Market Overview

Mid-Day Market Update: Opko Health Drops After Disappointing Phase 3 Study of hGH-CTP; Cempra Shares Surge

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Midway through trading Friday, the Dow traded down 0.14 percent to 19,792.63 while the NASDAQ declined 0.64 percent to 5,397.21. The S&P also fell, dropping 0.26 percent to 2,243.43.

Leading and Lagging Sectors

Non-cyclical consumer goods & services shares gained around 0.23 percent in trading on Friday.

In trading on Friday, technology shares slipped by 0.66 percent. Meanwhile, top losers in the sector included Tangoe Inc (NASDAQ: TNGO), down 5 percent, and AIXTRON SE (ADR) (NASDAQ: AIXG), down 4 percent.

Top Headline

Golden Meditech Holdings Limited agreed to sell its equity interest in China Cord Blood Corp (NYSE: CO) for RMB5.764 billion in cash.


Equities Trading UP

Marinus Pharmaceuticals Inc (NASDAQ: MRNS) shares shot up 35 percent to $1.13 as the company disclosed that ganaxolone has received Orphan Drug designation for the treatment of Fragile X Syndrome.

Shares of Cempra Inc (NASDAQ: CEMP) got a boost, shooting up 16 percent to $3.03 after tumbling 57.38 percent on Thursday. Morgan Stanley upgraded Cempra from Underweight to Equal-Weight.

Supercom Ltd (NASDAQ: SPCB) shares were also up, gaining 5 percent to $3.05 after the company disclosed that it has been awarded a $9 Million secure web land and geographical information system contract by a large Latin America government customer.


Equities Trading DOWN

Innocoll Holdings PLC (NASDAQ: INNL) shares dropped 65 percent to $0.613 after the company disclosed that it has received a Refusal to File letter from the FDA related to XARACOLL New Drug Application.

Shares of Opko Health Inc. (NASDAQ: OPK) were down around 18 percent to $9.40 after the company reported disappointing results to a clinical trial. In a press release, Opko Health announced data analysis from a Phase 3 trial which evaluated its long-acting human growth hormone product (hGH-CTP) in adults with growth hormone deficiency (GHD).

RiceBran Technologies (NASDAQ: RIBT) was down, falling around 13 percent to $1.05. RiceBran Technologies disclosed that it has received an extension on its senior secured term loan and revolving line of credit with Great Elm Capital.


Commodities


In commodity news, oil traded down 0.20 percent to $53.66 while gold traded down 0.08 percent to $1,157.20.

Silver traded down 0.30 percent Friday to $16.17, while copper rose 0.98 percent to $2.51.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 rose 0.24 percent, the Spanish Ibex Index rose 0.04 percent, while Italy’s FTSE MIB Index gained 0.21 percent. Meanwhile the German DAX climbed 0.26 percent, and the French CAC 40 gained 0.26 percent while U.K. shares rose 0.32 percent.

Economics

The Chicago PMI dropped 3 points to a reading of 54.6 in December.

Posted-In: Mid-Day Market UpdateNews Eurozone Commodities Global Intraday Update Markets Movers

 

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