PASADENA, Calif., Nov. 10, 2020 /PRNewswire/ — Huntington Hospital today announced that Ranjit S. Hundal, MD, MBA, FACP, is joining the hospital’s executive management team as Senior Vice President, Chief Clinical Officer (CCO). He will begin January 11, 2021.
Dr. Hundal will leverage his significant experience to enhance quality, safety and growth that furthers Huntington’s tradition of clinical excellence. He will build upon the hospital’s strong clinical engine to improve processes, clinical operations and services, while utilizing evidence-based medicine to enhance quality outcomes for patients.
Dr. Hundal will work in concert with the hospitals highly talented and dedicated medical staff to champion Huntington’s Just Culture as he oversees and enhances peer-review, by-laws and credentialing systems. He will also lead Huntington’s renowned graduate medical education program which trains future generations of physicians in Huntington’s trusted brand of care.
As CCO, Dr. Hundal will also oversee the community-based physician group associated with the hospital, Huntington Health Physicians (HHP), and lead its continued expansion while enhancing value-based care programs.
“I’m so pleased to welcome Dr. Hundal to the Huntington Enterprise and its executive management team,” says Lori J. Morgan, MD, MBA, president and CEO, Huntington Hospital. “Dr. Hundal’s extensive clinical leadership and vision will advance quality and safety, build upon our strong medical staff culture and enhance clinical growth to further our tradition of clinical excellence.”
Dr. Hundal joins Huntington from Sutter Health Mills Peninsula Medical Center, where he served as chief medical executive. In this role, he oversaw quality, safety, risk management, regulatory affairs and institutional research for the regional health services organization as well as group and individual physician contracting
Over the past decade, Dr. Hundal has earned market eminence as a physician executive and as a thought leader in clinical strategy, quality improvement, and physician alignment. He currently works under the tutelage of a Baldrige National Quality Award recipient and has mastered the skill of building and sustaining high performing teams that deliver top decile outcomes. Dr. Hundal reset the culture to Zero Harm and led Mills Peninsula to five consecutive Leapfrog Grade A’s with reduction in Hospital Acquired Conditions (HACs) as well as the Silver Eureka Award from California Awards for Performance Excellence (CAPE) which is the state Malcolm Baldrige organization.
An experienced clinician with over twenty years of health care experience, Dr. Hundal has first-hand experience working in a nationally integrated healthcare system, having trained and practiced in the UK National Health Service. His lengthy career encompasses practice in many specialties including internal medicine, general surgery, urology, emergency medicine, cardiology and gastroenterology.
Dr. Hundal received his medical training at Guy’s and St. Thomas’ Hospitals Medical School, University of London and completed his internship and residency in Internal Medicine at St. Mary’s Hospital and Medical Center in San Francisco where he was named Resident of the Year as well as Chief Resident in internal medicine. He holds an MBA in Health Care Leadership from Haslam College of Business, University of Tennessee and is a Certified Physician Executive from the American College of Physician Executives.
About Huntington HospitalHuntington Hospital, www.huntingtonhospital.org, is a Magnet-designated 619-bed nonprofit hospital in Pasadena, California. The hospital offers the full spectrum of care for every need, in a variety of settings and through community partnerships. From primary care to urgent care, and from emergency care to trauma care as a Level II trauma facility, Huntington Hospital and its partners ensure that community members receive the right care, in the right place, at the right time. The hospital has received six consecutive ‘A’ grades by The Leapfrog Group, a national distinction recognizing Huntington Hospital’s achievements protecting patients from harm and providing safer health care.
(Bloomberg) — Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $290 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence of internet-sector leaders including JD.com Inc., Meituan and Xiaomi Corp. The Hang Seng Tech Index slumped more than 6% on Wednesday in Hong Kong, taking its two-day loss to 11%. Shares in the quintet of firms have sunk at least 11% over two sessions.Beijing on Tuesday unveiled regulations to root out monopolistic practices in the internet industry, pivoting away from a mostly hands-off approach while dealing a blow to businesses at the heart of the world’s No. 2 economy. The vaguely worded edict landed a week after new restrictions on finance triggered the shock suspension of Ant Group Co.’s $35 billion initial public offering, scuppering founder Jack Ma’s ambitions to dominate online finance in the process. They also emerged on the eve of Singles’ Day, the event Ma invented a decade ago that’s evolved into the nation’s largest annual shopping spree.”China’s Big Tech will have to rethink their business models,”Said Zhan Hao, a managing partner with Beijing-based Anjie Law Firm. “The philosophy of internet companies is winner-takes-all, and especially for platform operators, they garner user traffic and build up ecosystems that are similar to each other.”Read more: China Clampdown on Big Tech Puts More Billionaires on NoticeXi Jinping’s government is increasingly curtailing the influence of the private corporations that’ve become the country’s main driver of growth. Despite sporadic crackdowns on narrow spheres from mobile gaming to online counterfeits, the likes of Alibaba and Tencent have mostly been free to acquire and invest in new businesses, becoming key backers of prominent startups while building sprawling empires that now span e-commerce, digital finance, social media and entertainment.“I literally gasped when I first read these guidelines,” said John Dong, securities attorney at Joint-Win Partners in Shanghai. “The timing — on the eve of Singles’ Day — the forcefulness and the resolve to remake the tech giants is startling.”China’s antitrust watchdog is seeking feedback on rules that establish a framework for curbing anti-competitive behavior such as colluding on sharing sensitive consumer data, alliances that squeeze out smaller rivals and subsidizing services at below cost to eliminate competitors. They may also require companies that operate a so-called Variable Interest Entity — a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas — to apply for specific operating approval.“Internet giants have expanded their reach into various sectors like finance and health care that are vital to the economy and that really concerns regulators,” said Shen Meng, director of Beijing-based boutique investment bank Chanson & Co. “The move could discourage firms in the tech sector to list in the near term as those impacted will need time to adjust their businesses accordingly.”China Clampdown on Big Tech Puts More Billionaires on NoticeOn Nov. 3, policy makers shocked the investment world by suspending an initial public offering by Ant Group, a fintech company controlled by billionaire Ma. The decision came just two days before its shares were set to trade in a listing that attracted at least $3 trillion of orders from individual investors. China’s top banking watchdog then doubled down on the push to rein in financial technology companies, promising Wednesday to eliminate monopolistic practices and strengthen risk controls.That came on top of a series of regulatory pronouncements this week targeted at the tech industry. The new regulations for the internet sector signal a “further tightening” of the online economy, although the real impact will depend on how the rules are enforced, JPMorgan Chase & Co. analysts led by Alex Yao wrote in a note.The proposed regulations come at a bad time for tech shares, which are already under pressure from a global rotation that has sent the Nasdaq Composite Index almost 3% lower this week.“Beijing’s tightening regulations, including the antitrust laws, is a heavy blow to the technology giants,” said Daniel So, Hong Kong-based strategist at CMB International Securities Ltd. “It’s an additional blow to the shares, when investors are rotating out of the sector into old-economy shares because of the vaccine boost,” he said, adding that firms such as Tencent and Alibaba will continue to face downside pressure.(Updates with latest share action from the first 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.
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Ray Holgado, a former employee of the Chan Zuckerberg Initiative, recently filed a racial discrimination complaint with the California Department of Fair Employment and Housing. Holgado, who is Black, worked at CZI from September 2018 through August 2020. “Despite its social justice rhetoric, CZI is not a welcoming environment for Black employees,” Holgado’s complaint states.
Dow Jones futures were in focus late Tuesday, as stock market rotation continues. Tech leaders Alibaba, Advanced Micro Devices, Nvidia and Tesla tumbled.
Aurora Cannabis Inc (NYSE: ACB) shares plunged in the after-hours session Tuesday as the company announced plans for a $125 million public offering.What Happened: Aurora plans to price each unit of the fresh issue at $7.50, which will consist of one common share of the company and one-half portion of a share purchase warrant. A whole warrant will entitle the holder to buy one common stock at an exercise price of $9 per warrant share. These warrants would have a maturity period of 40 months from the date of offer close.The company is yet to receive the approvals from the New York Stock Exchange and Toronto Stock Exchange and would finalize the terms of the offering at the time of pricing.Aurora has engaged BMO Capital Markets (NYSE: BMO) and ATB Capital Markets as the book runners and the underwriters are expected to be granted 15% over-allotment options exercisable within 30 days from the day of the offering’s closure.Why Does It Matter: Aurora stock was on a rebound as of Monday, gaining 87% since last Wednesday, or about 67% in the previous 30-day period.Jeffries analyst Owen Bennett believes that the recent upticks in Aurora’s stock should not be read as “overly encouraging,” MarketWatch reported. Jefferies issued a hold recommendation for Aurora with a price target of CAD 6.90.Bennett drew his inference based on Aurora’s mixed sales numbers and its shifting focus to the Cannabis 2.0 products. Aurora reported net revenue of CAD 67.8 million ($52.3 million) in the quarter ended Sept. 30.The EBITDA loss for 2021 Q1 was at CAD 57.9 million, with a cash balance of CAD 250 million as of Nov. 6. The Daily Special segment, a key contributor to the overall revenue, declined by $3.9 million.Price Action: After a 26.16% downward spiral during regular trading hours, ACB tanked another 16.39% during Tuesday’s after-hours session at $6.94 per share.Photo courtesy: Lea-Kim via WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Adobe’s Plans To Strengthen Its Experience Cloud Segment With .5B Workfront Acquisition * Nikola, Founder Trevor Milton Subpoenaed By DOJ(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
With Joe Biden the President-elect, the commonly held view is that alternative energy stocks are in line for a boost. That said, some in the sector hardly need a helping hand, in particular Plug Power (PLUG). The hydrogen fuel cell maker has made the most from investors’ thirst for new energy stocks in 2020, in the process racking up a massive 533% of share gains throughout the year.Further adding to the bullish case, the company just released another excellent quarterly financial report.In Q3, revenue hit $106.99 million amounting to a 79.9% year-over-year increase and beating the estimates by $1.23 million. PLUG posted a beat on the bottom line, too, with Non-GAAP EPS of -$0.04 coming in $0.03 ahead of the estimates.Furthermore, the outlook remains positive. PLUG raised its FY20 gross billings estimate to between $325 and $330 million from $310 million. Street was calling for $314 million.Oppenheimer analyst Colin Rusch is “encouraged” by the increasing adoption of the company’s forklift solutions and excited by PLUG’s bullish stance on its solutions’ potential to substitute diesel gensets and provide back-up power for data center applications.While Rusch admits PLUG’s massive share gains might raise questions regarding a hot valuation, they are not enough to detract from the bullish case.“As investors look for exposure to hydrogen vehicle growth, we believe PLUG is best positioned to benefit from all key areas in the supply chain with differentiated, commercially proven technologies,” the 5-star analyst said. “We believe valuation is the biggest question for investors as the market negotiates growth multiples in the context of potentially stable tax policy and historically low interest rates. Given the scale of the opportunity and PLUG’s IP portfolio, we are raising our PT multiple in line with disruptive technology peers and current market dynamics as we maintain our constructive stance on shares.”The price target raise is a significant one — doubled from $13 to $26. The new figure implies a 15% upside from current levels. As a result, Rusch keeps his Outperform (i.e. Buy) rating on Plug Power shares intact. (To watch Rusch’s track record, click here)Plug Power’s rise offers analysts an interesting conundrum. On the one hand, based on a decisive 10 Buy ratings with no holds or sells, the analyst consensus is a Strong Buy. However, the constant share gains mean the $20.89 average price target indicates a modest ~4% upside in the year ahead. (See PLUG stock analysis on TipRanks)To find good ideas for 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 analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
If you’ve ever wondered how your retirement savings stacks up against your peers, you’re in good company. The desire to know where you land in the sea of retirement savers…
Pfizer Inc. (NYSE: PFE) reported Monday with strong Phase 3 interim efficacy data for its coronavirus vaccine candidate.The Pfizer Analysts: Morgan Stanley analyst David Risinger has an Equal-weight rating on Pfizer with a $42 price target. SVB Leerink analyst Geoffrey Porges reiterated a Market Perform rating and increased the price target from $43 to $44.Morgan Stanley On Pfizer’s Vaccine Economics, Timeline: The more than 90% efficacy with 94 cases suggests the final analysis with 164 cases will in all likelihood exceed the FDA’s efficacy criteria of 50%, Risinger said in a note.Based on this and the lack of any serious safety concerns, the analyst raised the vaccine’s probability of success from 65% to 100%.With Pfizer planning to submit emergency use authorization in the third week of November — when it has two months of median safety data — Risinger said he expects the FDA to hold a panel meeting to discuss the data by early-to-mid December.An emergency use authorization approval for health care workers and certain high-risk populations could come by late December, he said. Following six months of safety data, full approval is likely to come in the spring, Risinger said. Related Link: The Week Ahead In Biotech: shrine, Sanofi Await FDA Decisions Morgan Stanley estimates 50% economic-adjusted and 100% risk-adjusted vaccine revenue of $488 million for Pfizer in 2020, with revenue increasing to $7.2 billion in 2021 and then moderating to $3.8 billion in 2023.How Pfizer’s High Efficacy Could Drive Early Adoption: The high vaccine efficacy and the absence of new safety signals led to SVB Leerink increasing its probability of success estimate from 80% to 100%, Porges said in a note. “We believe this high efficacy could drive up initial vaccine adoption, therefore our forecasts increase by 10-40% in 2022-2023,” the analyst said. Given the likelihood of other vaccine candidates showing similar vaccine efficacy and competing for market share with lower unit prices in later years, SVB Leerink lowered its estimates for BNT162b2 by 10%-20% for 2026 and beyond.The firm’s global vaccine revenue forecast for Pfizer is at $258 million in the fourth quarter. This will increase to $4.6 billion in 2021 before declining to $2.8 billion by 2023 and plateauing between $1.2 billion and $1.6 billion in the period from 2026 to $2029, Porges said. Consequently, SVB Leerink ncreased its total revenue and EPS forecast for Pfizer for the period from 2022 to 2023 by 2%-3% annually. PFE Price Action: At last check, Pfizer shares were trading down 1.4% to $38.61 Tuesday.Related Link: Attention Biotech Investors: Mark Your Calendar For These November PDUFA Dates Latest Ratings for PFE DateFirmActionFromTo Nov 2020BernsteinInitiates Coverage OnMarket Perform Oct 2020SVB LeerinkMaintainsMarket Perform Oct 2020Truist SecuritiesInitiates Coverage OnBuy View More Analyst Ratings for PFE View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * The Daily Biotech Pulse: Lilly’s COVID-19 Antibody Treatment Approved For Emergency Use, Supernus Faces Twin Regulatory Setbacks, Revance, Arena Flunk Midstage Studies * What Pfizer’s Coronavirus Vaccine Data Means For Moderna(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The clock just started on the biggest financial event in 20 years. Fortunes will be made and lost. Here’s how to prepare – before 2020 comes to an end
The U.S. presidential election has come to a close, and Wall Street isn’t opposed to the administration change. Last week saw the S&P 500 notch its second-best performance during an election week on record, even as Trump’s chances of getting re-elected became slimer and slimer.Weighing in for Oppenheimer, Chief Investment Strategist John Stoltzfus noted, “What appears clear so far is that the equity markets are not averse to a change of administration stateside at least so long as the Republicans maintain control over the Senate. Checks and balances ‘on the Hill’ have been known to be important to investors over the course of history. The present in our view is no exception.”There is, however, some uncertainty surrounding the Senate, with the two runoff elections for seats in Georgia scheduled for January 5, only 15 days before Inauguration Day. That said, Stoltzfus points out that continued better-than-expected Q3 results from S&P 500-listed companies, economic data tied to job gains and a sharp decline in the unemployment rate have also been helping to prop stocks up.Taking Stoltzfus’ outlook into consideration, we wanted to take a closer look at three stocks earning a round of applause from Oppenheimer, with the firm’s analysts forecasting over 100% upside potential for each. Using TipRanks’ database, we learned that the rest of the Street is in agreement, as all three boast a “Strong Buy” analyst consensus. Strongbridge Biopharma (SBBP)First up we have Strongbridge Biopharma, which is focused on developing therapies for rare diseases with significant unmet needs. Ahead of a key regulatory filing, Oppenheimer believes that SBBP’s $2.12 share price reflects an attractive entry point.Representing the firm, analyst Hartaj Singh points out that investor focus has landed squarely on Recorlev, the company’s investigational cortisol synthesis inhibitor, in Cushing’s syndrome. The company is gearing up to file an NDA for the therapy in Q1 2021, and the analyst is optimistic about its potential approval.In the LOGICS study, the therapy met its primary endpoint, with SBBP reporting the number of cases of a loss of mean urinary free cortisol (mUFC) response was 54.5% higher among patients who withdrew to placebo versus those who remained on Recorlev. Additionally, there was a rapid reversibility of the Recorlev treatment benefits on cholesterol following the switch to placebo given the 8-week time frame.Meanwhile, in the SONICS study, a significant benefit on mUFC normalization was observed in 30% of the patients and several cardiovascular secondary measures. It should also be noted that none of the 44 patients who were randomized discontinued due to adverse events.“Post-LOGICS, we continue to view Recorlev as a differentiated treatment for Cushing’s, both compared to off-label ketoconazole and the branded treatment landscape. Management reiterated its confidence in the drug’s positioning, based on market research with payors and physicians. Given LOGICS reaffirming the clinical benefit profile observed in SONICS, we are encouraged by its potential to become a mainstay treatment for the disease,” Singh explained.What’s more, management is not anticipating an AdComm meeting, and Singh thinks speculation on labeling both from a safety and efficacy perspective may increase prior to the potential PDUFA decision. To this end, he expects more visibility as the NDA filing and acceptance gets closer.Adding to the good news, the launch of Keveyis, the company’s FDA-approved treatment for hyperkalemic, hypokalemic and related variants of Primary Periodic Paralysis (an ultra-rare neuromuscular disorder), is progressing well despite the COVID-19 pandemic, according to Singh.“With quarterly sales of ~$8.0 million, above our estimate of ~$7.8 million, the growing trajectory of the launch has been encouraging, with additional room for long-term growth highlighted by management. We anticipate more credit could be ascribed to these efforts, following additional updates from life-cycle management strategies,” the analyst commented.To this end, Singh rates SBBP shares an Outperform (i.e. Buy) along with a $7 price target. What’s in it for investors? Upside potential of 233%. (To watch Singh’s track record, click here)All in all, other analysts echo Singh’s sentiment. 3 Buys and no Holds or Sells add up to a Strong Buy consensus rating. With an average price target of $8, the upside potential comes in at 272%. (See SBBP stock analysis on TipRanks)Molecular Templates (MTEM)Molecular Templates works to bring the next generation of immunotoxins called engineered toxin bodies (ETBs), which are a novel class of therapeutics with unique biology and a differentiated mechanism of action, to market. Although one of its trials was put on a partial clinical hold, Oppenheimer still believes its long-term growth narrative is strong.The Phase 2 monotherapy trial evaluating lead candidate MT-3724, an ETB that targets CD20 (a B-cell marker that is expressed in 90 percent of B-cell non-Hodgkin’s lymphoma (NHL)), was placed on partial clinical hold on November 4 following a treatment-related fatality. Management pointed to capillary leak syndrome (CLS) as the cause of the patient death. MT-3724 is being evaluated in three ongoing Phase 2 trials, one monotherapy and two combination.It should be noted that six patients (fatality patient and five treated in DLBCL monotherapy study) received the drug from the same batch, and the first five completed the study without evidence of CLS. Later PK analysis found peak drug exposure (Cmax) 3-4x expected levels in five out of six patients receiving the therapy from the lot. Management plans to investigate what caused the higher Cmax levels.Oppenheimer’s Kevin DeGeeter told clients, “We would look to accumulate MTEM shares into any weakness based on expectation: 1) manufacturing batch inconsistency may have resulted in excess Cmax in limited number of patients providing clear path to remedy the problem, 2) limited read through on immunogenicity from MT-3724 (only product on first-gen ETB backbone) to other pipeline programs, and 3) guarded expectation for commercial opportunity of MT-3724 prior to clinical hold with market opportunity focused primarily on salvage patients.”Even if the CLS is determined to be dose-related, the five-star analyst argues there may still be a path forward for MT-3724, as the monotherapy study is evaluating a dose of 50 µg/kg while combination studies are assessing a 10-25 µg/kg dose.Reflecting another positive, the hold doesn’t impact studies for products on the second-generation ETB backbone, including MT-5111, TAK-169 and MT-6402. In addition, the company is set to provide a clinical update on CTX001, a potential treatment for sickle cell disease (SCD).DeGeeter opined, “Our investment thesis is based, at least in part, on continued partnering of ETB platform to large biotechs for targets outside of MTEM’s core oncology focus. Despite the clinical hold on MT-3724, MTEM remains in active discussions with potential partners. We’d view additional partnering deals as validation of the platform’s overall safety profile.”In line with his optimistic approach, DeGeeter rates MTEM an Outperform (i.e. Buy) along with a $20 price target. This figure indicates 123% upside potential from current levels. (To watch DeGeeter’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 3 to be exact, have been issued in the last three months. Therefore, the message is clear: MTEM is a Strong Buy. Given the $18.33 average price target, shares could soar 108% in the next year. (See MTEM stock analysis on TipRanks)Provention Bio (PRVB)At the forefront of the autoimmune disease space, Provention Bio is working to improve the lives of patients from all over the world. With the company making significant headway in its efforts to gain approval for one of its therapies, Oppenheimer thinks that now is the time to snap up shares.On November 2, Provention Bio announced that the rolling submission of a BLA to the FDA for regulatory approval of teplizumab for the delay or prevention of clinical type 1 diabetes (T1D) in at-risk individuals had been completed. The submission included chemistry, manufacturing and controls (cc) and administrative information modules. Now, the FDA has 60 days to review the final submission to determine if the BLA is complete, and then, a PDUFA date will be set.Writing for Oppenheimer, analyst Justin Kim points out that the BLA acceptance will be a key milestone for PRVB. “We believe the external validation and review of the application would reflect favorably on the significant efforts Provention has made towards completion of this filing, namely manufacturing scale-up. As a potential advisory committee meeting and regulatory decision offer subsequently greater validation, we have confidence into these events based on teplizumab’s established clinical profile.”Going forward, Kim believes the therapy’s commercialization will become a central theme in 2021. Based on teplizumab’s 14-day infusion cycle, logistics and physician/patient reception of the modality, especially during the COVID-19 pandemic, are attracting major attention, according to the analyst.Should the candidate ultimately be granted approval, screening and awareness work could reflect a significant tailwind, in Kim’s opinion. With it already having established meaningful relationships across key T1D advocacy groups and foundations, “Provention is well-positioned and connected to build momentum for screening and identification initiatives.” The analyst added, “While the hurdle to execute successfully is high, reward, in our view, would be commensurate.”When it comes to the long-term opportunity, “the TN-10 population criteria” remains a key area of focus for Kim, as “these opportunities may not only expand the market opportunity for teplizumab but also significantly solidify its positioning the treatment paradigm.” He also mentions that re-dosing paradigms and adjunctive use post-transplant for teplizumab are other points of strength.Summing it all up, Kim stated, “PRVB remains underappreciated in our universe, potentially given macro themes around COVID-19 and intensified focus on momentum names. However, as continued execution carries PRVB through successful regulatory, pre-commercial, and commercial milestones, we believe the shares could enter a period of significant re-rating.”Everything that PRVB has going for it prompted Kim to leave his Outperform (i.e. Buy) rating as is. Along with the call, he keeps the price target at $29, suggesting 106% upside potential. (To watch Kim’s track record, click here)Turning to the rest of the Street, the bulls have it on this one. With 4 Buys and no Holds or Sells assigned in the last three months, the word on the Street is that PRVB is a Strong Buy. At $28.75, the average price target implies 104% upside potential. (See PRVB stock analysis on TipRanks)To find good ideas for 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.
If you blinked this week you might have missed a long-awaited rally in cheap stocks. But there’s still opportunity left in the S&P 500 and beyond.
When IBM announced it was spinning out its infrastructure services business last month, it was surely a sign that the company was going all in on hybrid cloud. Today in an interview with Jon Fortt at the CNBC Evolve summit, IBM CEO Arvind Krishna made it clear that his whole focus is going to be on transforming his organization into a hybrid cloud management vendor moving forward. Krishna sees this acquisition as a key part of the transition strategy to capture what he estimates is a trillion dollar opportunity in the hybrid cloud management market, and he believes his company is well-positioned to grab a piece of that.
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J.C. Penney is on course to emerge from bankruptcy by Thanksgiving, after a U.S. bankruptcy court approved the sale of the ailing 118-year-old retailer to its two largest landlords and its primary lenders. The U.S. Bankruptcy Court for the Southern District of Texas approved a purchase agreement, announced earlier this fall, that has substantially all of J.C. Penney’s retail and operating assets being acquired by Brookfield Asset Management Inc. and Simon Property Group through a combination of cash and new term loan debt. J.C. Penney filed for Chapter 11 bankruptcy protection in May, becoming one of the largest retailers to do so during the pandemic amid a wave of store closures forced by the spread of COVID-19 infections in the U.S.
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Chinese electric car manufacturer NIO Limited (NIO) just may be one of the hottest stocks in an already overheated stock market. In the past 52 weeks alone, NIO stock has gained 2,138%, and according to J.P. Morgan analyst Nick Lai, NIO’s run isn’t done yet.This $44 stock might even go as high as… $46.Now, we know what you’re thinking. $46 a share — isn’t that just a couple bucks more than the $44 NIO stock costs today? And isn’t that kind of a piddling profit to be racing after? The answer is “yes” to both questions.And yet, Lai still wants to explain why he thinks you should buy NIO stock, so let’s let him go ahead and make his case. (To watch Lai’s track record, click here)Even in a Chinese car market where generous government subsidies (extended into 2022 by the way) have given investors a case of “Tesla fever,” says Lai, and even in a market where electric car companies of all stripes are being bid up to “likely overshot” valuations, NIO stock “will be a long-term winner in the premium EV space, with ~30% market share by 2025.” Helping with this will be a new electric sedan model (the EC6) that NIO is debuting in December, joining the company’s current offerings of two electric SUVs and one electric crossover vehicle.Additionally, Lai argues that NIO is more than just a car company selling cars “direct” to customers. It’s also a “pioneer among Chinese EV peers leading a business model transformation from a conventional carmaker to a combination of smart mobility provider with business monetization opportunity.”And yes, there’s a lot of corporate babble-speak in that statement, but roughly translated, what Lai is saying here is that he thinks NIO has the ability to not just sell cars to consumers, and collect money from making those sales. NIO is also offering “various types of content (e.g. entertainment)” and also services such as battery replacement, both of which may provide incremental revenue above and beyond the revenue from selling the cars in the first place.These potential “various types of content” may also carry higher than average profit margins — in Lai’s view, high enough to raise the company’s gross profit margin from 8% in Q2 2020 to as high as 12% to 13% as soon as Q3 2020.True, even Lai doesn’t expect any of this to translate into actual net (or even operating) profits before 2023 at the earliest. But he seems to think that profits will come, eventually. And with projected revenues rising from $7.8 billion last year to perhaps as high as $65.2 billion by 2022 (the last year for which he provides estimates), Lai believes the stock is worth at least its current valuation of about 7.7 times last year’s sales — and perhaps a bit more.Is the rest of the Street in agreement? As it turns out, the analyst consensus is more of a mixed bag. 6 Buy ratings, 3 Holds and 1 Sell were assigned in the last three months, giving NIO a Moderate Buy status. However, with a $26.96 average price target, there’s nearly 39% downside from current levels. (See NIO stock analysis on TipRanks)To find good ideas for 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 analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Rocket Companies Inc. shares dipped 2% in after-hours trading Tuesday after the Quicken Loans’ parent company and provider of technology services related to homeownership and other personal financial transactions, reported fiscal third-quarter earnings. Rocket Companies reported net income of $2.99 billion, or 54 cents a share, compared with net income of $495 million in the year-ago quarter. After adjustments, the company reported diluted EPS of $1.21 a share. Revenue improved 186% to $4.63 billion from $1.62 billion a year ago. Analysts surveyed by FactSet had expected net income of $1.09 on revenue of $4.55 billion. Shares of Rocket Companies, which debuted on public markets Aug. 6, are flat this year. The broader S&P 500 index has climbed 10% in 2020.
World news – US – Ranjit S. Hundal, MD, MBA, FACP, joins Huntington Hospital as Senior Vice President, Chief Clinical Officer