Shares in Genmab A/S (GMAB) rose in pre-market trading after announcing a collaboration agreement with AbbVie (ABBV) to jointly develop and commercialize three of its early-stage investigational bispecific antibody product candidates.The stock advanced 5% to $30.32 in Wednesday’s pre-market trading. OKEx, the global cryptocurrency derivatives, and spot trading platform is inches away from occupying a top spot in the crypto industry. It has been maintaining Stocks turned positive Wednesday afternoon as market participants digested the Federal Reserve’s latest monetary policy decision and commentary.
Shares in Genmab A/S (GMAB) rose in pre-market trading after announcing a collaboration agreement with AbbVie (ABBV) to jointly develop and commercialize three of its early-stage investigational bispecific antibody product candidates.
The stock advanced 5% to $30.32 in Wednesday’s pre-market trading. The two companies said that they will also collaborate on research to develop future differentiated antibody therapeutics for cancer.
As part of the partnership they will develop Genmab’s next-generation bispecific antibody programs, epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4.
“Epcoritamab is a strong fit for our robust hematological oncology franchise”, said Michael Severino, Vice Chairman and President at AbbVie. “By combining the strengths of our two organizations, we can advance the treatment landscape for patients battling cancer.”
Under the financial terms of the collaboration, AbbVie will pay Genmab $750 million in an upfront payment with the potential for Genmab to receive up to $3.15 billion in additional development, regulatory and sales milestone payments for all programs. The financial terms also include tiered royalties of between 22% and 26% on epcoritamab net sales outside the U.S. and Japan.
Except for these royalty-bearing sales, the parties will share pre-tax profits from the sale of products on a 50:50 basis. Included in these potential milestones are up to $1.15 billion in payments related to clinical development and commercial success across the three existing bispecific antibody programs.
In addition, if all four next-generation antibody product candidates are successfully developed as a result of the research collaboration, then Genmab will get up to $2 billion in option exercise and success-based milestone payments.
As a result of the agreement, Genmab is raising its 2020 financial guidance for revenues to be in the range of DKK 9,100 – DKK 9,500 million, an increase of DKK 4,350 million compared to its previous guidance.
Genmab shares have been on a steady winning streak since mid-March and are up 29% so far this year. AbbVie was little changed in pre-market trading after advancing 1.7% to $96.17 on Tuesday.
SunTrust analyst Asthika Goonewardene this month increased the Genmab’s price target to $36 (25% upside potential) from $30 and maintained a Buy rating, citing the company’s pipeline and platform.
Goonewardene sees strong potential for epcoritamab as a leading CD20 T-cell engager and noted that the antibody platform “is indeed quite remarkable”, with potential to generate a large number of drug candidates and efficiently screen to “find several lead assets per target/mechanism”.
The rest of the Wall Street analyst community agrees with Goonewardene as the stock scores 5 Buy ratings backing up a Strong Buy consensus. The $31.75 average price target implies shares may advance another 10% over the coming year. (See Genmab stock analysis on TipRanks).
Author: email@example.com (Ben Mahaney)
Trade Volumes on OKEx Grows Over 25% in May 2020
OKEx, the global cryptocurrency derivatives, and spot trading platform is inches away from occupying a top spot in the crypto industry. It has been maintaining a close second position in terms of trading volumes for three straight months.
The latest CryptoCompare Exchange Review states that the crypto derivatives volumes during the month of May 2020 soared to an all-time high of $602 billion, after registering a growth of 32%. Even the spot trading volumes registered an uptick of just 5% to $1.27 trillion during the same period.
According to the report, trade volumes on OKEx surged the highest among the top-tier exchanges in May as compared to April. The percentage change over a period of one month on OKEx was 25.7% at $52.1 billion as compared to Binance at +18.2% and Coinbase at +22.4% The trade volumes on Binance and Coinbase during May 2020 stood at $57.2 billion and $11.2 billion, respectively.
The month on month crypto derivatives volumes witnessed a huge surge in the month of May 2020, with institutional player CME gaining 59% to $7.2 billion. When it comes to derivatives exchanges, Huobi continued to lead the race with monthly volumes of $176 billion, trailed by OKEx at $152 billion with a 33% month-on-month increase from April 2020 which puts it at the second spot.
It is not the first time for OKEx to be featured on CryptoCompare’s Exchange review. Known for a diverse range of crypto trading products and a strong global userbase, OKEx is one of the leading players in the crypto sector. The platform is known to launch new features and updates at regular intervals to meet the diverse trading needs of its community.
Apart from being a world-class derivative and spot trading platform, OKEx is strengthening its options trading portfolio by launching new instruments. Its first offering, the BTC/USD options has registered an average daily transaction volume of $10 million. Recently, OKEx also released ETH/USD options, which will soon be followed by EOS/USD options on June 18.
At this pace, OKEx may end up taking the top spot for being one of the best options trading platforms as well.
Author: Guest Author
Stock market news live updates: Stocks turn positive after Fed decision
Stocks pared losses to turn slightly positive Wednesday afternoon as market participants digested the Federal Reserve’s latest monetary policy decision and outlook for the economy over the next several years.
Members of the Federal Open Market Committee announced Wednesday their unanimous decision to keep benchmark interest rates on hold near zero, noting that the ongoing coronavirus pandemic “poses considerable risks to the economic outlook over the medium term.” This decision had been widely expected by investors, with the low rates a major component of the central bank’s wide-ranging efforts to stimulate borrowing and lending in the virus-stricken economy.
The Fed also included an updated summary of projections, which showed the median member of the Federal Open Market Committee saw GDP falling by 6.5% in 2020 before rising by 5.0% in 2021. Central bank officials’ median projection also showed rates would likely hold near zero through 2022. However, during his press conference following the decision, Federal Reserve Chair Jerome Powell noted that there was still a “high level of uncertainty about the outlook.”
Earlier, the Nasdaq Composite rallied to a fresh record high, rising above 10,000 after first breaking above that level a day earlier. The big-tech FAANG names added to gains, with each of Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT) rising after posting record closing highs on Tuesday.
Shares of cyclical companies that had led the recent equity rally fell Tuesday and extended losses on Wednesday. Airlines including American Airlines (AAL) and United Airlines (UAL) along with leisure stocks Wynn (WYNN) and Norwegian Cruise Lines Holdings (NCLH) sank. Car-rental company Hertz (HTZ) – which had posted a stunning advance of 521% between June 1 and Monday’s close – extended declines, as investors abruptly halted a rally in the bankrupt company’s stock that had been driven in part by hopes of a quick economic reopening.
Still, reopening remains front and center both for investors and policymakers. New Jersey Governor Phil Murphy said Tuesday he was ending the state’s stay-at-home order. The decision came a day after New York City kicked off its first phase of reopening, joining much of the rest of the state and country in helping drive renewed economic activity as new Covid-19 cases abate. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told Yahoo Finance that he was working with the White House coronavirus task force to focus on states safely reopening at this point, after previously emphasizing flattening the curve in virus transmission.
Other areas of the market underscored investors’ rising optimism for equities as social distancing measures ease. Namely, very newly public companies performed strongly again on Tuesday, with shares of Tesla-competitor (TSLA) Nikola (NKLA) rising another 8.8% after doubling on Monday, though the stock pared gains in early trading. Shares of Vroom (VRM), the online auto-selling platform, closed out its first day of trading on the Nasdaq Tuesday at more than double their IPO level.
The S&P 500 and Dow fell back into negative territory Wednesday afternoon as Federal Reserve Chair Jerome Powell delivered his press conference following the Fed’s rate decision.
Here were the main moves in markets as of 2:16 p.m. ET:
S&P 500 (^GSPC): +12.13 points (+0.38%) to 3,219.31
Dow (^DJI): +54.05 points (+0.2%) to 27,326.35
Nasdaq (^IXIC): +119.92 points (+1.21%) to 10,074.48
Crude (CL=F): +$0.64 (+1.64%) to $39.58 a barrel
Gold (GC=F): +$6.40 (+0.37%) to $1,728.30 per ounce
10-year Treasury (^TNX): -5 bps to yield 0.779%
Each of the three major indices turned slightly positive Wednesday afternoon, with the S&P 500 and Dow joining the Nasdaq in the green after the Federal Reserve issued its latest monetary policy decision and updated summary of its economic projections, which showed most members expected rates would stay on hold near zero through 2022. Treasury yields fell across the curve.
The Fed’s new economic projections showed most members of the Federal Open Market Committee (FOMC) supported a decision to keep the benchmark federal funds rate at the current target band of between 0% and 0.25% through 2022.
The median FOMC member expected to see real GDP contract by 6.5% in 2020, with an unemployment rate at 9.3%. However, policymakers expected real GDP to rebound by 5.0% in 2021, with an unemployment rate dropping to 6.5%.
Starbucks (SBUX) shares fell 4% in intraday trading after the company said it expected current-quarter operating income would decline by about $2.2 billion due to coronavirus-related store closures and other disruptions. Sales could fall by as much as $3.2 billion during the quarter, Starbucks said.
Starbucks added in a separate announcement Wednesday that it would be accelerating its expansion of drive-through and pick-up locations, “due to a retail environment that has shifted because of COVID-19 and to meet the evolving customer needs of convenience, connection and personalization,” according to a statement.
Just Eat Takeaway.com (JET.L), a European online food ordering and delivery company confirmed Wednesday that it is in talks to merge with U.S. company GrubHub (GRUB) in what would be an all-share merger.
This came after speculation of a potential deal between Uber (UBER) and Grubhub, though antitrust concerns with that deal had reportedly put a roadblock in discussions.
Shares of GrubHub were little changed amid the developments.
Johnson & Johnson (JNJ) said Wednesday it expects to start human trials of its Covid-19 vaccine candidate in the second half of July. Earlier, the trial was scheduled to begin in September. Shares of J&J rose more than 1% following the announcement.
“Based on the strength of the preclinical data we have seen so far and interactions with the regulatory authorities, we have been able to further accelerate the clinical development of our investigational SARS-CoV-2 vaccine, Ad26.COV2-S, recombinant,” Paul Stoffels, chief science officer for Johnson & Johnson, said in a statement. “Simultaneously, we are continuing our efforts to build important global partnerships and invest in our vaccine production technology and manufacturing capabilities. Our goal is to ensure we can deliver a vaccine to the world and protect people everywhere from this pandemic.”
Here were the main moves in markets as of 9:31 a.m. ET:
S&P 500 (^GSPC): +5.54 points (+0.17%) to 3,212.72
Dow (^DJI): -12.59 points (-0.05%) to 27,259.71
Nasdaq (^IXIC): +69.74 points (+0.71%) to 10,023.50
Crude (CL=F): -$0.58 (-1.49%) to $38.36 a barrel
Gold (GC=F): +$9.00 (+0.52%) to $1,730.90 per ounce
10-year Treasury (^TNX): -3.2 bps to yield 0.797%
An index of consumer prices fell in May for the third straight month, the Bureau of Labor Statistics said in its report Wednesday.
The headline consumer price index (CPI) ticked down by 0.1% over last month, versus consensus expectations for no change, according to Bloomberg data. The CPI fell by 0.8% in April over the prior month.
Declines in prices for motor vehicle insurance, energy and apparel offset increases in prices in food and shelter.
Excluding food and energy prices, CPI still fell by 0.1% over the prior month, or a shallower drop than the 0.4% decline in April. CPI excluding food and energy rose 1.2% over last year, or slightly less than the 1.3% increase expected.
Here were the main moves in markets, as of 7:21 a.m. ET:
S&P 500 futures (ES=F): 3,206.00, up 0.5 points or 0.02%
Dow futures (YM=F): 27,225.00, down 39 points, or 0.14%
Nasdaq futures (NQ=F): 9,993.50, up 42.5 points, or 0.43%
Crude (CL=F): -$1.03 (-2.65%) to $37.91 a barrel
Gold (GC=F): +$3.70 (+0.21%) to $1,725.60 per ounce
10-year Treasury (^TNX): -3 bps to yield 0.799%
An index tracking mortgage applications for home purchases rose 5%, seasonally adjusted, for the week ending June 5, the Mortgage Bankers Association said in its weekly report Wednesday.
This marked the eighth straight advance for the index in a protracted rebound from early April, when the coronavirus pandemic and social distancing measures were at their peak and led to a slump in housing market activity. The unadjusted index for purchases also rose 13% versus the same week last year.
Applications for refinances also increased, rising 11% over last week and 80% over the same week last year.
“Fueled again by low mortgage rates, pent-up demand from earlier this spring, and states reopening across the country, purchase mortgage applications and refinances both increased,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. “The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January.”
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:03 p.m. ET:
S&P 500 futures (ES=F): 3,206.75, up 1.25 points or 0.04%
Dow futures (YM=F): 27,273.00, up 9 points, or 0.03%
Nasdaq futures (NQ=F): 9,964.00, up 13 points, or 0.13%
Traders wearing masks work, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid
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Author: Emily McCormickReporter