Braemar Hotels & Resorts Inc
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Braemar Hotels & Resorts Inc., formerly Ashford Hospitality Prime, Inc., invests in high revenue per available room (RevPAR), luxury hotels and resorts. The Company conducts its business and owns all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership (Ashford Prime OP). The Company operates in the direct hotel investment segment of the hotel lodging industry. As of February 24, 2017, it owned interests in 11 hotel properties in six states, the District of Columbia and St. Thomas, the United States Virgin Islands with 3,702 total rooms, or 3,467 net rooms, excluding those attributable to its joint venture partner. The hotel properties in its portfolio are mainly located in the Unites States urban markets. The Company owns nine of its hotel properties directly, and the remaining two hotel properties through an investment in a majority-owned consolidated entity.

Closing Price
$2.39
Day's Change
-0.04 (-1.65%)
Bid
--
Ask
--
B/A Size
--
Day's High
2.50
Day's Low
2.34
Volume
(Average)
Volume:
264,351

10-day average volume:
279,327
264,351

UPDATE: AstraZeneca's coronavirus vaccine setback shows why Big Pharma prefers to be safe than sorry. Which is good news

8:21 am ET September 10, 2020 (MarketWatch)
Print

By Pierre Briançon

AstraZeneca, the U.K.-based pharmaceuticals giant, said on Tuesday that it would pause the clinical trial of the coronavirus vaccine it is developing with the University of Oxford after a British subject became ill. The decision will affect the so-called Phase 3 trials the company just started by enrolling 30,000 volunteers in the U.S., after recruiting 10,000 subjects in the U.K. over the summer.

- AstraZeneca (AZN.LN) seemed destined to become the first company to deliver a vaccine it said it would be ready to manufacture in the fall, if the trials proved conclusive and the drug was approved. After the latest incident, an independent committee will now review safety data before the trials can resume.

- The U.K. company's shares fell more than 1% on Wednesday on the news, in generally positive European markets as measured by the Stoxx 600 index.

- U.K. health secretary Matt Hancock said on Wednesday in an interview that the pause in AstraZeneca's trial would not necessarily be a "setback" and that it was a "normal part of a vaccine development." Hancock added that "It's not actually the first time it has happened to the Oxford vaccine and it's a standard process in clinical trials."

Read:AstraZeneca stock falls as drugmaker pauses vaccine trial after volunteer's 'unexplained illness' (http://www.marketwatch.com/story/astrazeneca-stock-falls-as-drugmaker-pauses-vaccine-trial-after-volunteers-unexplained-illness-2020-09-09)

- Before the AstraZeneca announcement, its chief executive and the top executives of eight other big pharmaceutical companies -- BioNTech (BNTX), GlaxoSmithKline (GSK.LN), Johnson & Johnson (JNJ), Merck (MRK), Moderna (MRNA), Novavax (NVAX), Pfizer (PFE), and Sanofi -- had pledged on Tuesday that they would "unite to stand with science (https://www.astrazeneca.com/content/astraz/media-centre/press-releases/2020/biopharma-leaders-unite-to-stand-with-science.html)" and only seek approval of a COVID-19 vaccine "after demonstrating safety and efficacy" through a Phase 3 clinical study.

- Big Pharma's unusual statement comes amid concerns that the Trump administration may try to push one or more COVID-19 vaccines through the approval process, such as by granting an emergency-use authorization sooner than science might dictate, in order to gain an advantage in the presidential election.

The outlook: AstraZeneca's setback is just one example of the type of cold showers that may pour on heightened vaccine hopes in the next few months. In a U.S. election year and as the virus is spiking again in Europe (http://www.marketwatch.com/story/virology-experts-say-the-key-is-keeping-spains-hospitals-from-becoming-overwhelmed-by-covid-19-this-time-2020-09-07), the pharmaceutical companies want to ensure that politics won't interfere with science -- and safety. And that governments won't try to rely on them as good-news providers in an otherwise gloomy autumn context.

Read:Last chance saloon for U.K.-EU trade talks, as Johnson threatens to walk out on deal. But is he serious? (http://www.marketwatch.com/story/last-chance-saloon-for-uk-eu-trade-talks-as-johnson-threatens-to-walk-out-on-deal-2020-09-08)

-Pierre Briançon; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 10, 2020 08:21 ET (12:21 GMT)

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