Gold Moves Higher; Fed Leaves Key Overnight Interest Rate Unchanged
Portfolio Pulse from Lisa Levin
The Federal Reserve has left the key overnight interest rate unchanged at 5.25-5.50% and anticipates one more 25-basis-point rate hike by the end of the year. U.S. stocks traded mixed, with the Dow Jones gaining around 200 points. Steelcase Inc., Cambridge Bancorp, and Fresh Tracks Therapeutics saw significant stock increases, while Seelos Therapeutics, ARS Pharmaceuticals, and IceCure Medical experienced significant drops.
September 20, 2023 | 6:33 pm
News sentiment analysis
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NEGATIVE IMPACT
IceCure Medical shares dropped 36% after the FDA denied its De Novo Classification request for breast cancer.
The FDA's denial of the company's De Novo Classification request for breast cancer has negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Seelos Therapeutics shares dropped 71% after the company's SLS-002 Phase II study did not meet the pre-defined primary endpoint.
The company's failure to meet the primary endpoint in its Phase II study has negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
ARS Pharmaceuticals shares dropped 55% after the FDA issued a Complete Response Letter regarding the company's New Drug Application.
The FDA's Complete Response Letter regarding the company's New Drug Application has negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cambridge Bancorp shares rose 26% after announcing a merger with Eastern Bankshares.
The announcement of the merger with Eastern Bankshares has positively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Fresh Tracks Therapeutics shares rose 55% after the company announced a plan of liquidation and dissolution.
The company's announcement of a liquidation and dissolution plan has positively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Steelcase Inc. shares rose 23% after reporting better-than-expected Q2 results.
The company's better-than-expected Q2 results have positively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80