Mid-Afternoon Market Update: Nasdaq Hits 9,000; Spring Bank Pharmaceuticals Shares Slide

Toward the end of trading Thursday, the Dow traded up 0.21% to 28,575.93 while the NASDAQ rose 0.68% to 9,013.32. The S&P also rose, gaining 0.37% to 3,235.22.

Leading and Lagging Sectors

Consumer discretionary shares climbed 0.8% on Thursday. Meanwhile, top gainers in the sector included Ruhnn Holding Ltd - ADR (NASDAQ: RUHN), up 10%, and Greenlane Holdings Inc (NASDAQ: GNLN), up 11%.

In trading on Thursday, health care shares fell 0.2%.

Top Headline

Following the conclusion of a strategic review, Qiagen NV (NYSE: QGEN) said the execution of its current business plan is the best opportunity to drive future value creation.

The company's supervisory board determined the various offers received weren't compelling and therefore terminated all discussions in a bid to execute on the company's standalone plan.

Equities Trading UP

Liquidia Technologies, Inc. (NASDAQ: LQDA) shares shot up 40% to $4.93 after Wedbush maintained an Outperform rating on the stock.

Shares of NewLink Genetics Corporation (NASDAQ: NLNK) got a boost, shooting up 40% to $3.2641 on above-average price action. The company announced an exclusive worldwide license with Ellipses Pharma on December 23rd.

Can-Fite BioPharma Ltd. (NYSE: CANF) shares were also up, gaining 16% to $3.4682 after the company reported that strategic partnership with Univo to develop cannabinoid-based products is ongoing.

Equities Trading DOWN

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) shares tumbled 57% to $3.73 after the company reported that its pre-specified primary endpoint in the Phase 2 Trial of Poziotinib in the previously treated NSCLC was not met in the Cohort 1.

Shares of Spring Bank Pharmaceuticals, Inc. (NASDAQ: SBPH) were down 61% to $1.4250 after the company reported it stopped dosing of Inarigivir patients in the phase 2 program.

QIAGEN N.V. (NASDAQ: QGEN) was down, falling 20% to $33.23 after the company announced it would not be acquired and it will stay a stand-alone business. Bank of America also reinstated its Underperform rating on the stock and announced a price target of $28 per share.

Commodities

In commodity news, oil traded up 1% to $61.72, while gold traded up 0.6% to $1,514.40.

Silver traded up 0.7% Thursday to $17.98, while copper rose 0.7% to $2.8475.

Euro zone

European markets will remain closed until Friday.

Economics

Initial jobless claims dropped 13,000 to 222,000 in the week ended December 21. However, economists were expecting a reading of 220,000 in the week.

Data on money supply for the recent week will be released at 4:30 p.m. ET.