attacks
Shares of Pharvaris N.V. (PHVS) are surging nearly 90% on Thursday morning after the company announced positive top-line data from the RAPIDe-1 Phase 2 clinical study.
PHVS is currently trading at $4.9567, up $2.3467 or 89.9119%, on the Nasdaq, on a huge volume of 30 million shares, above average volume of 50 thousand. The stock opened its trading at $2.2700 after closing Wednesday’s trading at $2.6100. The stock has traded between $1.7700 and $27.5000 in the past 52-week period.
Pharvaris is a clinical-stage company developing novel, oral bradykinin-B2-receptor antagonists to treat and prevent hereditary angioedema (HAE) attacks.
Pharvaris announced positive top-line data from the RAPIDe-1 Phase 2 clinical study, demonstrating statistically significant results of PHVS416 as an oral on-demand treatment for HAE attacks.
Seventy-four patients were enrolled across 13 countries and were randomized into one of three single dose levels of PHVS416 and placebo. The study compares symptom relief during HAE attacks and the safety of each dose of PHVS416 with placebo. In Part I of the study, participants in a non-attack state received the assigned single dose of PHVS416 at the study center to assess its pharmacokinetics and safety. In Part II, participants self-administer blinded study drug at home to treat three physician-confirmed HAE attacks with PHVS416 or placebo.
Conair Recalls 66K Cuisinart Compact Blender And Juice Extractor
Conair has recalled nearly 66,000 Cuisinart compact blender and juice extractor due to laceration hazard.
According to the Consumer Product Safety Commission, the nut holding the blender blade assembly can loosen and detach from the base when in use, posing a laceration hazard.
The company has received three reports of incidents in which the blender blade detached during use. In one of the incidents the blade perforated the blender container. No injuries have been reported.
The recall involves certain Cuisinart compact blender and juice extractor combos with model number CBJ-450.
The company has asked its customers to immediately stop using the recalled blender part of the compact blender and juice extractor combos and contact Conair for a free replacement blade assembly. Consumers will receive instructions on how to install the replacement blade assembly after discarding the existing blade assembly, and after verifying disposal of the existing blade assembly.
The recalled products were sold at Crate & Barrel and other department, gourmet and specialty stores nationwide and online at Amazon.com, Macys.com, Kohls.com and other online retailers from November 2021 through August 2022 for about $80.
NextEra Down 5% After Announcing $500 Mln Senior Notes Pricing
Shares of renewable energy company NextEra Energy Partners, LP (NEP) are down 5 percent on Thursday’s trading after the company announced the pricing of $500 million in aggregate principal amount of its 2.50 percent convertible senior notes due 2026 in a private placement to qualified institutional buyers. The offering is expected to close on December 12.
The company expects the net proceeds from the notes offering prior to offering expenses to be around $488.80 million. NextEra Energy Partners plans to use the net proceeds from this offering to fund a portion of its previously announced acquisition of a 1,080-megawatt net interest in a renewable portfolio, to repay a portion of the borrowings under the corporate revolving credit facility, to pay the initial cost of the capped call transactions described above and for general partnership purposes.
Currently at $75.00, the stock has traded between $61.31 and $87.72 during the past 52 weeks.