Market Overview

Mid-Afternoon Market Update: Axsome Therapeutics Jumps On Positive Late-Stage Results For Depression Drug; Wave Life Sciences Shares Slide

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Toward the end of trading Monday, the Dow traded up 0.55% to 28,290.36 while the NASDAQ rose 1.04% to 8,826.09. The S&P also rose, gaining 0.83% to 3,194.95.

Leading and Lagging Sectors

Health care shares climbed 1.5% on Monday. Meanwhile, top gainers in the sector included Mirum Pharmaceuticals Inc (NASDAQ: MIRM), up 100%, and Axsome Therapeutics Inc (NASDAQ: AXSM), up 73%.

In trading on Monday, real estate shares fell 0.1%.

Top Headline

International Flavors & Fragrances Inc (NYSE: IFF) announced plans to merge with DuPont's nutrition & biosciences business in a deal that will value the combined company at $45.4 billion on an enterprise value basis.

Equities Trading UP

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) shares shot up 100% to $16.42 after the company announced it completed a successful pre-NDA meeting with the FDA for its Maralixibat.

Shares of Axsome Therapeutics, Inc. (NASDAQ: AXSM) got a boost, shooting up 73% to $81.14 following a positive clinical readout. A Phase 3 study dubbed GEMINI that evaluated Axsome'sAXS-05 —an oral investigational NMDA receptor antagonist with multimodal activity —in major depressive disorder met the primary endpoint, the company said Monday.

SIFCO Industries, Inc. (NYSE: SIF) shares were also up, gaining 20% to $3.2450 following Q4 results. SIFCO Industries posted Q4 earnings of $0.43 per share, versus a year-ago loss of $0.49 per share.

Equities Trading DOWN

Wave Life Sciences Ltd. (NASDAQ: WVE) shares tumbled 54% to $17.22 after the company announced it would discontinue the development of its Suvodirsen for Duchenne muscular dystrophy.

Shares of Gossamer Bio, Inc. (NASDAQ: GOSS) were down 37% to $15.98 after drug company Novartis discontinued development of a treatment that shares characteristics with Gossamer's lead candidate.

PG&E Corporation (NYSE: PCG) was down, falling 10% to $10.18 after California Governor Gavin Newsom rejected the company's bankruptcy reorganization proposal.

Commodities

In commodity news, oil traded up 0.2% to $60.16, while gold traded down 0.2% to $1,479.00.

Silver traded up 0.4% Monday to $17.075, while copper rose 1.1% to $2.8105.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 1.39%, the Spanish Ibex Index rose 1.22%, while Italy’s FTSE MIB Index rose 0.84%. Meanwhile, the German DAX gained 0.94%, and the French CAC 40 rose 1.23% while UK shares rose 2.25%.

Economics

The Empire State manufacturing index rose to 3.5 in December, versus prior reading of 2.9. However, analysts were expecting a reading of 3.5.

The IHS Markit composite PMI climbed to 52.2 in December, compared to 52 in the prior month. The services PMI jumped to 52.2 in December, versus 51.6 in the prior month.

The NAHB housing market index rose to 76 in December, versus a revised reading of 71 in November.

The Treasury International Capital report for October will be released at 4:00 p.m. ET.

 

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