Your Tuesday Evening Briefing

Aeglea BioTherapeutics Up 5% After It Submits BLD For Pegzilarginase To Treat Arginase 1 Deficiency

Shares of Aeglea BioTherapeutics, Inc. (AGLE) are gaining over 5% on Tuesday morning after the clinical-stage biotechnology company said it has submitted a Biologics License Application to the FDA for pegzilarginase to treat Arginase 1 Deficiency or ARG1-D.

AGLE is currently trading at $2.56, up $0.13 or 5.3498%, on the Nasdaq. The stock opened its trading at $2.67 after closing previous day’s trading at $2.43. The stock has traded between $1.80 and $8.68 in the past 52 week period.

Aeglea requested FDA Priority Review at the time of the BLA submission. If approved, pegzilarginase would be the first FDA-approved treatment for ARG1-D, a rare, progressive disease characterized by high levels of arginine.

Immedica Pharma AB, Aeglea’s commercialization partner for pegzilarginase in certain countries in Europe and the Middle East, plans to submit the Marketing Authorization Application or MAA to the European Medicines Agency in 2022.

People living with ARG1-D experience severe spasticity-related mobility limitations, seizures, developmental delay, intellectual disability, and early mortality.

Pegzilarginase is a novel, recombinant human arginase 1 enzyme. In clinical trials, it has been shown to normalize the elevated levels of the amino acid arginine in patients with ARG1-D.

Hillman Solutions Slips 9% After Reporting Q1 Preliminary Revenues

Shares of Hillman Solutions Corp. (HLMN) slipped nearly 9% in extended trading session on Tuesday after the company reported preliminary first-quarter results.

The company said net sales for the first quarter increased to $363.0 million compared to $341.3 million in the prior year quarter. Analysts polled by Thomson Reuters currently expect revenues of $358.89 million for the quarter.

Operating income for the first quarter totaled $8.8 million compared to $5.8 million in the prior year quarter. Adjusted EBITDA for the first quarter totaled $44.0 million compared to $47.8 million in the prior year quarter.

Hillman plans to issue its final first quarter 2022 earnings release on Tuesday, May 3, 2022.

HLMN closed Tuesday’s trading at $11.53, up $0.11 or 0.96%, on the Nasdaq. The stock, however, slipped $1.02 or 8.85% in the after-hours trading.

Ten-Year Note Auction Attracts Below Average Demand

After reporting slightly above average demand for this month’s three-year note auction on Monday, the Treasury Department on Tuesday revealed this month’s auction of $34 billion worth of ten-year notes attracted below average demand.

The ten-year note auction drew a high yield of 2.720 percent and a bid-to-cover ratio of 2.43.

The Treasury also sold $34 billion worth of ten-year notes last month, drawing a high yield of 1.920 percent and a bid-to-cover ratio of 2.47.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.52.

The Treasury is due to announce the results of this month’s auction of $20 billion worth of thirty-year bonds on Wednesday.

NanoString Technologies Tanks 30% After Reporting Q1 Preliminary Revenues

Shares of NanoString Technologies, Inc. (NSTG) are slipping over 30% in extended trading session on Tuesday after the company reported its preliminary revenue for first quarter of 2022.

The company reported preliminary total product and service revenue of about $31 million for the first quarter, which is down from the company’s previous guidance for product and service revenue of $34 million to $38 million.

Analysts polled by Thomson Reuters currently expect revenues of $35.79 million for the first quarter.

The company reported GeoMx Digital Spatial Profiler revenue of $10 million, while nCounter revenue, inclusive of all service revenue, of $21 million.

“Our first quarter revenue fell short of our expectations. After reviewing the preliminary results with the benefit of hindsight, we believe our Q1 revenue was impacted primarily by two factors. First, uneven sales execution resulted in an imbalance between capturing fourth quarter revenue and developing our Q1 2022 funnel of opportunities. Second, we believe this was compounded by the impact of changes made to re-align our expanded commercial team early in the year,” said Brad Gray, President and CEO of NanoString.

NSTG closed Tuesday’s trading at $32.95, down $0.73 or 2.17%, on the Nasdaq. The stock further slipped $9.91 or 30.08% in the after-hours trading.

New York lieutenant governor resigns after bribery charges -governor

New York State Lieutenant Governor Brian Benjamin who has been arrested and charged with bribery and fraud for allegedly directing state funds to a group controlled by a real estate developer who was a campaign donor, leaves a courthouse in New York, U.S., April 12, 2022. REUTERS/Dieu-Nalio Chery

NEW YORK (Reuters) – New York state Governor Kathy Hochul said on Tuesday she had accepted Lieutenant Governor Brian Benjamin’s resignation, hours after Benjamin was arrested on federal bribery charges.

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By Lauren McCarthy and Nancy Wartik