Kodiak Sciences Plunges Nearly 80% As Macular Degeneration Drug Trial Misses Primary Endpoint

Shares of Kodiak Sciences Inc. (KOD) plunges nearly 80% on Wednesday morning hurt largely by the biopharmaceutical company’s disappointing results from a Phase 2b/3 trial of its treatment for age-related macular degeneration.

KOD is currently trading at $10.57, down $39.78 or 79.01%, on the Nasdaq.

Kodiak Sciences said that phase 2b/3 study of KSI-301 in patients with neovascular (wet) age-related macular degeneration did not meet the primary efficacy endpoint of showing non-inferior visual acuity gains for subjects dosed on extended regimens compared to aflibercept given every eight weeks.

KSI-301, a novel antibody biopolymer conjugate, was safe and well tolerated in the study, with no new or unexpected safety signals, the company added.

According to the company, a pre-specified secondary analysis at year 1 assessing durability showed 59% of patients in the KSI-301 arm achieved five-month dosing with visual acuity gains and anatomic improvements comparable to the overall aflibercept group.

Herald morning quiz: February 24

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

TJX Companies Stock Tanks 7% As Quarterly Results Miss Street View

Shares of TJX Companies, Inc. (TJX) slipped nearly 7% on Wednesday morning after the off-price department store retail company’s fourth-quarter results missed Street view.

TJX is currently trading at $60.90, down $4.35 or 6.67%, on the NYSE. The stock has traded between $60.57 and $77.35 in the past 52-week period.

TJX’s fourth-quarter profit rose to $940.20 million or $0.78 per share from $325.52 million or $0.27 per share in the prior-year quarter. Analysts polled by Thomson Reuters expected earnings of $0.91 per share for the quarter.

Sales for the quarter grew 27 percent to $13.85 billion from $10.94 billion last year, however, were below Street consensus of $14.22 billion.

Looking forward to the first quarter, the company expects earnings of $0.58 to $0.61 per share. Analysts currently expect earnings of $0.60 per share for the quarter.

Restoring ‘The Godfather’ to Its Original (Still Dark) Glory

Francis Ford Coppola discusses a repaired 50th-anniversary edition of his classic, one that aims to be as vivid — and shadowy — as it was in 1972.

By Dave Itzkoff

Avista Corp. Q4 Profit Tops Estimates

Avista Corp. (AVA) reported fourth quarter net income of $50.9 million, or $0.71 per share, compared to $58.7 million, or $0.85 per share, a year ago. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.67, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter total operating revenue increased to $418.83 million from $368.36 million, prior year. Analysts on average had estimated $431.18 million in revenue.

Avista Corp. confirmed its 2022 and 2023 consolidated earnings guidance with ranges of $1.93 to $2.13 per share in 2022, and $2.42 to $2.62 per share in 2023.

Travel + Leisure Q4 Results Beat View

Travel + Leisure Co. (TNL) reported that its fourth quarter net income attributable to shareholders climbed to $107 million or $1.22 per share from $2 million or $0.03 per share in the same quarter last year.

Adjusted earnings per share were $1.19 compared to $0.32 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the fourth quarter. Analysts’ estimates typically exclude special items.

Net revenues for the quarter grew to $870 million from $645 million in the prior year. Analysts expected revenues of $788.14 million for the fourth quarter.

The company will recommend a first quarter 2022 dividend of $0.40 per share for approval by the Board of Directors.

For the first quarter of 2022, the company expects adjusted EBITDA to range from $160 million to $170 million.

The company anticipates that leisure travel will continue to lead the broader travel industry, which will support the 2025 growth plan announced at Investor Day in September 2021.

European Economics Preview: Germany Gfk Consumer Confidence Data Due

Consumer confidence from Germany and revised consumer prices from euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the market research group GfK releases consumer confidence survey results. The forward looking consumer sentiment index is seen at -6.3 in March compared to -6.7 in February.

At 2.45 am ET, France business confidence survey results are due from Insee. The business sentiment index is seen at 112 in February, unchanged from the previous month.

At 3.00 am ET, producer prices from the Czech Republic and gross wages from Hungary are due.

At 5.00 am ET, Eurostat is slated to issue euro area revised consumer price data for January. According to flash data, inflation rose to a record 5.1 percent in January from 5.0 percent in December.

Viking Range Recalls Freestanding Gas Ranges Due Risk Of Gas Leak

Viking Range has recalled about 3,050 Viking 5 series freestanding gas ranges due to risk of gas leak and fire hazard.

According to the statement issued by the U.S. Consumer Product Safety Commission, the rigid gas tubing can separate at the joint to the bake, broil and griddle burners, posing a risk of a gas leak and fire hazard when these burners are in operation.

The recall involves Viking Range Freestanding 5 Series Gas Ranges manufactured between August 10, 2021 and December 1, 2021 and sold in stainless steel, white, and 14 other contemporary colors. The ranges were sold in various surface configurations including all burners or burners with griddle and/or grill.

The recalled products were sold at ABT, Ferguson, Best Buy, Pacific Sales, PC Richard & Son and other stores nationwide from August 2021 through December 2021 for between $5,220 and $19,300.

The company has asked customers to immediately stop using the bake, broil and griddle functions to avoid a risk of gas leak and contact Viking Range to arrange for a free repair by an Authorized Service Provider.

Meanwhile, consumers can continue to use only the top surface burners of the range.