E No Security

Unlike Britain, the US rolled out its COVID-19 vaccine without naming the early recipients, maybe because there was no nurse or nursing home resident named William Shakespeare in Queens, a borough with a high immigrant population.

Value Line, which usually says to buy recommended stocks for growth and income, caused a shock wave today. It reported a surprise finding: that the median 18-month appreciation potential to the midpoint of the target price range for the stocks it writes about is just 4%. That is the lowest reading since it introduced this measure. The level at the start of 2020 was as high as 72%. 

Today hackers took down Google and were revealed to have also hit the US Treasury. There is no security on the web, no security in cellphones, no security in handbags, no security in stocks.

Business newspaper article

image source

More for subscribers follows from our companies. It is a big news day without reporting companies.

Drug stocks

*CureVac of Germany was today's corona-virus newsmaker. CVAC started phase 3 trials of its cvncov vaccine in Europe and Latin America. CVAC gained 8% in pre-markets but its US share only rose4.6% to $123.5. We had too many Monday vaccine announcements lately. And how do you say cvncov?

*The other German vaccine hope stock, BioNTech, BNTX, fell on the news by 6.5%.

*After being misled by our Canada reporter regarding when Abcellera Biologics (ABCL) had come to market, last Thursday and not Friday, I have to inform you that the stock opened down nearly 9% from its Friday close to $53.99 on a very heavy volume. We paid $56.7261, not the most pricey trade Friday, but still one that never should have been touted by our Vancouver-based drug specialist. I reprinted his rocket which did not mention that it was a day late. He is unrepentant and insists it is a good buy, despite the drop, now to $51.2. His future articles will be vetted closely by your editor.

*Happily another recent biotech with antibody hopes, Aurinia Pharma of Israel, AUPH, gained 6.27% for a real reason. Read on.

*Over the weekend, AstraZeneca, in the past often a rumored takeover candidate, switched to being a buyer of a US drug small cap instead. It will pay $39 bn to buy Alexion (ALXN) at $175/sh. Today AZN fell 6.7% at the open. No less than 3 analysts hastily corrected their target price for ALXN, a bit late. Moreover, SVB analyst Andrew Berens warned that ALXN faced an expiring patent on its bestseller drug Oiliris but thought AZN will be able to deal with it by shifting them to an AZN antibody-drug Ultomiris. AZN now is down 6%.

1 2 3 4
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.