Orgenesis Inc
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Health Care : Biotechnology | Small Cap Blend
Company profile

Orgenesis Inc. is a global biotech company that is operating to unlock the potential of cell and gene therapies (CGTs). The Company is focused on autologous therapies, with processes and systems that are developed for each therapy using a closed and automated processing system approach that is validated for compliant production near the patient for treatment of the patient at the point of care (POCare). It has developed a Point of Care Platform (POCare Platform) comprised of three enabling components, which includes a pipeline of POCare advanced therapies that are designed to be processed and produced, automated closed POCare technology systems, and a worldwide network of POCare research institutes and hospitals (POCare Network). Its products in clinical use include KYSLECEL, Tissue Genesis Icellator for Cell Assisted Lipotransfer, Cartil-S Autologous products for the treatment of osteoarthritis, and Chondroseal Autologous products for the treatment of cartilage defects.

Closing Price
Day's Change
0.13 (5.44%)
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Dow transports tumble again, as railroad downgrades act as a drag

1:23 pm ET May 19, 2022 (MarketWatch)

By Tomi Kilgore

CSX, Union Pacific and Norfolk Southern downgraded at Citigroup, citing relative valuation and a decelerating demand environment

The Dow Jones Transportation Average took another deep dive Thursday, with the biggest drag shifting to the index's railroad components after downgrades at Citigroup, which cited concerns over a deceleration of demand.

The Dow transports sank 213 points, or 1.6%, in afternoon trading toward a 14-month low. The index underperformed its sister index, the Dow Jones Industrial Average , which fell 258 points, or 0.8%.

Among the transports' biggest losers, shares of Union Pacific Corp. (UNP) dropped 3.8%, CSX Corp. (CSX) slid 2.9% and Norfolk Southern Corp. (NSC) sank 2.9%. The combined price declines of those stock accounted for about 100 points of the Dow transports' decline.

All three railroad operators were downgraded to neutral from buy by Citigroup analyst Christian Wetherbee.

On Wednesday, when the Dow transports sank 7.4% while the Dow industrials slumped 3.6%, it was trucking stocks that acted as the anchor, as Target Corp. (TGT) cited freight costs and supply chain disruptions for its big earnings miss.

Wetherbee said he had been bullish railroad stocks amid weakness in trucking to start the year, as Wall Street viewed the rails as a relative safe haven in the current environment of rising inflation and geopolitical uncertainty.

Don't miss: CSX, Union Pacific earnings to show if railroads really offer relative reprise from turbulent transport sector.

Wetherbee said it's that outperformance, plus with Street expectations for earnings growth at the highest, that makes him believe rail-stock performance will be relatively limited going forward.

"We entered 2022 recommending the group and it has outperformed, but we believe a more selective/cautious approach is warranted given freight warning signs and persistent service issues, which could results in a delayed operational reaction to a true downturn," Wetherbee wrote in a note to clients.

While he's not fully baking a full recession into his estimates, he does believe consumer spending "pivots meaningfully" toward services, and away from goods, which would hurt goods haulers.

"For rails, volume flattens in 2023 and incremental margins decelerate along with pricing," Wetherbee wrote.

Elsewhere in the Dow transports, Avis Budget Group Inc.'s stock (CAR) slid 4.6% on Thursday, after diving 12.5% on Wednesday.

Among the transports gainers on Thursday, were the airline components. JetBlue Airways Corp.'s stock (JBLU) led the pack with a 3.3% rally, after buyout target Spirit Airlines Inc. (SAVE) surged its shareholders to reject the tender offer launched earlier this week.

Also, shares of Alaska Air Group Inc. (ALK) gained 0.9% and Delta Air Lines Inc. (DAL) rose 0.2%. Meanwhile, United Airlines Holdings Inc. stock (UAL) eased 0.1%, American Airlines Group Inc.'s stock (AAL) lost 0.7% and Southwest Airlines Co. shares (LUV) shed 1.0%.

-Tomi Kilgore


(END) Dow Jones Newswires

May 19, 2022 13:23 ET (17:23 GMT)

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