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Ultragenyx Pharmaceutical Inc. shares rose in the extended session Thursday after the biotech company reported positive results in a drug study meant to treat a rare metabolic disorder. Ultragenyx shares rose 3% to $51 after hours. In a late-stage clinical trial, the company said its recombinant human beta-glucuronidase treatment reduced the loss of certain complex carbohydrates needed to maintain tissue health in patients with Mucopolysaccharidosis 7.

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Juno Therapeutics Inc. on Thursday said it bought privately held, Boston-based RedoxTherapies, Inc. for an undisclosed amount, getting access to a RedoxTherapies’ blocker with potential to be used in certain cancer treatments. RedoxTherapies founder Michail Sitkovsky will become a scientific consultant to Juno, the company said. Shares of Juno rose 0.1% in late trading after ending the regular trading session down 5.2%.

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The S&P 500 and the Dow Jones Industrial Average finished at a fresh record high close on Thursday, extending their winning streak for a fifth session, spurred on by better-than-expected earnings from J.P. Morgan Chase & Co. The S&P 500 rose 11 points, or 0.5%, to end at 2,163, its fourth straight record closing. The Dow added 134 points, or 0.7%, to 18,506, for its third record finish in a row. The Nasdaq Composite gained 28 points, or 0.6%, to 5,034, ending at its highest level for 2016 and turning positive for the year. Meanwhile, J.P. Morgan posted second-quarter earnings of $1.55 a share, besting the $1.42 a share forecast by analysts in a FactSet survey.

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Financials logged a seven-session win streak Thursday, marking the longest string of gains for the sector in about 15 months. The S&P 500’s financial sector was up about 1% on the day, helping to lead the S&P 500 index and the Dow Jones Industrial Average to finish at records. The seven straight days of gains for the financial sector represent its longest win streak since a seven-session period ended April 16, 2015, according to FactSet data. Thursday’s advance was sparked by better-than-expected second-quarter results from J.P. Morgan Chase , which is viewed as a bellwether for the financial sector and the U.S. economy. J.P. Morgan’s results help kick off earnings season, and suggest that quarterly performance for financials may be better than feared. Gains in the sector were also being led by a more than 4% rise in shares of Lincoln National Corp. and insurer MetLife Inc. . Despite the multisession rise, financials are still the only S&P 500 sector in negative territory so far this year, down 1.3%. Expectations of lower rates for longer has been a drag on bank profitability. Meanwhile, the formerly battered energy sector is the third best sector in the S&P 500 this year, up 16%, behind defensive sectors telecommunications and utilities.

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Biotech investor Martin Shkreli’s trial on securities fraud charges has been set for June 26, 2017, according to media reports Thursday. The trial date was set by a U.S. judge in a Brooklyn court at a hearing. Shkreli was arrested last December and charged with securities and wire fraud in relation to a company called Retrophin that he was head of and a separate hedge fund he was running. His then lawyer Evan Greebel is also facing fraud charges. Shkreli had become a controversial figure in the U.S. before his arrest for his practice of buying drugs and immediately hiking their prices by significant amounts. In June, prosecutors added new charges against Shkreli and Greebel, both of whom have pleaded not guilty.

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From:: Stock Market News