European Equities Traded in the US as American Depositary Fall in Wednesday Trading

ACNB Corp. ACNB has obtained requisite regulatory approvals or waivers to acquire Traditions Bancorp, Inc. and its wholly-owned subsidiary, Traditions Bank. The deal was announced in July.

The approval has been issued by the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities.

Details of the Acquisition Pursued by ACNB

ACNB announced an all-stock transaction worth $73.5 million to acquire Traditions Bancorp, with a termination fee of roughly 4% of the deal value.

Traditions Bancorp, established in 2002 and headquartered in York, PA, operates with eight full-service branches. It is a leading community bank in York County with the second-largest deposit market share.

Per the agreement, ACNB will issue 0.73 shares for each share of Traditions Bancorp’s common stock as of the closing date. The deal is expected to be closed on Feb. 1, 2025, subject to customary and shareholder approvals.

Further, upon the closing of the transaction, three directors from Traditions Bancorp will join the boards of ACNB and ACNB Bank, including chairman and CEO Eugene J. Draganosky, who will be designated as vice chairman.

Shareholders of both banks will be voting with regard to the proposed transaction in a special meeting to be held on Dec. 18, 2024.

ACNB’s Rationale Behind This Acquisition

ACNB is likely to benefit from expected cost savings of 35% of Traditions Bancorp’s non-interest expenses. Of this, 75% will be phased in 2025 and the rest will be realized thereafter.

The deal is anticipated to be 29.1% and 29.6% accretive to 2025 and 2026 earnings per share, respectively, assuming the execution of cost savings. Also, tangible book value is expected to be diluted by roughly 9.2% with a projected earn-back period of approximately 2.25 years.

Further, ACNB projects roughly 15.4% average tangible common equity and 1% return on average assets, and an internal rate of return of more than 15%.

This transaction aligns with ACNB’s multi-year strategic plan for inorganic growth while bolstering the potential for future organic growth. Further, Tradition Bancorp’s mortgage banking unit complements the company’s existing insurance and wealth management businesses, leading to higher non-interest income and loan growth.

Moreover, the deal meaningfully expands ACNB’s branch footprint in Lancaster County with a lower commercial real estate loan concentration and improves the deposit mix.

ACNB’s Zacks Rank & Price Performance

Year to date, shares of ACNB have risen 7.5% compared with the industry’s growth of 26%.

Ahead of World Diabetes Day, Doctors Without Borders/Médecins Sans Frontières (MSF) called for all insulin manufacturers to provide injection pen devices at $1 per pen.

The humanitarian organization emphasized that this would help ensure access to life-saving treatment for millions in low- and middle-income countries, where many struggle to afford diabetes care.

MSF highlighted that Eli Lilly And Co , Novo Nordisk A/S , and Sanofi SA , which dominate the global insulin market, have the power to set high prices that restrict access.

Also Read: Bristol-Myers Squibb Leads Biopharma Recovery With Almost 25% Growth In Market Cap, But Novo Nordisk And Lilly Suffer Market Setbacks

According to MSF, data published in JAMA Network Open shows that insulin pens could be produced for as little as $0.94 per unit and remain profitable, yet current prices far exceed this figure.

For instance, a pen costs $1.99 in South Africa, $5.77 in India, $14.00 in the Philippines, and $90.69 in the U.S.

Dr. Helen Bygrave, an advisor for MSF's Access Campaign, underscored the disparity by recalling the initial intentions of the scientists who discovered insulin. "Over 100 years ago, they sold the patent for just $1 to ensure global access. Now, only about half of those who need insulin can access it," she said.

She stated that the corporate control by Eli Lilly, Novo Nordisk, and Sanofi has led to a "double standard" that hinders equitable diabetes treatment.

In July, the FDA rejected Novo Nordisk's BLA filing for the once-weekly insulin icodec.

Insulin pens, known for their dosing accuracy and user-friendly design, have been preferred by 82% of surveyed diabetes patients due to their convenience and less invasive administration compared to vials and syringes.

Recently, Novo Nordisk decided to cease insulin pen production to prioritize its GLP-1 medications for diabetes and obesity, like Ozempic and Wegovy.

This shift, motivated by profit margins in wealthier markets, could force many patients back to using syringes and vials.

South Africa, which transitioned to insulin pens in its public sector in 2014, recently faced a shortage that led to rationing when Novo Nordisk paused the supply of human insulin pens to the government.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Halliburton Company , headquartered in Houston, Texas, delivers energy, engineering, and construction services and produces specialized products for the energy sector. With a market cap of $26.5 billion, Halliburton supports customers in the exploration, development, and production of oil and natural gas through a range of services, products, and integrated solutions (NGM24).

Shares of this leading oil & gas equipment and services provider have substantially underperformed the broader market over the past year. HAL has declined 21.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 35.5%. In 2024 alone, HAL stock is down 16.5%, while the SPX is up 25.5% on a YTD basis.

Narrowing the focus, HAL’s underperformance looks less pronounced compared to the SPDR S&P Oil & Gas Equipment Services ETF . The exchange-traded fund has surged marginally over the past year and on a YTD basis.

Wells Fargo & Company , headquartered in San Francisco, California, is a financial services company that provides diversified banking, investment, mortgage, and consumer and commercial finance products and services. With a market cap of $241.6 billion, the company serves physical stores, internet, and other distribution channels worldwide.

Shares of this leading financial services company have outperformed the broader market considerably over the past year. WFC has gained 77.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 35.5%. In 2024, WFC stock is up 47.5%, surpassing the SPX’s 25.5% rise on a YTD basis.

Zooming in further, WFC’s outperformance looks less pronounced compared to the SPDR S&P Bank ETF . The exchange-traded fund has gained about 64.6% over the past year. Moreover, WFC’s gains on a YTD basis outshine the ETF’s 32.2% returns over the same time frame.

Amgen Inc.‘s stock dropped over 7% on Tuesday following revelations about bone density loss in early trials of its experimental obesity drug MariTide, while CNBC’s Jim Cramer suggested the news could benefit rival Eli Lilly And Co .

What Happened: Previously undisclosed data from MariTide’s Phase 1 trial showed a 4% decrease in bone mineral density among participants receiving a 420mg dose during the 12-week multiple ascending dose study. According to Olivia Brayer of Cantor Fitzgerald, the information emerged from hidden tabs in extended data files related to the trial.

MariTide, positioned as a monthly alternative to weekly injections offered by competitors Novo Nordisk and Eli Lilly, operates through a different weight loss mechanism. The drug’s development has attracted significant attention due to its potential to disrupt the growing obesity treatment market.

“If Amgen has hidden bone risk data for its obesity drug, that’s huge news for Lilly which has become a pathetic stock of late,” Cramer wrote on X, formerly Twitter, announcing plans to discuss the implications at an upcoming meeting.

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Why It Matters: Despite concerns, Cantor Fitzgerald maintained its Overweight rating on Amgen with a $405 price target. The firm acknowledged that while some bone density loss is expected during weight loss treatments, particularly with a suboptimal diet, the dose-dependent increase in bone density loss could raise red flags.

The analysis also revealed data about AMG 598, a predecessor molecule that Amgen may have been investigating to challenge assumptions about GIPR antagonism’s role in bone density loss.

Price Action: Eli Lilly stock closed at $818.86 on Tuesday, down 1.63% for the day, with a slight drop of 0.10% in after-hours trading. Despite this, the stock has seen a strong 38.27% increase year-to-date.

Meanwhile, Amgen ended the day at $298.84, down 7.14%. However, it saw a slight recovery after hours, rising 0.61%. Amgen's stock has gained 0.49% year-to-date, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

European equities traded in the US as American depositary receipts were tracking sharply lower late Tuesday morning, declining 1.71% to 1,313.74 on the S&P Europe Select ADR Index.

From continental Europe, the gainers were led by medical device maker EDAP TMS and biopharmaceutical company Cellectis , which rose 4.4% and 1.1% respectively. They were followed by accommodations booking platform trivago , which rose 0.6%.

The decliners from continental Europe were led by biotech firm Evaxion Biotech and biopharmaceutical company DBV Technologies , which fell 1.7% and 3.7% respectively. They were followed by oil and gas company TotalEnergies and pharmaceutical company Novo Nordisk (NVO), which dropped 3.2% and 2.6% respectively.

From the UK and Ireland, the gainers were led by software firm Endava and biopharmaceutical company Biodexa Pharmaceuticals B, which advanced 7.4% and 2.5% respectively. They were followed by biopharmaceutical companies NuCana and TC Biopharm , which increased 2% and 1.9% respectively.

The decliners from the UK and Ireland were led by telecommunications operator Vodafone Group and biopharmaceutical company Mereo BioPharma Group , which lost 7.9% and 5.1% respectively. They were followed by insurance firm Prudential and pharmaceutical Silence Therapeutics , which dropped 5% and 4% respectively.