Market Overview

Mid-Morning Market Update: Markets Mostly Higher; Fibrocell Receives Cash Bid From Castle Creek Pharma

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Following the market opening Friday, the Dow traded up 0.28% to 27,259.71 while the NASDAQ fell 0.02% to 8,193.06. The S&P also rose, gaining 0.17% to 3,014.70.

Leading and Lagging Sectors

Materials shares climbed 0.6% on Friday. Meanwhile, top gainers in the sector included Taseko Mines Limited (NYSE: TGB), up 7%, and Ferroglobe PLC (NYSE: GSM), up 4%.

In trading on Friday, information technology shares fell 0.7%.

Top Headline

Castle Creek Pharmaceutical Holdings announced it will acquire Fibrocell Science, Inc. (NASDAQ: FCSC), a cell and gene therapy company in a $3 per share cash.

Castle Creek Pharmaceuticals is a privately held company developing therapies for patients with rare, serious or debilitating dermatologic conditions. Castle Creek Pharmaceuticals already has a licensing and development collaboration with Fibrocell, which began in April.
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Equities Trading UP

MER Telemanagement Solutions Ltd. (NASDAQ: MTSL) shares shot up 60% to $1.92 after reporting half-year results. Mer Telemanagement reported H1'19 EPS of $(0.04) on sales of $2.6 million.

Shares of Fibrocell Science Inc (NASDAQ: FCSC) got a boost, shooting up 60% to $2.94 after the company agreed to be acquired by Castle Creek Pharmaceutical for an all-cash consideration of $3 per share.

Vince Holding Corp. (NYSE: VNCE) shares were also up, gaining 20% to $13.82 after the company reported Q2 results.

Equities Trading DOWN

Ardelyx, Inc. (NASDAQ: ARDX) shares tumbled 14% to $5.40. Ardelyx announced the FDA has approved its tenapanor, brand name Ibsrela, a 50mg twice-daily oral pill for the treatment of irritable bowel syndrome with constipation in adults. The drug acts locally in the gastrointestinal tract by inhibiting the sodium-hydrogen exchanger, leading to increased bowel movements and decreased abdominal pain.

Shares of Park City Group, Inc. (NASDAQ: PCYG) were down 16% to $6.45 after reporting Q4 results.

Ritter Pharmaceuticals, Inc. (NASDAQ: RTTR) was down, falling 70% to $0.3283 following a clinical readout. Ritter said the Phase 3 trial of RP-G28 that's being evaluated for lactose intolerance failed to show statistical significance in its pre-specified primary endpoint..

Commodities

In commodity news, oil traded up 0.4% to $55.30, while gold traded up 0.5% to $1,514.70.

Silver traded up 0.2% Friday to $18.21, while copper rose 1.5% to $2.679.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.2%, the Spanish Ibex Index rose 0.5%, while Italy’s FTSE MIB Index rose 0.6%. Meanwhile, the German DAX rose 0.5% and the French CAC 40 climbed 0.3% while UK shares rose 0.1%.

Economics

The import price index dropped 0.5% for August, while export prices declined 0.6% last month.

U.S. retail sales increased 0.4% for August, versus economists’ expectations for a 0.2% rise.

The University of Michigan's consumer sentiment index rose to 92 in September, versus 89.8 in previous month.

U.S. business inventories rose 0.4% for July, versus economists’ expectations for a 0.3% gain.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

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

 

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