Tag: stock market

Rigel Pharmaceuticals Inc. said Tuesday a phase 2 study of a treatment for patients with warm antibody autoimmune hemolytic anemia, or AIHA, met its main goal in stage 1 of the trial, sending its stock up 14% premarket. The company said the two-stage study of fostamatinib met the pre-specified primary efficacy endpoint, which was defined as achieving a hemoglobin level of greater than 10 grams per decileter of blood and at least a 2 g/dl increase from baseline. The study aims to evaulate the safety and efficacy of fostamatinib in patients with the disease who have received at least one treatment but still suffer from anemia. There is no available treatment for warm antibody AIHA, which affects about 40,000 adults in the U.S. The disease is a rare, serious blood disorder, in which the immune system creates antibodies that destroy the body’s own red blood cells. Rigel shares have gained 42% in 2017, while the S&P 500 has gained 13%.

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Allergan PLC said Tuesday that the Food and Drug Administration has approved Botox for the temporary improvement of moderate-to-severe forehead lines. Botox is already approved for treat “crow’s feet” and glabellar lines. Allergan’s stock, which was still inactive in premarket trade, has tumbled 13.5% over the past three months, to be up just 0.5% year to date, while the S&P 500 has gained 4.1% over the past three months and 13.0% this year.

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RedHill Biopharma Ltd. said Tuesday a mid-stage trial of a treatment for irritable bowel syndrome met its main goal. The Tel Aviv, Israel-based country said the phase 2 trial of Bekinda in diarrhea-predominant IBS met its primary endpoint. The placebo-controlled trial involved 126 subjects over 18 years old at 16 clinical sites in the U.S. “We are greatly encouraged by the top-line results from the Phase II study which demonstrated that BEKINDA(R) 12 mg could be an effective treatment for patients suffering from IBS-D, and we look forward to discussing the path towards potential marketing approval in the U.S. with the FDA.,” RedHill’s Medical Director Terry Plasse said in a statement. An estimated 30 million Americans suffer from IBS, and more than 50% are diarrhea-predominant. The market for treatments rose about 550% between 2013 and 2016 and generated about $473 million in sales in 2016. RedHill shares were halted for the news, but have gained 3% in 2017, while the S&P 500 has gained 13%.

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Shares of Lennar Corp. were indicated up nearly 3% in premarket trade Tuesday, after the home builder reported fiscal third-quarter profit and sales that beat expectations. Net income for the quarter to Aug. 31 rose to $232.7 million, or $1.06 a share, from $231.8 million, or $1.01 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.00. Revenue rose to $3.26 billion from $2.83 billion, just above the FactSet consensus of $3.24 billion, with home sales increasing 17%, amid 12% growth in home deliveries. Sales incentives per home delivery were 5.5%, the lowest percentage since 2006, the company said. The results come after the company reported on Sept. 14 deliveries and new orders that were below expectations, citing effects of Hurricanes Harvey and Irma. The stock had edged up 0.5% over the past three months, while the SPDR S&P Homebuilders ETF had gained 3.9% and the S&P 500 had advanced 4.1%.

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President Donald Trump’s daughter, Ivanka, and her husband, top adviser Jared Kushner, sent hundreds of White House emails to a third, previously undisclosed private email account, according to a report Monday by Politico. White House officials are now said to be examining the emails, which include non-public information such as travel documents, internal schedules and official White House materials, Politico said. Last month, it was reported that both Ivanka Trump and Kushner had used personal email accounts for White House business, but the third email account, which both had access to and was shared with their staff, had remained undisclosed. The use of private email for official business raises numerous cybersecurity concerns. Sources told Politico that some security measures had been taken when the private domain was first set up last December. During the 2016 presidential campaign, Trump repeatedly criticized Hillary Clinton for using private emails when she was secretary of state.

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A government regulator is considering new sanctions against Wells Fargo Bank & Co. over improperly charging customers for car insurance and mortgage loans, according to a Reuters report late Monday. The Office of the Comptroller of the Currency is investigating the matter, Reuters reported, and could impose sanctions if it finds Wells Fargo violated an agreement to end unfair and deceptive business practices. Last year, the bank agreed to pay $190 million to settle charges it opened millions of false accounts to meet internal sales goals. Reuters’ sources said the decision on whether to punish Wells Fargo, the nation’s third-largest bank, could take weeks. Wells Fargo shares were down 0.1% after hours, and are up just 0.7% this year, compared to the S&P 500’s 13% gain.

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Facebook Inc. said late Monday that an estimated 10 million people saw ads from Russian-backed sources meant to sow misinformation and divisiveness in the U.S. around the 2016 presidential campaign. In a statement, Facebook said 44% of the ads were viewed before the election, and 56% were seen after it. Facebook said that while some of the ads were paid for in Russian rubles, that did not set off alarm bells because most Russian advertisers who paid in that currency did not do anything wrong. The company defended itself from accusations that it should not have permitted the divisive ads, saying it walks a fine political line. “Even when we have taken all steps to control abuse, there will be political and social content that will appear on our platform that people will find objectionable, and that we will find objectionable,” Facebook said. “We permit these messages because we share the values of free speech.” Facebook had sent congressional investigators more than 3,000 ads that were Russian-backed, and representatives from the company have been invited to testify before Congress next month. Last week, CEO Mark Zuckerberg said he underestimated the effects of fake news on Facebook, and the company has announced changes to make political ads more transparent.

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Facebook Inc. said late Monday that 10 million people saw ads from Russian-backed sources meant to sow misinformation and divisiveness in the U.S. around the 2016 presidential campaign. In a statement, Facebook said 44% of the ads were viewed before the election, and 56% were seen after it. Facebook said that while some of the ads were paid for in Russian rubles, that did not set off alarm bells because most Russian advertisers who paid in that currency did not do anything wrong. The company defended itself from accusations that it should not have permitted the divisive ads, saying it walks a fine political line. “Even when we have taken all steps to control abuse, there will be political and social content that will appear on our platform that people will find objectionable, and that we will find objectionable,” Facebook said. “We permit these messages because we share the values of free speech.” Facebook had sent congressional investigators more than 3,000 ads that were Russian-backed, and representatives from the company have been invited to testify before Congress next month. Last week, CEO Mark Zuckerberg said he underestimated the effects of fake news on Facebook, and the company has announced changes to make political ads more transparent.

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Roku Inc.’s initial public offering topped $250 million after underwriting banks sold extra shares, the company revealed Monday. With the sale of the so-called greenshoe, extra shares made available to the banks beyond the stated IPO target, Roku sold slightly more than 18 million shares at $14 apiece to pull in about $252.3 million. The company does not receive all of that money, as venture investors sold 7.67 million of those shares while Roku received proceeds from the sale of 10.35 million shares, or $144.9 million. Roku shares enjoyed the biggest first-day pop of any large IPO in 2017 Thursday, and more than doubled its IPO price at times during its second day on Wall Street, but shares pulled back for a loss of 11% Monday and closed at $23.56.

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CBS News now says that reports of the death on Monday of singer-songwriter Tom Petty cannot be confirmed. CBS updated its report to say the Los Angeles Police Department now is not willing to confirm the death of the 66-year-old Petty it had earlier reported. TMZ was first to report the news that Petty, a 2002 inductee into the Rock and Roll Hall of Fame as a member of the band Tom Petty and the Heartbreakers, had been rushed to a hospital late Sunday after reportedly being found unconscious and in cardiac arrest. Petty had wrapped up a months-long North America tour on Sept. 25.

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