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Good Morning!
Happy Friday! Have a great weekend:
👉Gilead’s new drug
👉 Forever 21 faces challenges
👉Truth Social stock
GILEAD: New Drug
Gilead's experimental twice-yearly HIV prevention medicine was 100% effective in a late-stage trial, the company announced Thursday. None of the 2,000 women who received the lenacapavir shot contracted HIV, leading the independent data monitoring committee to recommend offering the treatment to all study participants. Other participants received standard daily pills.
Source: CNBC
This success brings Gilead closer to introducing a new form of pre-exposure prophylaxis (PrEP). The company must replicate these results before seeking FDA approval. Data from a Phase 3 study on men who have sex with men will be shared later this year or early next year. If positive, lenacapavir could be on the market by late 2025.
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STRUGGLES: Forever 21
Forever 21 is asking landlords to cut rent as sales decline and competition intensifies. The retailer, with over 380 U.S. stores, is seeking up to 50% rent reductions. Despite financial troubles, it hasn't hired advisors or considered a second bankruptcy. The company aims to restructure leases to reduce costs.
Source: CNN
Forever 21 struggles in the saturated fast fashion market, facing inventory and consumer understanding issues. It filed for bankruptcy in 2019 and was acquired by Authentic Brands Group, Simon Property Group, and Brookfield Property Partners. Despite closing hundreds of stores, financial challenges persist.
TRUTH: Stock Plummets
Trump Media’s stock plummeted nearly 15% Thursday, closing at $26.75 per share. This marks a 40% drop since early June when it traded at over $49. Despite high activity, Trump Media generates minimal revenue.
Source: NBC
Tuesday’s 10% drop followed the SEC’s approval of Trump Media’s registration of additional shares, causing a 17% after-hours decline. Analysts cite this as the catalyst for the week's sell-off. Trump holds 114.75 million shares, valued at $3 billion post-drop, down from $5.6 billion at the month's start. He can't sell until the six-month lockup ends in September.
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