Nasdaq Down 1%; Decibel Therapeutics Shares Spike Higher
Portfolio Pulse from Lisa Levin
US stocks were lower with the Nasdaq Composite falling around 1%. Energy shares jumped by 1.1% while information technology shares fell 1.3%. Tango Therapeutics, Decibel Therapeutics, and Renovaro Biosciences saw their shares rise significantly. Palisade Bio, Tigo Energy, and Nuvei Corporation shares dropped. U.S. crude oil inventories increased by 5.851 million barrels, exceeding market expectations.

August 09, 2023 | 4:25 pm
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NEGATIVE IMPACT
Nuvei Corporation shares fell 37% after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.
Nuvei Corporation's shares have fallen due to mixed Q2 results and lower than expected Q3 revenue guidance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Palisade Bio shares dropped 65% after the company announced its U.S. Phase 2 PROFILE study did not achieve the primary efficacy endpoint.
The failure of Palisade Bio's Phase 2 PROFILE study to meet its primary efficacy endpoint has led to a significant drop in its share price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Tigo Energy shares were down 42% after the company reported worse-than-expected second-quarter sales results and issued third-quarter revenue guidance below estimates.
Tigo Energy's shares have fallen due to worse than expected Q2 sales and lower than expected Q3 revenue guidance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Shares of Decibel Therapeutics shot up 76% after Regeneron announced it will acquire the company.
The acquisition announcement by Regeneron has led to a significant increase in Decibel Therapeutics' share price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Renovaro Biosciences shares rose 65% after the company and AI-focused GEDi Cube announced a binding, exclusive letter of intent to merge.
The announcement of a merger with AI-focused GEDi Cube has led to a significant increase in Renovaro Biosciences' share price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Tango Therapeutics shares shot up 85% after the company recently posted a narrower quarterly loss.
Tango Therapeutics' shares have risen significantly after the company reported a narrower quarterly loss.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100