Market Overview

Mid-Afternoon Market Update: NeuroDerm Surges Following Meeting With FDA; Cerecor Shares Slide

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Toward the end of trading Monday, the Dow traded up 0.24 percent to 19,217.33 while the NASDAQ climbed 0.88 percent to 5,302.09. The S&P also rose, gaining 0.54 percent to 2,203.81.

Leading and Lagging Sectors

Monday afternoon, basic materials shares gained by 1.46 percent. Meanwhile, top gainers in the sector included Cliffs Natural Resources Inc (NYSE: CLF), and AK Steel Holding Corporation (NYSE: AKS).

In trading on Monday, healthcare shares fell by 0.08 percent. Meanwhile, top losers in the sector included China Cord Blood Corp (NYSE: CO), down 6 percent, and Omnicell, Inc. (NASDAQ: OMCL), down 5 percent.

Top Headline

Consolidated Communications Holdings Inc (NASDAQ: CNSL) announced plans to acquire FairPoint Communications Inc (NASDAQ: FRP) for $1.5 billion in an all-stock merger.

The transaction is projected to close by mid-2017.


Equities Trading UP

Selecta Biosciences Inc (NASDAQ: SELB) shares shot up 14 percent to $22.33. Spark Therapeutics Inc (NASDAQ: ONCE) disclosed that it has entered into a licensing agreement with Selecta Biosciences.

Shares of Quantenna Communications Inc (NASDAQ: QTNA) got a boost, shooting up 14 percent to $19.16. Needham upgraded Quantenna Communications from Buy to Strong Buy.

Neuroderm Ltd (NASDAQ: NDRM) shares were also up, gaining 27 percent to $19.80 on the back of an update release following an October meeting with the FDA. The company reported that it intends to pursue a comparative bioavailability path for ND0612 based on comparative pharmokinetic (PK) data rather than data from a Phase III trial. In addition, the company reported that the FDA will be considering long-term safety data from the company’s BeyoND trial in the New Drug Application (NDA).

 

Equities Trading DOWN

Cerecor Inc (NASDAQ: CERC) shares dropped 17 percent to $1.45 after the company disclosed that its CERC-501 Phase 2 study did not meet primary objective.

Shares of Hudson Technologies, Inc. (NASDAQ: HDSN) were down 15 percent to $6.77 after the company announced a $45 million offering of its common stock and an additional $4 million offering by selling shareholders.

Agios Pharmaceuticals Inc (NASDAQ: AGIO) was down, falling around 12 percent to $49.92 after the company reported a new data from AG-348 and AG-519 demonstrating the potential for the first disease-modifying treatment for patients with PK deficiency at the ASH 2016.


Commodities


In commodity news, oil traded up 0.45 percent to $51.91 while gold traded down 0.37 percent to $1,173.40.

Silver traded down 0.04 percent Monday to $16.83, while copper rose 2.67 percent to $2.70.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.56 percent, the Spanish Ibex Index rose 0.67 percent, while Italy’s FTSE MIB Index declined 0.21 percent. Meanwhile the German DAX climbed 1.63 percent, and the French CAC 40 gained 1.00 percent while U.K. shares rose 0.24 percent.

Economics

The final reading of Markit services PMI dropped to 54.6 for November, versus a flash reading of 54.7.

The ISM non-manufacturing index rose to 57.20 for November, versus a prior reading of 54.80. However, economists were expecting a reading of 55.40.

Posted-In: Earnings M&A News Eurozone Commodities Global Intraday Update Markets

 

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