Market Overview

Mid-Day Market Update: Milestone Pharma Plunges After Study Results Miss Primary Endpoint; ThermoGenesis Shares Climb

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Midway through trading Tuesday, the Dow traded up 7.59% to 20003.77 while the NASDAQ rose 5.96% to 7,269.53. The S&P also rose, gaining 6.80% to 2,389.61.

US reported a total of 46,400 coronavirus cases with around 590 deaths. Italy reported a total of at least 63,900 confirmed cases and 6,000 deaths, while Spain confirmed a total of over 35,200 coronavirus cases. Mainland China reported 78 new cases on Monday. In total, there are at least 387,300 cases of COVID-19 worldwide with over 16,700 deaths.

Leading and Lagging Sectors

Energy shares climbed 10.4% on Tuesday. Meanwhile, top gainers in the sector included Halliburton Company (NYSE: HAL), up 27%, and Pembina Pipeline Corporation (NYSE: PBA), up 24%.

In trading on Tuesday, communication services shares rose by just 3.8%.

Top Headline

IHS Markit Ltd. (NYSE: INFO) reported better-than-expected earnings for its first quarter on Tuesday.

IHS Markit reported quarterly earnings of $0.66 per share, beating analysts’ estimates of $0.64 per share. Revenue came in at $1.081 billion, slightly exceeding the consensus expectations of $1.08 billion.

 

Equities Trading UP

U.S. Gold Corp. (NYSE: USAU) shares shot up 131% to $7.65. U.S. Gold reported updated Copper King economics showing NPV of $321.6 million and IRR of 52%.

Shares of ThermoGenesis Holdings, Inc. (NASDAQ: THMO) got a boost, shooting 155% to $5.89 after the company reported year-end 2019 results and issued corporate update.

Virgin Galactic Holdings, Inc. (NASDAQ: SPCE) shares were also up, gaining 23% to $15.96 after climbing over 15% on Monday. Morgan Stanley upgraded Virgin Galactic from Equal-Weight to Overweight and lowered the price target from $30 to $24.

Equities Trading DOWN

Milestone Pharmaceuticals Inc. (NASDAQ: MIST) shares tumbled 83% to $2.42 after the company said the Phase 3 study dubbed NODE-301 that evaluated its investigational therapy etripamil nasal spray for the treatment of paroxysmal supraventricular tachycardia, or SVT, did not achieve its primary endpoint of time to conversion of SVT to sinus rhythm compared to placebo over the five-hour period following the study drug administration. Piper Sandler downgraded Milestone Pharmaceuticals from Overweight to Neutral.

Shares of Hoth Therapeutics, Inc. (NASDAQ: HOTH) were down 17% to $3.09 after surging over 35% on Monday. Hoth Therapeutics announced a proposed common stock offering.

Baudax Bio, Inc. (NASDAQ: BXRX) was down, falling 44% to $2.43 after the company reported pricing of public offering of common stock and warrants.

Commodities

In commodity news, oil traded up 0.5% to $23.48, while gold traded up 4.5% to $1,638.40.

Silver traded up 5.3% Tuesday to $13.96, while copper rose 5.8% to $2.2225.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 5.92% the Spanish Ibex Index rose 4.86%, while Italy’s FTSE MIB Index climbed 6.3%. Meanwhile, the German DAX climbed 7.96%, and the French CAC 40 rose 5.51% while UK shares rose 5.72%.

Economics

The IHS Markit composite PMI dropped to 40.5 in March, compared to 49.6 in the prior month.

New home sales declined 4.4% to an annual rate of 765,000 in February.

The Treasury will auction 2-year notes at 1:00 p.m. ET.

 

Related Articles (HAL + BXRX)

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