US Stocks Turn Higher; BioXcel Therapeutics Shares Plummet
Portfolio Pulse from Lisa Levin
US stocks traded mostly higher with the Nasdaq Composite gaining more than 80 points. Monday.com Ltd reported better-than-expected earnings for its second quarter and raised its 2023 revenue guidance. Zynerba Pharmaceuticals, Taysha Gene Therapies, and Hanryu Holdings saw significant stock increases. BioXcel Therapeutics, Hawaiian Electric Industries, and AMC Entertainment Holdings saw significant stock decreases.
August 14, 2023 | 4:02 pm
News sentiment analysis
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POSITIVE IMPACT
Hanryu Holdings shares were up 38% after the company partnered with SALTLUX for the development of AI powered conversational virtual assistant.
Partnerships for product development can lead to a positive impact on a company's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Monday.com reported better-than-expected earnings for its second quarter and raised its 2023 revenue guidance.
Positive earnings reports and raised future revenue guidance typically lead to a positive impact on a company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Taysha Gene Therapies shares shot up 121% after the company reported initial clinical data from first adult rett syndrome patient dosed in REVEAL Phase 1/2 trial.
Positive clinical trial results often lead to a positive impact on a biotech company's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Zynerba Pharmaceuticals shares shot up 282% after Harmony Biosciences entered into definitive agreement to acquire the company for up to $200 million in cash.
Acquisition news, especially at a premium, usually leads to a positive impact on the stock price of the company being acquired.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
AMC Entertainment Holdings was down 32% after the company received court approval for its revised stock conversion plan.
News of a stock conversion plan, which may dilute existing shares, can lead to a negative impact on a company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
BioXcel Therapeutics shares dropped 43% after the company reported second-quarter results and announced plans to reduce over 50% of jobs.
Negative earnings reports and job cuts usually lead to a negative impact on a company's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Hawaiian Electric Industries shares were down 34% after Wells Fargo downgraded maintained an Underweight rating on the stock and lowered its price target.
Downgrades and lowered price targets by analysts usually lead to a negative impact on a company's stock price.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 100