Stock Markets
CVM stock touches 52-week low at $0.87 amid market challenges
In a year marked by significant volatility, Cel-Sci Corp (NYSE:) stock has recorded a new 52-week low, dipping to $0.87. This latest price level reflects a stark downturn for the biotechnology firm, which has seen its stock value contract by 52.32% over the past year. Investors have been navigating a complex landscape of regulatory hurdles and competitive pressures, which have weighed heavily on the company’s market performance. The 52-week low serves as a critical indicator of the current investor sentiment and the challenges Cel-Sci Corp faces as it strives to regain its footing in the biotech sector.
In other recent news, CEL-SCI Corporation has made significant strides in the development of its investigational cancer treatment, Multikine. The U.S. Food and Drug Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) recently raised concerns over certain immune checkpoint inhibitors for patients with low PD-L1 expression, highlighting Multikine as a potential alternative. In a randomized controlled Phase 3 study, Multikine showed a survival benefit for treatment-naive resectable locally advanced head and neck cancer patients with low PD-L1 expression.
Moreover, new data from CEL-SCI’s completed Phase 3 study indicated a substantial increase in the 5-year survival rate for a specific patient group with head and neck cancer. The FDA has also approved an upcoming confirmatory Registration Study, which will focus on this patient group.
In terms of funding, CEL-SCI announced a public offering of 10,845,000 shares, with projected gross proceeds of $10.8 million, to be used for the development of Multikine and general corporate needs. Additionally, the UK’s Healthcare Products Regulatory Agency granted a pediatric study waiver for Multikine, eliminating the need for trials in patients under 18 as part of the UK marketing approval process.
Lastly, the company reported positive outcomes from a comprehensive bias analysis for its Phase 3 study of Multikine, supporting its clinical effect in extending patient survival. These are recent developments and it is important to note that Multikine is still under investigation, and its safety and efficacy have not yet been established for any use.
InvestingPro Insights
The recent 52-week low hit by Cel-Sci Corp (CVM) is further contextualized by additional financial metrics and market performance data. According to InvestingPro, CVM’s stock has experienced a significant decline, with a 1-month price total return of -17.61% and a year-to-date return of -67.29%, underscoring the severity of its market struggles.
InvestingPro Tips highlight that CVM suffers from weak gross profit margins and is not profitable over the last twelve months. This is evidenced by the company’s LTM gross profit of -$18.95 million and an adjusted operating income of -$27.7 million. These figures align with the broader market concerns reflected in the stock’s new low.
Analysts’ expectations, as noted in another InvestingPro Tip, suggest that the company is not anticipated to be profitable this year, which may continue to pressure the stock price. With the next earnings date set for December 18, 2024, investors will be closely watching for any signs of improvement in CVM’s financial health.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips that could provide deeper insights into CVM’s financial situation and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Illinois top court reverses actor Smollett’s false hate crime report conviction
By Eric Cox and Brad Brooks
CHICAGO (Reuters) – The Illinois Supreme Court on Thursday overturned the conviction of actor Jussie Smollett, the one-time star of the TV drama “Empire”, for staging a hate crime against himself in 2019.
The court agreed with defense arguments that Smollett should not have been charged a second time for filing a false hate crime report because prosecutors had already agreed to drop such charges against him in a negotiated agreement.
“We hold that a second prosecution under these circumstances is a due process violation, and we therefore reverse defendant’s
conviction,” Justice Elizabeth Rochford wrote in the opinion.
A jury in 2021 found Smollett guilty of five counts of disorderly conduct for falsely telling Chicago police that he was accosted on a dark Chicago street by two masked strangers in a racist and homophobic attack in 2019. The investigation revealed that Smollett, who is Black and gay, paid two men to stage the attack.
The actor was ordered to spend 150 days in jail, but was released after being confined for six days pending his appeal.
Smollett had claimed the attackers threw a noose around his neck and poured chemicals on him while yelling racist and homophobic slurs and expressions of support for then-President Donald Trump.
The original case against Smollett was dropped by Cook County prosecutors in the spring of 2019 in exchange for Smollett forfeiting his $10,000 bond without admitting wrongdoing.
The dismissal drew criticism from then-Mayor Rahm Emanuel and the city’s police superintendent, who called the reversal a miscarriage of justice. A special prosecutor was appointed in the summer of 2019 to investigate Smollett’s case, and new charges against him were brought in February 2020.
In a statement, Smollett’s attorney Nenya Uche said “the rule of law was the big winner today.”
Special prosecutor Dan Webb disagreed with the court’s decision and argued in a statement that there was precedent in state law to justify the second set of charges.
“Make no mistake – today’s ruling has nothing to do with Mr. Smollett’s innocence,” Webb said.
“The Illinois Supreme Court did not find any error with the overwhelming evidence presented at trial that Mr. Smollett orchestrated a fake hate crime and reported it to the Chicago Police Department as a real hate crime, or the jury’s unanimous verdict that Mr. Smollett was guilty of five counts of felony disorderly conduct,” Webb said.
The Cook County State’s Attorneys’ Office did not immediately respond to a request for comment.
Stock Markets
BV Financial stock hits 52-week high at $16.20 amid growth
In a remarkable display of financial resilience, BV Financial Inc. (BVFL) stock has soared to a 52-week high, reaching a price level of $16.20. This peak reflects a significant surge in investor confidence, as the company’s stock price has climbed an impressive 40.02% over the past year. The ascent to this new high underscores the bullish sentiment surrounding BV Financial’s performance and prospects, as shareholders celebrate the robust gains and market analysts watch closely for the company’s next moves in an ever-evolving economic landscape.
In other recent news, BV Financial has announced the approval of its 2024 Equity Incentive Plan and a significant 10% stock buyback program. The newly approved plan, backed by a majority of stockholder votes, aims to provide stock-based awards to the company’s officers, employees, and directors, aligning the interests of its key personnel with those of its shareholders. In addition, directors Joseph S. Galli, Timothy L. Prindle, and Matcheld V. Thomas were re-elected for a three-year term, and the appointment of FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.
The stock buyback program, the first since its mutual-to-stock conversion in July 2023, equates to approximately 1,138,772 shares and is expected to commence no earlier than August 1, 2024. It is set to continue until June 30, 2025, pending any extensions approved by the Board of Directors and the Federal Reserve. However, BV Financial has clarified that the program may be modified, suspended, or terminated at any time due to changing market conditions and investment opportunities. These are among the latest developments in the company’s strategic initiatives.
InvestingPro Insights
BV Financial Inc.’s (BVFL) recent stock performance aligns with the data from InvestingPro, which shows a substantial 50.8% price total return over the past six months. This surge is consistent with the article’s mention of the stock reaching a 52-week high. InvestingPro Tips highlight that BVFL has experienced a “large price uptick over the last six months,” corroborating the article’s narrative of significant investor confidence.
The company’s financial health appears solid, with InvestingPro data revealing a P/E ratio of 13.93, suggesting a reasonable valuation relative to earnings. Additionally, BVFL’s operating income margin stands at an impressive 47.67% for the last twelve months as of Q3 2024, indicating strong profitability. This is further supported by an InvestingPro Tip noting that the company has been “profitable over the last twelve months.”
For investors seeking more comprehensive insights, InvestingPro offers 6 additional tips for BVFL, providing a deeper understanding of the company’s financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
US court vacates SEC ‘dealer rule’ on Treasury markets
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By Douglas Gillison
(Reuters) -A federal judge in Texas on Thursday struck down the U.S. Securities and Exchange Commission’s overhaul of Treasury dealer rules adopted earlier this year, finding that the agency had overstepped its legal authority in issuing the regulations, according to court records.
The decision marked at least the third time in a year that a court had vacated prominent SEC regulations and the latest blow from a conservative-leaning judiciary to policy goals under President Joe Biden, who is due to step down in January.
The changed legal environment has hampered the SEC’s ability to pursue its regulatory agenda this year.
“The Court holds that the Rule is in excess of the Commission’s authority based on the text, history, and structure” of the SEC’s founding statutes, U.S. District Judge Reed O’Connor of the Northern District of Texas said in an opinion.
Adopted in February over Republican officials’ objections, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers.
The rule aimed to address liquidity problems in the $26 trillion Treasury market, something market players said was part of the biggest market structure overhaul in decades.
An SEC spokesperson said the agency was reviewing the decision before deciding on next steps.
The case was brought by the Managed Funds Association and other trade groups representing the investment industry. O’Connor also reached the same outcome on Thursday in a separate case brought by the Blockchain Association and the Crypto Freedom Alliance of Texas, two cryptocurrency organizations.
The Alternative Investment Management Association, which had brought suit with MFA, hailed the news, saying the decisions spared hedge fund managers from “severe and adverse consequences” from what it said would have been sweeping and unprecedented changes.
Courts in December and June also struck down SEC rules on share buybacks and disclosures by private fund advisers. At least three other rules remain subject to legal challenges.
However observers say they expect President-elect Donald Trump’s administration may simply settle them in favor of industry after taking office next year.
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