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Pfizer has invested $49 million in Triana Biomedicines to develop molecular glue degraders for oncology, while Tim Buckley joins Pfizer's board amid pressure from activist investors. Jazz Pharmaceuticals reported positive Phase 3 results for Zepzelca in small cell lung cancer, prompting plans for expanded FDA approval. MeiraGTx's gene therapy for Parkinson's disease showed safety and encouraging efficacy in a small trial, and Akeso raised $250 million for international trials of its antibody drugs. Inventiva appointed Mark Pruzanski as chairman, securing $100 million for a Phase 3 trial of lanifibranor.
UBS has initiated coverage of NETSTREIT (NTST) with a Buy recommendation, projecting a 16.15% upside based on an average one-year price target of $18.60 per share. Institutional ownership has increased by 3.36% in the last quarter, with notable changes in holdings from major shareholders. The company, a Dallas-based REIT, focuses on acquiring single-tenant net lease retail properties, aiming to generate consistent cash flows and dividends.
As the election approaches, Vice President Kamala Harris and former President Donald Trump diverge on pharmaceutical policies. Harris aims to expand Medicare's drug price negotiations and has garnered significant industry support, while Trump has shifted to align with industry lobbyists, distancing himself from previous commitments to lower drug prices and eliminate rebates. The pharmaceutical sector faces critical stakes in the upcoming election, with contrasting visions from the two candidates.
UBS O’Connor is betting $4 billion on a revival in the merger-arbitrage market, which has struggled this year due to regulatory challenges. With a third of its portfolio in merger-arb, the firm anticipates a catalyst-rich quarter ahead, driven by the US presidential election and updates on key deals. Despite a slight recovery, merger-arb strategies remain among the weakest in hedge-fund performance, with a 3.5% gain compared to the broader industry’s 8.3%.
Biotech companies face significant challenges in financing due to high R&D costs and long development timelines, with a notable decline in private funding observed from 2021 to 2023. Government initiatives, such as the Growth Opportunities Act, aim to bolster capital flow, while strategic partnerships can help mitigate investment risks. Despite a slight interest rate cut in the eurozone and the USA, the sector remains under pressure from macroeconomic factors and regulatory complexities.
UBS maintains its S&P 500 price target at 6,200 by June 2025, citing a positive outlook for AI beneficiaries and quality stocks. Despite a projected slowdown in Q3 earnings growth to 5-7%, the macro environment remains favorable, with healthy economic activity and low job layoffs. The strategists expect continued robust growth from major tech companies, driven by AI investments, while noting that management guidance will be crucial during the earnings season.
US core CPI inflation rose to 3.3%, while core PCE inflation increased to 2.7%, prompting concerns that markets may be underestimating inflation resilience and anticipating excessive rate cuts. Fed officials express worries about inflation, with recent bond market volatility reflecting this sentiment, yet equity markets remain largely unaffected, suggesting potential investor complacency amid geopolitical tensions and upcoming elections.
The DAX 40 has reached a new record of 19,501 points, gaining 0.7% as it benefits from positive economic data and strong performances from major companies like SAP and Airbus. With a bullish medium-term outlook, the index could target 20,000 and potentially 21,000 points, especially following the upcoming U.S. presidential election on November 5, which historically has led to significant gains.
US September retail sales data is anticipated to show a 0.3% month-on-month growth, reflecting consumer resilience, while core sales are expected to remain at 0.1%. The Nasdaq 100 is poised to retest record highs, driven by strong tech sector performance, despite a slight dip in energy stocks due to falling crude oil prices. Overall, ten out of eleven S&P 500 sectors posted gains, with technology leading the rally.
UBS faces scrutiny from the US Department of Labor regarding its ability to manage pension fund assets due to a history of criminal misconduct. The bank has applied for a temporary exemption to continue its operations in the US market, where it has paid around $20 billion in fines for various offenses since 2000. The outcome of this application remains uncertain as regulatory authorities tighten rules on corporate culture in banking.
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