US Equities Bounce After Wednesday Selloff, Geopolitics Dominate Headlines, Immunovant Gains on Clinical Results: Today’s Top Headlines
Insights from Prism MarketView: A round up of the top headlines dominating news feeds today.
Market Moves
Dow +0.87%, S&P 500 +1.03%, Nasdaq +1.26%, Russell 2000 +1.73%
US equities ended the day higher on Thursday after an unexpected late-day selloff on Wednesday put pressure on stocks. Geopolitics dominated headlines as uncertainty around Red Sea shipping continued, and Angola announced its departure from OPEC over disagreements on production targets. Outperformers during the day included big tech, airlines, autos, and restaurants, while refiners, oil majors, media, beverages and tobacco underperformed. The Dollar index was down (0.62%), Gold gained +0.2%, Bitcoin futures were up +0.4% and WTI crude settled down (0.4%) following Angola’s departure from OPEC.
In today’s headlines, notable gainers were JFrog ($FROG) which finished the day up +9.7% after being upgraded to Overweight from Equal Weight at Morgan Stanley, Micron Technology ($MU) gained +8.6% following its fiscal Q1 results coming out ahead due to improving industry supply and demand dynamics which have rebounded faster than expected. Immunovant ($IMVT) is up +8.1% after it reported positive results from its clinical study of batoclimab for Graves’ disease. Patients treated with batoclimab achieved a response rate meaningfully greater than 50%.
Top performers in the PRISM indexes were Grom Social Enterprises ($GROM) which soared 54.51%, HOOKIPA Pharma ($HOOK) which gained 52.65% after announcing a $21.25 million equity investment from Gilead Sciences ($GILD), and PetVivo Holdings ($PETV) which rose 36.63% by the closing bell. Exodus Movement ($EXOD) was one of the days largest detractors, down 42.35%, Longeveron, Inc. ($LGVN) fell by 22.84% after announcing a $2.36 million registered direct offering, and Biomerica, Inc. ($BMRA) lost 14.28%.
Today’s Headlines
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Palatin Technologies Sells Vyleesi in $171M Transaction
Palatin Technologies, Inc. (NYSE American: PTN) has completed the sale of Vyleesi® to Cosette Pharmaceuticals, a US-based, specialty pharmaceutical company, for up to $171 million. Vyleesi is the first and only as-needed FDA-approved treatment for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).
PRISM Analysis: Why Did CareCloud Shares Jump This Week?
Healthcare technology solutions provider, CareCloud, Inc. (Nasdaq: CCLD) has seen a jump in its share price this week. The new momentum is being driven by the company’s financial and operational update, issued on Wednesday, and outlining an attractive roadmap for future growth. Shareholders rewarded CareCloud with a 25.61% increase following Wednesday’s session, and a 22.94% boost on Thursday.
PRISM Market Momentum: Stocks on the Move on Thursday
US equities are higher in Thursday afternoon trading after stocks came under pressure on Wednesday in a late-day selloff. Big tech is mostly stronger, along with airlines, homebuilders and restaurants. The day has seen declines from refiners, oil majors, media, beverages and tobacco
