Vanda Pharmaceuticals CEO Dr. Mihael Polymeropoulos joins Yahoo Finance's Seana Smith on what's next for the company's potential coronavirus treatment drug after receiving approval from the FDA for a clinical trial.
Vanda Pharmaceuticals CEO Dr. Mihael Polymeropoulos joins Yahoo Finance's Seana Smith on what's next for the company's potential coronavirus treatment drug after receiving approval from the FDA for a clinical trial.
A rising tide lifts all boats, as President John Kennedy said, and we’re seeing it now on Wall Street, as both the S&P 500 and the NASDAQ are near record high levels. The gains are broad-based and real, and reflect a growing optimism now that the election is behind us and a COVID-19 vaccine is in sight.So let’s look back, all the way to 1973, when economist Burton Malkiel told us that “a blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by the experts.” He was pointing out the effect of random forces on a large enough sample – and the stock market, with over 7,000 publicly traded equities, and even more thousands of active traders working daily, is definitely a large enough sample.But that was before mathematician and code-breaker Jim Simons taught us all how to crunch the numbers. Simons recognized that people are not monkeys – and so have access to information that transcends random effects. He invented quantitative trading, and changed the investment landscape forever.And back in the present, Simons revealed in his most recent 13F filings three new stock positions that bear a closer look. These are buy-rated stocks that boast at least a 5% dividend yield and go up from there. We used TipRanks database to find out what else makes these picks so compelling.Plains GP Holdings (PAGP)First up is Plains GP, an oil and gas midstream holding company. Plains controls assets in the oil and gas transport sector, where it moves the hydrocarbons from the well head production sites to the refineries, storage tank farms, and transport facilities. The company assets include nearly 19,000 miles of pipelines, 8,000 crude oil railroad tankers, nearly 2,500 trucks and tractor-trailers, and, on the rivers, 20 transport tugs and 50 barges. These assets move oil and gas into and out of 148 million barrels worth of storage capacity.PAGP took a hard hit earlier this year from declines in the price of both oil and gas, and from reduced demand during the pandemic-inspired economic shutdowns. By Q2, revenue was down by more than half, to $3.23 billion. The Q3 top line shows the beginning of a recovery, with revenues coming in at $5.83 billion. Q3 EPS was flat sequentially, at 9 cents.The company’s stock price, as might be expected from the financial performance, has failed to gain much traction since it fell last winter at the start of the corona crisis. Shares in PAGP are down 52% so far this year.The low share price, however, presents investors with an opportunity. Clearly, Jim Simons would agree. His fund staked a position in PAGP by buying 1,045,521 shares of the stock. The holding is worth $8.44 million at the current share price.Plains GP has kept up its commitment to the dividend. The company cut the payment from 36 cents per share to 18 cents for the April payment, but has kept it at that level since then. The cut kept the yield from exploding as share price fell, and kept the payment affordable at current income levels. The current payment annualizes to 72 cents per common share, and gives a yield of 8.3%.Raymond James analyst Justin Jenkins likes Plains for its ability to generate cash. He writes, “PAGP's cash flow profile has actually improved this year. While 2021 will see more headwinds to EBITDA than 2020, lower capex and cost-cutting measures implemented since the pandemic still drive an FCF inflection. We now model Plains generating an all-in FCF surplus [...] We continue to believe the partnership’s outlook is much better than recent investor sentiment in the stock."In line with these comments, Jenkins rates PAGP a Buy. His $9 price target suggests it has room to grow ~10% from current levels. (To watch Jenkins’ track record, click here)Overall, there are three recent reviews of PAGP on record, and all are Buys – making the analyst consensus here a unanimous Strong Buy. The stock is selling for $8.17, and its $10 average price target implies a one-year upside of 22%. (See PAGP stock analysis on TipRanks)Granite Point Mortgage Trust (GPMT)Next up, Granite Point Mortgage Trust, is a mortgage loan company serving a US customer base. The company invests in senior floating-rate commercial mortgages, as well as originating and managing such loans. The company’s portfolio is valued at more than $1.8 billion.GPMT is showing some solid messages in recent financial performance. The company beat the forecasts on earnings, reporting 27 cents per share against a 20-cent estimate, for a 35% beat. Revenues were up year-over-year, and the company finished the quarter with over $353 million in cash and cash equivalents.That foundation allowed GPMT to keep its dividend, although the company did adjust the payment to 20 cents per common share. At that rate, it annualizes to 80 cents and yields a hefty 8.3%. This compares favorably to financial sector peers – and is more than 4x higher than the average dividend found among S&P listed companies. Granite Point is another of Jim Simons’ new positions. The quant billionaire bought up 155,800 shares of this real estate investment trust (REIT), for a stake that’s now worth $1.48 million. Stephen Laws, covering this stock for Raymond James, sees GPMT as a potential winner for dividend investors. He writes, “We expect net interest income to continue to benefit from LIBOR loans in floors, and are increasing our core earnings estimates to reflect this. While GPMT reinstated the quarterly dividend of $0.20 per share, the company still has roughly $29 million of undistributed taxable income at September 30. Given this, we anticipate a special dividend of $0.40 per share to be declared prior to year-end.”The 5-star analyst rates the stock an Outperform (i.e. Buy), and his $11 price target implies 16% growth over the next months. (To watch Laws’ track record, click here)This is another stock with a unanimous analyst rating – although the two recent Buys make the consensus view a Moderate Buy. The average price target matches Laws’, at $11, and indicates a 16% upside from the current trading price of $9.60. (See GPMT stock analysis on TipRanks)Phillips 66 (PSX)Last on our list of Simons’ new purchases is Phillips 66, the oil and gas giant. With over $107 billion in annual revenues, and more than $58 billion in total assets, Phillips 66 is deeply involved in oil production, refining, and marketing. The company also has a large presence in the petrochemical industry.The low prices, economic shutdowns, and unpredictable demand have put pressure on PSX’s share price this year, and the stock has only partly rebounded from last winter’s swoon. PSX is down 40% year-to-date, but it’s up 54% from its late-March trough.In the third quarter, Phillips 66 saw an EPS loss of 1 cent – but that was far better than the 80-cent lost which had been forecast. Revenues for the quarter came in at $15.93 billion, up 45% from the previous quarter.The company pays out 90 cents per common share, and has an 8-year history of keeping a reliable payment with occasional increases. The annualized payment of $3.60 gives a yield of 5.4%, well above the utility sector average yield of 3.3%.Simons, for his part, was impressed enough by this stock to purchase 120,800 shares. That’s a holding now worth $7.47 million.In his note on PSX, Scotiabank’s Paul Cheng notes several key points, including some that may seem counterintuitive. “Passing of Election Day may actually trigger new buying in the group even with a Biden win. Contrary to the widespread belief, the sector has historically outperformed the general market in the first year of a new Democrat Administration… Cyclical sectors could be in demand again as investors re-focus their attention from the election to vaccine availability,” Cheng opined. The analyst added, "...relative to other refiners, PSX should benefit more from a rising oil price environment given their large chemical and NGL operations."To this end, Cheng rates PSX an Outperform (i.e. Buy). He sets a $79 price target, indicating an upside potential of 25% for the next 12 months. (To watch Cheng’s track record, click here)All in all, Phillips 66 get a broad-based thumbs-up from Wall Street – as clear from the 11 Buy ratings on the stock, giving it a Strong Buy analyst consensus. (See PSX stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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China has begun importing Indian rice for the first time in at least three decades due to tightening supplies from Thailand, Myanmar and Vietnam and an offer of sharply discounted prices, Indian industry officials said. India is the world's biggest rice exporter and China the biggest importer. Beijing buys in around 4 million tonnes a year but has avoided purchases from India, citing quality issues.
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(Bloomberg) -- Merck & Co. said it sold its stake in Moderna Inc., the biotechnology company that’s in the midst of developing a Covid-19 vaccine. The shares of both companies rose.Merck sold its direct equity investment in Moderna during the first half of the fourth quarter, according to a statement from the U.S. drugmaker on Wednesday. No terms of the sale of the holdings were given.Shares of Moderna fell by as much as 9% as the U.S. market opened, but the stock recovered quickly and was up $2.5% to $144.50 at 10:05 a.m. in New York trading. The company’s stock has seen a more-than-sevenfold surge so far this year. Merck’s shares were up 0.42% to $81.90.Based in Cambridge, Massachusetts, Moderna is developing one of the fastest-moving potential coronavirus vaccines. The shot is slated for review by U.S. regulators in the coming weeks.Merck, which is also developing its own Covid-19 vaccines, was an early investor in Moderna, investing $50 million in 2015 and another $125 million in 2018. Moderna sold shares to the public for the first time in Dec. 2018. The U.S. drug giant said it had seen a large increase in the value of its investment since it first put money into the company.“Merck achieved a substantial gain on its direct holding in MRNA over the life of the investment, particularly in 2020 given the substantial appreciation in MRNA’s stock price,” the drugmaker said in its statement. A spokeswoman declined to provide additional details.Merck still holds an indirect exposure to Moderna through its investment in venture funds, the company said, and the drugmakers are working together on developing new cancer therapies.(Updates with additional details on Merck’s investment in the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Pfizer stock jumped early Wednesday after the pharmaceutical company's BioNTech-partnered coronavirus vaccine gained authorization in the U.K. Also, Merck sold its investment in Moderna.
You can get Social Security benefits and work at the same time. But if you haven't reached full retirement age, your benefits could be reduced.
Tesla Chief Executive Elon Musk on Tuesday said he was open to discussing a merger of his start-up electric carmaker with a rival. Speaking at an Axel Springer event in Berlin, Musk was asked whether he would consider buying a rival carmaker given that Tesla's market value of more than $500 billion would make it easy to launch a takeover bid.
Think carefully about your choice so you can actually pay off your student debt.
Dividend stocks are the Swiss army knives of the stock market.When dividend stocks go up, you make money. When they don’t go up — you still make money (from the dividend). Heck, even when a dividend stock goes down in price, it’s not all bad news, because the dividend yield (the absolute dividend amount, divided by the stock price) gets richer the more the stock falls in price.Knowing all this, wouldn’t you like to find great dividend stocks? Of course you would. Raymond James analysts have chimed in – and they are recommending two high-yield dividend stocks for investors looking to find protection for their portfolio. These are stocks with a specific set of clear attributes: a dividend yield of 10% and Strong Buy ratings.Kimbell Royalty Partners (KRP)We’ll start with Kimbell Royalty Partners, a land investment company operating in some of the US’ major oil and gas producing regions: the Bakken of North Dakota, Pennsylvania’s Appalachian region, the Colorado Rockies, and several formations in Texas. Kimbell owns mineral rights in more than 13 million acres across these regions, and collects royalties from over 95,000 active wells. Over 40,000 of those wells are in the Permian Basin of Texas, the famous oil formation that has, in the past decade, helped turn the US from a net importer of hydrocarbons to a net exporter.The coronavirus crisis hit Kimbell directly in the pocketbook, knocking down share prices and earnings as economic restrictions, social lockdowns, and the economic downturn all struck at production and demand. The situation has only begun to revive, with the Q3 revenues growing 44% sequentially to reach $24.3 million.Kimbell has long been a reliable dividend payer, with a twist. Where most dividend stocks keep their payouts stable, typically making just adjustment in a year, Kimbell has a history of reevaluating its dividend payment every quarter. The result is a dividend that is rarely predictable – but is always affordable for the company. The last declaration, for the third quarter, was 19 cents per common share, or up 46% from the previous quarter. At that rate, the dividend yields ~10%,Covering the stock for Raymond James, analyst John Freeman noted, “Despite a strong quarterly performance and a nearly 50% distribution raise in 3Q, the market continues to under appreciate the unique value proposition of Kimbell's assets, in our view. Kimbell has a best-in-class 13% base decline, exposure to every major basin and commodity, as well as a very manageable leverage profile…”Regarding the possible anti-hydrocarbon stance of a Biden Administration, Freeman sees little reason for worry, saying, “Investors concerned about a potential Biden presidency (which appears increasingly likely) have little to fear in KRP. The company has less than ~2% of acreage on federal lands, meaning a frac ban on those properties would not have a material impact on KRP's business and might actually help them if it improved the overall supply impact."In line with these comments, Freeman rates KRP a Strong Buy, and his $9 price target implies it has room for 25% growth going forward. (To watch Freeman’s track record, click here)Wall Street appears to agree with Freeman, and the analyst consensus view is also a Strong Buy, based on 5 unanimous positive reviews. This stock is priced at $7.21, and its $11 average target is even more bullish than Freemans, suggesting a one-year upside of ~52%. (See KRP stock analysis on TipRanks)NexPoint Real Estate Finance (NREF)NexPoint inhabits the real estate trust niche, investing in mortgage loans on rental units, both single- and multi-family occupancy, along with self-storage units and office spaces. The company operates in the US, across major metropolitan hubs.NexPoint held its IPO in February this year, just before the coronavirus pandemic inspired an economic crisis. The offering saw 5 million shares sell, and brought in some $95 million in capital. Since then, the shares are down 13%. Earnings, however, have posted gains in each full quarter that the company has reported as a public entity, coming in at 37 cents per share in Q2 and 52 cents in Q3. The Q3 number was 30% above the forecast.The dividend here is also solid. NexPoint started out with a 22-cent per share payment in Q1, and raised it in Q2 to its current level of 40 cents per common share. This annualizes to $1.60, making the yield an impressive ~10%.Stephan Laws, 5-star analyst with Raymond James, is impressed with what he sees here. Laws writes of NexPoint, “Recent investments should drive significant core earnings growth, which is reflected in the increased 4Q guidance range of $0.49-0.53 per share (up from $0.46-0.50 per share). The guidance incorporates the full quarter impact of the new 3Q investments as well as new mezz investments made in October. We are increasing our 4Q and 2021 estimates, and we have increased confidence in our forecast for a 1Q21 dividend increase, which we now forecast at $0.45 per share…”Following these sentiments, Laws puts a Strong Buy rating on NREF. His $18 price target suggest the stock has a 9% upside potential for the year ahead. (To watch Laws’ track record, click here)With 2 recent Buy reviews, the analyst consensus on NREF shares is a Moderate Buy. The stock’s $18 average price target matches Laws’, implying 9% growth. (See NREF stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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What kind of stocks stir up controversy like no other? Penny stocks. These tickers trading for less than $5 per share have earned a reputation as some of the most divisive names on Wall Street, with these plays either met with open arms or given the cold shoulder.It’s understandable why some investors are wary. Those opposed are quick to point out that there could be a very real reason these stocks are changing hands for pocket change, with the low share prices often masking obstacles like weak fundamentals or troubling headwinds. That said, others are drawn in by the sheer growth potential of penny stocks. The fact is that even minor share price appreciation can mean huge percentage gains, and thus, serious returns. What’s more, your money goes further with these bargain names.No matter which side you take, one thing is certain, due diligence is necessary before making any investment decisions. That’s where the experts come in, namely the analysts at Roth Capital. These pros bring experience and in-depth knowledge to the table.With this in mind, our focus turned to two penny stocks that have received a thumbs up from Roth Capital analysts. Running the tickers through TipRanks’ database, both have been cheered by the rest of the Street as well, as they boast a “Strong Buy” analyst consensus. Not to mention substantial upside potential is on the table.Cellectar Biosciences (CLRB)Leveraging its patented phospholipid drug conjugates (PDCs) delivery platform, Cellectar Biosciences develops cutting-edge treatments for cancer. Based on the potential of its drug candidate, CLR 131, and its $1.24 share price, Roth Capital thinks that now is the time to get in on the action.Representing the firm, analyst Jonathan Aschoff tells clients that he is optimistic about CLR 131, which is a small-molecule, targeted PDC designed to deliver cytotoxic radiation directly and selectively to cancer cells, in the lymphoplasmacytic lymphoma (LPL)/Waldenstrom's macroglobulinemia (WM) indications. According to Aschoff, following its Type B guidance meeting with the FDA, “CLRB is prepared to initiate its first pivotal CLR 131 trial in LPL/WM after achieving a 100% ORR and 75% major response rate in four patients.” He points out that although CLRB just reported promising results in multiple myeloma (MM) (40% ORR in triple class refractory (TCR) patients at total body doses of at least 60mCi), LPL/WM was selected for the initial pivotal trial based on the very strong initial results and the lower competition for patients.“We view this as a prudent decision because NCCN compedia listing in MM is a mere peer-reviewed publication away, if first approved in LPL/WM. We also note that CLRB has steadily improved its dosing of CLR 131, essentially fractionating the doses so that higher total body doses are well tolerated,” Aschoff further explained. Adding to the good news, the therapy generated activity in preliminary Phase 1 unresectable brain tumors. Aschoff added, “Disease control was shown in two heavily pretreated patients with ependymomas, showing the drug's ability to cross the blood brain barrier, and all doses through 60 mCi/m2 have exhibited a favorable safety profile.”To this end, Aschoff rates CLRB a Buy along with a $10 price target. Investors could be pocketing a gain of 713%, should this target be met in the twelve months ahead. (To watch Aschoff’s track record, click here)Are other analysts in agreement? They are. 5 Buys and no Holds or Sells have been issued in the last three months. So, the message is clear: CLRB is a Strong Buy. Given the $5.48 average price target, shares could soar 345% from current levels. (See CLRB stock analysis on TipRanks)Applied Genetic Technologies (AGTC)With vast gene therapy experience, Applied Genetic Technologies designs and constructs all critical gene therapy elements and brings them together to develop successful treatments for patients. Currently going for $4.50 apiece, Roth Capital believes this stock’s long-term growth narrative is strong.Firm analyst Zegbeh Jallah points out that recently released data for its XLRP gene therapy program, which is expected to enter pivotal studies in Q1 2021, reaffirmed his bullish thesis. “Despite the market not fully appreciating the data given how the stock traded, we continue to believe that the results suggest that AGTC could have a best-in-class therapy, which is supportive of the planned pivotal efforts,” he explained.Providing an update on the results of the Phase 1/2 XLRP study, using the FDA's criteria, AGTC evaluated responses at 12 months in the lower dose groups (2 and 4), and 6 months in the higher dose groups (5 and 6). According to Jallah, “initial responses were observed in dose Groups 2, 3, 4, 5 and 6, with impressive response durability even at 12 months.”On top of this, at 6 months, the dose used in Group 5 resulted in a 43% response rate or a 57% response rate if excluding a patient not meeting the enrollment criteria. In Group 6, a response rate of 50% was observed, or 100% excluding patients not meeting the enrollment criteria.Jallah added, “All measurements were obtained in the 36 perimetry grid, which we believe should make it easier to preselect loci likely to respond. Although BCVA is not the primary endpoint, BCVA improvements, which can capture changes in the central region, were maintained at 12 months.”Even though some investors have expressed concern about Meira’s competing therapy, Jallah believes AGTC’s technology could have a leg up. “Overall, we believe that the data from both companies is strongly indicative of the efficacy potential of gene therapy for inherited retinal disease, and although differences in the study design makes direct comparisons difficult, we believe that AGTC could have a competitive advantage heading into pivotal studies,” he commented.In line with his optimistic approach, Jallah reiterated a Buy rating and $30 price target, indicating 568% upside potential. (To watch Jallah’s track record, click here)All in all, other analysts echo Jallah’s sentiment. 5 Buys and zero Holds or Sells add up to a Strong Buy consensus rating. The average price target of $18.25 is less aggressive than Jallah’s but still leaves room for upside potential of 306%. (See AGTC stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.