US Equities Higher, WTI Down After OPEC+ Decision, Strong Start to Holiday Season for Victoria’s Secret, AbbVie Inks $10B Acquisition Deal
Insights from Prism MarketView: A round up of the top headlines dominating news feeds today.
Market Moves
Dow +1.47%, S&P 500 +0.38%, Nasdaq (0.23%), Russell 2000 +0.29%
US equities closed mostly higher on Thursday with credit cards, insurance, airlines, pharma, managed care and personal care outperforming, while big tech, homebuilders and media underperformed. Treasuries were weaker, the Dollar index was up +0.8%, Gold dropped (0.5%), Bitcoin futures were up +0.3% and WTI crude settled down (2.4%), reversing earlier strength after OPEC+ agreed to cut oil production by an additional 1 million bpd starting in 2024.
In today’s headlines, notable gainers were ImmunoGen ($IMGN) which surged +81.8% on news it had agreed to be acquired by AbbVie ($ABBV) for $31.26 a share in cash, or a total equity value of approximately $10.1 billion. Victoria’s Secret ($VSCO) rose +14.5% following Q3 results and a strong start to November and holiday season. Snap, Inc. ($SNAP) was upgraded from Hold to Buy at Jefferies and closed up +6.3%.
Top performers in the PRISM indexes were Incannex Healthcare ($IXHL) which soared 116.43% following news that it had completed its redomiciling from Australia to the United States. Minerva Neurosciences ($NERV) rose by 34.41% and Brainstorm Cell Therapeutics ($BCLI) was up 26.82%. Kubient, Inc. ($KBNT) was the day’s largest detractor, down 33.33%, along with ProSomnus ($OSA) which was down by 23.39% at the closing bell.
Trader’s Lens
ImmunoGen ($IMGN), is up over 80% today after it was announced that AbbVie agreed to buy the oncology company for $10.1 billion. That will pay $31.26 per share, a roughly 95% premium to where the price closed yesterday.
Today’s Headlines
PRISM Company Spotlight: Snap Sees Stellar November Performance
Technology company, Snap, Inc. (NYSE: SNAP) has enjoyed a stellar November with its share price rising almost 30% during the month. This will be the company’s best month in three years. On Thursday, Snap’s share price got a 6.5% boost, and more than 23 million shares changed hands, after it was announced the company would be upgraded from Hold to Buy at Jefferies.
AbbVie to Acquire ImmunoGen in $10 Billion Deal
ImmunoGen, Inc. (Nasdaq: IMGN) has agreed to be acquired by AbbVie Inc. (NYSE: ABBV) in an acquisition that will accelerate AbbVie’s entry into the commercial market for ovarian cancer.
Biodexa Asset Offers Potential to ‘Radically Improve’ Treatment for Diabetes Patients
Biodexa Pharmaceuticals PLC (Nasdaq: BDRX) has entered into an agreement for the rights to develop and commercialize tolimidone under an exclusive, worldwide license from Melior Pharmaceuticals I, Inc. Biodexa plans to develop tolimidone for the treatment of Type-1 diabetes (T1D). The company’s share price rose more than 100%following the news.
