Crude Oil Rises 2%; ADC Therapeutics Shares Plummet
Portfolio Pulse from Lisa Levin
U.S. stocks traded higher with the Dow Jones surging over 100 points. The NFIB Small Business Optimism Index in the U.S. rose to a seven-month high level of 91 in June. Energy shares climbed by 1.4%. Taoping Inc., Adial Pharmaceuticals, Inc., and Better Therapeutics, Inc. saw significant gains, while Siyata Mobile Inc., ADC Therapeutics SA, and Byrna Technologies Inc. experienced drops. Crude oil rose 2%.
July 11, 2023 | 4:08 pm
News sentiment analysis
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NEGATIVE IMPACT
Shares of ADC Therapeutics SA were down 20% after the company paused enrollment in Phase 2 LOTIS-9 trial of Zynlonta and rituximab in unfit or frail patients with previously untreated diffuse large b-cell lymphoma.
The pause in ADC Therapeutics' trial enrollment has negatively impacted investor confidence, leading to a drop in its stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Byrna Technologies Inc. was down, falling 15% after the company posted downbeat second-quarter results and withdrew guidance for fiscal year 2023.
Byrna Technologies' poor Q2 results and withdrawal of FY2023 guidance have led to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Siyata Mobile Inc. shares dropped 24% after the company reported pricing of $2.3 million registered direct of 51,450,000 common shares for $0.045 per share.
The pricing of Siyata Mobile's registered direct offering has led to a significant drop in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Adial Pharmaceuticals, Inc. shot up 79% after the company issued a business update following favorable comments from US and EU regulatory meetings.
The positive feedback from regulatory meetings has boosted investor confidence, leading to a surge in Adial's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Better Therapeutics, Inc. shares were up, gaining 27% after the FDA approved the company's AspyreRx, a prescription-only digital treatment for adult patients with type 2 diabetes.
The FDA approval of Better Therapeutics' new product has led to a significant increase in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Taoping Inc. shares shot up 26% after posting 1H contract revenue of $14.65 million, up 95% year over year.
The significant increase in Taoping's contract revenue has led to a surge in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100