Mid-Afternoon Market Update: Coherus Biosciences Drops After FDA Response Letter; TrovaGene Shares Surge

Toward the end of trading Monday, the Dow traded down 0.34 percent to 21,199.80 while the NASDAQ declined 0.93 percent to 6,150.45. The S&P also fell, dropping 0.38 percent to 2,422.55.

Leading and Lagging Sectors

Telecommunications services sector was the top gainer in the US market on Monday. Top gainers in the sector included Cincinnati Bell Inc. CBB, B Communications Ltd BCOM, and Telephone & Data Systems, Inc. TDS.

In trading on Monday, technology shares fell 1.36 percent. Meanwhile, top losers in the sector included Kopin Corporation KOPN, down 7 percent, and GSI Technology, Inc. GSIT, down 7 percent.

Top Headline

General Electric Company GE announced the retirement of its CEO Jeff Immelt.

After 30 years with General Electric Company, GE Healthcare Limited CEO and President John Flannery is about to inherit all of corporate leadership.

Effective Aug. 1, Flannery, 55, will succeed retiring CEO Jeffrey Immelt, who will retain his role as chairman through the end of the year before relinquishing it to Flannery.

Equities Trading UP

GTx, Inc. GTXI shares shot up 78 percent to $5.49 after the company disclosed positive preliminary results from ongoing Phase 2 proof-of-concept clinical trial in women with stress urinary incontinence.

Shares of XBiotech Inc XBIT got a boost, shooting up 38 percent to $4.41 after falling 66.03 percent on Friday.

TrovaGene Inc TROV shares were also up, gaining 27 percent to $1.02 after the company reported a deal with AstraZeneca for utilization of Trovera ctDNA test and services in prospective biomarker study.

Equities Trading DOWN

Coherus Biosciences Inc CHRS shares dropped 28 percent to $14.82 after the company disclosed that it has received a Complete Response Letter from the FDA for its application for its CHS-1701. In the letter, the FDA has requested additional information in which the company has pledged to provide.

Shares of Pandora Media Inc P were down 5 percent to $8.13. Oppenheimer downgraded Pandora from Outperform to Perform.

Volt Information Sciences, Inc. VISI was down, falling around 20 percent to $4.10. On Friday, Volt Information Sciences reported a Q2 loss of $854,000 on revenue of $303 million.

Commodities

In commodity news, oil traded up 0.92 percent to $46.25 while gold traded down 0.22 percent to $1,268.60.

Silver traded down 1.67 percent Monday to $16.935, while copper fell 1.28 percent to $2.6155.

Eurozone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.97 percent, the Spanish Ibex Index dropped 1.24 percent, while Italy’s FTSE MIB Index slipped 1 percent. Meanwhile the German DAX declined 0.98 percent, and the French CAC 40 slipped 1.12 percent while U.K. shares fell 0.21 percent.

Economics

The U.S. budget deficit increased to $88.4 billion in May, compared to $53 billion in the year-ago period, the Treasury Department reported.