101.99 +0.06 (0.06%)
After hours: 6:31PM EST
|Bid||101.51 x 800|
|Ask||101.93 x 900|
|Day's Range||101.70 - 103.65|
|52 Week Range||100.22 - 122.97|
|PE Ratio (TTM)||3.54|
|Beta (3Y Monthly)||1.63|
|Expense Ratio (net)||0.47%|
U.S. stocks snap a 3-day winning streak to wrap up a volatile trading week on Wall Street. Jared Blikre breaks down all the live market action from the floor of the New York Stock Exchange.
Trump says the GOP will protect pre-existing conditions, but their actions say otherwise. Rick Newman on what's going on.
The Zacks Analyst Blog Highlights: Gilead Sciences, Alexion Pharmaceuticals, Regeneron Pharmaceutical and Biogen
To receive further updates on this iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) trade as well as an alert when it’s time to take profits, sign up for a risk-free trial of Maximum Options today. This morning I am recommending a bullish trade on the iShares Nasdaq Biotechnology ETF (NASDAQ:IBB).
Shares of Moderna Inc. opened at $22 Friday on the Nasdaq , or 4% below its initial public offering price, with the first trade crossing at 11:40 am Eastern for 2,249,704 shares. The IPO priced on Thursday at the middle of the company's expected range of $22 to $24 a share. Moderna sold 26.3 million shares to raise $604.3 million, the largest biotech offering to date. The company has gone public during a sluggish time for biotech stocks; the Nasdaq Biotechnology ETF was up 14% for the year through August, but is now down 0.4% in the year to date. The S&P 500 is up 0.4%.
Shares of Revance Therapeutics Inc. were up 1.9% in premarket trade Tuesday after the company announced it had entered an agreement with Shanghai Fosun Pharmaceutical Industrial Development Co. to give Fosun exclusive rights to develop and commercialize Revance's botulinum toxin formulation RT002 in mainland China, Hong Kong and Macau. Under the licensing agreement, Revance will receive an upfront payment of $30 million and is eligible to receive up to an additional $230.5 million in future development and sales milestone payments, as well as royalties on future net sales. Shares of Revance have fallen 42% in the year to date, while the iShares Nasdaq Biotechnology exchange traded fund has gained 3.3%. The SPDR S&P Biotech ETF, which includes smaller biotech companies, has fallen 0.3%, and the S&P 500 has advanced 4.4%.
Zafgen Inc. said Monday the Food and Drug Administration ha placed a clinical hold on its investigational new drug application (IND) for the biopharmaceutical company's first U.S. clinical trial of its type 2 diabetes treatment, citing the possibility of cardiovascular safety risk. The stock was halted for news until 7:30 a.m. Eastern. The FDA outlined multiple potential paths for moving forward, including nonclinical and clinical options to address the concerns. Zafgen said it plans to assess the options and request a Type A meeting with the FDA. Zafgen said that with the delay of additional clinical development for ZGN-1061, the company now expects its cash runway to extend through 2020. The stock has soared 97% year to date, while the iShares Nasdaq Biotechnology ETF has slipped 3.3% and the S&P 500 has lost 1.5%.
The stock market correction that started in October and has continued in November will encourage investors to buy more conservative stocks. Conversely, Pfizer Inc. (NYSE: PFE) stock is closer to its 52-week highs. Plus, Pfizer stock has a dividend yield of around 3%.
Consider Gilead Sciences (GILD) and Celgene (CELG) for example. At recent prices of $70 and $75, they traded at market values that aren’t too far above the value of their operating businesses, according to discounted cash flow analysis by Jefferies biotech analyst Michael Yee and his team. Then add if they fall back to their “free pipeline” stock prices.
Jazz Pharmaceuticals generated revenues of $469.4 million in the third quarter, which reflects ~14% YoY (year-over-year) growth. Jazz Pharmaceuticals’ net revenues over the first nine months of 2018 were $1.4 billion—compared to $1.2 billion in the same period in 2017, which reflects ~20% YoY growth.
Earnings and U.S. midterm polls continued to positively influence biotech stocks, with the sector notching gains for the second straight week. These are some of the upcoming week's catalysts that could ...
Voting for Democrats was spectacular! A few weeks ago, we told investors that you really wanted to see the Democrats take the House. That way, we would get gridlock and a check on the president, maybe even some help with tariffs. Well, initially this looks to be right. The Dow Jones Industrials (DIA) are up 2% along with the S&P 500 (SPX), while the Nasdaq (QQQ) is up 2.5%. So far, so good.
Shares of MiMedx Group Inc. plummeted 34% to pace all Nasdaq losers in morning trade Wednesday, after the biopharmaceutical company disclosed that the Nasdaq will suspend trading in its stock starting Nov. 8, ahead of a delisting. The delisting notice comes as the company has failed to regain compliance with Securities and Exchange Commission reporting obligations amid an internal accounting investigation. Separately, the company said it has adopted a shareholder rights plan, also known as a "poison pill," that becomes exercisable of an investor acquires ownership of 10% or more of MiMedx common stock, in an effort to block an unsolicited buyout attempt. The stock has now lost 67% year to date, while the iShares Nasdaq Biotechnology ETF has gained 2.4% and the S&P 500 has advanced 3.9%.
In the third quarter, Exelixis’s (EXEL) Cabozantinib franchise generated revenues of $162.9 million, reflecting ~69% YoY growth. Exelixis’s Cabometyx generated revenues of $158.3 million in the third quarter, reflecting ~75% YoY growth.
Shares of Puma Biotechnology Inc. plummeted 38% toward a 2 1/2-year low, to pace all premarket decliners, after the company reported third-quarter earnings and revenue that beat expectations, but reported disappointing results of its key product, the breast cancer treatment Nerlynx. That prompted J.P. Morgan to swing to bearish from bullish and slash its stock price target. Total revenue rose to $62.6 million from $6.1 million a year ago, topping the FactSet consensus of $57.9 million, but Nerlynx sales of $52.6 million was below expectations of $58.1 million. The company said late Thursday on the post-earnings conference call with analysts that the percentage of patients who discontinued the use of Nerlynx because of adverse events increased to about 18%. J.P. Morgan's Cory Kasimov downgraded Puma to underweight from overweight and cut his price target to $23 from $83. "There simply doesn't appear to be enough new patient starts to offset the discontinuations and patients rolling off [Nerlynx] therapy after 12 months," Kasimov wrote in a note to clients. the stock had already tumbled 61% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 1.2% and the S&P 500 had tacked on 2.5%.
The market extended its rebound Thursday as small cap stocks took the lead in a broad advance, but leading stocks again lagged.
Incyte (INCY) released its Q3 2018 earnings today. The company beat Wall Street analysts’ estimates for revenue but missed estimates for EPS. It reported EPS of $0.14 on revenues of $449.68 million in the third quarter of 2018, compared to estimates for EPS of $0.40 on revenues of $449.20 million.
Shire (SHPG) is a biotechnology company focused on discovering, developing, and commercializing specialty medicines to treat rare diseases and other specialized conditions. Shire is set to release its third quarter of 2018 earnings on November 1. Wall Street analysts estimate EPS of $3.58 on revenues of $3.82 billion.