Wall Street remains fairly stable this Wednesday after its recent advance. The record levels of the Dow Jones and the Nasdaq 100 hit recently are now encouraging operators to be a little more cautious, which also explains the meager trading observed… The markets have climbed since mid-December, while the Fed hinted that it would cut interest rates sometime next year.
Today, the DJ gained 0.15% to 37,598 pts, the S&P stagnated at 4,776 pts and the Nasdaq fell 0.07% to 15,065 pts.
The dollar falls to a 5-month low on Wednesday, while the euro reached a high above $1.11, driven by expectations of a Fed interest rate cut , while the ECB becomes more hesitant…
The oil market stabilizes at $80 per barrel of Brent. Investors are still monitoring developments in the Red Sea, as some container ships have resumed passage through this trade route.
Recall that the progression of the main Wall Street indices had accelerated since the last Fed policy meeting, two weeks ago, at the end of which the American central bank indicated that its monetary tightening campaign was reaching an end. its end and signaled a rate cut in 2024.
According to FedWatch, markets are banking on a 25 basis point rate cut starting next March…
Among the latest US indicators published, the personal income of American households for the month of November 2023 increased by 0.4% compared to the previous month, as expected, after an increase of 0.3% in revised data for October. .. Personal consumption expenditure for the month of November increased by 0.2% compared to the previous month, against +0.3% consensus and +0.1% for the revised reading for October. Last but not least, the ‘core PCE’ price index monitored by the Fed increased by a modest 0.1% compared to the previous month, against +0.2% consensus. The index climbed 3.2% over one year against +3.4% consensus, which therefore represents good news on the inflation front across the Atlantic.
Values
The FDA has suspended the clinical trial of Iovance Biotherapeutics’ lung cancer treatment following the death of a patient, the pharmaceutical group announced on Wednesday.
The stock plunged 22.7% on Wall Street. “The death may be linked to a pre-conditioning regimen, during which the patient receives a short course of chemotherapy to kill immune cells before being infused with Iovance’s LN-145 TIL therapy,” the group said.
The laboratory will pause recruitment for its clinical trial during the waiting period, while patients who have already been treated will continue to be monitored.
Iovance clarified that it will work with the FDA to safely resume recruitment as soon as possible…
The cessation of clinical trials has no impact on other trials conducted by the company, Iovance Biotherapeutics said.
First Wave BioPharma soars 163% to $9.70 after the group agreed to sell its inflammatory bowel disease drug.
The clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases announced today that it has entered into a non-binding terms agreement to sell its Niclosamide program for the treatment of inflammatory diseases. Intestinal Intestinal Disease (IBD) such as ulcerative colitis and associated conditions with an undisclosed biopharmaceutical company.
The proposed transaction will allow First Wave BioPharma to focus its development resources on its three late-stage clinical programs: Capeserod, a selective 5-HT4 receptor partial agonist licensed from Sanofi; Adrulipase, a recombinant lipase enzyme for the treatment of exocrine pancreatic insufficiency (EPI) and, following the closing of the recently announced potential business combination with ImmunogenX, Latiglutenase, a Phase 3-ready oral biotherapeutic for celiac disease.
Drug developer Reneo Pharmaceutial is up 17% as investor Tang Capital Partners’ subsidiary Concentra Biosciences submitted a non-binding acquisition proposal for Reneo at a price of $1.80 per share. Tang Capital Partners intends to enter into discussions with RPHM regarding this acquisition proposal, while the investor has already declared that it holds a 9.99% stake in the capital of the Reneo Pharmaceutial group as of November 14.
On November 30, Concentra sent an acquisition proposal to the Chinese biopharmaceutical company LianBio. RPHM stock has corrected by almost 40% since the start of the year on Wall Street…
Coherus BioSciences Inc soars 19% on Wednesday, as the Food and Drug Administration approved its drug delivery device (UDENYCA ONBODY) for pegfilgrastim-cbqv, a pegfilgrastim biosimilar administered the day after chemotherapy for decrease the incidence of infection manifested by febrile neutropenia.
“The UDENYCA body injector is the result of years of significant investment in research and development to deliver an innovative and proprietary device that provides patients with an automatic medication delivery option,” said Denny Lanfear, CEO by Coherus. Cancer patients and their doctors will now be able to choose the delivery presentation of UDENYCA that best suits their individual needs. “Our market research has shown significant demand for a new on-body delivery device for pegfilgrastim, tailored to specific patient needs. We hope that UDENYCA ONBODY’s five-minute injection time and innovative delivery mechanism “Retractable needle will be well received by cancer patients, their caregivers and doctors,” commented Paul Reider, Chief Commercial Officer of Coherus.
Bit Digital Inc is up 15% after announcing plans to double its fleet of cryptocurrency mining computers to reach a capacity of around 6 ether per second in 2024…
The sustainable platform for digital assets and artificial intelligence infrastructure, headquartered in New York, explained that it is targeting a doubling of its operational fleet in its bitcoin mining operations next year. “Our bitcoin mining operations are located in the United States, Canada and Iceland. The company has also established a business arm, Bit Digital AI, which provides infrastructure services for artificial intelligence applications ” explains management.
Goodyear (-1%) has renewed its partnership with the De Rooy team for the upcoming 2024 Dakar Rally. Goodyear, its official tire supplier, will support the Dutch team with high-performance all-terrain tires and tire management solutions. pneumatic tires. Goodyear’s Tire Pressure Monitoring System (TPMS) will be used by Team De Rooy to monitor their temperature and pressure in real time, to avoid downtime…
Life Time Group, the owner of fitness centers, is down 4.5%, as the company’s chief financial officer, Robert Houghton, will resign on December 31…
Robert Houghton, who is also the executive vice-president of the company, will cease his functions as of January 5, 2024. In this context, the group has decided to appoint Erik Weaver, vice-president, to the position of interim financial director. from January 1, 2024.
Erik Weaver will report to Bahram Akradi, the company’s president and CEO. Aged 45, he joined the company in 2004. He has held the position of vice-president, as well as that of accounting supervisor since April 2022.
Erik Weaver holds a Masters in Business Administration from Hamline University.
Tesla remains followed up 2%, as the automaker prepares to launch a new version of its Model Y at its Shanghai factory, according to Bloomberg News. Production could begin as early as mid-2024…
The group has also purchased a large plot of land in the Chinese megalopolis to set up a factory where the group would build its Megapack “mega-batteries”, according to the local Xinhua news agency. The American automaker would produce 10,000 massive batteries per year in the factory located in the Lingang free zone in Shanghai, once construction of the factory is completed. A land acquisition agreement was signed recently, Xinhua said. “After securing the site, Tesla will officially launch the project with substantial steps taken to get production up and running,” said Gao Shen, an independent analyst quoted by the South China Morning Post…
