Cabot Corporation Hit a 52 Week High, Can the Run Continue?
Have you been paying attention to shares of Cabot CBT? Shares have been on the move with the stock up 8.8% over the past month. The stock hit a new 52-week high of $108.39 in the previous session. Cabot has gained 28.7% since the start of the year compared to the -3.7% move for the Zacks Basic Materials sector and the -2.3% return for the Zacks Chemical – Diversified industry.
What’s Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn’t missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 5, 2024, Cabot reported EPS of $1.92 versus consensus estimate of $1.74.
For the current fiscal year, Cabot is expected to post earnings of $7.07 per share on $4.01 billion in revenues. This represents a 31.41% change in EPS on a 2% change in revenues. For the next fiscal year, the company is expected to earn $7.82 per share on $4.21 billion in revenues. This represents a year-over-year change of 10.61% and 5.04%, respectively.
Valuation Metrics
Cabot may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
Cabot has a Value Score of A. The stock’s Growth and Momentum Scores are A and D, respectively, giving the company a VGM Score of A.
In terms of its value breakdown, the stock currently trades at 15.2X current fiscal year EPS estimates, which is not in-line with the peer industry average of 18.3X. On a trailing cash flow basis, the stock currently trades at 13.2X versus its peer group’s average of 8.6X. Additionally, the stock has a PEG ratio of 1. This isn’t enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Cabot currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Cabot meets the list of requirements. Thus, it seems as though Cabot shares could have potential in the weeks and months to come.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Stock Traders ‘Sell the News’ After Fed Goes Big: Markets Wrap
(Bloomberg) — A rally that briefly drove stocks to their all-time highs bumped into a wall as the Federal Reserve signaled it’s not in a rush to ease policy after cutting rates by a half-point.
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The S&P 500 wiped out a gain of 1% as Jerome Powell cautioned against assuming big rate cuts would continue. While that’s not necessarily bad given that aggressive easing is usually associated with economic stress, traders ended up pushing equities near session lows at the 4 p.m. New York close.
“After a rally ahead of today’s Fed announcement, it wouldn’t be unreasonable for the market to pull back a bit,” said Bret Kenwell at eToro. “However, the long-term outlook remains promising. So long as the economy holds up and inflation doesn’t roar back to life, lower rates and strong earnings growth can continue to drive stocks higher over the long term.”
To Ian Lyngen and Vail Hartman at BMO Capital Markets, Powell’s press conference was consistent with the magnitude of the cut and effectively communicated that officials aren’t particularly worried about any aspect of the real economy at the moment.
“It’s impressive that in the classic, ‘buy-the-rumor, sell-the-fact’ dynamic, the ‘fact’ of a 50 basis-point cut was still met by selling,” they said, referring to the reversal in bonds. “Positions are being squared and the market is moving back into the mode of trading the incoming economic data with an eye to the potential influence from the presidential race.”
The S&P 500 fell 0.3%. The Nasdaq 100 dropped 0.5%. The Dow Jones Industrial Average lost 0.2%. A gauge of the “Magnificent Seven” megacaps slid 0.1%. The Russell 2000 of small firms was little changed.
Treasury 10-year yields advanced six basis points to 3.7%. The dollar rose.
Markets may temporarily encounter the “buy the rumor, sell the news” phenomenon, according to Florian Ielpo at Lombard Odier Investment Managers. That said, traders will need to remember how the Fed has transitioned from being a headwind to a tailwind, he added.
“While most of its potential actions may have been priced in by the bond market, the benefits of easing are difficult to gauge, and the equity (and credit) market could very well underestimate them,” Ielpo said. “The benefits of these cuts will depend heavily on the growth scenario: rising equities if there is no recession, but declining if growth fails to meet expectations.”
To Chris Larkin at E*Trade from Morgan Stanley, the markets got what they wanted — a big first cut by the Fed.
“The Fed has a well-deserved reputation for not rushing, so there’s the potential for some disappointment if it’s seen to be moving too slowly, especially if economic data continues to soften. But today they delivered,” he added.
The market is now pricing in another 70 basis points worth of rate reductions at the Fed’s two remaining meetings this year, reflecting a far more aggressive stance than policymakers. Officials on Wednesday forecast just a half-point of further easing in 2024. They penciled in an additional percentage point of cuts in 2025, according to the median forecast.
“Powell made it clear that today’s decision was not a crisis rate cut but instead a normalization of monetary policy from a very restrictive level,” said Kristina Hooper at Invesco. “I anticipate risk assets could perform well in the coming weeks given the Fed’s reassurances – unless future economic data suggests greater weakening.”
Jamie Cox at Harris Financial Group says he’s still skeptical of the extent of expected rate cuts next year given that more aggressive reductions are associated with crises.
“We look for traditional beneficiaries including small caps, value, cyclical sectors, and the equally-weighted S&P 500 Index to experience tailwinds,” he noted.
To Krishna Guha at Evercore, the big move out the gates takes out some insurance on the soft landing, and should particularly benefit risky assets geared into the cycle, such as small caps, cyclicals, commodities and commodity currencies.
“Despite the skepticism around the economic need for an aggressive 50 basis-point cut, markets can and should only celebrate today’s move – and will continue to celebrate over coming months,” said Seema Shah at Principal Asset Management. “We have a Fed that will go to historic lengths to avoid a hard landing. Recession, what recession?”
Callie Cox at eToro has a piece of advice: “Don’t let the thought of rate cuts scare you.”
“The Fed is cutting in celebration of controlled inflation, not in desperation,” she said. “Don’t give up on the stock market. We think there’s still a chance the Fed saves the job market – and consequently, the economy – with lower rates. And if that happens, the biggest – and most expensive – risk here is to miss an eventual rally led by the unlovable parts of the market.”
Corporate Highlights:
-
A US security panel has granted Nippon Steel Corp. permission to refile its plans to purchase United States Steel Corp., for $14.1 billion, likely pushing a decision on the politically contentious takeover past the US elections in November, according to people familiar with the matter.
-
Google won a court fight with the European Union over a €1.5 billion ($1.7 billion) fine for thwarting competition for online ads, partly making up for last week’s crushing defeat in a separate judgment for abusing its monopoly powers.
-
Qualcomm Inc. lost a European Union court fight over a multi million euro fine over allegations the US firm priced some chips low enough to squeeze out a smaller rival.
-
T-Mobile US Inc. outlined its growth ambitions for the next three years on Wednesday, forecasting higher profit fueled by customer gains and enhanced by new technologies, including artificial intelligence.
-
23andMe Holding Co. co-founder and Chief Executive Officer Anne Wojcicki told employees that she remains committed to taking the genetic testing company private following the resignation of its independent board members.
Key events this week:
-
UK rate decision, Thursday
-
US Conf. Board leading index, initial jobless claims, existing home sales, Thursday
-
FedEx earnings, Thursday
-
Japan rate decision, Friday
-
Eurozone consumer confidence, Friday
Some of the main moves in markets:
Stocks
-
The S&P 500 fell 0.3% as of 4 p.m. New York time
-
The Nasdaq 100 fell 0.5%
-
The Dow Jones Industrial Average fell 0.2%
-
The MSCI World Index fell 0.4%
-
Bloomberg Magnificent 7 Total Return Index fell 0.1%
-
The Russell 2000 Index was little changed
Currencies
-
The Bloomberg Dollar Spot Index rose 0.1%
-
The euro was little changed at $1.1105
-
The British pound rose 0.2% to $1.3187
-
The Japanese yen was little changed at 142.46 per dollar
Cryptocurrencies
-
Bitcoin fell 0.1% to $60,055.19
-
Ether fell 1.3% to $2,314.6
Bonds
-
The yield on 10-year Treasuries advanced six basis points to 3.7%
-
Germany’s 10-year yield advanced five basis points to 2.19%
-
Britain’s 10-year yield advanced eight basis points to 3.85%
Commodities
-
West Texas Intermediate crude fell 1.7% to $70.01 a barrel
-
Spot gold fell 0.8% to $2,549.44 an ounce
This story was produced with the assistance of Bloomberg Automation.
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©2024 Bloomberg L.P.
Bitcoin And Ethereum Euphoria Built Around Rate Cuts Could Be Ruined By Retail Traders, Says Crypto Data Intelligence Platform
The Federal Reserve implemented its first rate cut since March 2020. The move aimed to combat inflation and economic concerns.
What Happened: The rate cut was widely anticipated, with an 85% likelihood leading up to the announcement. This anticipation led to a bullish reaction in both cryptocurrency and traditional equity markets. However, prices quickly reversed as traders executed buy orders.
Santiment noted that this pattern is familiar, having been observed after events like the Ethereum ETH/USD merge and Bitcoin BTC/USD halving. Traders often become euphoric, expecting prices to soar, only to be surprised by a retracement.
Despite the initial bullish reaction, the market’s response may not be as straightforward. Traders are advised to monitor sentiment and funding rates closely. Positive sentiment could indicate greed, while negative sentiment might signal a buying opportunity.
Two more rate cuts are expected by the end of 2024, potentially lowering interest rates by 100 basis points heading into 2025, according to the report.
Why It Matters: The Federal Reserve’s decision to cut interest rates by 50 basis points to a range of 4.75% to 5% marks a significant shift in monetary policy.
Jerome Powell, the Fed Chair, defended the move, stating it was necessary to support the labor market and prevent economic harm. Powell emphasized the importance of acting preemptively to safeguard the economy, highlighting the Fed’s cautious, data-driven approach.
The rate cut has broader implications for consumers, potentially affecting mortgage rates, credit card interest rates, and auto loan rates. This trickle-down effect could influence consumer spending and borrowing behavior.
Despite the initial market euphoria, Powell’s cautious remarks on the future rate path have injected uncertainty into the markets. The Fed’s dot plot indicates further easing ahead, with additional rate cuts expected in the coming years.
Price Action: Bitcoin is trading at $61,950.10, up 0.32% in the last 24 hours. Year to date, it has gained 40.14%. Meanwhile, Ether is currently priced at $2,357.76, rising 0.92% in the last 24 hours. Year to date, it has increased 0.19%, according to data from Benzinga Pro.
Read Next:
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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Prediction: This Unstoppable Vanguard ETF Will Beat the S&P 500 Again in 2025
The S&P 500 is an index of 500 of the highest quality companies listed on U.S. stock exchanges. It has strict entry criteria. Companies need a market capitalization of at least $18 billion, and they also need to generate positive earnings. Even then, admittance is at the discretion of the Index Committee.
The S&P 500 is weighted by market capitalization, which means the largest companies in the index have a greater influence over its performance than the smallest. That’s why the technology sector — which includes trillion-dollar giants like Nvidia, Apple, and Microsoft — has a 31.4% weighting at the moment, making it the largest in the index.
But then there is the S&P 500 Growth index, which exclusively holds 231 of the best performers from the S&P 500 and disregards the rest. The Growth index has comfortably beaten the S&P 500 over the long term for that reason, and that trend is likely to continue because of its composition.
The Vanguard S&P 500 Growth ETF (NYSEMKT: VOOG) directly tracks the performance of the Growth index by holding the same stocks and maintaining similar weightings. With 2025 around the corner, here’s why I think this ETF is a great bet to beat the S&P 500 yet again.
Why the S&P 500 Growth index tends to outperform the S&P 500
The Growth index selects stocks from the S&P 500 based on factors like their momentum, and the sales growth of the underlying companies. Since technology stocks often lead the rest of the market on both fronts, it’s no surprise the sector has a whopping 50.3% weighting in the Growth index.
The five largest holdings in the Vanguard S&P 500 Growth index (and ETF) are from the tech sector. The table below displays their weightings relative to their weightings in the regular S&P 500:
|
Stock |
Vanguard S&P Growth ETF Weighting |
S&P 500 Weighting |
|---|---|---|
|
1. Apple |
12.40% |
6.97% |
|
2. Microsoft |
11.65% |
6.54% |
|
3. Nvidia |
11.03% |
6.20% |
|
4. Meta Platforms |
4.48% |
2.41% |
|
5. Amazon |
4.14% |
3.45% |
Data source: Vanguard. Portfolio weightings are accurate as of Aug. 31, 2024, and are subject to change.
Those five stocks have generated an average return of 48.3% this year, so it’s only natural that an ETF that holds them in such a high concentration is performing extremely well. That’s why the Vanguard ETF is up 24.3% year to date, comfortably outperforming the 19.1% gain in the S&P 500.
All five stocks are likely to continue driving the Vanguard ETF higher because of their presence in the artificial intelligence (AI) industry, which could be one of the most valuable tech revolutions in history. Goldman Sachs thinks AI will add $7 trillion to the global economy in the coming decade, whereas PwC pegs that number at $15.7 trillion by 2030.
Apple recently unveiled its new AI software, called Apple Intelligence, which will introduce powerful new capabilities to the iPhones, iPads, and Mac computers. Microsoft, on the other hand, is experiencing rapid growth in its Azure cloud segment, as businesses race to deploy AI into their operations.
Nvidia is at the heart of the entire AI revolution thanks to its graphics processing units (GPUs) for the data center, which facilitate AI development. The company’s revenue grew by 122% in its recent quarter as tech giants like Microsoft, Amazon, and Alphabet invest tens of billions of dollars in building AI data centers.
The Vanguard ETF can beat the S&P 500 next year, too
The Vanguard S&P 500 Growth ETF has delivered a compound annual return of 16% since its inception in 2010, handily beating the average annual gain of 13.7% in the S&P 500 over the same period. That 2.3 percentage point differential would have made a big impact for investors in dollar terms due to the effects of compounding:
|
Initial Investment (2010) |
Compound Annual Return |
Balance in 2024 |
|---|---|---|
|
$10,000 |
16% (Vanguard ETF) |
$79,875 |
|
$10,000 |
13.7% (S&P 500) |
$60,345 |
Calculations by author.
We are still in the very early stages of the AI revolution. Oracle Chairman Larry Ellison recently said AI spending could grow for the next 10 years, and if that’s the case, stocks like Apple, Microsoft, and Nvidia will likely continue to deliver strong returns. That will fuel a further outperformance in the Vanguard ETF next year (and beyond) relative to the S&P 500.
However, even if AI fails to live up to the hype, the Growth index will rebalance as necessary, which should help it maintain its performance advantage over the S&P 500. That’s why — as has consistently been the case — the Vanguard S&P 500 Growth ETF is a great bet for investors looking to beat the S&P 500 in the new year.
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Prediction: This Unstoppable Vanguard ETF Will Beat the S&P 500 Again in 2025 was originally published by The Motley Fool
NANOBIOTIX Provides Business Update and Reports Half Year 2024 Financial Results
- RT-NBTXR3 followed by anti-PD-1 demonstrated favorable safety profile, disease control and tumor response in patients both naïve and resistant to anti-PD-1, suggesting that NBTXR3 may prime the immune system before checkpoint therapy
- Several clinical milestones expected over the next 12-18 months including updated data in pancreatic, and head and neck cancer, and initial data in esophageal and lung cancer
- €66.3 million in cash and cash equivalents as of June 30, 2024, with a cash runway extended into Q4 2025
PARIS and CAMBRIDGE, Mass., Sept. 18, 2024 (GLOBE NEWSWIRE) — NANOBIOTIX NBTX, a late-clinical stage biotechnology company pioneering nanoparticle-based approaches to expand treatment possibilities for patients with cancer and other major diseases, provided an update on operational progress and announced its half year financial results for the six-month period ended June 30, 2024.
“We continue to make strong progress advancing our nanoparticle-based therapeutic approach with lead candidate NBTXR3, which is part of our global licensing agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company. The agreement is designed to realize significant therapeutic and market opportunities in solid tumor cancers worldwide, starting with lung and head and neck. We also continue to establish additional expansion opportunities across multiple cancer settings as part of our ongoing collaboration with MD Anderson,” said Laurent Levy, co-founder of Nanobiotix and chairman of the executive board. “The potential of NBTXR3 to prime immune activity before an anti-PD-1 inhibitor was further reinforced with new data from Study 1100 announced at the Annual Meeting of American Society for Clinical Oncology (ASCO) showing disease control and tumor response in patients with head and neck cancer that are naïve or resistant to prior anti-PD-1 therapy. We expect several clinical milestones over the next 12-18 months that, would further advance and broaden the potential patient population for NBTXR3 including updated data in pancreatic and head and neck cancer, and initial data in esophageal and lung cancer.”
First Half 2024 Operational Highlights, Pipeline Status and Expected Milestones
Strengthened Supervisory Board with the nominations of Dr. Margaret A. Liu and Ms. Anat Naschitz as board observers, two key additions intended to further equip the Company for sustainable long-term growth. Dr. Liu brings a wealth of experience in US and international academia, pharmaceuticals, biotechnology and public policy, and Ms. Naschitz brings world-class expertise in raising and deploying capital to support disruptive innovation for the benefit of patients, healthcare professionals and investors.
Achieved a NANORAY-312 operational milestone as part of global exclusive licensing, co-development, and commercialization agreement with Janssen Pharmaceutica NV, a Johnson & Johnson company, for the investigational, potential first-in-class radioenhancer NBTXR3 and subsequently received the $20 million payment.
Locally Advanced Head and Neck Squamous Cell Carcinoma (LA-HNSCC): Local Control as Single Agent Activated by Radiotherapy (RT)
- NANORAY-312, a pivotal, global, randomized Phase 3 trial evaluating RT-activated NBTXR3 ± cetuximab vs RT ± cetuximab in elderly patients ineligible for cisplatin chemotherapy
- Interim analysis to be reported after both the requisite number of events has occurred and the last patient is recruited, expected by 1H2026
- Ongoing transfer of the sponsorship to Janssen to facilitate preparations for potentially positive trial results and subsequent steps
- Study 102, a successfully completed Phase 1 dose escalation and expansion trial evaluating RT-activated NBTXR3 in patients ineligible for cisplatin chemotherapy or intolerant to cetuximab. Final results showed topline safety and efficacy data supporting robust anti-tumor activity and a well-tolerated profile in elderly patients with a high burden of comorbidity (n=56)
Non-Small Cell Lung Cancer (NSCLC)
- Janssen-led randomized Phase 2 study evaluating NBTXR3 + chemoradiation followed by anti-PD-L1 for patients with inoperable, stage 3 NSCLC
- Study may proceed letter received from the Food and Drug Administration (FDA)
- First patient randomized is the next expected milestone
Recurrent/Metastatic Head and Neck Squamous Cell Carcinoma (R/M HNSCC): Priming Immune Response Followed by an Anti-PD-1 Treatment:
- Study 1100, a Phase 1 dose escalation and expansion trial evaluating RT-activated NBTXR3 followed by an anti-PD-1 as a second-or-later line treatment in patients with advanced cancers
- Completed dose escalation part – ongoing dose expansion part. New data in R/M HNSCC Naïve or Resistant to Anti-PD-1 presented at ASCO:
- Favorable safety and feasibility in 68 heavily pre-treated patients with R/M-HNSCC (Intention-to-Treat population; “ITT”)
- 48% overall response rate (ORR) in evaluable anti-PD-1 naïve patients (n=25); 28% ORR in evaluable anti-PD-1 resistant patients (n=25) as per RECIST 1.1
- 76% disease control rate (DCR) in evaluable naïve patients; 68% DCR in evaluable resistant patients as per RECIST 1.1
- Preliminary review of survival data in ITT anti-PD-1 naïve patients (n=33) showed mPFS of 7.3 months and mOS of 26.2 months
- ITT anti-PD-1 resistant patients (n=35) showed mPFS of 4.2 months and mOS of 7.8 months
- Completed dose escalation part – ongoing dose expansion part. New data in R/M HNSCC Naïve or Resistant to Anti-PD-1 presented at ASCO:
- Initial data from immunotherapy resistant patients with multiple primary tumors expected in 2025
- Data supports further evaluation in randomized clinical trials which may include a potential registrational pathway for NBTXR3 in combination with an immunotherapy.
Pancreatic, Lung and Others: Expanding NBTXR3 Opportunity Through a Strategic Collaboration with The University of Texas MD Anderson Cancer Center to Validate Tumor-Agnostic, Combination-Agnostic Therapeutic Profiles
Five ongoing clinical trials in advanced solid tumors:
- Advanced Solid Tumors with Lung or Liver Metastases: Phase 1/2 study (NCT05039632) of RT-activated NBTXR3 plus an anti-PD-1/L-1 immune checkpoint inhibitor
- Recurrent or Metastatic Head and Neck Cancer: Phase 2 study (NCT04862455) of RT-activated NBTXR3 in combination with anti-PD-1
- Inoperable Non-Small Cell Lung Cancer (NSCLC): Phase 1 study (NCT04505267) of single agent RT-activated NBTXR3
- Dose escalation completed and dose expansion ongoing. Established RP2D after determination of injection feasibility and observation of a favorable safety profile.
- Esophageal Cancer: Phase 1 study (NCT04615013) of RT-activated NBTXR3 in combination with chemotherapy
- Pancreatic Cancer: Phase 1b study (NCT04484909) of RT-activated NBTXR3 after cytotoxic chemotherapy for patients with locally advanced pancreatic cancer (LAPC)
Multiple expected clinical milestones:
- Updated Phase 1b dose escalation data in pancreatic cancer expected 2H2024
- Initial Phase 1 dose escalation data in inoperable, recurrent NSCLC amenable to re-irradiation expected 1H2025
- Completion of dose escalation in Phase 1b/2 trial in esophageal cancer expected in 2024, initiation of dose expansion part, and presentation of first data in 2025
Half Year 2024 Financial Results
Revenue and Other Income: Revenue and other income has increased for the six months ended June 30, 2024, to €9.3 million, compared to €3.3 million for the six months ended June 30, 2023, primarily resulting from services and product supply revenue linked to the exclusive licensing, co-development, and commercialization agreement with Janssen Pharmaceutica NV executed on July 7, 2023.
Research and Development (“R&D”) Expenses: R&D expenses consist primarily of preclinical, clinical and manufacturing expenses related to the development of NBTXR3. These expenses for the six months ended June 30, 2024, were €22.0 million, primarily driven by an increase of the clinical development activities in NANORAY-312, compared to €17.8 million for the six months ended June 30, 2023.
Selling, General and Administrative (“SG&A”) Expenses: SG&A expenses consist primarily of administrative employee-related expenses, legal and other professional fees, patent filing and maintenance fees, and insurance. Total SG&A expenses for the six months ended June 30, 2024, were €10.8 million, compared to €10.9 million for the prior-year six-month period.
Net loss: Net loss attributable to common shareholders for the six months ended June 30, 2024, was €21.9 million, or a €0.46 basic loss per share. This compares to a net loss attributable to common shareholders of €28.1 million, or €0.80 basic loss per share, for the same period in 2023.
Cash and Cash Equivalents: Cash and cash equivalents as of June 30, 2024, were €66.3 million, compared to €75.3 million as of December 31, 2023.
Based on the current operating plan and financial projections, we anticipate that the cash and cash equivalents of €66.3 million as of June 30, 2024, will now fund our operations into Q4 2025, compared to Q3 2025 in prior guidance.
Availability of the Half Year 2024 Financial Reports
The 2024 half-year financial report has been filed with the French financial market authority (Autorité des marchés financiers). It is available to the public on the Company’s website, www.nanobiotix.com.
About NBTXR3
NBTXR3 is a novel, potentially first-in-class oncology product composed of functionalized hafnium oxide nanoparticles that is administered via one-time intratumoral injection and activated by radiotherapy. Its proof-of-concept was achieved in soft tissue sarcomas for which the product received a European CE mark in 2019. The product candidate’s physical mechanism of action (MoA) is designed to induce significant tumor cell death in the injected tumor when activated by radiotherapy, subsequently triggering adaptive immune response and long-term anti-cancer memory. Given the physical MoA, Nanobiotix believes that NBTXR3 could be scalable across any solid tumor that can be treated with radiotherapy and across any therapeutic combination, particularly immune checkpoint inhibitors.
Radiotherapy-activated NBTXR3 is being evaluated across multiple solid tumor indications as a single agent or in combination with anti-PD-1 immune checkpoint inhibitors, including in NANORAY-312—a global, randomized Phase 3 study in locally advanced head and neck squamous cell cancers. In February 2020, the United States Food and Drug Administration granted regulatory Fast Track designation for the investigation of NBTXR3 activated by radiation therapy, with or without cetuximab, for the treatment of patients with locally advanced HNSCC who are not eligible for platinum-based chemotherapy—the same population being evaluated in the Phase 3 study.
Given the Company’s focus areas, and balanced against the scalable potential of NBTXR3, Nanobiotix has engaged in a collaboration strategy to expand development of the product candidate in parallel with its priority development pathways. Pursuant to this strategy, in 2019 Nanobiotix entered into a broad, comprehensive clinical research collaboration with The University of Texas MD Anderson Cancer Center to sponsor several Phase 1 and Phase 2 studies evaluating NBTXR3 across tumor types and therapeutic combinations. In 2023, Nanobiotix announced a license agreement for the global co-development and commercialization of NBTXR3 with Janssen Pharmaceutica NV.
About NANOBIOTIX
Nanobiotix is a late-stage clinical biotechnology company pioneering disruptive, physics-based therapeutic approaches to revolutionize treatment outcomes for millions of patients; supported by people committed to making a difference for humanity. The Company’s philosophy is rooted in the concept of pushing past the boundaries of what is known to expand possibilities for human life.
Incorporated in 2003, Nanobiotix is headquartered in Paris, France and is listed on Euronext Paris since 2012 and on the Nasdaq Global Select Market in New York City since December 2020. The Company has subsidiaries in Cambridge, Massachusetts (United States) amongst other locations.
Nanobiotix is the owner of more than 25 patent families associated with three (3) nanotechnology platforms with applications in 1) oncology; 2) bioavailability and biodistribution; and 3) disorders of the central nervous system.
For more information about Nanobiotix, visit us at www.nanobiotix.com or follow us on LinkedIn and Twitter
Disclaimer
This press release contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the use of proceed therefrom, and the period of time through which the Company’s anticipates its financial resources will be adequate to support operations. Words such as “expects”, “intends”, “can”, “could”, “may”, “might”, “plan”, “potential”, “should” and “will” or the negative of these and similar expressions are intended to identify forward-looking statements. These forward-looking statements, which are based on our management’s current expectations and assumptions and on information currently available to management. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements, including risks related to Nanobiotix’s business and financial performance, which include the risk that assumptions underlying the Company’s cash runway projections are not realized. Further information on the risk factors that may affect company business and financial performance is included in Nanobiotix’s Annual Report on Form 20-F filed with the SEC on April 24, 2024 under “Item 3.D. Risk Factors”, in Nanobiotix’s 2023 universal registration document filed with the AMF on April 24, 2024, in Nanobiotix’ 2024 semi-annual report under the caption “Supplemental Risk Factor” filed with the SEC on Form 6-K and with AMF on September 18 2024, and subsequent filings Nanobiotix makes with the SEC from time to time which are available on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release speak only as of the date of this press release, and except as required by law, Nanobiotix assumes no obligation to update these forward-looking statements publicly.
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S&P 500, Gold Strike All-Time Highs, Small Caps Rally After Fed Slashes Interest Rates For First Time In 4 Years (UPDATED)
Editor’s note: This story has been updated with additional information.
Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.
What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between 5.25% and 5.5% since the central bank last hiked in July 2023.
The SPDR S&P 500 SPY, which tracks the S&P 500 index, was up 0.44% at all-time highs at last check, led higher by a variety of names like Arm Holdings Plc ARM, The Trade Desk Inc TTD Toyota Motor Corp TM, General Motors Co GM and Marriott International MAR.
The materials sector, as tracked by the Materials Select Sector SPDR Fund XLB, was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy Select Sector SPDR Fund XLE, was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here’s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed’s latest move.
- SPDR Dow Jones Industrial Average ETF DIA: up 0.38% at $418.87.
- Invesco QQQ Trust QQQ: up 0.59% at $476.25.
- IShares Russell 2000 ETF IWM: up 2.31% at $224.36. Small caps outperformed broader markets ahead of the rate cut and continued to outperform in afternoon trading.
- IShares 20+ Year Treasury Bond ETF TLT: down 0.36% at $100.48.
- SPDR Gold Trust GLD: up 0.66% at $239.02. Gold hit all-time highs following the Fed’s rate decision.
It’s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin BTC/USD was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum ETH/USD was down 1.79% at $2,322.
Check This Out: Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead
The increased volatility is likely a result of uncertainty heading into the meeting. According to CME’s FedWatch tool, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed’s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday’s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the SPDR S&P 500 was up 0.44%, trading at $565.62, according to Benzinga Pro.
Read Next:
Watch Fed Chair Jerome Powell‘s press conference here:
This illustration was generated using artificial intelligence via Midjourney.
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Obama-Era Economist Says She Is 'Pleasantly Surprised' That JD Vance Thinks The 'Economy Is Too Strong For The Rate Cut'
On Wednesday, Betsey Stevenson expressed her astonishment at Donald Trump’s running mate J.D. Vance and his supporters’ economic optimism despite the Federal Reserve’s recent rate cut.
What Happened: Stevenson, a former Obama administration economic advisor, shared her views on X, stating, “I have to admit that I am pleasantly surprised that J.D. Vance and his supporters thinks the economy is too strong for the rate cut.”
Stevenson shared a video featuring a Vance rally where he was asked a question on Federal Reserve’s move to slash interest rates by 50 basis points. The crowd booed when the question was asked.
Vance said, “My reaction is half a point is nothing compared to what American families have been dealing with for the last 3 years.” In response to the Vice Presidential candidate’s answer, the crowd cheered.
See Also: Nasdaq, S&P 500 Futures Firm Up Ahead Of Retail Sales Data
Why It Matters: Stevenson’s post is particularly noteworthy given the ongoing debate around the implications of the rate cut. Republican presidential nominee Trump has expressed skepticism over the Federal Reserve’s decision, suggesting it could be indicative of a faltering U.S. economy or a politically motivated action.
Stevenson’s surprise at Vance’s optimism might stem from her previous criticism of the Republican vice presidential nominee. She had earlier rebuked Vance for spreading misinformation about the effects of tariffs on consumer prices.
This comment comes in the wake of the Federal Reserve’s unexpected decision to slash interest rates by 50 basis points, marking the first rate cut in over four years. This move surprised Wall Street analysts who had anticipated a more modest 25-basis-point cut.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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Mike Johnson Says Fed Chair Jerome Powell Admitted Biden-Harris Immigration Policies Have Raised Unemployment And Are 'Harming American Workers' — Elon Musk Amplifies Discussion
Speaker Mike Johnson (R-La.) claimed on X that Federal Reserve Chairman Jerome Powell admitted President Joe Biden and Vice President Kamala Harris‘ administration’s immigration policies are contributing to higher unemployment rates. Powell’s comments were made during a postmeeting press conference.
What Happened: Johnson shared a video clip where Powell was questioned about the recent job creation rates and the impact of immigration on the labor market.
Powell responded by indicating that the influx of immigrants has contributed to the rise in unemployment, alongside a slower hiring rate.
Powell said, “If you’re having millions of people come into the labor force, then—and you’re creating 100,000 jobs, you’re going to see unemployment go up.” He noted that the increase in unemployment is partly due to the high number of people entering the country and the slower rate of job creation.
Sharing Powell’s remarks, Johnson wrote, “The Federal Reserve Chairman admitted the massive influx of illegal immigrants under Biden and Harris has raised the unemployment rate. This administration’s refusal to secure the border is actively harming American workers and our economy.”
Additionally, Elon Musk CEO of Tesla Inc. has reshared Johnson’s post, amplifying the discussion.
See Also: 10 ETFs Investors Secretly Bought Before The Fed’s Make-Or-Break Interest Rate Call
Why It Matters: The context surrounding Powell’s comments is crucial to understanding the broader economic landscape. Just a day before Johnson’s post, Powell had defended a significant 50-basis-point interest rate cut, emphasizing it was necessary to support the labor market and prevent economic downturns.
This rate cut, which brought interest rates down to a range of 4.75% to 5%, was the first in over four years. Powell stressed the importance of preemptive measures to maintain a strong labor market.
Moreover, the Federal Reserve’s dot plot indicated that policymakers anticipate further rate cuts, signaling a cautious approach to economic stability.
Johnson’s remarks also come at a time when House Republicans, including Johnson himself, are grappling with internal disagreements over a funding bill aimed at preventing a government shutdown.
Musk’s involvement in the discussion is notable, given his advocacy for simplifying the legal immigration process. Musk has previously called for easier and quicker legal immigration, highlighting the challenges faced by skilled labor in navigating the current system.
Read Next:
Image via Federal Reserve
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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Super Micro Stock's Newest Bull Says It's 'The Coolest Kid in AI Town'
Annabelle Chih / Bloomberg via Getty Images
Super Micro Computer CEO Charles Liang at the Computex conference in June 2024
Key Takeaways
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Analysts at Needham started coverage of Super Micro Computer with a “buy” rating and a bullish price target.
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The server maker has the potential to double its manufacturing capacity of liquid cooling rack systems in the long term, Needham analysts said.
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Super Micro’s stock has drawn skepticism in recent weeks from other analysts, including those at JP Morgan, though the share remains up substantially year-to-date.
Super Micro Computer (SMCI) shares are trading for less than half of their 2024 high. The server maker has a new bull that sees a recovery ahead.
Analysts at Needham initiated coverage of Super Micro with a “buy” rating and price target of $600, a premium of more than 36% to Tuesday’s close. The company, which Needham called “the coolest kid in AI town,” is involved in the deployment of some of the world’s largest AI clusters and entered fiscal 2025 with record order backlog.
Needham cited Super Micro’s position as a first mover in rack-level liquid cooling systems, an important technological component of reducing the electricity cost of data centers. The company has expanded its liquid cooling rack manufacturing capacity in Silicon Valley and Taiwan, and will launch production in Malaysia in November.
The stock edged lower today, finishing near $437.
JP Morgan Cools Its Jets
Earlier this month, JP Morgan analysts downgraded Super Micro to “neutral” from “overweight” and cut their price target to $500 per share from $950.
Super Micro delayed the release of its annual report last month, which JP Morgan said could also cause an “overhang,” recommending that new investors “remain on the sidelines” until the uncertainty is resolved.
Shares of Super Micro are up more than 50% this year but have lost about half of their value over the past three months in part due to disappointing fiscal fourth-quarter earnings.
Read the original article on Investopedia.
DeSantis Targets 'One Big Weed Company' Funding Florida's Legalization Campaign, Cites 'Corporate Interest' As Main Motivation
As Florida prepares for a critical vote on recreational cannabis legalization this November, Governor Ron DeSantis is intensifying his campaign against Amendment 3, this time challenging cannabis giant Trulieve TCNNF TRUL. In an effort to counter what the polls show as a majority of support for recreational cannabis, the governor is presenting brand new creative arguments.
On Tuesday, the Anti-Amendment 3 X account ‘Vote No on 3’ shared a video wherein DeSantis appears to target “one big weed company,” as cannabis legalization’s main backer. He calls Trulieve a corporate monopoly that seeks to profit from a captive market and accuses the medical marijuana company of being led by “corporate interests.”
Fighting ‘Corporate Cannabis‘
Vote No on 3 posted the DeSantis video. “One big weed company that spent 75 to 80 million dollars… writes in there that you have a right to possess and use marijuana, but only if you buy it from them; you can’t grow it in your backyard.”
This statement is surprising for two reasons: it misrepresents cannabis regulations in other legal states, where home cultivation is often permitted, while portraying DeSantis as supportive of home cultivatation, a stance that contradicts his previous positions.
While DeSantis opposes the legalization of recreational cannabis, supporting legislation that allows residents to grow their own plants could address some concerns about access and the illegal market.
Instead, De Santis has been financially backed by another type of manufacturer: the hemp derivatives groups. Some of the companies in this sector profit from an unregulated environment that enables them to avoid the tax burden and manufacturing controls imposed on cannabis companies.
DeSantis vetoed a bill that would have banned hemp-based products this past July.
Benzinga reached out to Trulieve for comments on DeSantis’ remarks.
Running Against Trulieve
DeSantis’ remarks reflect his complicated relationship with the cannabis industry.
Trulieve, which has invested heavily in the Smart & Safe campaign for Amendment 3, is a major player in the Florida medical cannabis market. However, it’s far from being a monopoly, as the X post reads and the governor implies.
According to the most recent data from the Office of Medical Marijuana Use (OMMU), Trulieve operates 22% of the state’s dispensaries, accounting for 30% of total medical marijuana sales and 10% of low-THC cannabis products. It’s clear that the company is not the only cannabis business in Florida.
- Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
DeSantis’ Closing Arguments
DeSantis also expressed concerns about marijuana use in public spaces, which is a typical regulatory concern with cannabis (similar to alcohol and tobacco).
He stated, “I don’t think that there’s any place in the country that has successfully limited the use.”
Instead of dismissing the issue outright, one might consider that what was possible for alcohol and tobacco is also possible for cannabis. Consumption lounges, for instance, are a great solution for crowded areas.
If you are curious about Amendment 3, you can find the text of the initiative here.
Cover: Photo: Benzinga edit of image by Matthew Brodeur on Unsplash and Wikimedia Commons
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