Category: Stock Market News

TG Therapeutics Inc. shares rose 3.7% in morning trade Monday after the company said a late-stage clinical trial for its TG-1101 with AbbVie and Johnson & Johnson’s Imbruvica had positive results. The drug combination was tested in patients with previously-treated high risk Chronic Lymphocytic Leukemia, with 126 patients enrolled in the phase 3 trial. The combination showed a statistically significant improvement in overall response rate, the trial’s primary endpoint, the company said. TG Therapeutics said it intends to pursue accelerated approval when it shares the results with the Food and Drug Administration later this year. TG Therapeutics shares have risen 168.2% over the last three months to $14.37, compared with a 2.2% rise in the S&P 500 .

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Onconova Therapeutics Inc. stock surged 7% in morning trade Monday after the company said its drug had positive results in a mid-stage clinical trial for patients with higher-risk myelodysplastic syndromes, conditions that are considered a type of cancer. Patients in the trial weren’t successfully treated with the standard of care, hypomethylating agents. Only about 40% to 50% of patients usually respond to that treatment, according to a 2015 scientific paper, and “outcome after HMA treatment failure is poor and represents an unmet need.” Onconova Therapeutics’ rigosertib’s effect on bone marrow blast was tested as a proxy for overall survival, the company said, with patients demonstrating a reduction in the measure after treatment. These results from the trial, which treated 64 patients, are thus “a potential surrogate marker for improvement in overall survival in this patient population,” the company said. The drug is currently being tested in a late-stage clinical trial. Onconova Therapeutics shares have dropped 22.3% to $1.99 over the last three months, compared with a 2.2% rise in the S&P 500 .

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U.S. stocks opened marginally lower on Monday with the main indexes retreating from records set last week. Investors were cautious ahead of a busy week of events that might impact capital markets, including a European Central Bank policy meeting and U.K. general election on Thursday, as well as former Federal Bureau of Investigation Director James Comey’s congressional testimony. The S&P 500 opened 2 points, or 0.1%, lower at 2,437. The Nasdaq Composite was down 1 point to 6,304 at the open. The Dow Jones Industrial Average began the session off 17 points, or 0.1%, at 21,198. Among the early gainers, shares of eBay Inc. jumped after Credit Suisse initiated coverage of the stock at outperform.

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Tempur Sealy International Inc.’s stock rallied 1.5% in premarket trade Monday, after the mattress maker’s upbeat sales update for the first two months of the second quarter, in the wake of the “large liquidation” event of its inventory by Mattress Firm earlier this year. The company said North America orders in May rose 15% from a year ago, excluding Mattress Firm, while orders for Tempur-Pedic branded products increased 28%. For the first two months of the second quarter, orders for all brands grew 7%, excluding Mattress Firm. “North America orders were strong in May, and we experienced acceleration in order trends leading up to and including the Memorial Day weekend,” said Chief Executive Scott Thompson. “Some retailers reported their best Tempur-Pedic sales in their history as they leaned into our Tempur-Pedic brand.” Tempur Sealy shares were rocked in January after it terminated all contracts with major customer Mattress Firm. The stock has tumbled 31% year to date through Friday, while the S&P 500 has gained 8.9%.

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Papa Murphy’s Holdings Inc. said Monday that it has partnered with Olo, a digital ordering provider, to create a platform for online and mobile ordering. The service will be operational in the first quarter of 2018, and integrated with third-party marketplaces and delivery services, where available. Papa Murphy estimates an earnings per share benefit of 4 cents, and will take a one-time charge of about $5.1 million related to the impairment of its current online ordering system. Papa Murphy also announced that it will close up to 16 company-owned stores in several markets by year-end. Most closures will take place in the second quarter. The company is preparing some markets to be refranchised. Papa Murphy expects a one-time charge of up to $2.3 million and an annual EPS benefit of about 5 cents. Papa Murphy shares are unchanged in premarket trading, and up 15% for the past three months. The S&P 500 index is up 2.4% for the last three months.

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TG Therapeutics Inc. shares rose as much as 17% in premarket trade Monday after the company said a late-stage clinical trial for its TG-1101 with AbbVie and Johnson & Johnson’s Imbruvica had positive results. The drug combination was tested in patients with previously-treated high risk Chronic Lymphocytic Leukemia, with 126 patients enrolled in the phase 3 trial. The combination showed a statistically significant improvement in overall response rate, the trial’s primary endpoint, the company said. TG Therapeutics said it intends to pursue accelerated approval when it shares the results with the Food and Drug Administration later this year. TG Therapeutics shares have risen 158.9% over the last three months to $13.85, compared with a 2.4% rise in the S&P 500 .

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The largest exchange-traded fund to track the Qatar equity market fell in premarket trading on Monday, after several countries cut their diplomatic ties with Qatar, citing it of backing terrorism. The iShares MSCI Qatar Capped ETF lost 1.4%, while Qatar stocks were on track for their biggest one-day percentage drop since late 2014, down 7.4%. Saudi Arabia, Egypt, Bahrain and the United Arab Emirates all broke diplomatic ties with Qatar on Monday, on accusation that it backs terrorism, a charge Qatar denies. The fund has been a weak performer of late, having dropped nearly 6% over the past three months.

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Shares of Loxo Oncology Inc. rallied 34% in premarket trade Monday, after the company said its larotrectinib cancer drug succeeded in shrinking tumors in patients with a variety of cancers that share the same genetic defect. The drug was tested in patients who had one of 17 different types of cancer at an advanced stage, including rare ones like salivary-gland cancer and more common types like colon and lung cancers, The Wall Street Journal reported on Saturday. Results of the studies were released Saturday at the annual meeting of the American Society of Clinical Oncology, a large gathering of cancer doctors. Shares had already gained 52.5% in 2017 through Friday, while the S&P 500 has gained 9%.

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Shares of Herbalife Ltd. tumbled 5.6% in premarket trade Monday, after the weight management and nutritional supplement company cut its sales outlook, citing disruption from the implementation of new processes to document retail sales transactions. The company said late Sunday that it now expects second-quarter sales to decline 6% to 2% from a year ago, compared with the guidance provided on May 4 for a decline of 4.5% to 0.5%. Volume point growth is expected to be down 8% to down 4%, compared with previous guidance of down 5% to down 1%. “The Company’s distributors have successfully utilized the full array of new tools and processes necessary to document retail sales transactions. Yet, as is typical with any change, the new technology and processes have taken time for distributors to learn, then teach and implement in their organizations,” the company said in a statement. Meanwhile, adjusted earnings per share is now expected to be 95 cents to $1.15, up from previous guidance of 85 cents to $1.05. Separately, the company said 90% of U.S. sales in May were documented purchases by consumers, exceeded the 80% threshold required by the company’s agreement with the Federal Trade Commission. The stock has soared 54% year to date through Friday, while the S&P 500 has gained 8.9%.

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Sierra Oncology Inc.’s shares jumped 7.3% in premarket trade Monday, after the company reported positive results in early-stage trials of its Chk1 inhibitor, SRA737 as a treatment for different cancers. “We expect to accrue a solid understanding of dose, schedule, pharmacodynamic and pharmacokinetic parameters for SRA737 from these two studies, and the data observed to date are encouraging and consistent with our preclinical research.” Chief Executive Dr. Nick Glover said in a statement. Sierra shares are down 17% in 2017 through Friday, while the S&P 500 has gained 9%.

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