Source: Streetwise Reports   05/06/2020

In a May 4 research note, H.C. Wainwright & Co. analyst Ed Arce reported that Arcturus Therapeutics Holdings Inc. (ARCT:NASDAQ) formed a partnership with Catalent Inc. (CTLT:NYSE), which "raises the profile of LUNAR-COV19 as a leading vaccine candidate."

Arce reviewed Catalent's contribution to the partnership. The global contract development and manufacturing organization is to manufacture Arcturus' messenger RNA (mRNA) LUNAR-COV19 for protection against SARS-CoV-2 to be used first for human clinical trials and potentially, eventually commercially.

As for timing, Arce noted, San Diego, Calif.-based Arcturus intends to transfer its vaccine technology to Catalent this month and expects Catalent to manufacture the first batches of LUNAR-COV19 by June 2020. "Critically, Arcturus continues to anticipate initiation of Phase 1 testing of LUNAR-COV19 in the summer of 2020," Arce highlighted.

Catalent is to produce the vaccine at its biomanufacturing facility in Madison, Wisc. "This facility utilizes Catalent's flex-suite, a current good manufacturing practice manufacturing suite, that can produce batches at multiple scales and support Arcturus' proprietary mRNA manufacturing process," explained Arce.

Obtaining the vaccine from one facility domestically versus multiple entities worldwide should result in several benefits, Arce continued. They include easy development and production, accelerated delivery and improved costs. Arcturus believes Catalent can produce millions of doses of LUNAR-COV19 mRNA in 2020 and, if need be, hundreds of millions of doses each year subsequently for use globally.

Arce pointed out that LUNAR-COV19 differentiates itself from other similar vaccine candidates in that the technology and delivery platform behind it deliver an "extraordinarily low dose (perhaps 2 micrograms)" in "a potential single shot."

H.C. Wainwright has a Buy rating and a $62 per share price target on Arcturus, the stock of which is currently trading at about $42.12 per share.

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Disclosures from H.C. Wainwright & Co., Arcturus Therapeutics Holdings Inc., First Take, May 4, 2020

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months.

I, Ed Arce, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst's household has a financial interest in the securities of Arcturus Therapeutics Holdings Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of April 30, 2020 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Arcturus Therapeutics Holdings Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from Arcturus Therapeutics Holdings Inc. for non-investment banking services in the previous 12 months.

The Firm or its affiliates did receive compensation from Arcturus Therapeutics Holdings Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Arcturus Therapeutics Holdings Inc. during the past 12 months.

The Firm does not make a market in Arcturus Therapeutics Holdings Inc. as of the date of this research report.

H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

( Companies Mentioned: ARCT:NASDAQ, )

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Updated at 3:20 p.m. ET

Democrats and some Republicans are considering ways for the federal government to get money into people's pockets while the coronavirus is keeping much of the economy on ice.

Proposals for the next round of aid are being floated, and Democrats in the House are prepping another relief package as jobless claims continue to rise in the country. The Labor Department announced Friday that 20.5 million jobs were lost in April, pushing the overall unemployment rate to 14.7 %.

House Speaker Nancy Pelosi, D-Calif., hopes to release another bill, which is being crafted without the input of Republicans or the White House as early as next week.

"This is a reflection of the needs of the American people," Pelosi said Thursday. "We have to start someplace and, rather than starting in a way that does not meet the needs of the American people, want to set a standard."

The latest proposal from Sens. Kamala Harris, D-Calif., Bernie Sanders, I-Vt., and Ed Markey D-Mass., is a plan for the federal government to provide $2,000 a month for every individual earning less than $120,000, including children and other dependents. The draft legislation would extend the payments until three months after the public health emergency is lifted.

The proposal is a vast expansion on the recovery rebate program that sent a one-time payment of $1200 to every person earning less than $75,000 and an additional $500 for every child.

The trio of Democratic senators wants to make the payments, which would be available to every U.S. resident, retroactive to March. They didn't provide a cost estimate for the ambitious proposal, and it's unclear whether Senate leaders have an appetite for payments like these.

Official scorekeepers at the Congressional Budget Office estimate that the existing one-time $1200 payment program in the CARES Act package enacted in March could cost around $300 billion. Republican leaders have signaled concerns with the growing cost of the relief bills that have already passed.

Senate Majority Leader Mitch McConnell, R-Ky., has called for a pause on any new aid.

"Let's see what we are doing that is succeeding, what is not succeeding, what needs less, what needs more," McConnell told reporters in April. "Let's weigh this very carefully because the future of our country in terms of the amount of debt that we are adding up is a matter of genuine concern."

Not all Republicans agree. Sen. Josh Hawley, R-Mo., has introduced a comprehensive response plan that includes a proposal to cover 80 percent of payroll for companies that rehire workers and a bonus for the companies that take advantage of the program.

"The federal government should cover 80 percent of wages for workers at any U.S. business, up to the national median wage, until this emergency is over," Hawley wrote in an editorial in The Washington Post. "The goal must be to get unemployment down — now — to secure American workers and their families, and to help businesses get ready to restart as soon as possible."

Hawley's proposal would cap payments at the national median income level. The median income can be calculated in several different ways. Hawley told St. Louis Public radio the payments could be as high as $50,000. Other calculation set the figure at roughly $33,000, a figure many Democrats say is not sufficient in higher-cost areas like cities.

House Progressive Caucus co-chair Rep. Pramila Jayapal, D-Wash., has a separate version that would guarantee a worker's full salary up to $100,000 for three months. Jayapal's plan would automatically renew the payments on a monthly basis until consumer demand returns to pre-crisis levels.

The proposal has nearly two dozen co-sponsors but has not received an endorsement from party leadership.

Pelosi has not ruled out the possibility of including some minimum income payments in an upcoming coronavirus aid bill.

"We may have to think in terms of some different ways to put money in people's pockets," Pelosi said in an interview with MSNBC. "Let's see what works, what is operational and what needs other attention."

This content is from Southern California Public Radio. View the original story at SCPR.org.