Core Insights - Attovia Therapeutics has successfully closed a $105 million oversubscribed Series B financing, increasing total capital raised to $165 million since its inception in June 2023 [1][2] Financing Details - The Series B financing was led by Goldman Sachs Alternatives, with participation from both new and existing investors including Cormorant Asset Management, Nextech Ventures, Redmile Group, EcoR1 Capital, Marshall Wace, and Logos Capital [2] - Existing investors such as Frazier Life Sciences, venBio, and Illumina Ventures also participated in this financing round [2] - Colin Walsh, Ph.D., from Goldman Sachs Alternatives, has been appointed to Attovia's Board of Directors concurrent with the financing [2] Company Strategy and Pipeline - The proceeds from the financing will be utilized to advance lead programs ATTO-1310 and ATTO-002 through initial clinical data readouts, expand the immunology and inflammation pipeline, and further develop the ATTOBODY™ platform [1][3] - ATTO-1310 is positioned as a potential first-in-class anti-IL31 ATTOBODY, currently in IND enabling studies, expected to enter clinical trials by the end of 2024 for treating atopic dermatitis and other pruritic diseases [3] - ATTO-002, a bispecific anti-IL31 x IL13 ATTOBODY, is anticipated to have a development candidate nominated in the second half of 2024, with plans to advance to IND in 2025 [3] - The company is also working on discovery stage programs to expand the ATTOBODY platform to novel, difficult-to-drug targets [3] Technology and Product Development - Attovia's ATTOBODY™ platform generates spatially optimized biparatopic biologics, which are designed to offer stronger efficacy and a broader range of druggable epitopes compared to traditional methods [5][6] - The biparatopic binding mode of ATTOBODIES provides picomolar affinity and strong potency, with the ability to functionalize biologically inactive epitopes [6] - The platform allows for modular engineering into multispecifics and offers tunable half-lives from hours to weeks, significantly accelerating development and expanding target biology coverage [6] Market Position and Future Outlook - Attovia is positioned to become a leader in developing best-in-class novel biologics for immune-mediated diseases, leveraging its differentiated pipeline and proprietary platform [4][3] - The strong investor interest reflects the rapid progress made since the company's inception and the potential for future business development opportunities [3][4]

Core Insights - The Zacks Investment Bank industry is expected to see a turnaround in investment banking fees due to a reversal in corporate debt and equity issuances and deal-making activities [1] - Continued client activity in the trading business is anticipated, driven by ongoing market volatility [1] - Technological upgrades may initially hinder bottom-line growth but are expected to improve operating efficiency in the long run [1] Industry Overview - The Zacks Investment Bank industry includes firms providing financial products and services such as advisory transactions, IPOs, M&As, and securities research [2] - The industry operates mainly through three segments: investment banking, asset management, and trading [2] Key Themes Influencing the Industry - A resurgence in underwriting and advisory businesses is expected as the macroeconomic environment stabilizes, leading to a rebound in global underwriting and M&A activities [3] - The trading business is supported by increased client activity due to ongoing macroeconomic and geopolitical challenges, maintaining decent trading volumes [4] - Investments in technology and innovative trading platforms are projected to enhance operational efficiency over time, despite initial cost increases [5] Industry Performance and Valuation - The Zacks Investment Bank industry ranks 23, placing it in the top 9% of over 245 Zacks industries, indicating positive near-term prospects [6] - The industry's earnings estimates have been revised upward by 34.2% over the past year, reflecting growing confidence in earnings growth potential [7] - The industry has collectively gained 36.4% over the past year, outperforming the S&P 500's 26.2% and the Zacks Finance sector's 23.7% [8] Valuation Metrics - The industry has a trailing 12-month price-to-tangible book ratio (P/TBV) of 4.68X, above the five-year median of 3.31X, indicating a relative discount compared to the S&P 500's 10.96X [10] - The Zacks Finance sector's trailing 12-month P/TBV ratio is 4.79, suggesting the investment bank industry is trading at a decent discount [12] Notable Investment Banks - **Morgan Stanley**: A Zacks Rank 1 stock with a market cap of $154 billion, focusing on business diversification and strategic acquisitions to stabilize earnings [14][16] - **Goldman Sachs**: A Zacks Rank 2 company with a market cap of $143.1 billion, restructuring to focus on core strengths in investment banking and trading [18][19] - **Piper Sandler**: A Zacks Rank 1 company with a market cap of $3.3 billion, enhancing scale through strategic buyouts and expecting robust top-line growth [21]

Core Insights - Goldman Sachs appointed Robert Kaplan, former president of the Federal Reserve Bank of Dallas, as its vice chairman, enhancing its management committee with an influential figure from the financial sector [1][2] - Kaplan's previous controversies regarding personal stock trading led to his resignation from the Dallas Fed in September 2021, although he maintained that he adhered to ethical standards [2] - His role will involve providing strategic advice to Goldman Sachs' global clientele and collaborating with various teams across the bank [2][4] Company Developments - Kaplan will be based in Dallas, Texas, where Goldman Sachs is expanding its presence with a new campus that will accommodate 5,000 employees, supported by $18 million in tax breaks from the city [3] - The new campus, costing nearly $500 million, is set to open in 2027 and will feature various amenities including underground parking and a 1.5-acre urban park [3] - Kaplan's appointment comes as Goldman Sachs seeks to strengthen its leadership team following several high-profile departures, indicating a strategic move to regain market position [5] Leadership and Strategy - Kaplan expressed enthusiasm about working with the talented workforce at Goldman Sachs to enhance the firm's culture and client service [4] - Chairman David Solomon highlighted Kaplan's extensive knowledge and global leadership experience as valuable assets to the firm [4]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, leveraging established price movements for profitable trades [1] Company Overview: Goldman Sachs (GS) - Goldman Sachs currently holds a Momentum Style Score of A, indicating strong momentum characteristics [1] - The company has a Zacks Rank of 2 (Buy), which is associated with a historical outperformance in the market [2] Performance Metrics - Over the past week, GS shares increased by 2.48%, outperforming the Zacks Financial - Investment Bank industry, which rose by 0.87% [3] - In a longer timeframe, GS shares have risen by 7.38% over the past month, compared to the industry's 1.63% [3] - Over the last quarter, GS shares increased by 14.03%, and over the past year, they are up 33.99%, while the S&P 500 only moved 3.78% and 27.1% respectively [4] - The average 20-day trading volume for GS is 2,635,439 shares, indicating a bullish sign with rising stock prices [4] Earnings Outlook - In the past two months, 8 earnings estimates for GS have been revised upwards, while none have been lowered, boosting the consensus estimate from $32.86 to $36.07 [5] - For the next fiscal year, 7 estimates have moved upwards, with only 1 downward revision [5] Conclusion - Given the strong performance metrics and positive earnings outlook, GS is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a compelling investment option [6]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Goldman Sachs (GS), and emphasizes the importance of using these recommendations in conjunction with other analytical tools like the Zacks Rank for making informed investment decisions [1][2][3]. Group 1: Brokerage Recommendations for Goldman Sachs - Goldman Sachs currently has an average brokerage recommendation (ABR) of 1.48, indicating a consensus between Strong Buy and Buy, based on recommendations from 23 brokerage firms [1]. - Out of the 23 recommendations, 17 are Strong Buy and 1 is Buy, which accounts for 73.9% and 4.4% of all recommendations respectively [1]. - Despite the positive ABR, studies indicate that brokerage recommendations often lack success in guiding investors towards stocks with the best price increase potential due to analysts' biases [2][3]. Group 2: Zacks Rank vs. ABR - The Zacks Rank is a proprietary stock rating tool that categorizes stocks into five groups based on earnings estimate revisions, which is a more effective indicator of near-term stock price performance compared to the ABR [3][4]. - The ABR is based solely on brokerage recommendations and may not be up-to-date, while the Zacks Rank reflects timely changes in earnings estimates, providing a more accurate indication of future price movements [5][6]. Group 3: Earnings Estimates for Goldman Sachs - The Zacks Consensus Estimate for Goldman Sachs has increased by 10.4% over the past month to $36.07, indicating growing optimism among analysts regarding the company's earnings prospects [7]. - This increase in consensus estimates, along with other related factors, has resulted in a Zacks Rank of 2 (Buy) for Goldman Sachs, suggesting a favorable outlook for the stock [7].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the quarter ended March 31, 2024, show total net revenues of **$14.21 billion** and net earnings of **$4.13 billion**, with total assets increasing to **$1.70 trillion** from **$1.64 trillion** at year-end 2023 [Consolidated Statements of Earnings](index=4&type=section&id=Consolidated%20Statements%20of%20Earnings) Consolidated Statements of Earnings (Unaudited) | in millions, except per share amounts | Three Months Ended March 2024 | Three Months Ended March 2023 | | :--- | :--- | :--- | | **Total net revenues** | **$14,213** | **$12,224** | | Provision for credit losses | $318 | $(171) | | Total operating expenses | $8,658 | $8,402 | | Pre-tax earnings | $5,237 | $3,993 | | **Net earnings** | **$4,132** | **$3,234** | | Net earnings applicable to common shareholders | $3,931 | $3,087 | | **Diluted Earnings per common share** | **$11.58** | **$8.79** | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (Unaudited) | $ in millions | As of March 2024 | As of December 2023 | | :--- | :--- | :--- | | **Total assets** | **$1,698,440** | **$1,641,594** | | Cash and cash equivalents | $209,385 | $241,577 | | Trading assets | $507,718 | $477,510 | | Loans (net) | $183,934 | $183,358 | | **Total liabilities** | **$1,579,894** | **$1,524,689** | | Deposits | $440,662 | $428,417 | | Trading liabilities | $201,142 | $200,355 | | Unsecured long-term borrowings | $233,919 | $241,877 | | **Total shareholders' equity** | **$118,546** | **$116,905** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Unaudited) | $ in millions | Three Months Ended March 2024 | Three Months Ended March 2023 | | :--- | :--- | :--- | | Net cash provided by/(used for) operating activities | $(28,038) | $9,404 | | Net cash used for investing activities | $(7,980) | $(1,978) | | Net cash provided by/(used for) financing activities | $7,171 | $(20,544) | | **Net decrease in cash and cash equivalents** | **$(32,192)** | **$(12,498)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The firm's business is managed across three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions[20](index=20&type=chunk) - The financial statements are prepared in accordance with U.S. GAAP and reflect all necessary adjustments for a fair statement of the interim periods[25](index=25&type=chunk) - Significant accounting policies include fair value measurements, allowance for credit losses, and consolidation, with the firm using estimates for fair value, credit loss allowances, discretionary compensation, goodwill, litigation provisions, and income taxes[26](index=26&type=chunk)[31](index=31&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=150&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the firm's financial performance for Q1 2024, highlighting a **16% YoY increase** in net revenues to **$14.21 billion** and a rise in net earnings to **$4.13 billion**, covering segment results, balance sheet changes, funding, capital, and risk management [Executive Overview](index=150&type=section&id=Executive%20Overview) Q1 2024 Financial Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Earnings | $4.13 billion | $3.23 billion | | Diluted EPS | $11.58 | $8.79 | | Annualized ROE | 14.8% | 11.6% | | Net Revenues | $14.21 billion | $12.21 billion | - Revenue growth was driven by higher net revenues across all segments, particularly in Investment banking fees, FICC, and Equities[456](index=456&type=chunk) - Provision for credit losses was **$318 million**, compared to a net benefit of **$171 million** in Q1 2023, driven by provisions for the credit card portfolio and wholesale loans[456](index=456&type=chunk) - Operating expenses increased **3% YoY** to **$8.66 billion**, primarily due to higher compensation and benefits, transaction-based expenses, and an FDIC special assessment fee[456](index=456&type=chunk) - The firm returned **$2.43 billion** to common shareholders in Q1 2024, consisting of **$1.50 billion** in share repurchases and **$929 million** in dividends[457](index=457&type=chunk) [Results of Operations](index=155&type=section&id=Results%20of%20Operations) Net Revenues by Line Item (Q1 2024 vs Q1 2023) | $ in millions | 2024 | 2023 | | :--- | :--- | :--- | | Investment banking | $2,085 | $1,578 | | Investment management | $2,491 | $2,289 | | Market making | $5,992 | $5,433 | | Other principal transactions | $960 | $55 | | Net interest income | $1,608 | $1,781 | | **Total net revenues** | **$14,213** | **$12,224** | - Investment banking revenues increased **32% YoY**, driven by significantly higher revenues in debt underwriting (especially leveraged finance), advisory (M&A), and equity underwriting (IPOs and secondary offerings)[476](index=476&type=chunk) - Other principal transactions revenues surged to **$960 million** from **$55 million**, primarily due to the impact of the Marcus loans portfolio sale in 2023, which included a significant mark-down in Q1 2023[477](index=477&type=chunk) [Segment Assets and Operating Results](index=160&type=section&id=Segment%20Assets%20and%20Operating%20Results) Segment Pre-Tax Earnings (Q1 2024 vs Q1 2023) | $ in millions | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Global Banking & Markets | $4,477 | $3,686 | | Asset & Wealth Management | $877 | $613 | | Platform Solutions | $(117) | $(306) | - Global Banking & Markets net revenues grew **15% YoY** to **$9.73 billion**, driven by a **32% increase** in Investment banking fees and a **10% increase** in FICC revenues[498](index=498&type=chunk)[499](index=499&type=chunk) - Asset & Wealth Management net revenues rose **18% YoY** to **$3.79 billion**, primarily due to higher Private banking and lending revenues (reflecting the absence of the prior year's Marcus loan sale mark-down) and higher Equity investments revenues[513](index=513&type=chunk) - Platform Solutions net revenues increased **24% YoY** to **$698 million**, reflecting higher average credit card and deposit balances, with the pre-tax loss narrowing to **$117 million** from **$306 million**[542](index=542&type=chunk) - Assets Under Supervision (AUS) grew to **$2.85 trillion** as of March 2024 from **$2.67 trillion** a year prior, driven by net inflows into long-term assets and net market appreciation[515](index=515&type=chunk)[516](index=516&type=chunk) [Balance Sheet and Funding Sources](index=177&type=section&id=Balance%20Sheet%20and%20Funding%20Sources) Balance Sheet Summary | $ in millions | As of March 2024 | As of December 2023 | | :--- | :--- | :--- | | Total assets | $1,698,440 | $1,641,594 | | Total liabilities | $1,579,894 | $1,524,689 | | Total shareholders' equity | $118,546 | $116,905 | Funding Sources Breakdown (As of March 2024) | Funding Source | Amount ($ in millions) | Percentage | | :--- | :--- | :--- | | Deposits | $440,662 | 36% | | Collateralized financings | $348,792 | 29% | | Unsecured long-term borrowings | $233,919 | 19% | | Total shareholders' equity | $118,546 | 10% | | Unsecured short-term borrowings | $78,603 | 6% | - Book value per common share increased to **$321.10** from **$313.56** at year-end 2023, and tangible book value per common share rose to **$300.40** from **$292.52**[552](index=552&type=chunk) [Capital Management and Regulatory Capital](index=181&type=section&id=Capital%20Management%20and%20Regulatory%20Capital) Regulatory Capital Ratios (Standardized) | Ratio | As of March 2024 | Requirement | | :--- | :--- | :--- | | CET1 capital ratio | 14.6% | 13.0% | | Tier 1 capital ratio | 16.2% | 14.5% | | Total capital ratio | 18.3% | 16.5% | - The firm's most binding capital constraint as of March 2024 was the supplementary leverage ratio (SLR) requirement[573](index=573&type=chunk) - Based on the 2023 CCAR submission, the FRB reduced the firm's Stress Capital Buffer (SCB) from **6.3%** to **5.5%**, effective from October 1, 2023[567](index=567&type=chunk) - The firm's G-SIB surcharge is **3.0%** for 2024 and 2025, with 2023 financial data indicating the firm is in the **3.5%** G-SIB surcharge threshold range, potentially effective as early as January 2026[573](index=573&type=chunk) [Risk Management](index=191&type=section&id=Risk%20Management) - The firm's risk management framework is built on three core components: governance, processes, and people, operating on a three-lines-of-defense model[601](index=601&type=chunk)[602](index=602&type=chunk) - Key risk measures include Value-at-Risk (VaR) and Earnings-at-Risk (EaR) for market risk, and current and potential exposure for credit risk, with the firm also conducting extensive stress testing[643](index=643&type=chunk)[646](index=646&type=chunk)[672](index=672&type=chunk) Average Daily VaR (95%, 1-day) | $ in millions | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Interest rates | $86 | $87 | $92 | | Equity prices | $29 | $29 | $28 | | Currency rates | $18 | $18 | $32 | | Commodity prices | $17 | $19 | $22 | | **Total** | **$87** | **$91** | **$101** | - Average Global Core Liquid Assets (GCLA) was **$423.2 billion** for Q1 2024, up from **$413.6 billion** in Q4 2023[629](index=629&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=166&type=section&id=Item%201.%20Legal%20Proceedings) The firm is involved in numerous judicial, regulatory, and arbitration proceedings, with an estimated upper end of reasonably possible aggregate loss of approximately **$2.1 billion** in excess of existing reserves for certain matters, while many others cannot be estimated - The firm estimates the upper end of the range of reasonably possible aggregate loss for certain legal and regulatory matters to be approximately **$2.1 billion** in excess of the aggregate reserves for such matters[404](index=404&type=chunk) - Key ongoing legal matters include those related to 1MDB, mortgage-backed securities, Archegos, Silicon Valley Bank, and various antitrust litigations concerning currencies, securities lending, and interest rate swaps[405](index=405&type=chunk)[408](index=408&type=chunk)[413](index=413&type=chunk)[415](index=415&type=chunk) - The firm is cooperating with the CFPB and other governmental bodies regarding investigations into GS Bank USA's credit card account management practices[443](index=443&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=166&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the firm repurchased **3.9 million shares** of common stock at an average price of **$384.55 per share**, totaling **$1.5 billion**, under the **$30 billion** share repurchase program approved in February 2023 Q1 2024 Common Stock Repurchases | Month | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January | 1,442,363 | $381.56 | | February | 2,459,260 | $386.30 | | March | 0 | - | | **Total** | **3,901,623** | **$384.55 (weighted avg)** | - The total cost of common share repurchases for the quarter was **$1.5 billion**[338](index=338&type=chunk) - As of March 2024, the remaining authorized amount for repurchases under the current program was **$22.7 billion**[745](index=745&type=chunk)

Recapitalization Transaction - Transcendia Holdings Inc announced a recapitalization transaction that provides $114 million in new capital and reduces over $200 million of debt, strengthening the company's financial position and competitive market stance [1] - The transaction is led by Industrial Opportunity Partners (IOP) and Goldman Sachs Asset Management, with IOP becoming the majority shareholder and Goldman Sachs retaining a significant minority stake [2] - The recapitalization received unanimous support from existing second lien lenders and includes a new first lien credit facility from General Atlantic Credit's Atlantic Park Fund [2] Strategic Impact and Growth Initiatives - The new capital will support Transcendia's ongoing transformational initiatives, including cost structure improvements, facility optimization, and business growth [3] - Transcendia's 2021 $40 million expansion in its Hebron, Ohio facility enhanced its barrier film manufacturing capabilities, enabling entry into new markets such as biopharmaceutical, food and beverage, and specialty industrial packaging [3] - The investment reflects confidence in Transcendia's "Invest to Grow" strategy, capabilities, and leadership team [3] Industry and Market Position - Transcendia is a global leader in manufacturing and converting custom engineered films, serving over 2,300 customers across healthcare, food and beverage, specialty industrial, and print and publishing markets [5][6] - The company operates 14 manufacturing facilities and three distribution centers globally, leveraging decades of expertise in material science and technology [6] - IOP and Goldman Sachs emphasize Transcendia's strong market position, resilient business model, and potential for continued profitable growth [3] Investor and Advisor Roles - Industrial Opportunity Partners, with over $1.5 billion in committed capital, focuses on manufacturing and value-added distribution businesses, providing operational resources to drive growth [7] - Goldman Sachs Alternatives, with over $450 billion in assets, brings extensive experience in private equity and alternative investments, supporting Transcendia's long-term growth strategy [8] - General Atlantic Credit, with $84 billion in assets under management, provides flexible capital solutions through its Atlantic Park strategy, tailored to Transcendia's specific needs [9]

Goldman Sachs is removing a cap on bonuses for London-based staff, paving the way for it to resume making multimillion pound payouts to its best-performing traders and dealmakers.Sky News can exclusively reveal that the Wall Street banking giant notified its UK employees on Thursday that it had decided to abolish the existing pay ratio imposed under European Union rules and which the government recently decided to scrap. Money latest: Seven tips for getting an upgrade on a planeIn a video message to staff, ...

Goldman Sachs (GS) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this investment bank have returned +4% over the past month versus the Zacks S&P 500 composite's -4.1% change. The Zacks Financial - Investment Bank industry, to which Goldman belongs, has lost 1.1% over this period. Now the key question is: Where could the stock be headed in the near term?Although media ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yiel ...