Nasdaq Turns Higher; SCYNEXIS Shares Plunge
Portfolio Pulse from Lisa Levin
U.S. stocks traded mostly higher with the Nasdaq Composite trading higher. Energy shares rose by 1.1% while utilities shares fell by 0.8%. TransCode Therapeutics, ESS Tech, and Biophytis saw their shares rise due to positive news. SCYNEXIS, Brainstorm Cell Therapeutics, and Morphic Holding saw their shares drop due to negative news.
September 25, 2023 | 4:12 pm
News sentiment analysis
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NEGATIVE IMPACT
Brainstorm Cell Therapeutics shares were down 40% after the FDA said it does not believe there is sufficient evidence to support that any of the assessed biomarkers for the company's ALS therapy is reasonably likely to predict clinical benefit.
Negative FDA comments on a company's therapy often lead to decreased investor confidence and share price decreases.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Morphic Holding shares fell 21% after BTIG downgraded the stock from Buy to Neutral.
Downgrades by analysts often lead to decreased investor confidence and share price decreases.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SCYNEXIS shares dropped 32% after the company announced it is recalling BREXAFEMME and temporarily halting clinical studies due to the risk of cross contamination.
Product recalls and halts of clinical studies are negative signals for biotech companies, often leading to decreased investor confidence and share price decreases.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Biophytis shares rose 67% after the company announced a partnership agreement for the production of regulatory batches of Sarconeos for severe forms of Covid-19.
Partnership agreements for the production of treatments for severe diseases often lead to increased investor confidence and share price increases due to potential market opportunities.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ESS Tech shares rose 17% after Honeywell International entered into a strategic collaboration with the company.
Strategic collaborations often lead to increased investor confidence and share price increases due to potential synergies and increased market opportunities.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
TransCode Therapeutics shares rose 242% after announcing positive pre-clinical gliblastoma results.
Positive pre-clinical results are a strong positive signal for biotech companies, often leading to increased investor confidence and share price increases.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100