Aurelia Butler

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The data presented include findings from both clinical and non-clinical studies, which suggest that nipocalimab has the potential to provide optimized treatment outcomes for patients with gMG, a rare disease characterized by muscle weakness. A Phase 2 clinical study indicated that MG patients with significant IgG reduction showed greater improvements in daily living activities.Dr. Sindhu Ramchandren, Clinical Development Leader at Johnson & Johnson, stated, “These new data offer additional evidence for the potential of nipocalimab to deliver optimized treatment outcomes for autoantibody-driven neurological diseases like gMG.”Nipocalimab is currently being studied across three segments of auto- and alloantibody-driven diseases, including maternal fetal conditions, rare autoantibody diseases, and prevalent rheumatology. The treatment has shown clinical effects in various conditions, such as hemolytic disease of the fetus and newborn, gMG, Sjögren’s disease, and rheumatoid arthritis.The U.S. Food and Drug Administration (FDA) has granted nipocalimab Fast Track designation for several conditions, including gMG, and orphan drug status for others. The investigational treatment for hemolytic disease of the fetus and newborn (HDFN) also received Breakthrough Therapy Designation from the FDA in February 2024.Dr. Katie Abouzahr, Vice President at Johnson & Johnson, expressed commitment to leveraging the company’s expertise to potentially deliver transformative therapies that may result in sustained symptom-free remission for patients.The presentation at the AAN 2024 Annual Meeting is part of Johnson & Johnson’s ongoing efforts to address unmet medical needs in autoantibody-related diseases. This report is based on a press release statement from the company.As Johnson & Johnson (JNJ) continues to focus on the development of innovative treatments like nipocalimab, investors and stakeholders may find the company’s financial health and market performance equally important. Johnson & Johnson has a robust market capitalization of $361.95 billion, reflecting its significant presence in the pharmaceutical industry. The company’s commitment to shareholder returns is evident from its impressive track record of raising its dividend for 53 consecutive years, which is a testament to its financial stability and confidence in future growth.Moreover, Johnson & Johnson’s stock is currently trading at a low price-to-earnings (P/E) ratio of 21.56 based on the last twelve months as of Q4 2023, which could indicate that the stock is undervalued relative to its near-term earnings growth. This is further supported by a PEG ratio of 0.26, suggesting that the company’s earnings growth is not fully reflected in its current share price. Additionally, a dividend yield of 3.14% as of early 2024 highlights the company’s commitment to providing consistent returns to its investors.For those interested in further analysis and metrics, InvestingPro offers additional InvestingPro Tips that could provide deeper insights into Johnson & Johnson’s performance and potential investment opportunities. There are 11 more tips available, including the stock’s low price volatility and its status as a prominent player in the Pharmaceuticals industry, which may be particularly relevant for investors considering the company’s role in developing treatments for complex diseases.Investors looking to make more informed decisions can take advantage of a special offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription on InvestingPro, which includes these valuable tips and real-time metrics.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said on Thursday that the U.S. central bank has made considerable progress lowering inflation, while noting an uncertain outlook means the Fed must watch incoming data to set rate policy. Williams did not explicitly weigh in on his outlook for rates, saying instead of the most recent rate-setting meeting that “the economic projections we issued at that time indicate that if the economy proceeds as expected, it will make sense to dial back the policy restraint gradually over time, starting this year.” But he added, “the outlook ahead is uncertain, and we will need to remain data-dependent,” adding “I will remain focused on the data, the economic outlook, and the risks as we evaluate the appropriate path for monetary policy to best achieve our goals.”Williams’ comments came from the text of a speech prepared for delivery before the Federal Home Loan Bank of New York 2024 Member Symposium in New York. In his remarks, Williams said the Fed had made “considerable progress” lowering high levels of inflation, while noting he remains focused on getting price pressures back to 2%. The New York Fed leader spoke a day after the release of consumer level inflation data for March that was unexpectedly strong, which cast further doubt on the Fed’s current forecast of rate cuts at some point later this year. The unfavorable price pressure data comes as other reports have also pointed to sturdier inflation over the start of the year, which challenges the Fed’s most recent projections that penciled in three cuts this year. Williams said he expects inflation pressures to ease to between 2.25% and 2.5% this year before falling back to the target of 2% next year, while warning “there will likely be bumps along the way, as we’ve seen in some recent inflation readings.” Williams said he expects the economy to grow by 2% this year and for the unemployment rate to rise modestly to 4%, before ebbing again next year. Williams said he expects some easing in rental inflation and that commercial real estate is an area of concern, noting it will take time to resolve issues in that sector. Bank reserve levels are still high, he said, and brewing central bank plans to slow the pace of the effort contracting the size of the balance sheet does not mean ending the process. More

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The European Central Bank held interest rates at all-time highs on Thursday but signalled it was considering a cut at its next meeting in June.The ECB said after its governing council met in Frankfurt that its benchmark deposit rate would stay at 4 per cent until rate-setters were sure price pressures had stabilised. In a shift from previous language, the ECB said it “would be appropriate” to cut rates if underlying price pressures, its updated forecasts and the impact of previous rate rises increased its confidence that inflation was closing in on its 2 per cent target “in a sustained manner”.Eurozone inflation has fallen from a 2022 peak of 10.6 per cent to 2.4 per cent in March — tantalisingly close to the bank’s target.“Even if the policy announcement does not explicitly mention June as the moment for a first rate cut, we think that today’s meeting should mark the final stop before the cut,” said Carsten Brzeski, head of global macro research at Dutch bank ING.The euro, interest-sensitive two-year German Bund yields, and the Stoxx Europe 600 index were all roughly flat on the day after the central bank’s statement.However, traders in swaps markets slightly downgraded the likelihood that the ECB will begin cutting rates in June to 70 per cent, from 75 per cent earlier in the day.Markets’ rate cut expectations have been shaken by data this week showing US inflation rose more than expected in March. Investors have responded by slashing their bets on Federal Reserve rate cuts, to which they now ascribe only a 50 per cent likelihood before September. The market moves in the US have also led traders to scale back their expectations of how many rate cuts the ECB and Bank of England will make over the course of the year.Some eurozone policymakers, as in the UK, may want to avoid cutting rates much more aggressively than their counterparts in the US, partly out of fear of weakening their currencies and so further stoking inflation.But Peter Schaffrik, a strategist at RBC Capital Markets, said: “The ECB has nailed its colours to the mast and shifting the guidance at this stage when actual inflation numbers are currently not far away from their own forecasts seems difficult to imagine.”ECB shifts tone from March April 2024“ . . . the key ECB interest rates are at levels that are making a substantial contribution to the ongoing disinflation process . . . If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction.”March 2024“ . . . the key ECB interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this [2 per cent inflation] goal . . . The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction.” More

According to economists Jonathan Pingle, Pierre Lafourcade, Alan Detmeister, Amanda Wilcox, and Abigail Watt, the expectation is for a slowdown in growth and inflation in the coming quarters, with an acceleration in the pace of interest rate cuts in 2025.”With the upside surprise in the CPI reported this morning, and only one more CPI report for the FOMC to fully digest the inflation implications ahead of the June FOMC meeting, the odds of a June rate cut have fallen significantly, in our view,” the economists emphasize.UBS notes that the CPI data comes on top of the payroll employment report from last Friday which was above expectations. “It will be altogether hard to undo these signals,” the bank concludes. More

The producer price index for final demand rose 0.2% last month, after rising by 0.6% in February, the Labor Department’s Bureau of Labor Statistics said. Economists had expected the PPI to gain 0.3%.In the 12 months through January, the PPI increased 2.1%, below the 2.2% expected, after climbing 1.6% in February.The widely-watched ‘core’ PPI figure, which excludes volatile food and energy prices, rose 0.2% on the month, for an annual increase of 2.4%. Economists had expected core PPI to rise 0.2% on the month and 2.3% annually.The Labor Department said a major factor in the March increase in prices for final demand services was the index for securities brokerage, dealing and investment advice which rose 3.1%. The indexes for professional and commercial equipment wholesaling, airline passenger services and investment banking also moved higher.Conversely, prices for traveler accommodation services decreased 3.8%, while the indexes for automobiles retailing and for machinery and equipment parts also fell. This follows on from Wednesday’s hotter than expected consumer price index, amid rises in the costs of gasoline and shelter, climbing to its highest level since last September.The consumer price index rose 0.4% last month after advancing by the same margin in February. In the 12 months through March, the CPI increased 3.5%, following a 3.2% rise in February.The robust data has seen the futures markets price in just 40 basis points of cuts this year, compared to 150 basis points priced in at the start of 2024. It has also prompted Goldman Sachs to push back its forecast of the first rate cut from June to July. “We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 in July and November,” analysts at the influential investment bank said, in a note dated April 10. More

The central bank for the 20 countries that share the euro currency kept its deposit rate at 4.0%, where it has been since September as part of a 1-1/2-year effort to rein in prices.But, with inflation now close to the ECB’s 2% target, bank lending at a standstill and the economy barely growing, the ECB dropped fresh hints about a possible cut at its next meeting.”If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction,” the ECB said.ECB policymakers, including those who typically favour higher rates, have been lining up behind a rate reduction at their June 6 meeting, provided key indicators including wage growth and underlying inflation continue to moderate.But that decision may now be complicated by uncertaintywhether the Federal Reserve will be able cut its own rates in June as U.S. inflation stays stubbornly above its goal. ECB President Christine Lagarde is likely to be asked about the central bank’s plans for June and the possibility of a further cut in July at her regular news conference at 1245 GMT.With Thursday’s decision, the ECB also left the interest rate on its daily and weekly loans for banks at 4.75% and 4.50% respectively.Banks have barely tapped these auctions for years as they still have plenty of cash from last decade’s money-printing programmes. More