Cisco’s video-conferencing app Webex clocked 590 million participants in September and is on track to record over 600 million this month, nearly double the numbers recorded in March when countries started shutting down due to the pandemic. After offices started to close down due to COVID-19, people switched on video conferencing platforms to work from home, leading to swift growth in platforms such as Webex, Zoom Video Communications Inc and Microsoft Corp’s Teams. While the expansion in Webex user numbers started in March, it has not tapered off, and attendees are at all-time highs in October amid a resurgent pandemic, Jeetu Patel, Cisco Systems Inc’s general manager for security and applications business, told Reuters.
While the market driven by short-term sentiment influenced by the accomodative interest rate environment in the US, virus news and stimulus talks, many smart money investors are starting to get cautious towards the current bull run since March and hedging or reducing many of their long positions. Some fund managers are betting on Dow hitting […]
Jeetu Patel. Cisco SVP and General Manager of Security & Applications, joins Yahoo Finance’s The First Trade with Alexis Christoforous and Brian Sozzi to discuss the latest developments and future plans for Cisco’s Webex platform, what the future of the workforce may look like, privacy concerns, and much more.
Cisco Systems (CSCO) closed at $39.20 in the latest trading session, marking a -0.25% move from the prior day.
Biogen Inc (NASDAQ: BIIB) reported fairly solid third-quarter results Wednesday, sending its shares higher. Against this backdrop, an analyst at SVB Leerink said the key to outperformance for the company is a positive regulatory ruling on its controversial Alzheimer’s treatment candidate aducanumab.The Biogen Analyst: Marc Goodman maintained an Outperform rating on Biogen with a $342 price target. The Biogen Takeaways: Notwithstanding the better-than-expected headline numbers, a faster-than-expected decline in sales of spinal muscular dystrophy drug Spinraza and overly optimistic consensus estimate for the multiple sclerosis drug Tecfidera are cause of concern, Goodman said in a note.Vumerity, also used to treat multiple sclerosis, is unlikely to break above the $500-million mark in sales given physician feedback and the generic Tecfidera competition, the analyst said. Biogen’s pipeline, though growing is filled with more high risk-reward, early stage assets, making it difficult for investors to realize the value until true proof-of-concept studies are revealed, he said. Related Link: The Week Ahead In Biotech: Spectrum Pharma FDA Decision, Biogen And Abbott Earnings, Cancer Conference As far as Biogen is concerned, it is all about aducanumab and the upcoming Nov. 6 Adcom meeting, Goodman said. View more earnings on BIIB”And our positive view on that outcome considerably outweighs these concerns mentioned above, all of which are fairly understood by the investment community and reflected with such a low P/E multiple for the stock.” If aducanumab gets to the market, investor perception of Biogen’s pipeline will become more positive, as the drug candidate creates a nice “halo effect” around the company’s high-risk, high-reward R&D strategy, the analyst said. Takeaways On Aducanumab From Earnings Call: The FDA could give its verdict on aducanumab earlier than the March 7 PDUFA date, as the Adcom meeting was also scheduled early, Goodman said, citing Biogen management. Among regulatory submissions outside of the U.S., Biogen said it has submitted a marketing authorization approval to the European Medicines Agency and is working on preparing for a regulatory submission in Japan, the analyst said. The company is making commercial preparations in the U.S. in anticipation of a positive verdict, while also working on launch readiness activities in Europe and Japan, he said. Following the third-quarter results, SVB Leerink increased its 2020 EPS estimate for Biogen from $32.45 to $33.35. BIIB Price Action: Biogen shares were down 1.93% at $263.73 at last check Thursday. Related Link: Price Over Earnings Overview: Biogen Latest Ratings for BIIB DateFirmActionFromTo Oct 2020Credit SuisseMaintainsOutperform Oct 2020WedbushMaintainsNeutral Oct 2020Morgan StanleyMaintainsOverweight View More Analyst Ratings for BIIB View the Latest Analyst Ratings See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * The Daily Biotech Pulse: Prothena Progress In Parkinson’s Disease Pipeline, Fast Track For Xeris, Biogen Earnings * Why Morgan Stanley Is Buying The Dip In Eli Lilly(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The biotech sector was in focus as Biogen’s (BIIB) Q3 results disappoint, Vertex (VRTX) stops study and Regeneron’s (REGN) Ebola drug gets FDA approval.
Biogen earnings and sales fell less than expected in the third quarter, but the biotech giant cut its full-year revenue and earnings guidance, and BIIB stock fell in early trading Wednesday.