SEB cuts target price for Protector Forsikring to NOK 465 (497), reiterates hold

Protector Forsikring ASA (PSKRF) reported Q2 2026 results including an 81.5% combined ratio and a 9 kroner per share result, with an 88% renewal rate. The company cited Denmark large losses, UK market softness, and expected UK motor price adjustments. AM Best affirmed its credit rating with stable outlook, and management targeted a long-term combined ratio below 91%.

Moderna and Merck's experimental melanoma vaccine, combined with Keytruda, reduced recurrence or death risk by 42% in a Phase 3 trial. Despite positive results, Moderna's shares fell 18%, likely due to high investor expectations. The vaccine is personalized using mRNA technology, targeting unique tumor mutations. Trial data showed 82.2% of patients treated with the vaccine and Keytruda were alive without recurrence after two years, compared to 70% with Keytruda alone.

Vertex Pharmaceuticals reported positive Phase III results for povetacicept, showing a 52% reduction in proteinuria in kidney disease patients. The drug's safety profile was similar to placebo. Vertex also discussed inaxaplin's potential in treating APOL1-mediated kidney disease, with Phase III AMPLITUDE trial results expected early next year. The company is engaging with payers for povetacicept's commercial coverage.

Novartis' remibrutinib showed 31.2% to 35.2% lower annualized relapse rates vs. teriflunomide in two late-stage MS trials. Both trials met primary endpoints. Novartis plans global regulatory filings. Analysts estimate potential peak sales over $4B, though not company guidance.

Cumberland Pharmaceuticals (CPIX) reported Phase 2a trial results for ifetroban in systemic sclerosis, showing safety and tolerability but no efficacy conclusions. Shares fell 17.55% in after-hours trading. The 12-month trial enrolled 41 patients, with most experiencing limited disease progression. Cumberland plans further studies to guide future development.

POSCO's labor union will launch an indefinite strike starting Nov. 2 after wage talks collapsed. The union demands a 7.1% base pay increase, while management offered 2.5%. POSCO Holdings is expected to report Q3 revenue of 18.6394 trillion won and operating profit of 812.7 billion won, up 8% and 27% YoY, respectively, according to FnGuide. A strike could disrupt production, but management plans to adjust schedules and maintain operations.