Companies featured in this edition of the newsletter: ENZ, IMNP, OPSSF/ OPS.V
The defensive finish to the week weighed on rate hike expectations, and now the fed funds futures market now sees a higher chance of a rate cut in July, September, or November as opposed to a hike in November. And looking farther out, the possibility of a rate hike in February 2017 sits at a lowly 22.3%. The Dow finished the week down 274 points or -1.6% at 17,400 from 17,675 last week, and it is down -0.1% for the year. The Nasdaq finished the week at 4,708 down -92 points or -1.9% from 4,800, and it is down -6.0% for the year. S&P 500 finished the week at 2,037 down 34 points or -1.6% from 2,071, and it is down -0.3% for the year. The Russell 2000 finished the week down 20 points or -1.7% at 1,125 from 1,145 last week, and it is down -1.0% for the year.
In economic news, existing home sales in May increased 1.8% month over month to a seasonally adjusted annual rate of 5.53 million from a downwardly revised 5.43 million in April. The month of May marked the strongest pace of home sales since February 2007. Initial claims for the week ending June 18 fell by 18,000 from the prior week to 259,000, and the continuing claims for the week ending June 11 decreased by 20,000 to 2.142 million. New home sales declined 6.0% month over month in May to a seasonally adjusted annual rate of 551,000 from a downwardly revised 586,000 in April. The Conference Board reported a 0.2% decline in its Leading Economic Index for May. The advance report on durable goods orders for May was disappointing, new orders declined 2.2% month over month while orders excluding transportation declined 0.3%.
FedEx was the only market mover that reported earnings this past week, and it reported Fiscal 2016 4Q adjusted net income of $897 million or $3.30 per diluted share compared with $753 million or $2.66 per share last year.
This week the JP Morgan Inaugural Energy Equity Investor Conference will be held at the Waldorf Astoria on June 27-29, 2016 in New York.
Volume Alert: Enzo Biochem, Inc. (NYSE: ENZ), a pioneer in molecular diagnostics, saw a spike in its trading volume on Friday as it traded over 3,000,000 shares- that’s about fifteen times it’s three month average daily volume.
Enzo closed the week at $5.79.
Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, announced that Dr. Daniel Teper, Chief Executive Officer, will be presenting at the JMP Securities Life Sciences Conference on Tuesday, June 21, 2016 at 11:00 AM local time in the Astor room at the St. Regis Hotel, New York, NY.
Dr. Teper provided an overview of the Company’s business and 2016-17 expected milestones. The presentation was webcast and will be available on their website (www.immunepharma.com) after the conference.
Immune also announced last week that scientists from Gothenburg University, Sweden reported that new mechanistic and tumor growth inhibition data with Ceplene ® (histamine dihydrochloride) in combination with immune checkpoint inhibitors targeting PD-1 and PD-L1 in Acute Myeloid Leukemia (AML), lymphoma and breast cancer models, has been presented in Poster Session 2 on Saturday, June 18th, at 1:00pm at the conference on “Regulatory Myeloid Suppressor Cells: From Basic Discovery to Therapeutic Application” held at the Wistar Institute in Philadelphia, PA.
Prof. Kristoffer Hellstrand, laboratory chief at the Sahlgrenska Cancer Center of Gothenburg University and Ceplene ® inventor stated that these in vivo results imply that Ceplene ® suppresses tumor growth by inhibiting NOX-2, a type of immune checkpoint. The data also suggest that Ceplene ® significantly improves the anti-tumor efficacy of immune checkpoint inhibitors targeting PD-1 and PDL-1 in cancer forming the basis for the clinical development of Ceplene ® and other immune checkpoint inhibitors in lymphomas and solid tumors.
Ceplene ®, in combination with low-dose SC Proleukin® (Interleukin-2 (IL-2)), has been approved in over 30 countries in Europe and Israel for the treatment of AML for maintenance of remission and prevention of disease relapse, an indication for which there are currently no other approved therapies.
Volume Alert: Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, saw a spike in its volume Tuesday as it traded over 9,000,000 shares- that’s about eleven times its three month average daily volume.
Immune closed the week at $0.38.
Opsens Inc. (OTCQX: OPSSF) (TSX: OPS.V), a healthcare company that engages in the development, manufacture, sale, and installation of fiber optic sensors for interventional cardiology, fractional flow reserve (FFR), oil and gas, and industrial applications, announced receipt of Health Canada approval to sell the OptoWire II in Canada. The OptoWire II is an optical guidewire developed to measure Fractional Flow Reserve (“FFR”). FFR measurement is used for the diagnostic of the severity of coronary stenosis to guide treatment in patients with coronary artery disease.
In order to provide cardiologists with the most effective products to measure FFR, Opsens has developed the OptoWire II, an improved version of the original OptoWire, which has a hydrophilic coating that further enhances the performances of the guidewire, such as when used in highly calcified and tortuous vessels.
Louis Laflamme, President and CEO of Opsens mentioned that they are pleased to offer their improved optical guidewire to Canadian cardiologists, where the Company already has multiple regular customers. The OptoWire II is now authorized for sale in all their targeted markets: U.S., Europe, Japan and Canada, which together represent 85% of the FFR worldwide market.
Based on industry sources, the FFR market represented more than $300 million in sales in 2014 and is expected to reach US $1 billion in the medium term. The interventional cardiology community has provided a warm and enthusiastic welcome to Opsens’ FFR products, prompting the Company to put in place the resources to grow strongly. They have also assembled a team with experience and expertise in the sale of FFR products. In addition, Opsens has completed its move to a new state of the art facility, which will allow the Company to increase production and meet the growing demand for its FFR products.
Volume Alert: Opsens Inc. (OTCQX: OPSSF) (TSX: OPS.V), a healthcare company that engages in the development, manufacture, sale, and installation of fiber optic sensors for interventional cardiology, fractional flow reserve (FFR), oil and gas, and industrial applications, saw higher than average trading volume across the bulletin board and traded nearly 125,000 shares from June 16-22 or 5 trading days. That averages about 25,000 shares a day over that five-day period.
Opsens closed the week at $1.19 on the OTCQX under OPSSF and $1.50 on the Venture Exchange under OPS.V.
A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. This publication accepts compensation from companies that it features. This newsletter should not be regarded as an independent publication. Our editors may, from time to time, acquire positions in the companies that they cover. This could represent a conflict of interest. The CEOcast newsletter shall be under no obligation to inform readers about its trading activities. CEOcast's editors reserve the right to buy or sell shares in these companies at any time. The following companies, featured in this newsletter, have compensated CEOcast: Enzo Biochem, five thousand dollars cash per month. Immune Pharmaceuticals, ten thousand dollars cash per month. Opsens, fifteen thousand dollars cash.