Passage Bio Says FDA Clears IND Application For PBML04 To Treat Metachromatic Leukodystrophy

Armed Man Arrested After Saying He Wanted to Kill Brett Kavanaugh

A man who said he wanted to kill Brett Kavanaugh was arrested near the Supreme Court justice’s home, multiple outlets reported on Wednesday.

The man was carrying at least one weapon, as well as burglary tools, people familiar with the investigation told The Washington Post. The man, who is said to be in his mid-20s, was apprehended on a street near Kavanaugh’s home in Montgomery County, Maryland, outside of Washington, D.C.

The man was reportedly upset that Kavanaugh signed onto the leaked draft of the Supreme Court opinion overturning Roe v. Wade, as well as the rash of mass shootings throughout the United States. He was arrested just before 2 a.m. on Wednesday.

This is a breaking news story and will be updated.

Lovesac Slips 20% After Reporting Q1 Results

Shares of Lovesac Company (LOVE) are slipping nearly 20% on Wednesday morning after the company reported its first-quarter results.

LOVE is currently trading at $30.57, down $7.43 or 19.57%, on the Nasdaq.

Net income for the quarter dropped to $1.9 million or $0.12 per share from $2.1 million or $0.13 per share last year. Sales for the quarter rose 56% to $129.4 million from $82.9 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.21 per share on revenues of $115.02 million for the quarter. Analysts’ estimates typically exclude one-time items.

U.S. Construction Spending Rises Less Than Expected In April

Construction spending in the U.S. increased by less than expected in the month of April, according to a report released by the Commerce Department on Wednesday.

The report showed construction spending edged up by 0.2 percent to an annual rate of $1.745 trillion in April after rising by 0.3 percent to a revised rate of $1.741 trillion in March.

Economist had expected construction spending to climb by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.

The modest increase in construction spending came as spending on private construction rose by 0.5 percent to an annual rate of $1.395 trillion.

A 0.9 percent advance in spending on residential construction was partly offset by a 0.2 percent dip in spending on non-residential construction.

Meanwhile, the report showed spending on public construction slid by 0.7 percent to an annual rate of $350.1 billion.

Spending on educational construction declined by 0.7 percent, while spending on highway construction edged down by 0.1 percent.

The Commerce Department noted total construction spending in April was up 12.3 percent compared to the same month a year ago.

Redbox Entertainment Rally Continues, Shares Gain 20%

Shares of Redbox Entertainment Inc. (RDBX) are gaining over 20% on Wednesday morning despite no stock related news from the company. The company continues its rally, with the shares gaining nearly 50% in the month-to-date period.

RDBX is currently trading at $10.45, up $1.90 or 22.22%, on the Nasdaq, on a heavy volume of 26 million, above average volume of 16.7 million shares. The stock opened its trading at $6.83 after closing Tuesday’s trading at $8.55. The stock has traded between $1.61 and $27.22 in the past 52 week period.

Redbox Entertainment operates a network of self-service kiosks in the US. It operates a network of approximately 38,000 self-service kiosks, where consumers could rent or purchase new-release DVDs and Blu-ray Discs.

Altria’s Bearish Trend Continues

Altria Group, Inc. (MO) shares are sliding more than 6 percent on Wednesday morning trade, continuing a bearish trend. The shares have been trending down after reaching a year-to-date high in early May. There were no corporate announcements on the day to support the stock movement.

Currently, shares are at $50.54, down 6.42 percent from the previous close of $54.01 on a volume of 6,941,922.

The Daily Revelations of Kellyoke

Kelly Clarkson has covered more than 500 songs on her syndicated daytime series. The segments are one of the last predictably good things on network TV.

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By Lindsay Zoladz

ZIM Integrated Shipping Down 11%

ZIM Integrated Shipping Services Ltd. (ZIM) shares are falling more than 11 percent on Wednesday morning trade in search of new support. There were no corporate announcements on the day to influence the stock movement.

Currently, shares are at $60.80, down 11.27 percent from the previous close of $68.52 on average volume of 2,982,286. For the 52-week period, the shares have traded in a range of $33.71-$91.23 on average volume of 5,943,106.

Early Tastes of Summer

Hetty Mckinnon’s crispy gnocchi with tomatoes and red onion conjures late August.

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By Sam Sifton

Passage Bio Says FDA Clears IND Application For PBML04 To Treat Metachromatic Leukodystrophy

Genetic medicines company Passage Bio, Inc. (PASG) announced Wednesday that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for PBML04, an adeno-associated virus (AAV)-delivery gene therapy that is being studied for the treatment of Metachromatic Leukodystrophy (MLD).

The clearance of this IND is based on preclinical data supporting PBML04 through Passage Bio’s partnership with the University of Pennsylvania’s Gene Therapy Program and the strong CMC and analytics capabilities developed together internally.

This IND clearance marks Passage Bio’s fourth IND clearance as a company and its third pediatric lysosomal storage disorder program to reach clinical development.

The Phase 1 clinical trial will utilize intra-cisterna magna (ICM) administration to deliver an AAVhu68 capsid to express ARSA and potentially address both central nervous system and peripheral manifestations of this devastating disease.

MLD is a rare, fatal, pediatric, lysosomal storage disease that currently has limited available treatment options. MLD is caused by mutations in the arylsulfatase-A (ARSA) gene which reduces enzyme activity, leading to progressive build-up of toxic sulfatides in the central and peripheral nervous system. The estimated worldwide incidence of MLD is approximately 1 in 100,000 live births.