Market Overview

Mid-Morning Market Update: Markets Open Lower; Intersect ENT's Study Of Drug-Coated Balloon For Sinus Dilation Misses Primary Endpoint

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Following the market opening Monday, the Dow traded down 0.27% to 26502.43 while the NASDAQ fell 0.22% to 7965.29. The S&P also fell, dropping 0.30% to 2,943.04.

Leading and Lagging Sectors

Energy shares slipped by just 0.2% on Monday. Meanwhile, top gainers in the sector included Teekay Tankers Ltd. (NYSE: TNK), up 9%, and International Seaways, Inc. (NYSE: INSW), up 11%.

In trading on Monday, real estate shares fell 0.8%.

Top Headline

Intersect ENT Inc (NASDAQ: XENT), which focuses on products for patients with ear, nose and throat conditions, said a study dubbed ASCEND that evaluated its drug-coated sinus balloon for dilation of the frontal sinus ostium did not meet the primary endpoint.

The benchmark was an intra-patient comparison of frontal sinus patency grade at day 30, as judged by an independent reviewer. The drug used was mometasone furoate. The ASCEND study looked at whether the drug-coated sinus balloon would reduce post-balloon dilation edema through localized delivery directly to the dilated tissue.

Equities Trading UP

Akcea Therapeutics, Inc. (NASDAQ: AKCA) shares shot up 37% to $20.72 after the company announced it would receive a $125 million upfront payment from Pfizer for the exclusive licensing of AKCEA-ANGPTL3-L.

Shares of Aethlon Medical, Inc. (NASDAQ: AEMD) surged 26% to $0.3080 after the company announced it received an FDA approval for its IDE for Oncology Indications.

Sienna Biopharmaceuticals, Inc. (NASDAQ: SNNA) was up, rising 23% to $0.3075 after the company filed 510(k) with the FDA for SNA-001.

Equities Trading DOWN

NGM Biopharmaceuticals, Inc. (NASDAQ: NGM) shares tumbled 25% to $10.11 after reporting interim results from ongoing 24-week Phase 2 study evaluating aldafermin in patients with NASH.

Shares of Capricor Therapeutics, Inc. (NASDAQ: CAPR) were down 17% to $2.79 after the company issued an update on its HOPE-2 study of CAP-1002.

Intersect ENT, Inc. (NASDAQ: XENT) was down, falling 9% to $15.44 after the company's ASCENT trial did not meet its primary endpoint.

Commodities

In commodity news, oil traded up 1.2% to $53.46, while gold traded down 0.6% to $1,503.70.

Silver traded down 0.8% Monday to $17.485, while copper rose 0.1% to $2.565.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.4%, the Spanish Ibex Index rose 0.4%, while Italy’s FTSE MIB Index gained 0.4%. Meanwhile, the German DAX climbed 0.3%, and the French CAC 40 rose 0.3% while UK shares rose 0.3%.

Economics

Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Prior Lake, Minnesota at 10:20 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The TD Ameritrade Investor Movement Index for September is schedule for release at 12:30 p.m. ET.

Federal Reserve Chairman Jerome Powell will speak in Salt Lake City, Utah at 1:00 p.m. ET.

Data on consumer credit for August will be released at 3:00 p.m. ET.

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

 

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