How do we protect those at the frontline facing COVID-19 head on? Sorrento Therapeutics (SRNE) is on it.
Looking at billions of antibodies, the company identified a small group that demonstrated the ability to block the S1 protein's interaction with human angiotensin-converting enzyme 2 (ACE2), the receptor used for viral entrance into human cells. Based on this, SRNE wants to develop an antibody cocktail against SARS-CoV-2, the virus that causes COVID-19, that is still effective even if mutations occur.
Weighing in for Dawson James, analyst Jason Kolbert tells clients that SRNE’s antibody, STI-1499, has already exhibited a strong performance in an early clinical setting. Expounding on this, he stated, “What was also equally impressive was the low dose, which suggests the antibody ‘fits’ its target extraordinarily well and, as such, can work at a very low dose. This could translate into the ability to scale up rapidly to millions of treatments at a very effective cost of goods.”
It should be noted that the company is set to develop STI-1499 as part of this “antibody cocktail,” known as COVISHIELD, with it hoping to discuss the best pathway to make any potential treatment available as quickly as possible with regulators. Kolbert added, “Through the U.S.'s Project Warp Speed, it's possible we could see STI-1499 move rapidly to commercialization.”
Adding to the good news, management said that it has the capacity to produce up to two hundred thousand doses per month. While the current goal is to manufacture a million doses, the company thinks it can produce tens of millions of doses in a short timeframe.
Speaking to the market opportunity, Kolbert commented, “We see a significant market opportunity in treating frontline workers (doctors, nurses and other mission critical personnel, as well as occupants of military ships at sea) to prevent and treat COVID infection. If we assume pricing below Remdesivir ($4,000) and a million doses equals a $4 billion opportunity for this potential antidote.”
STI-1499 isn’t the only thing the company has going for it. Through its majority owned position in Scilex, SRNE is working on several non-opioid pain management therapies including resiniferatoxin, a toxin that ablates afferent nerves, as well as Scilex SP-102, an epidural steroid injection designed as a treatment of sciatica pain. It also boasts cell therapy programs that target both solid and liquid tumors.
To this end, Kolbert initiated coverage on Sorrento shares with a Buy rating, while setting a $24 price target. This target puts the upside potential at a whopping 373%. (To watch Kolbert’s track record, click here)
Judging by the consensus breakdown, it has been relatively quiet when it comes to other analyst activity. Only one review has been issued recently, and it was bullish, so the consensus rating is a Moderate Buy. (See Sorrento stock analysis on TipRanks)
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The post Sorrento’s COVID-19 Antidote Could be a Game Changer, Says Analyst appeared first on TipRanks Financial Blog.
New Zealand dollar pares losses as RBNZ pauses
RBNZ holds benchmark rate at 5.5% The New Zealand dollar has posted small losses on Wednesday. In Europe, NZD/USD is trading at 0.5901 in Europe, down…
- RBNZ holds benchmark rate at 5.5%
The New Zealand dollar has posted small losses on Wednesday. In Europe, NZD/USD is trading at 0.5901 in Europe, down 0.11%. Earlier, NZD/USD fell as much as 0.50% before paring these losses.
The New Zealand dollar is trying to find its footing in what has been a dismal week. NZD/USD is down 1.6% this week and fell to a one-month low earlier today. Still, the kiwi has shown little reaction to the Reserve Bank of New Zealand’s decision to pause rates for a third time.
The pause in rate hikes was expected and the monetary statement didn’t contain anything new. The statement said that interest rates had cooled economic activity and reduced inflation “as required”, adding that interest rates would need to remain restrictive to ensure that inflation falls back within its 1%-3% target range.
The message from the RBNZ was rather dovish and signalled that the tightening cycle is over. Policy makers don’t want to spell out that rates have peaked, as they would lose credibility if inflation moved higher and the RBNZ was forced to raise rates. The takeaway from the meeting is that the RBNZ appears content to wait for restrictive policy settings to filter through the economy and dampen inflation, which is running at a 6% clip. This stance won’t provide any relief for the struggling New Zealand dollar.
US Treasury yields continue to move higher as the selloff in global bond markets has gained momentum. This has helped boost the US dollar as more attractive yields on Treasury bonds have dampened risk appetite. The yield on 30-year Treasuries touched 5% on Tuesday, its highest level in over a decade.
The Federal Reserve has signalled that it is unlikely to lower rates anytime soon, given the strong US economy. Atlanta Fed President Raphael Bostic said on Tuesday that the Fed should hold rates at elevated levels “for a long time” in order to bring inflation back down to the 2% target. Bostic said he favoured a single rate cut in 2024, late in the year.
- NZD/USD is testing resistance at 0.5917. The next resistance line is 0.5947
- There is support at 0.5888 and 0.5833
A Promising player in the energy revolution
In recent years, the demand for sustainable energy sources has intensified, leading…
The post A Promising player in the energy revolution appeared first…
In recent years, the demand for sustainable energy sources has intensified, leading to a surge in the global lithium market.
As electric vehicles (EVs) gain popularity, lithium-ion batteries have become instrumental in meeting the growing energy storage needs. Argentina Lithium & Energy Corp. (TSXV:LIT) is a Canadian mineral exploration company with a strategic approach and a strong commitment to sustainable practices. This is one company that is well-positioned to capitalize on the rising demand for lithium.The Stellantis investmentIn a significant move that underscores the growing importance of lithium in the automotive industry, the company recently secured a substantial US$90 million investment from Stellantis. This investment not only validates Argentina Lithium’s potential but also highlights the pivotal role lithium plays in the transition to a carbon-neutral future.What makes this investment significant
Stellantis, formed through the merger of Fiat Chrysler Automobiles and Groupe PSA, is one of the world’s largest automotive manufacturers. Their decision to invest such a significant amount in Argentina Lithium & Energy potentially helps secure a future supply of lithium in a rapidly growing market. This investment will not only provide Argentina Lithium with the necessary capital to explore and advance its projects but also highlights the industry’s recognition of Argentina’s lithium potential.Expansion of lithium projectsWith the infusion of funds from Stellantis, Argentina Lithium & Energy can accelerate the advancement of its lithium projects. The company’s projects are all located in the prolific Lithium Triangle region of Argentina, which holds immense promise because of its abundant, and in many cases, high-grade lithium resources. This investment will expedite the exploration process and potentially fast track the path to future lithium project development and production.
Speaking on this investment, Argentina Lithium President and Chief Executive Officer Nikolaos Cacos said in a news release: “We are delighted to have Stellantis as a partner in the exploration and future development of our lithium projects in Argentina. Together, we share a vision to build a sustainable lithium mining operation for the future. We look forward to a strong and successful relationship with Stellantis and we are committed to working towards delivering a sustainable lithium product that will contribute to the electrification of transportation and the protection of our atmosphere.”
Meeting the rising demand for EVsAs the world shifts towards sustainable transportation alternatives, EVs are expected to dominate the automotive sector. Lithium-ion batteries are the preferred power storage component for EVs, making lithium a vital component in the energy revolution. The investment by Stellantis in Argentina Lithium & Energy Corp. can potentially help ensure a stable supply of lithium, enabling the automotive giant to meet the soaring demand for EVs while reducing their carbon footprint.Embracing sustainable practicesThe company recognizes the importance of exploration and mining operations that prioritize environmental sustainability and social responsibility. The company is committed to minimizing its ecological footprint and engaging with local communities to ensure mutual benefits..For your considerationArgentina Lithium & Energy Corp.’s partnership with Stellantis through a US$90 million investment is a testament to its potential as a key player in the global lithium market.
The company’s stock shot up 113 per cent on this news.Argentina Lithium & Energy Corp. stock chart – April to September 2023.
As the demand for lithium continues to surge, the company’s commitment to sustainable practices and strategic projects in Argentina’s lithium-rich regions position it favorably among industry leaders. With this significant investment, Argentina Lithium & Energy Corp. is working to contribute significantly to the advancement of the clean energy transition while offering an appealing investment opportunity for those looking to support the growth of sustainable technologies.
Join the discussion: Find out what everybody’s saying about this stock on the Argentina Lithium & Energy Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
This is sponsored content issued on behalf of Argentina Lithium & Energy Corp., please see full disclaimer here.canada
MBA: Mortgage Applications Decreased in Weekly Survey; Purchase Apps Lowest Since 1995
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 6.0 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the we…
Mortgage applications decreased 6.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 29, 2023.Click on graph for larger image.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 11 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.
“Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields. Rates for all mortgage products increased, with the 30-year fixed mortgage rate increasing for the fourth consecutive week to 7.53 percent – the highest rate since 2000,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As a result, mortgage applications ground to a halt, dropping to the lowest level since 1996. The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market. ARM loan applications picked up over the week and the ARM share increased to 8 percent, as some borrowers searched for ways to lower their payments.”
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.53 percent from 7.41 percent, with points increasing to 0.80 from 0.71 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is down 22% year-over-year unadjusted.
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