Latest news with #Huntington
Yahoo
2 days ago
- Business
- Yahoo
SRPT Stock Soars on Unveiling New Restructuring Plan, Pipeline Pivots
Shares of Sarepta Therapeutics SRPT surged more than 30% in after-market trading yesterday after the company announced a strategic restructuring plan focused on pipeline reprioritization and supporting long-term financial sustainability. SRPT to Cut Costs & Focus on siRNA Pipeline Sarepta's restructuring plan aims to save about $400 million annually starting in 2026. To achieve this target, the company has decided to lay off 36% of its workforce — around 500 employees — which is expected to save nearly $120 million per year. SRPT plans to generate around $300 million in annual savings by reprioritizing its pipeline. Concerning the pipeline, Sarepta has decided to pause development of most of its gene-therapy candidates for limb-girdle muscular dystrophy (LGMD). The company, however, intends to move forward with SRP-9003, its gene therapy candidate for patients with LGMD type 2E/R4 (LGMD2E/R4, or beta sarcoglycanopathy). A regulatory filing with the FDA remains on track for this therapy before year-end. SRPT has now shifted focus to its siRNA programs, which were acquired as part of a multi-billion-dollar licensing deal with Arrowhead Pharmaceuticals ARWR. After closing the Arrowhead deal in February, Sarepta acquired exclusive rights to four clinical-stage siRNA programs, each being evaluated in separate phase I/II studies. These include SRP-1001 in facioscapulohumeral muscular dystrophy (FSHD), SRP-1002 in idiopathic pulmonary fibrosis (IPF), SRP-1003 in myotonic dystrophy type 1 (DM1) and SRP-1004 in spinocerebellar ataxia 2 (SCA2). Initial data from studies on SRP-1001 and SRP-1003 are expected before year-end. Sarepta also acquired three preclinical programs from Arrowhead, including SRP-1005 (for Huntington's disease), which is set to enter clinical development early next year. While Sarepta expects to incur severance and one-time charges of $32 million to $37 million, it still anticipates saving over $100 million in annual costs this year. For full-year 2026, Sarepta expects the combined adjusted R&D and SG&A expenses to be in the range of $800-$900 million. SRPT Stock Performance Sarepta's motivation behind these moves is clear — this company-wide reorganization aims to address the setback stemming from safety concerns around Elevidys, its one-shot gene therapy for Duchenne muscular dystrophy (DMD). The latest surge in stock price reflects investor optimism regarding the restructuring plan's ability to stabilize the company's financial profile and growth trajectory. Year to date, Sarepta's shares have plunged 85% compared with the industry's 2% decline. Image Source: Zacks Investment Research Sarepta to Update Elevidys Label With Black Box Warning Investor sentiment toward the stock has worsened significantly after two patient deaths were linked to Elevidys, both caused by acute liver failure (ALF) in non-ambulatory DMD patients. While Sarepta has already suspended both clinical and commercial Elevidys dosing for non-ambulatory patients, the therapy has been mandated by the FDA to carry a black box warning for ALF and acute liver injury. To address this safety issue, Sarepta is working to create a new protocol with an enhanced immunosuppression regimen to make Elevidys administration safer for non-ambulatory DMD patients. The company plans to submit these findings to the FDA in hopes of resuming dosing in the non-ambulation population. Sarepta developed Elevidys in partnership with pharma giant Roche RHHBY. In 2019, SRPT and Roche entered into a licensing agreement to develop Elevidys. Per the agreement, Roche has exclusive rights to launch and market the therapy in non-U.S. markets. Sarepta Provides Q2 Preliminary Numbers Alongside the restructuring plan, Sarepta also issued preliminary/unaudited figures for the second quarter of 2025. The company reported total net product revenues of $513 million, which beat both the Zacks Consensus Estimate of $506 million and our model estimate of $507 million. The unaudited revenue numbers include $282 million from Elevidys. The Zacks Consensus Estimate and our model estimate for Elevidys' sales are pegged at $274 million and $280 million, respectively. Sarepta also reported preliminary combined adjusted R&D and SG&A expenses of around $294 million for the quarter. As of the end of June 2025, unaudited cash and short-term investments totaled approximately $850 million. The company plans to report full second-quarter results early next month. Sarepta Therapeutics, Inc. Price Sarepta Therapeutics, Inc. price | Sarepta Therapeutics, Inc. Quote SRPT's Zacks Rank Sarepta currently carries a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY) : Free Stock Analysis Report Sarepta Therapeutics, Inc. (SRPT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
CNBC
5 days ago
- Business
- CNBC
Despite tariff uncertainty, Huntington Bancshares CEO says 'the core economy is really performing well'
Huntington Bancshares CEO Steve Steinour told CNBC's Jim Cramer that he's optimistic about the direction of the economy, despite widespread worries regarding steep new global tariffs. "I believe there is an impact with the uncertainties of tariffs," Steinour said. "Having said that, the core economy is really performing well, and it's showing up in terms of credit quality. It's showing up in terms of, for us, loan growth. And, so, we're optimistic about it." Steinour said unemployment levels are low by historical standards. He also said it seems possible to "get through tariff uncertainties" in another month or two. Once tariff issues are resolved, he continued, the economy will "rebound a bit," and there will be economic growth "at important levels." He also suggested that the approval of President Donald Trump's megabill has made tax policy more clear. Steinour praised the bill's "accelerated depreciation" measures, which will be "a huge boost to the onshore manufacturing and other expansions that companies are looking to do in the U.S.," he said. He also said he thinks the tax provisions will be "very significant" to economic activity next year and beyond. Huntington is an Ohio-based regional bank that just announced it would acquire Texas-based rival Veritex. According to Steinour, expanding to Texas is the next logical step forward as Huntington looks to diversify earnings and revenue capabilities in high-growth areas. He added that the company has had a presence in the state since 2009. "Texas itself is an economic powerhouse, and we're just very excited to be going there with Veritex, a great organization," Steinour said. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Time of India
6 days ago
- Business
- Time of India
Huntington Bancshares to buy Veritex in $1.9B all-stock deal, making bold Texas banking push amid U.S. regional growth race
Huntington Bancshares to acquire Veritex Holdings in $1.9B all-stock deal, expands Texas presence- In a strategic move to expand its footprint in Texas, Huntington Bancshares (NASDAQ: HBAN) has announced its plan to acquire Veritex Holdings (NASDAQ: VBTX) in a $1.9 billion all-stock deal. The agreement, disclosed on Monday, marks a significant push by the Ohio-based lender into one of the fastest-growing banking markets in the U.S. With this acquisition, Huntington will add more than 30 Veritex branches located across major Texas metros, including Dallas, Houston, and Austin—three of the most competitive banking regions in the country. The acquisition is expected to close in early Q4 2025 , pending shareholder and regulatory approval. What's included in the Huntington–Veritex deal? Transaction value : $1.9 billion Structure : All-stock deal Exchange ratio : Veritex shareholders will receive 1.05 shares of Huntington stock for each Veritex share Implied price : About $33.91 per share , representing a 23.5% premium to Veritex's last closing price by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy the Dip: Top 5 Dividend Stocks with Growth Potential Seeking Alpha Read More Undo What does the Huntington-Veritex deal mean for the Texas banking market? This acquisition is more than just a merger—it's a calculated step by Huntington Bancshares to strengthen its presence in Texas, a state known for strong population growth and a thriving business climate. Huntington CEO Steve Steinour said the deal 'reflects our long-term commitment to the state of Texas,' which he called 'one of the most dynamic and fastest-growing economies in the country.' As of March 31, 2025, Veritex Holdings held about $13 billion in total assets, including $9 billion in loans and $11 billion in deposits. These will now contribute to Huntington's already substantial balance sheet of $210 billion in assets, $130 billion in net loans, and $165 billion in total deposits. The merger allows Huntington to immediately scale its operations in the South without starting from scratch. Live Events Why is Huntington targeting Texas? The acquisition gives Huntington immediate scale in Texas by adding: Over 30 Veritex branches in Dallas–Fort Worth and Houston Roughly $13 billion in total assets $9 billion in loans and $11 billion in deposits Texas is one of the fastest-growing banking markets in the country, and this move follows Huntington's broader strategy to expand beyond the Midwest into high-growth regions such as the Carolinas and Texas . How much are Veritex shareholders getting in this deal? Under the agreement, Veritex shareholders will receive 1.95 shares of Huntington (HBAN) stock for every Veritex (VBTX) share they own. Based on HBAN's closing price of $17.39 on July 11, this translates to $33.91 per Veritex share, which represents a 23% premium over Veritex's last closing price of $27.46. That premium clearly impressed investors: in Monday premarket trading, Veritex shares surged 19%, while Huntington shares dipped 1.7%, reflecting a typical market reaction to such acquisitions. Will the acquisition impact Huntington Bancshares' financials? Yes—but in a balanced way. Huntington said the deal will be 'modestly accretive' to its earnings per share (EPS), while also being neutral to its regulatory capital at the time of closing. While the deal is expected to be slightly dilutive to tangible book value per share, the company anticipates full payback within a year, inclusive of merger-related expenses and accounting for CECL (Current Expected Credit Loss) double-counting. How did Huntington perform in Q2 2025? Alongside the acquisition news, Huntington also released its preliminary Q2 2025 earnings, which aligned with Wall Street expectations. The company reported: EPS of $0.34, matching Q1 results and consensus estimates A $58 million impact from securities repositioning, or $0.04 per share Net interest income of $1.5 billion, up 3% quarter-over-quarter and 12% year-over-year Average loans and leases of $133.2 billion, rising 2% Q/Q and 8% Y/Y Average deposits of $163.4 billion, increasing 1% Q/Q and 6% Y/Y Net charge-offs at 0.20% of average total loans, down 6 basis points from Q1 Tangible book value per share of $9.13, up 4% Q/Q and 16% Y/Y Allowance for credit losses at $2.5 billion, or 1.86% of total loans and leases, up $37 million from Q1 Why does this acquisition matter now? For Huntington Bancshares, this deal is about growth—both geographic and financial. With Veritex Holdings' strong Texas presence, Huntington enters a highly competitive but rewarding market. At the same time, the numbers suggest Huntington is maintaining a healthy balance sheet and earnings performance, making this a logical time for strategic expansion. As of now, the transaction is still subject to regulatory approval and closing conditions, but both banks appear optimistic about the integration and benefits to shareholders. FAQs: Q1: What is the value of the Huntington Bancshares and Veritex Holdings deal? The Huntington and Veritex deal is valued at $1.9 billion in an all-stock transaction. Q2: How does this acquisition impact Huntington Bancshares' presence in Texas? It expands Huntington's footprint with over 30 new Veritex branches across major Texas cities.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Shareholder Alert: The Ademi Firm Investigates Whether Veritex Holdings, Inc. Is Obtaining a Fair Price for Its Public Shareholders
The Ademi Firm is investigating Veritex (NASDAQ: VBTX) for possible breaches of fiduciary duty and other violations of law in its transaction with Huntington . Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ or toll-free: 866-264-3995. There is no cost or obligation to you. In the transaction, shareholders of Veritex will receive 1.95 shares for each outstanding share of Veritex. Based on Huntington's closing price of $17.39 on July 11, 2025, the consideration implies $33.91 per Veritex share. Veritex insiders will receive substantial benefits as part of change of control arrangements. The transaction agreement unreasonably limits competing transactions for Veritex by imposing a significant penalty if Veritex accepts a competing bid. We are investigating the conduct of the Veritex board of directors, and whether they are fulfilling their fiduciary duties to all shareholders. We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Business Wire
6 days ago
- Business
- Business Wire
Shareholder Alert: The Ademi Firm Investigates Whether Veritex Holdings, Inc. Is Obtaining a Fair Price for Its Public Shareholders
MILWAUKEE--(BUSINESS WIRE)--The Ademi Firm is investigating Veritex (NASDAQ: VBTX) for possible breaches of fiduciary duty and other violations of law in its transaction with Huntington. Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ or toll-free: 866-264-3995. There is no cost or obligation to you. In the transaction, shareholders of Veritex will receive 1.95 shares for each outstanding share of Veritex. Based on Huntington's closing price of $17.39 on July 11, 2025, the consideration implies $33.91 per Veritex share. Veritex insiders will receive substantial benefits as part of change of control arrangements. The transaction agreement unreasonably limits competing transactions for Veritex by imposing a significant penalty if Veritex accepts a competing bid. We are investigating the conduct of the Veritex board of directors, and whether they are fulfilling their fiduciary duties to all shareholders. We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
