Stockwinners Market Radar for May 05, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

19:11 EDT Occidental delivers revised proposal to acquire Anadarko for $76 per share - Occidental Petroleum (OXY) delivered a letter to the Board of Directors of Anadarko Petroleum (APC) setting forth the terms of a revised and significantly enhanced superior proposal to acquire Anadarko for $76 per share comprised of $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock. The revised proposal, which has been unanimously approved by the Occidental Board of Directors, represents a premium of approximately 23.3% to the $61.62 per share value of Chevron's pending offer as of market close on May 3, 2019. On April 29, 2019, Anadarko announced its Board of Directors had determined that Occidental's prior proposal, made on April 24, could reasonably be expected to result in a "Superior Proposal", and the two companies have engaged since that determination. "We firmly believe that Occidental is uniquely positioned to drive significant value and growth from Anadarko's highly complementary asset portfolio," said Occidental President and CEO, Vicki Hollub. "The financial support of Berkshire Hathaway [BRK.A, BRK.B] as well as the agreement we announced with Total [TOT] allows us to delever our balance sheet while focusing our integration efforts on the assets that will provide the most value for us," she continued.

16:57 EDT UroGen delivers updated CR, durability data from UGN-101 Phase 3 OLYMPUS trial - UroGen Pharma announced findings from a secondary analysis from the pivotal Phase 3 OLYMPUS trial which showed that UGN-101 for instillation, an investigational mitomycin formulation, demonstrated a 59% complete response rate in a subset of patients with endoscopically unresectable low-grade upper tract urothelial cancer. The analysis showed that in the OLYMPUS intent-to-treat population, 71 patients had undergone PDE at the time of the analysis and 42 of the 71 patients achieved a CR. 41 patients entered follow-up. Of the evaluated complete responses to date, 27 patients have undergone a six-month evaluation, and 24 out of 27 patients have remained disease free at six months. Overall, 5 of 41 patients who achieved a CR have relapsed at any time during the study. Of these 71 patients, 34 were initially characterized by the treating physician as having endoscopically unresectable tumor at baseline, and 20 of 34 of these patients achieved a CR at the PDE. The most common adverse events observed were urinary tract infection, ureteral narrowing and stricture formation. The majority of ureteral events were reported as mild to moderate and have resolved. The company initiated its rolling submission of the UGN-101 New Drug Application to the U.S. Food and Drug Administration in December 2018. The FDA previously granted Orphan Drug, Fast Track, and Breakthrough Therapy Designations to UGN-101 for the treatment of UTUC. If approved, UGN-101 would be the first drug approved for the non-surgical treatment of LG UTUC.

15:23 EDT Occidental agrees to $8.8B contingent sale of Anadarko African assets to Total - Occidental Petroleum (OXY) announced that, in connection with Occidental's proposal to acquire Anadarko Petroleum (APC), it has entered into a binding agreement to sell Anadarko's Algeria, Ghana, Mozambique and South Africa assets to Total S.A. (TOT) for $8.8B. The sale is contingent upon Occidental entering into and completing its proposal to acquire Anadarko, and would be expected to close simultaneously or as soon as reasonably practicable afterwards. The assets to be sold to Total represent approximately 6% of the expected net production and approximately 7% of the cash flow after capital expenditures of Occidental in 2020 pro forma for the acquisition of Anadarko. The proceeds of the sale of the assets covers a portion of the cash consideration to fund the proposed acquisition of Anadarko. The sale fast-tracks the divestiture plan previously described by Occidental, delivering on the majority of the $10B-$15B of planned asset sales. It also reduces the overall integration demands of the acquisition. After giving effect to the asset sale, Occidental continues to expect to deliver $2B of annual cost synergies and $1.5B of annual capital reductions from the proposed acquisition of Anadarko.

12:52 EDT Neurocrine Biosciences, Voyager Therapeutics announce Phase I data for VY-AADC - Neurocrine Biosciences (NBIX) and Voyager Therapeutics (VYGR) announced Phase I trial results for VY-AADC from eight patients with Parkinson's disease who participated in the open-label trial to evaluate the safety and efficacy of VY-AADC and to further assess the posterior surgical delivery approach. Treatment with VY-AADC improved good ON time by 1.7 hours from baseline and reduced OFF time by 2.2 hours at 12 months from baseline in patients with Parkinson's disease. Exploratory analyses in four of the eight patients with low or no dyskinesia or absence of impulse control disorder at baseline demonstrated a greater improvement in motor function including a 3.2-hour improvement in good ON time from baseline to 12 months. Infusions of VY-AADC were well tolerated with no serious adverse events reported. These Phase I results show that the posterior trajectory is an additional surgical delivery route in patients with Parkinson's disease. The PD-1102 trial includes eight patients with advanced Parkinson's disease. On average, patients' baseline characteristics in PD-1102 were consistent with patients' baseline from a separate, ongoing Phase Ib trial employing a frontal surgical delivery approach. Two patients in PD-1102 were identified as having impulse control disorder while no patients were identified as having impulse control disorder in PD-1101. At baseline, patients' mean good ON time was 9.1 hours and mean OFF time was 6.8 hours. Administration of VY-AADC with the posterior trajectory resulted in a mean coverage of the putamen of 54% and reduced the infusion time by approximately two hours compared to PD-1101. In PD-1102, treatment with VY-AADC increased AADC enzyme activity in the putamen as measured by positron emission tomography using fluorodopa by 85%. AADC enzyme activity in the putamen as measured by PET using 18F-DOPA reflects the capacity of neurons in the brain to convert levodopa to dopamine. Treatment with VY-AADC improved patients' motor function from baseline to twelve months across multiple assessments. These assessments include patient self-reported diary entries of ON and OFF times, Unified Parkinson's Disease Rating Scales, and activities of daily living measures. In addition, patients' reported an ability to maintain motor function with less Parkinson's disease medication, as patients' reported a mean 28% reduction in the dosage of Parkinson's disease medication at six months and at 12 months from a baseline mean of 1,500 mg/day. Treatment with VY-AADC improved patients' good ON time by 1.7 hours from baseline and reduced OFF time by 2.2 hours from baseline to 12 months. Exploratory analyses in PD-1101 suggested that patients with high dyskinesia or an ICD at baseline may show different outcomes, especially in patient-reported diary measures. A clinical assessment of the subgroup of patients with no or low baseline dyskinesia as measured by the Unified Dyskinesia Rating Scale score and absence of ICD at baseline as determined by the investigator, indicated that VY-AADC improved good ON time from baseline by 3.2 hours and reduced OFF time by 3.2 hours in patients at 12 months. In addition to motor function, VY-AADC improved patients' quality of life as measured by the patient-reported 39-item Parkinson's Disease Questionnaire. For PDQ-39, VY-AADC improved (reduced) patients' score by a mean change from baseline to 12 months of -7.6. Infusions of VY-AADC have been well tolerated in the eight patients treated in PD-1102 with no serious adverse events reported. Based on the results from PD-1101 and PD-1102, Voyager initiated RESTORE-1, a Phase II, randomized, placebo-surgery controlled, double-blinded, multi-center, clinical trial to evaluate the safety and efficacy of VY-AADC in patients who have been diagnosed with Parkinson's disease for at least four years, are not responding adequately to oral medications, and have at least three hours of OFF time during the day as measured by a validated self-reported patient diary.

12:44 EDT 145th Kentucky Derby sets all-time wagering record - Derby fans weathered a steady late-afternoon rain as Country House captured the 145th Kentucky Derby Presented by Woodford Reserve over a sloppy track. Wagering from all-sources was the highest all-time on both the Kentucky Derby Day program and on the Kentucky Derby race. Wagering from all-sources on the Kentucky Derby Day program totaled $250.9M, an 11% increase over the 2018 total and previous record of $225.7M. Wagering from all-sources on the Kentucky Derby race increased 10% to $165.5M from the previous record of $149.9M set last year. This year's wagering record includes $4.1M of handle wagered in Japan with this being the first year the Kentucky Derby has ever been offered for wagering in the country. Attendance of 150,729 decreased 4% compared to last year, as the threat of an all-day rain forecast kept many fans away. This year's Derby purse was elevated $1M to a guaranteed $3M making it the richest in history for America's greatest race and first leg of horse racing's Triple Crown.

12:38 EDT U.S. court issues final judgment in favor of ASML against XTAL - ASML announced that the Santa Clara County Superior Court entered its final judgment in favor of ASML against XTAL and awarded ASML the amount of $845M as well as an injunction. The judgment finalizes the verdict returned by the jury on 28 November 2018. The jury found that XTAL's conduct as to all counts was malicious, entitling ASML to an award of punitive damages on all five counts pleaded against XTAL. According to ASML, the primary driver behind the jury's verdict and the $845M final judgment were saved research and development costs by XTAL, due to XTAL's theft of trade secrets, inducing former employees to breach their contracts with ASML, aiding and abetting former employees to breach their fiduciary duty of loyalty to ASML, and multiple violations of California's Computer Data Access and Fraud Act. ASML did not claim much in the way of out-of-pocket damages which were a minor element of the award. The judgment will be uncollectable as XTAL is in bankruptcy, but under a settlement arrangement ASML will end up owning most, if not all, of XTAL's intellectual property through the bankruptcy process. In addition to the $845M judgment, the trial court issued an injunction. The injunction orders XTAL not to conduct any software development activities on its software products that ASML alleged are contaminated with ASML's IP, grants ASML explicit permission to reach out to actual or potential customers of XTAL and inform them of the jury's verdict and result of the lawsuit, and bars XTAL from continued work in the same field of business as Brion for a certain period of time. ASML has been meanwhile working to ensure that the customers of ASML Brion that XTAL initially lured away, or tried to lure away, continue to be supported with computational lithography products from ASML, despite the disruption caused by XTAL.