Nasdaq Moves Higher; US Crude Stocks Drop More than Projected
Portfolio Pulse from Lisa Levin
US stocks traded mixed with the Nasdaq Composite gaining over 80 points. U.S. crude oil inventories dropped by 9.603 million barrels, more than the market estimates of a 1.757 million decline. Kaleyra, Inc. (KLR), Minerva Neurosciences, Inc. (NERV), and Theriva Biologics, Inc. (TOVX) saw their shares rise after various positive announcements. Meanwhile, AST SpaceMobile, Inc. (ASTS), Sonnet BioTherapeutics Holdings, Inc. (SONN), and Cognition Therapeutics, Inc. (CGTX) saw their shares drop due to various negative announcements.
June 28, 2023 | 4:22 pm
News sentiment analysis
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NEGATIVE IMPACT
AST SpaceMobile, Inc. shares dropped 27% after the company announced pricing of an upsized offering of Class A common stock.
The announcement of pricing of an upsized offering of Class A common stock is a negative development for AST SpaceMobile, Inc. and is likely to dampen investor confidence, leading to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Cognition Therapeutics, Inc. shares dropped 20% after the company released topline data from Phase 2 SEQUEL Study Of CT1812 in 16 adults with mild-to-moderate Alzheimer's disease.
The release of topline data from Phase 2 SEQUEL Study is a negative development for Cognition Therapeutics, Inc. and is likely to dampen investor confidence, leading to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Sonnet BioTherapeutics Holdings, Inc. shares dropped 20% after announcing $2.25 million registered direct offering of 5 million at $0.45/share.
The announcement of a $2.25 million registered direct offering at $0.45/share is a negative development for Sonnet BioTherapeutics Holdings, Inc. and is likely to dampen investor confidence, leading to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Kaleyra, Inc. shares rose 39% after Tata Communications Limited announced it has entered an agreement to acquire the company.
The acquisition announcement by Tata Communications Limited is a positive development for Kaleyra, Inc. and is likely to boost investor confidence, leading to a rise in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Minerva Neurosciences, Inc. shares rose 56% after announcing $20 million in private placement priced at a premium to market.
The announcement of a $20 million private placement at a premium to market is a positive development for Minerva Neurosciences, Inc. and is likely to boost investor confidence, leading to a rise in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Theriva Biologics, Inc. shares rose 32% after the company announced FDA orphan drug designation to VCN-01 for pancreatic cancer.
The FDA orphan drug designation for VCN-01 is a positive development for Theriva Biologics, Inc. and is likely to boost investor confidence, leading to a rise in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100