Mid-Afternoon Market Update: CytomX Therapeutics Climbs Following Bristol-Myers Squibb Partnership; Medgenics Shares Slide
Toward the end of trading Monday, the Dow traded down 0.01 percent to 20,912.59 while the NASDAQ declined 0.04 percent to 5,898.64. The S&P also fell, dropping 0.19 percent to 2,373.85.
Leading and Lagging Sectors
Monday afternoon, the non-cyclical consumer goods & services sector proved to be a source of strength for the market.
In trading on Monday, utilities shares fell 0.66 percent. Meanwhile, top losers in the sector included RGC Resources Inc. (NASDAQ: RGCO), down 5 percent, and Cia Energetica de Minas Gerais CEMIG-ADR (NYSE: CIG), down 5 percent.
The Washington Companies proposed to acquire Dominion Diamond Corp (NYSE: DDC) for US$13.50 per share in cash.
Equities Trading UP
Esperion Therapeutics Inc (NASDAQ: ESPR) shares shot up 64 percent to $38.82 after the company reported the FDA confirmation regarding regulatory pathway to approval for an LDL-C lowering indication for bempedoic acid.
Shares of Nektar Therapeutics (NASDAQ: NKTR) got a boost, shooting up 38 percent to $21.33 after the company reported that it has met its primary and secondary endpoints in Phase 3 Summit-07 study for chronic pain.
CytomX Therapeutics Inc (NASDAQ: CTMX) shares were also up, gaining 24 percent to $18.89. Bristol-Myers Squibb Co (NYSE: BMY) and CytomX Therapeutics disclosed that they have extended worldwide partnership to discover Probody therapeutics for the treatment of cancer and other diseases.
Equities Trading DOWN
Cerulean Pharma Inc (NASDAQ: CERU) shares dropped 62 percent to $1.27. Cerulean Pharma and Daré Bioscience reported that they have entered into a stock purchase agreement. Cerulean also announced plans to reduce workforce by 11 people. The company reported that it has sold CRLX101 and CRLX301 to BlueLink Pharmaceuticals for $1.5 million and also agreed to sell Dynamic Tumor Targeting Platform to Novartis for $6 million.
Shares of Medgenics Inc (NASDAQ: GNMX) were down around 56 percent to $2.40 after the company disclosed that that SAGA trial of AEVI-001 did not meet primary endpoint.
QuickLogic Corporation (NASDAQ: QUIK) was down, falling around 10 percent to $2.10. QuickLogic reported a $15 million share offering.
In commodity news, oil traded down 0.53 percent to $49.05 while gold traded up 0.29 percent to $1,233.80.
Silver traded up 0.10 percent Monday to $17.43, while copper fell 0.98 percent to $2.67.
European shares closed lower today. The eurozone's STOXX 600 dropped 0.17 percent, the Spanish Ibex Index fell 0.31 percent, while Italy's FTSE MIB Index slipped 0.53 percent. Meanwhile the German DAX fell 0.35 percent, and the French CAC 40 declined 0.34 percent while U.K. shares rose 0.07 percent.
On the economics calendar Monday, there is no important data due out.
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