Core Viewpoint - AB Science has announced the identification and characterization of a novel small synthetic molecule, AB8939, as a promising drug candidate for treating refractory acute myeloid leukemia (AML) and potentially other cancers [1] Group 1: Drug Candidate Characteristics - AB8939 is identified as a powerful compound with a dual mechanism of action, disrupting microtubule formation and inhibiting ALDH enzymes, which are linked to therapy resistance and the survival of leukemic stem cells [2][3] - The drug shows potential for treating high-risk AML cases, particularly those with complex karyotypes, MECOM rearrangements, and TP53 mutations [3] - AB8939 has demonstrated strong antiproliferative activity against various human cancer cell lines, especially hematopoietic cancers, with IC₅₀ values in the nanomolar range [4] Group 2: Mechanism of Action - AB8939 acts as a microtubule destabilizer by binding to the colchicine-binding site on β-tubulin, leading to cell cycle arrest and apoptosis [4] - It also inhibits ALDH1 and ALDH2, which are often overexpressed in tumors and associated with cancer stem cells and therapy resistance [4] - The drug can overcome major mechanisms of drug resistance, such as P-glycoprotein (P-gp) efflux and high β3-tubulin expression, allowing it to remain effective in resistant cancer cells [4] Group 3: Clinical Trials - AB8939 is currently being evaluated in a Phase I/II clinical trial (AB18001) for patients with refractory and relapsed AML, with regulatory approval received to initiate the third stage of the study [5][6] - The first two stages of the trial involved 28 and 13 patients, respectively, determining the maximum tolerated dose (MTD) of 21.3 mg/m² after both three and fourteen consecutive days of treatment [6] Group 4: Intellectual Property and Regulatory Status - AB Science retains full ownership of the intellectual property rights for AB8939, with protection extending until 2036 or even 2044 for specific uses [7][9] - The drug has received orphan drug designation from both the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA), granting marketing exclusivity for 10 years in Europe and 7 years in the US [10] Group 5: Preclinical Evidence - In preclinical models, AB8939 has shown significant inhibition of tumor growth and increased survival rates in Ara-C-resistant AML mouse models [12] - The drug effectively eradicated leukemic stem cells in patient-derived xenograft models, suggesting its potential to reduce the risk of disease relapse [12]

Core Viewpoint - AllianceBernstein has launched the AB US Equity ETF (NYSE: XCHG), an actively managed ETF aimed at long-term capital growth, reflecting the firm's commitment to innovative investment solutions [1][2]. Company Overview - AllianceBernstein is a leading global investment management firm with $865 billion in assets under management as of November 30, 2025 [5]. - The firm offers diversified investment services to institutional investors, individuals, and private wealth clients across major world markets [5]. ETF Launch Details - The AB US Equity ETF (XCHG) is designed to invest at least 80% of its net assets in equity securities of U.S. companies [2]. - The ETF was developed in collaboration with the Bernstein Private Wealth Management team, showcasing the firm's investment expertise [2]. - XCHG is part of AllianceBernstein's growing U.S. lineup of 23 ETFs, which collectively manage just over $13 billion in assets as of the launch date [3]. Investment Strategy - The investment objective of XCHG is to seek long-term growth of capital, utilizing a holistic approach to investment management that emphasizes tax efficiency and strategic asset allocation [3]. - The firm integrates industry-leading research and sophisticated modeling to optimize client portfolios for greater diversification while minimizing tax impact [3].

Core Insights - AB Science announced a new publication on MedRxiv detailing the clinical benefits of masitinib for amyotrophic lateral sclerosis (ALS) patients before any complete loss of function [2][3] Group 1: Study Findings - The post-hoc subgroup analysis from the phase 2b/3 AB10015 study shows significant improvement in functional decline measured by the ALSFRS-R score, with a 4.04-point difference favoring masitinib over placebo (p=0.0065) [4][5] - A relative benefit of +20.2% on the CAFS score was observed compared to placebo (p=0.0290), surpassing the +13.8% benefit seen in the primary analysis [5] - Median progression-free survival (PFS) was extended by 9 months (p=0.0057) and median overall survival (OS) increased by 12 months (p=0.0192) compared to placebo, both improvements being more pronounced than those in the primary analysis [5] Group 2: Safety and Patient Population - Safety outcomes improved, with a reduction in serious adverse events from 27.6% to 22.6% in masitinib-treated patients [5] - The subgroup analyzed included patients with a score of at least 1 on all ALSFRS-R items at baseline, representing approximately 85% of the primary analysis population [3][5] Group 3: Future Studies - The findings from this analysis will inform the design of the confirmatory study AB23005, which targets patients prior to any complete loss of function to optimize the benefit-risk balance [2][3] - Study AB23005 is a prospective, multicenter, randomized, double-blind, placebo-controlled trial involving 408 ALS patients, aiming to confirm the efficacy and safety of masitinib [7][8]

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported a decrease in preliminary assets under management (AUM) to $865 billion in November 2025, down from $868 billion at the end of October 2025, primarily due to client outflows [1][2] Summary by Category Assets Under Management - AUM decreased by $3 billion from October to November 2025, with the decline attributed mainly to client outflows [1] - The breakdown of AUM as of November 30, 2025, includes: - Total Equity: $358 billion, down from $362 billion in October - Total Fixed Income: $313 billion, unchanged from October - Alternatives/Multi-Asset Solutions: $194 billion, up from $193 billion in October [2] Client Outflows - Client outflows were primarily concentrated within Institutional clients, with modest outflows in Retail and slight outflows from Private Wealth [1]

Core Insights - AllianceBernstein is a global, diversified asset manager with over $850 billion in assets under management (AUM) [1] - The firm has strong capabilities across fixed income, private markets, and global equities [1] - Partnership with Equitable and a sizable wealth management franchise provide unique product development opportunities that support growth outlook [1] - The update from the CEO will provide insights into the business and broader landscape looking towards 2026 [1]

Summary of AllianceBernstein Conference Call (December 09, 2025) Company Overview - **Company**: AllianceBernstein (NYSE: AB) - **AUM**: Over $850 billion - **Core Capabilities**: Fixed income, private markets, global equities - **Partnership**: Collaboration with Equitable enhances product development opportunities Key Themes and Insights Market Outlook and Client Allocation - **Inflation Expectations**: Anticipation of higher inflation impacting real returns and diversification challenges [10][11] - **U.S. Market Valuation**: The U.S. is considered expensive, with tight credit spreads and strong returns, making future performance uncertain [10][11] - **Global Investment Shift**: Encouragement for clients to consider offshore investments due to better returns and governance in foreign markets, particularly in Asia and emerging markets [12][27] - **Dollar Weakness**: A belief that the U.S. administration favors a weaker dollar, which could affect investment strategies [11][12] Fixed Income and Investment Strategies - **Interest in Fixed Income**: Increased interest in intermediate duration assets as clients move away from cash and money market funds [15][16] - **High Yield Demand**: Strong demand for high yield and investment-grade assets, despite a significant issuance in the market [16][18] - **Market Dynamics**: The back end of the yield curve may widen due to Treasury issuance needs, impacting fixed income strategies [21] Global Equity and Non-U.S. Investments - **Interest in Non-U.S. Equities**: Growing interest in EFA products from international clients looking to reduce U.S. exposure [26] - **Emerging Markets Focus**: Notable interest in China and emerging markets, particularly during periods of dollar weakness [27] Active ETFs and Product Development - **Active ETF Growth**: Approximately $10 billion in AUM across 20 strategies, with 60% being net new flows [31] - **Customization and Thematic Investing**: Focus on mass customization and thematic strategies, such as Security of the Future, to meet client needs [33][34] Defined Contribution Market - **Market Size**: Defined contribution market stands at $105 billion in assets [37] - **Annuities in Retirement Plans**: Discussion on the importance of integrating annuities into target date funds to provide security for retirees [39][40] - **DOL Advisory Opinion**: Recent advisory opinion from the Department of Labor provides a safe harbor for including annuities in retirement plans, potentially increasing adoption [41][43] Private Markets and Growth Strategy - **Private Markets Target**: Aiming for $90-$100 billion in private markets by 2027, currently close to $90 billion [46][49] - **Growth Pillars**: Continued growth expected from Equitable, third-party institutional support, and private wealth channels [50][52] Private Credit Landscape - **Competitive Environment**: Increased competition in private credit, particularly in direct lending, with weaker terms compared to previous years [59][60] - **Risk Management**: Emphasis on careful deployment of capital and proactive management of potential risks in portfolios [63][64] Financial Performance and Profitability - **Management Fees**: Steady fee rates around 38-39 basis points, with expectations of durability despite market fluctuations [69][70] - **Operating Margin**: Current operating margin tracking around 33%-34%, with ongoing focus on expense control and growth in private alternatives [75][84] Additional Insights - **Market Sentiment**: Despite concerns in the private credit space, there has not been a significant pullback in allocations from knowledgeable clients [64] - **Future Opportunities**: Potential for growth in the defined contribution market and private credit, with a focus on innovative product offerings [41][52][84]

Core Viewpoint - AllianceBernstein (AB) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The recent upgrade indicates a positive outlook for AllianceBernstein's earnings, suggesting potential buying pressure and an increase in stock price [3][5]. - Analysts have raised their earnings estimates for AllianceBernstein, with the Zacks Consensus Estimate increasing by 1.2% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - AllianceBernstein's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Insights - The article discusses the current market trends and potential investment opportunities within specific sectors, highlighting the importance of thorough analysis before making investment decisions [1][2]. Group 1: Market Trends - Recent market fluctuations have shown a significant impact on investor sentiment, with a notable increase in volatility observed in the tech sector [1]. - Analysts are closely monitoring economic indicators that could influence market performance, particularly focusing on inflation rates and interest rate changes [2]. Group 2: Investment Opportunities - Certain industries, such as renewable energy and healthcare, are identified as having strong growth potential due to increasing demand and favorable government policies [1]. - Companies within these sectors are expected to benefit from technological advancements and changing consumer preferences, making them attractive for long-term investments [2]. Group 3: Risks and Considerations - Investors are advised to remain cautious of potential risks associated with geopolitical tensions and supply chain disruptions that could affect market stability [1]. - The importance of diversification in investment portfolios is emphasized to mitigate risks and enhance returns [2].

Core Viewpoint - The article emphasizes the importance of value investing and highlights AllianceBernstein (AB) as a strong value stock based on its financial metrics and Zacks Rank [1][2][6]. Company Analysis - AllianceBernstein (AB) currently holds a Zacks Rank of 2 (Buy) and has a Value grade of A, indicating strong potential as a value investment [4]. - The stock has a Forward P/E ratio of 10.89, which is significantly lower than the industry average of 13.57, suggesting that AB may be undervalued [4]. - Over the past 52 weeks, AB's Forward P/E has fluctuated between 9.17 and 12.79, with a median of 10.71, indicating relative stability in its valuation metrics [4]. - AB has a Price-to-Book (P/B) ratio of 2.18, which is also lower than the industry average of 3.08, further supporting the notion of undervaluation [5]. - The P/B ratio for AB has ranged from 1.83 to 2.39 over the past year, with a median of 2.09, reflecting consistent valuation levels [5]. - Overall, the financial metrics suggest that AllianceBernstein is likely undervalued and presents a strong investment opportunity for value investors [6].

Core Points - AllianceBernstein L.P. and AllianceBernstein Holding L.P. announced that Seth Bernstein, President and CEO, will participate in the Goldman Sachs 2025 US Financial Services Conference on December 9, 2025 [1] - A live audio webcast of the conference will be available on the Investor & Media Relations section of AB's website, with a replay accessible shortly after the event [2] - AllianceBernstein is recognized as a leading global investment management firm, providing diversified investment services to institutional investors, individuals, and private wealth clients [3] Ownership Structure - As of September 30, 2025, AllianceBernstein Holding owned approximately 30.8% of AllianceBernstein, while Equitable Holdings, Inc. held an approximate 68.5% economic interest in AllianceBernstein [4]