Nasdaq Drops Over 100 Points; Genius Sports Shares Spike Higher
Portfolio Pulse from Lisa Levin
U.S. stocks traded lower with the Nasdaq Composite dropping over 100 points. Caribou Biosciences, Mullen Automotive, and Genius Sports saw their shares rise after various positive announcements, while 22nd Century Group, VBI Vaccines, and ASLAN Pharmaceuticals saw their shares drop due to negative news. The ISM services PMI rose to 53.9 in June, from 50.3 in May.

July 06, 2023 | 6:30 pm
News sentiment analysis
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NEGATIVE IMPACT
ASLAN Pharmaceuticals shares dropped 22% after the company said the eblasakimab 400mg Q4W dosing arm did not meet the primary or secondary endpoints with statistical significance.
The failure of the eblasakimab 400mg Q4W dosing arm to meet primary or secondary endpoints is a negative development for ASLAN Pharmaceuticals, which is likely to decrease investor confidence and drive the stock price down.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
VBI Vaccines shares dropped 50% after the company reported pricing of $18 million public offering and $3 million concurrent registered direct offering.
The announcement of a public offering and concurrent registered direct offering is likely to dilute shareholder value and drive the stock price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
22nd Century Group shares dropped 23% after the company announced a $3 million registered direct offering priced above market.
The announcement of a registered direct offering priced above market is likely to dilute shareholder value and drive the stock price down.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Caribou Biosciences shares rose 62% after announcing a $25 million equity investment from Pfizer.
The equity investment from Pfizer is a positive development for Caribou Biosciences, which is likely to boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Genius Sports shares rose 21% after the company agreed to a multi-year extension of the National Football League partnership.
The extension of the NFL partnership is a positive development for Genius Sports, which is likely to boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Mullen Automotive shares rose 35% after the company announced the retention of a law group to investigate possible naked short selling and a buyback.
The announcement of a buyback and investigation into possible naked short selling is likely to boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100