Immunomedics, Inc. (NASDAQ: IMMU) is knocking the FDA door a second time for its lead drug sacituzumab govitecan in triple-negative breast cancer. Following the issue of Form 483 by FDA representatives, an analyst at Goldman Sachs said he thinks the drug will stumble yet again in the approval process. The Immunomedics Analyst Paul Choi double downgraded shares of Immunomedics from Buy to Sell and lowered the price target from $24 to $5, suggesting roughly 53% downside. The Immunomedics Thesis The Form 483 detailed 10 broad observations of the New Jersey facility, and a majority of the concerns relate to quality control issues, inadequate procedures and their implementation, and substandard equipment/facility maintenance, Choi said in a Friday note. (See his track record here.)The analyst said it's unlikely that SG will be approved by the June 2 PDUFA date.A Form 483 issued in August 2018 culminated in the FDA issuing a complete response...
Nio (NYSE:NIO) should be avoided. It's heading to $0 this year. The last time I weighed in on NIO stock, it traded at $4.03 on March 4, and the company is still struggling to keep its head above water.Source: Sundry Photography / Shutterstock.com The promise of a $4 billion cash infusion was over-exaggerated. Its cash balance is not adequate to provide enough capital for the next 12 months. On top of that, auto demand has been decimated by the coronavirus.As I've said before, you can find better opportunities elsewhere at the moment. This slow-motion train wreck will continue for the foreseeable future.InvestorPlace - Stock Market News, Stock Advice & Trading Tips NIO Stock Is Heading to $0 Near-TermGranted, the company saw temporary upside on news it was in talks for up to $1.4 billion in funds with the government of Hefei, a hub for automakers. Nio also pushed higher on plans...
The People's Republic of China securities regulator said Friday that it will investigate Luckin Coffee Inc.'s (NASDAQ: LK) finances, as reported by Reuters.What Happened The China Securities Regulatory Commission "strongly condemns" financial misconduct by Luckin, the report said. The matter will be investigated and the agency said it will crack down on securities fraud, Reuters reported. In a filing with the United States Securities and Exchange Commission, Luckin withdrew its previous financial statements. The coffee chain company said that an internal investigation found that Chief Operating Officer Jian Liu had fabricated transactions over the past year.Luckin Coffee has been a major competitor to Starbucks Corporation (NASDAQ: SBUX) in China, and has surpassed the Seattle-based giant in terms of the number of outlets operating in the country.LK Price Action Luckin's shares closed 75.57% lower at $6.40 on Thursday. The stock was down another 1.95% at $6.28 at the time of publication Friday....
(Bloomberg) -- A federal program to issue rebates to consumers toward new vehicles could provide a much-needed jolt to the U.S. auto industry that’s seen plants idled and showrooms emptied by the coronavirus, according to the Obama administration official who oversaw the program known as “cash for clunkers.”Ray LaHood oversaw the program officially named Cars Allowance Rebate System as U.S. Transportation Secretary in 2009. In an interview, he backed a Ford Motor Co. executive’s suggestion that a sequel to the program could be helpful if the industry, lawmakers and the Trump administration agree that auto demand needs a boost once the virus begins to abate.“It was a lifeline to the car dealers whose showrooms were looking pretty bleak without any customers, and I think if you talk to anybody in the automobile industry it was the beginning of the lifeline for the automobile industry from the Obama administration,” LaHood said Thursday....
Starbucks (NASDAQ:SBUX) stock caught a break when Luckin Coffee (NASDAQ:LK), which claimed to be its Chinese nightmare, turned out to be a fraud.Source: Natee Meepian / Shutterstock.com Until the fraud was discovered, Luckin Coffee had everyone fooled. It had me fooled, although I wasn't recommending you buy it.If Starbucks had ever been a direct competitor to Luckin, it might be in better shape. Luckin was basically Starbucks take-out and delivery.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut Starbucks never was a direct competitor to Luckin. As I wrote last month "Starbucks sells coffee as a luxury good." The couches, the Wi-Fi, the soothing music, they're all part of the thing. Even if you just grab-and-go, you know they're there. It's what you pay for.That is Starbucks' real problem. Getting Past the VirusUnless it gets new capital in some form, SBUX stock is facing an existential threat from the novel...
Oil prices skyrocketed over 24% on Thursday, as black gold clinched its largest single-session percentage gain ever. The surge buoyed oil stocks and other energy-related industries, with many rising over 10%. Today we're looking at three of the easiest ways to profit from the potential follow through.Optimistic comments from President Donald Trump during a CNBC interview sparked the rally after he said he expected Russia and Saudi Arabia to slash oil production by 10 million to 15 million barrels. He followed up with a tweet saying that the cut would be "GREAT for the oil & gas industry."Underwater longs across the energy sector are hoping the President's optimism wasn't hyperbole. Energy stocks have been decimated this year and are in desperate need of some good news. Oil prices finally finding a bottom certainly qualifies.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Tech Stocks to Buy For an...
