Australia bans weight loss drug copycats
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 May 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Show Notes
BuzzFeed stock surges as Vivek Ramaswamy discloses 7.7% stake
Hybrid vehicle registrations outpace battery-electric vehicles in Europe again
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon. Today is Wednesday, May 22nd, and I'm your host, Kim Khan. Our top story so far. |
| 0:15.7 | Australia will ban replicas of weight loss drugs, including Novo-Nordisk semagglutide and |
| 0:20.8 | Eli Lilliester's epitide due to adverse events linked to the compounded versions |
| 0:25.8 | which are made without regulatory oversight. |
| 0:28.7 | Demand for compounded alternatives of Osmpick and Manjaro has taken off amid supply constraints for branded versions |
| 0:34.8 | which are indicated for diabetes but are increasingly used off-label for weight loss |
| 0:39.7 | compounded drugs are personalized cheaper versions of branded drugs based on the same active ingredient, also known as GLP1 receptor agonists, but they are not clinically tested by regulators for safety, quality, or efficacy. |
| 0:55.0 | Mangosuticals, a micro cap with a market cap of about $6 million, |
| 0:59.4 | doubled its share price on Tuesday after saying it will launch a proprietary oral version of the two drugs. |
| 1:05.9 | And Hymns and Hers health rallied sharply this week, following its announcement to sell cheaper versions |
| 1:10.6 | of semi-glutide. |
| 1:11.6 | Today, City Analytide, today, City Analysts Daniel Grosslight cut hymns to neutral |
| 1:16.4 | in light of the rally, saying the big question is, |
| 1:19.1 | what happens after the branded GLP1s come off the shortage list. At this point in our view it will be much harder |
| 1:25.7 | for hymns to compound creating significant uncertainty around the durability of this earnings |
| 1:30.8 | stream. In today's trading, the major averages are mixed as |
| 1:35.0 | investors wait for NVIDIA's earnings report post-market. Wedbush analyst Dan I |
| 1:39.5 | says, the biggest piece of filling in this AI puzzle with all the street watching is now hearing from the godfather of AI Jensen and |
| 1:46.7 | Invidia after the bell with earnings and importantly its guidance |
| 1:50.9 | The AI revolution starts with invidia and the AI Party is just getting started. |
| 1:56.0 | On the economic front, existing home sales unexpectedly dipped 1.89% in April to a rate of 4.14 million compared with the 4.195 million expected. |
... |
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