News Bulletin
Friday April 20, 2018
Evening Edition

 

 

Economic Numbers

 

 

TIME

DETAIL

SURV

PRIOR

 

10:00

ECRI Weekly Index 

148.9

147.8

 

10:00

ECRI Weekly Annualized (WoW)

3.2%

3.5%

 

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Indices

 

 

CLOSE

50 DMA

200 DMA

S&P 500

2,666.38

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DJIA

24,459.81

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NASDAQ

7,145.52

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20th Apr, 2018 Market News

 

07:10 Ionis Pharmaceuticals [IONS] is up +8% premarket on light volume in response to its new 10-year collaboration with Biogen (NASDAQ:BIIB) aimed at developing new antisense therapies for neurological disorders. Under the terms of the deal, Biogen will pay Ionis $1B in cash, including $625M to purchase 11,501,153 shares of Ionis common stock at $54.34 per share and a $375M upfront payment.

 

07:34 [GE] +5% after Q1 beat, reaffirming outlook : Adjusted EPS of $0.16, up 14% from the $0.14 reported in the same quarter a year ago. Strong performance was seen in Aviation, Healthcare, Renewables, Transportation, & Corporate, partly offset by lower Power, Oil & Gas, & GE Capital earnings. Adjusted free cash flow of $(1.7)B, +$1.1B versus Q1 in 2017. The conglomerate also reaffirmed guidance despite recording a reserve of $1.5B related to the WMC FIRREA investigation in discontinued operations.

 

08:42 Abeona Therapeutics [ABEO] is up +4% premarket on light volume on the heels of its announcement that the European Medicines Agency has designated gene therapy ABO-202 an Orphan Drug for the treatment of neuronal ceroid lipofuscinosis, known as Batten disease, a fatal inherited lysosomal storage disorder that primarily affects the nervous system in children.

 

09:25 Atlassian [TEAM] is down -11.5% premarket in the wake of last night's earnings release, where it guided to current-quarter EPS of $0.12 per share, short of analyst consensus for $0.14/share. Following earnings, JMP Securities downgraded the stock to Market Perform from Outperform, tipping a generally even balance among analysts between Buy and Hold toward Hold.

 

10:36 SAGE Therapeutics [SAGE(-7.4%) slumps on below-average volume. Investors apparently perceive diminished prospects for a deal with Biogen on the heels of its $1B deal with Ionis.

 

11:11 Akcea Therapeutics [AKCA(+10%) is up on lower-than-normal volume on the heels of a new $200M investment from majority owner Ionis Pharmaceuticals (IONS +2.2%).

 

11:39 Nano cap VistaGen Therapeutics [VTGN(-11.2%) continues its slide in apparent reaction to a study published in The American Journal of Psychiatrythat showed mixed results in major depressive disorder (MDD) patients treated with NMDA receptor antagonist esketamine

. Shares have sold off 20% since then.

 

11:56 Sanchez Energy [SN] (-13.2%) sinks after Q1 total production of nearly 7.3M boe, or 80,572 boe/day, comes in below the company's expectations. SN says production was hurt by a weather-related disruption, a temporary third-party bottleneck in natural gas takeaway capacity, and certain operational impacts stemming from the testing of a variety of completion methods across the asset base.

 

12:23 Dicerna Pharmaceuticals [DRNA(+18.9%) announces that it has settled all litigation with Alnylam Pharmaceuticals (ALNY +2.7%) related to their dispute of alleged misappropriation of trade secrets and anti-competitive practices. Neither company admits wrongdoing.

 

13:04 Xunlei Limited [XNET(+7.2%) has launched ThunderChain -- an improved blockchain infrastructure the company says can concurrently conduct millions of transactions per second.

 

13:32 Brazil breaks patent of Alexion's Soliris [ALXN]; shares slide -5% : The ruling was apparently from last month, but published today on the Attorney General's website. By unanimous decision, the Superior Court of Justice says Brazil should be able to produce generic Soliris.

 

13:34 Cherokee [CHKE(-28.7%) reports Q4 revenue of $6.88M (-17.8% Y/Y) of which Cherokee was $2.4M; Hi-Tec $2.7M ; Tony Hawk $1.4M & Flip Flop Shops was $0.4M.

 

14:13 Following a rebound day, Roku [ROKU] (-3.7%) is lower again alongside an initiation at Loop Capital Markets with a downside price target. Shares closed at $32.70 yesterday; Loop has started coverage at Hold with a $30 price target, bearish in comparison to the rest of the Street.

 

14:53 Thinly traded nano cap Valeritas Holdings [VLRX] (+53.7%) is up on a healthy 42x surge in volume on the heels of its announced partnership with diabetes data management provider Glooko.

Under the terms of the deal, Valeritas will provide V-Go SIM users with Glooko's cloud-based mobile and web diabetes data management platform which enables diabetics to track and analyze their care plan and share data with healthcare providers.

 

15:19 Nano cap Myomo [MYO] (+11.9%) has rallied over 20% since yesterday in apparent response to an upcoming 60 minutes piece on MIT's Media Lab schedule to air this Sunday, April 22 at 7:00 pm ET. Media Lab is famous for leading edge technology development, including robotics and advanced prosthetics.

 

15:34 Solid Biosciences [SLDB(+11%) is up, albeit on light volume, as it continues its clawback from the almost 60% drop about a month ago when the FDA suspended its clinical trial supporting DMD candidate SGT-001 after the first patient was hospitalized.

 

15:45 Cleveland-Cliffs [CLF] (+7.7%) surges as investors overlook a larger than expected Q1 loss and a 48% Y/Y decline in revenues, as it raises its full-year pellet sales guidance by 500K long tons to 20.5M tons. CLF also lifts its FY 2018 outlook for iron ore pellet prices to $102-$107/ton from previous guidance called of $97-$102/ton, assuming that iron ore prices, steel prices and pellet premiums remain in line with YTD averages for the rest of the year.


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