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Peloton shares drop, then rebound on Apple’s Fitness+ announcement

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Peloton shares drop, then rebound on Apple’s Fitness+ announcement

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Oppenheimer: 3 Stocks That Could Surge Over 100% From Current Levels

So far, September has been a wild ride of ups and downs. Following the recent bout of volatility, stocks have ticked higher again. But as uncertainty regarding another rescue program and the presidential election continues to linger, where does the market go from here? Weighing in for Oppenheimer, Chief Investment Strategist John Stoltzfus argues that any market dips appear “relatively contained and orderly,” and present longer-term investors the chance to find “babies that got thrown out with the bathwater.” He noted, “For nervous investors the recent downdraft has presented opportunity to take some profits without FOMO (fear of missing out).”As for the tech heavyweights that powered the market’s five-month charge forward, the strategist believes “current expectations that technology stocks will remain under pressure for some time seem exaggerated.” Stoltzfus adds that the “core of technology stocks did not appear terribly rich in price considering that developments in technology and innovation have yet to show signs of plateauing in the current cycle.”Taking Stoltzfus’ outlook into consideration, our focus turned to stocks that Oppenheimer analysts are bullish on. The firm’s pros see triple-digit upside potential in store for three tickers in particular. Running the names through TipRanks’ database, we wanted to find out what makes each so compelling.MediWound Ltd. (MDWD)Developing cutting-edge products, MediWound wants to address unmet needs in the fields of severe burn and chronic wound management. With an important government contract secured, Oppenheimer has high hopes for this name.Back in January, MDWD announced that the U.S. Biomedical Advanced Research and Development Authority (BARDA) had entered into a contract to procure $16.5 million of NexoBrid, its drug designed to remove eschar in adults with deep partial and full-thickness thermal burns (a process called debridement), for an emergency stockpile. According to management, the first delivery is set for Q3 2020.On top of this, the company filed the NexoBrid Biologics License Application (BLA) with the FDA for eschar removal in adults with deep partial-thickness and full-thickness thermal burns in June. MDWD’s U.S. commercial partner, Vericel, is preparing for an immediate launch upon approval.Representing Oppenheimer, 5-star analyst Kevin DeGeeter points out that “Given the filing involved participation from three parties—MDWD, U.S. commercial partner Vericel and funding partners at BARDA—and was completed against the backdrop of public sector work-from-home mandates, we view meeting stated timelines as a material milestone and derisking event for MDWD shares… we believe NexoBrid is on track for 1H21 launch.”Should the therapy ultimately be approved, MDWD is entitled to a $7.5 million milestone payment from Vericel. “We believe the combination of existing cash and the $7.5 million milestone payment from VCEL upon NexoBrid approval should fund operations at least into 2H23,” DeGeeter added.DeGeeter also points out that MDWD plans to open 25-30 sites in U.S. and Israel to support the Phase 2 study of EscharEx, its product for chronic wounds. Although COVID-19 resulted in a delay, the analyst thinks “the current timeline of 1H21 is achievable.”To this end, DeGeeter rates MDWD an Outperform along with a $7 price target. Should his thesis play out, a potential twelve-month gain of 117% could be in the cards. (To watch DeGeeter’s track record, click here)All in all, other analysts echo DeGeeter’s sentiment. 4 Buys and no Holds or Sells add up to a Strong Buy consensus rating. With an average price target of $6.63, the upside potential comes in at 106%. (See MDWD stock analysis on TipRanks)UroGen Pharma (URGN)Primarily focused on uro-oncology, UroGen Pharma develops advanced non-surgical treatments to improve the lives of patients. As the launch of one of its products is progressing well, Oppenheimer thinks that now is the time to get on board.Writing for the firm, analyst Leland Gershell points to UGN-101 as a key component of his bullish thesis. UGN-101, which has now been formally launched in the U.S. under the commercial name Jelmyto, was designed as a treatment for low-grade upper tract urothelial carcinoma (LG UTUC). The analyst highlights that Jelmyto’s launch is already off to a solid start, as eight patients had received 20 doses of the drug in June.“Jelmyto sales were $371,000 in its first month of launch, but more important was management’s commentary that over 100 urology practice sites are treatment-ready for the product, and that patient demand has not been visibly impacted by COVID-19,” Gershell explained.Adding to the good news, permanent C- and J-codes, which are expected in October and January 2021, respectively, could bolster sales, in Gershell’s opinion. The label could also be updated to reflect completed OLYMPUS data.It should be noted that patient and physician engagement could remain diminished through YE20, and restrictions around elective surgeries could persist, according to Gershell. That said, he argues that “LG UTUC’s lack of surgical urgency could imply treatment deferral for several months, whereas Jelmyto’s ability to be administered in an outpatient setting could expedite treatment, favoring adoption.”If that wasn’t enough, UGN-102, its mitomycin gel that targets low-grade intermediate risk non-muscle invasive bladder cancer (LG IR-NMIBC), is set to enter pivotal testing before the end of 2020. Looking at previously released data, the therapy achieved a 65% complete response (CR) rate at three months following onset of treatment. “To offset any potential COVID-19 impact on enrollment, URGN has increased the number of clinical trial sites outside of the U.S., in those countries where virus-related clinical delays have not cropped up,”Gershell added.Summing it all up, Gershell commented, “We believe shares trade at a discount to the value of Jelmyto and UGN-102, and that revenue growth will support stock upside over the next 12 months.”To this end, Gershell stands with the bulls, reiterating an Outperform rating. At $48, his price target brings the upside potential to 123%. (To watch Gershell’s track record, click here)What does the rest of the Street have to say? 3 Buy ratings and 1 Hold have been issued in the last three months. As a result, URGN receives a Strong Buy consensus rating. In addition, the $44 average price target suggests 104% upside potential. (See URGN stock analysis on TipRanks)Ayala Pharmaceuticals Inc. (AYLA)Last but not least we have Ayala Pharmaceuticals, which is focused on developing targeted therapies for cancers in which Notch activation is a known tumor driver. Based on the progress across its development pipeline, Oppenheimer sees big gains in store.Oppenheimer analyst Jay Olson thinks AYLA’s technology makes it a stand-out. Its two candidates, AL101 and AL102, which are in-licensed from Bristol Myers, are gamma-secretase inhibitors that target aberrant activation of Notch signaling in cancer cells.Notch signaling plays an important role in normal cell development, and perturbations can cause malignant transformation. “We believe Notch targeted therapies hold promise in addressing unmet clinical needs,” Olson commented.The analyst added, “The Notch mutational landscape is diverse, and the underlying science is evolving. AYLA is building a bioinformatics database around Notch to better characterize and identify Notch-activating mutations. Additionally, AYLA is collaborating with partners developing diagnostic tests for Notch-activating mutations, both at DNA and RNA levels. We believe these initiatives benefit AYLA in the long term by identifying responders and expanding the addressable patient population.”Despite the challenges presented by COVID-19, critical catalysts remain on track. The company is set to present new interim data from the Phase 2 ACCURACY open-label study of AL101 in R/M ACC at the mini oral head and neck cancer section of ESMO. Looking at the available data, a recent interim analysis in one cohort showed 69% DCR.As for the second cohort, it is evaluating a 6mg once-weekly dosing of AL101. “We view the efficacy and safety data from the 6mg dosing cohort as important for the registration-enabling studies, and we anticipate similar interim data readout in 1H21,” Olson said.Adding to the good news, AYLA is on track to kick off patient dosing in the Phase 2 TENACITY study of AL101 in R/M TNBC by YE20 after the IND was cleared by the FDA in April. In 2021, AYLA plans to initiate two additional Phase 2 studies including AL102 for desmoid tumors and AL101 for r/r T-ALL.“Springworks Therapeutics recently announced the completion of patient enrollment of the Phase 3 DeFi trial of nirogacestat in desmoid tumors with topline data expected mid-2021, which should provide read-across to AYLA’s AL102 program,” Olson noted.Given all of the above, Olson opined, “We’re encouraged by AYLA’s advantages along several dimensions, including its drug candidates, cancer indication selection, and focus on identifying Notch-activating mutations while developing diagnostics. AYLA’s Notch targeted approach should address unmet clinical needs for patients with rare but aggressive cancers.”It should come as no surprise, then, that Olson stayed with the bulls. To this end, he kept an Outperform rating and $23 price target on the stock, implying 123% upside potential. (To watch Olson’s track record, click here)Looking at the consensus breakdown, 2 Buys and 1 Hold have been published in the last three months. Therefore, AYLA gets a Moderate Buy consensus rating. Based on the $19.83 average price target, shares could climb 92% higher in the next year. (See AYLA 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.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Central Bank Gold-Buying Seen Climbing From Near Decade Low

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2 “Strong Buy” Space Stocks That Are Ready for Takeoff

Space, the final frontier. Throughout history, the expanse that exists beyond Earth has captivated people all over the world, with space exploration continuing to take giant leaps forward since Apollo 11 first landed on the moon.Now, outer space has peaked Wall Street’s interest. Given the high levels of private funding and advances in technology, the pros argue there could be major implications should space become more accessible and less expensive to reach. To this end, new markets such as satellite broadband, high-speed product delivery, reusable rockets and human space travel are emerging.Speaking to the potential opportunity, according to a recent KPMG report, by 2030, the global space industry could reach $600 billion, with it currently worth $350 billion. Bearing this in mind, we used TipRanks’ database to zero in on two space stocks reaching for the stars, so says the Street. Boasting the analyst community’s full support, both tickers have received a “Strong Buy” consensus rating. Virgin Galactic Holdings (SPCE)By offering high-speed point-to-point travel, Virgin Galactic wants to commercialize space travel and revolutionize commercial flight. Given the significant backlog of demand for commercial spaceflight, several members of the Street have high hopes for this space stock.Representing Cowen, analyst Oliver Chen sees SPCE as “uniquely positioned to benefit from the growing consumer interest toward luxury experiences, especially among high-net-worth individuals.” He added, “We believe a substantial growth opportunity lies ahead with the commercial spaceflight business, which already has ~600 reservations, and the development of high-speed point-to-point travel.”Looking at the market opportunity, Chen estimates that this part of the business could push SPCE’s top-line to $1 billion-plus by 2030, growing at a 60%-plus CAGR (2021-2030), with an EBITDA margin of 46%. According to the analyst, there’s a total addressable market (TAM) for commercial spaceflight (suborbital) of roughly 2.4 million individuals with a net worth of $5 million-plus globally.On top of this, SPCE could use its technology to develop additional revenue streams such as high-speed P2P commercial air travel. The development of hypersonic aircrafts would make 85% of the global network pairs accessible in a one-day trip. In addition, the analyst thinks the high-speed P2P opportunity could yield a TAM of $985 billion by 2050, and SPCE’s market share could clock in at 20%. “P2P is in very early innings but we believe the company has the resources, capital, and experience to pursue this business line,” Chen noted.Given that the company’s leadership team brings expertise from NASA and Disney to the table, Chen argues SPCE is capable of capitalizing on the opportunity, with solid execution potentially solidifying its status as an experiential luxury brand.The positioning of its commercial space flight offering as a luxury airline experience, which is what consumers are more used to, is likely to give SPCE the first-mover advantage over others like Blue Origin. “Given the high fixed cost of operating a space tourism operation, first-mover advantage looks critical to success; and VG appears better positioned than BO to get it,” Chen mentioned.What else could give SPCE the first-mover advantage? Chen points to SPCE’s 10-plus years of technology developed with $1 billion of investment made to-date and the vertically integrated aerospace development capabilities. What’s more, SPCE has “created competitive moats in a high-barrier-to-entry industry and benefits from strong consumer demand, which should support a premium pricing structure.”Based on all of the above, Chen puts an Outperform (i.e. Buy) rating and $22 price target on the stock. (To watch Chen’s track record, click here)Are other analysts in agreement? They are. Only Buy ratings, 7 to be exact, have been issued in the last three months. Therefore, the message is clear: SPCE is a Strong Buy. With a $25.43 average price target, shares could rise 22% in the next year. (See Virgin Galactic stock analysis on TipRanks)Aerojet Rocketdyne Holdings (AJRD)Serving customers that include the U.S. Department of Defense (DoD), NASA and other agencies and companies, Aerojet Rocketdyne develops and manufactures advanced propulsion and energetics systems. Given its recent contract awards, multiple analysts believe this company’s long-term growth prospects are strong.5-star analyst Ken Herbert, of Canaccord Genuity, recently met with AJRD’s new CFO, coming away from the discussion with his bullish thesis very much intact. The company expects the space business, which makes up 40% of sales, to be flat to up slightly, due to the recent SLS RS-25 engine order, with the core defense business (60% of sales) set to see steady growth.“While near-term margin upside is limited, we believe the revenue visibility, strong balance sheet and incremental opportunities in both space and defense contribute to a scarcity value for AJRD not reflected in the stock,” Herbert commented.That said, new programs are an essential piece of the puzzle here. Earlier in September, AJRD announced that it will build two elements of the new ground based strategic deterrent (GBSD) nuclear missiles for Northrop Grumman, which received a $13.3 billion, 8.5-year EMD contract to initiate early production of the “Minuteman IV” platform. AJRD is responsible for manufacturing a large solid rocket motor for the missile’s upper stage and the post-boost propulsion system needed to guide the nuclear warheads to their targets through apogee (the highest point of their parabolic flight arc). Weighing in on the deal, Herbert commented, “The program is expected to be substantial to both Aerojet and Northrop, with 400 active and 242 spare ICBMs expected to occupy the existing launch sites in the American West. It has been estimated that the GBSD program will be worth $63 billion during its first 20 years of life, which is likely to be extended given the longevity of the current Minuteman III deterrent.”Adding to the good news, AJRD’s backlog has increased to a record high of $6.8 billion as of Q2 2020, a 48% gain from the prior-year quarter. According to Herbert, a key driver of this growth has been the $1.8 billion NASA contract to construct 18 new RS-25 engines to support at least five additional Artemis lunar missions beyond the three currently planned. “As such, visibility into Aerojet’s business with NASA continues to look promising through 2030. Aerojet has also continued to see backlog growth on THAAD, hypersonics, Standard Missile and GMLRS,” the analyst stated. If that wasn’t enough, Herbert believes missile defense and classified hypersonics programs are likely to see solid backlog growth in the near-term.On top of this, in August, the U.S. Air Force awarded two contracts for the National Security Space Launch (NSSL) program to ULA (a Boeing and Lockheed joint venture) and SpaceX. The implication? “Aerojet Rocketdyne is seen as a winner of the contact outcome, which ensured that the company will continue to provide content on a majority of U.S. military and intelligence launches. AJRD will see its upper stage engine content double on the new ULA Vulcan rocket under this contract, which utilizes a new Centaur upper stage (the Centaur V) powered by two RL10 engines, as opposed to one RL10 on the legacy Atlas V rocket,” Herbert explained.Everything that AJRD has going for it convinced Herbert to reiterate his Buy rating. Along with the call, he maintained a $54 price target, suggesting 34% upside potential. (To watch Herbert’s track record, click here)All in all, other analysts are on the same page. AJRD’s Strong Buy consensus rating breaks down into 3 Buys and no Holds or Sells. Meanwhile, the $56 average price target brings the upside potential to 39%. (See AJRD 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.

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Seattle greenlights minimum wage for Uber and Lyft drivers

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Uber safety driver charged over fatal autonomous car crash

(Reuters) — The Seattle City Council passed a minimum pay standard for drivers for companies like Uber and Lyft on Tuesday.

Under the ordinance, effective January, the drivers will now earn at least $16.39 per hour – the minimum wage in Seattle for companies with more than 500 employees.

Seattle’s law, modeled after a similar regulation in New York City, aims to reduce the amount of time drivers spend “cruising” without a passenger by paying drivers more during those times.

City officials argue this should prevent Uber and Lyft from oversaturating the market at drivers’ expense, but the companies say it would effectively force them to block some drivers access to the app. Both Uber and Lyft have locked out drivers in response to the NYC law.

“The City’s plan is deeply flawed and will actually destroy jobs for thousands of people — as many as 4,000 drivers on Lyft alone — and drive rideshare companies out of Seattle,” Lyft said in a statement.

Uber did not immediately respond to request for comment.

Researchers at the University of California, Berkeley, and New York’s New School, who analyzed the Seattle ride-hailing market using city data and a driver survey, found drivers net only about $9.70 an hour, with a third of all drivers working more than 32 hours per week.

But a study of data provided by Uber and Lyft showed most ride-hail workers in Seattle are part-time drivers whose earnings are roughly in line with the city’s median, defying some perceptions of drivers working full-time for little pay.

(Reporting by Tina Bellon in New York and Rama Venkat in Bengaluru; Editing by Simon Cameron-Moore)

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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Mitch McConnell ‘refusing to debate his election rival if there is a female moderator’

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Mitch McConnell ‘refusing to debate his election rival if there is a female moderator’
Mitch McConnell’s challenger in the US Senate race has accused him of refusing to participate in debates moderated by women. (AFP via Getty Images)

US Sen. Mitch McConnell and his challenger in the Kentucky Senate race, Amy McGrath, are sparring over upcoming debates.

It all started when Mr McConnell sent a press release from “Team Mitch” accusing his opponent of potentially backing out of a debate in October. But according to subsequent claims from Ms McGrath’s campaign, the real issue is the senator’s refusal to participate in an event with a female moderator.

In a press release issued Monday, Ms McGrath’s campaign alleged that “Amy is ready and willing to debate Mitch, but Mitch is afraid to take the stage unless he dictates every detail.”

The release continues, “Sen. Mitch McConnell has not participated in a debate in Kentucky where the candidates took questions from a female moderator in nearly 25 years, and he continues to resist allowing women to host debates.”

The campaign promised that Ms McGrath would participate in upcoming debates only when “the gender balance of the moderators is restored.”

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Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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