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Moderna and Novavax stocks plummeted after President-elect Trump nominated Robert F. Kennedy Jr. to lead the Department of Health and Human Services, with shares of Moderna falling over 8% and Novavax nearly 2%. This decline follows Trump's remarks about allowing Kennedy to take a bold approach to healthcare, despite Kennedy's controversial stance against vaccines. Both companies have seen over a 20% drop in stock value in the past week.
Elite Pharmaceuticals, Inc. reported consolidated revenues of $18.9 million for Q2 FY2025, a 33% increase year-over-year, driven by strong sales in its Elite label product line. Operating profits surged 84% to $3.5 million compared to the same quarter last year. The company will host a conference call on November 15, 2024, to discuss these results and recent developments.
Movano Health reported its Q3 2024 results, highlighting a successful back-in-stock launch of the Evie Ring and progress on the EvieMED 510(k) application. The company shipped 339 Evie Rings and reduced its operating loss to $7.4 million, while maintaining $11.3 million in cash as of September 30, 2024. A 1-for-15 reverse stock split was executed to regain Nasdaq compliance.
60 Degrees Pharmaceuticals reported a 140% increase in ARAKODA® pharmacy deliveries, generating approximately $135,000 in sales for Q3 2024. Despite achieving a gross profit of $24,000, the company faced a net loss of $2.27 million, largely due to changes in liability valuations. Key developments included granting the University of Kentucky rights for FDA review and securing a contract with the U.S. Army for commercial validation of ARAKODA® packaging.
Glenmark Pharmaceuticals reported a consolidated net profit of Rs 354.5 crore for Q2 FY25, rebounding from a loss of Rs 180.3 crore in the same quarter last year. Revenue from operations increased by 7.1% to Rs 3,433 crore, driven by strong performances in the Indian and European markets, particularly in cardiac and dermatology sectors. Despite a slight revenue drop in North America, the company’s EBITDA grew by 30.2% to Rs 601.9 crore, with margins at 17.5%.
Sigachi Industries reported a robust Q2FY25, with a 38.1% revenue surge to Rs 137 crore and a 39.07% increase in PAT to Rs 21 crore. The stock, currently priced at Rs 50.40, has risen 16% from its 52-week low of Rs 43.42, reflecting strong growth potential in the small-cap pharma sector.
Monte dei Paschi di Siena (Mps) is undergoing significant changes, with the government facilitating a share placement that attracts large investors and opens the door to potential mergers. Deputy Prime Minister Matteo Salvini highlights the bank's resilience and investment appeal, while Banco BPM's recent acquisition of a stake in Mps raises speculation about a merger, potentially in 2024, which could enhance economic efficiency and product distribution. The strategic moves aim to stabilize Mps and strengthen its role in the Italian banking sector.
On November 14, 1,181 companies, including Hero MotoCorp, HAL, and Glenmark, are set to report their Q2 earnings, reflecting diverse sectoral trends. Eicher Motors achieved record revenue despite a slight sales volume decline, while Vodafone Idea reported a narrowed net loss amid a shrinking subscriber base. The market showed signs of recovery after recent declines, with the BSE Sensex and Nifty 50 gaining points in early trading.
Macquarie has rated Swiggy as 'Underperform' with a target price of Rs 325, significantly below its IPO price of Rs 390, citing concerns over challenging valuations in the quick commerce sector. Analyst Sandeep Bhatia emphasized the importance of unit economics for long-term viability, noting that while Swiggy and Zomato are innovative, the current valuations are demanding. Swiggy's shares debuted on November 13 with modest gains but later attracted investor interest.
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