Mid-Morning Market Update: Markets Mixed; Elanco Animal Health To Acquire Kindred Biosciences

Following the market opening Wednesday, the Dow traded down 0.15% to 34,247.35 while the NASDAQ rose 0.36% to 14,123.49. The S&P also fell, dropping 0.01% to 4,246.07.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,486,910 cases with around 600,280 deaths. India confirmed a total of at least 29,633,100 cases and 379,570 deaths, while Brazil reported over 17,533,220 COVID-19 cases with 490,690 deaths. In total, there were at least 176,682,210 cases of COVID-19 worldwide with more than 3,823,780 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares climbed 0.6% on Wednesday. Meanwhile, top gainers in the sector included Kindred Biosciences, Inc. KIN, up 45%, and Aprea Therapeutics, Inc. APRE, up 38%.

In trading on Wednesday, energy shares fell 1%.

Top Headline

Elanco Animal Health Incorporated ELAN agreed to acquire Kindred Biosciences Inc KIN for $9.25 per share, or approximately $440 million.

The price represents a premium of 52% based on the 30-day average.


Equities Trading UP

Kindred Biosciences, Inc. KIN shares shot up 45% to $9.19 after Elanco announced an agreement to acquire the company for $9.25 per share.

Shares of Aprea Therapeutics, Inc. APRE got a boost, shooting 43% to $6.95 after the company announced that the Phase 1/2 trial evaluating eprenetapopt in acute myeloid leukemia (AML) has met the pre-specified primary efficacy endpoint of complete remission (CR) rate.

GTT Communications, Inc. GTT shares were also up, gaining 37% to $2.8101.

Check out these big movers of the day

Equities Trading DOWN

Alzamend Neuro, Inc. ALZN shares tumbled 15% to $11.50. Alzamend Neuro shares jumped 170% on Tuesday after the company priced its IPO at $5 per share

Shares of Inhibikase Therapeutics, Inc. IKT were down 22% to $3.1350 after the company priced an underwritten public offering of 15 million shares at $3/share for gross proceeds of approximately $45 million.

Blue Apron Holdings, Inc. APRN was down, falling 19% to $4.4750 after the company priced public offering of 4.706 million shares of Class A common stock at $4.25 per share.


In commodity news, oil traded up 0.5% to $72.45, while gold traded up 0.1% to $1,857.10.

Silver traded up 0.6% Wednesday to $27.87 while copper rose 0.1% to $4.3330.

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.1% and the German DAX 30 fell 0.1%. Meanwhile, the London’s FTSE 100 gained 0.1%, French CAC 40 climbed 0.1% and Italy’s FTSE MIB rose 0.1%.

UK’s producer prices rose 4.6% year-on-year in May, while consumer price inflation rate increased to 2.1% year-over-year.


Housing starts rose 3.6% to an annualized rate of 1.572 million in May, while building permits fell 3.0% to a 1.681 million rate.

US import prices increased 1.1% in May, while prices for exports climbed 2.2%.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

The Federal Reserve will announce its policy decision at 2:00 p.m. ET.

The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

Check out the full economic calendar here

Posted In: Mid-Morning Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.