| US benchmarks closed lower on Tuesday, despite opening to gains. The S&P 500 gave up 0.4% on the day, while the Dow Jones lost 0.6%. The Nasdaq fell 0.7%, and the small-cap Russell 2K slid to a 1.0% loss. Today, futures are ticking higher in the premarket. S&P 500 and DJIA contracts are both showing a 0.1% gain. The Next Phase of Crypto is Here ð
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Crude oil prices have reached their lowest point since the start of the Russia-Ukraine war. Juul has agreed to pay $438.5 million to settle an underage vaping lawsuit brought by more than 30 states ] BioAffinity Technology [BIAF] - Last Close: $5.39 BioAffinity is trending just a few days after its IPO. The young biotech firm made its public market debut last Thursday on June 1st, and trading has been volatile ever since. BioAffinity priced its IPO at $6.125 per unit, but share prices slipped below the offering price in Tuesday's session. However, the lower price point seems to have attracted some bullish interest, and shares are rallying in today's session. BIAF is one of this morning's most actively traded stocks, and it's showing a 38.8% gain. My Take: The market seems to believe BIAF is a good deal if you can snatch up shares for less than their IPO price. As soon as the stock dipped below $6.125, it rebounded sharply. It could be worth making a move if the price is right. BioVie Inc [BIVI] - Last Close: $3.44 Promising drug data is boosting shares of BioVie Inc. The micro-cap biotech firm announced topline results from an investigator-sponsored Phase 2 trial of NE3107 for Alzheimer's Disease. The 23-patient trial determined that NE3107 treatment improved measurements for most patients, although MCI/mild Alzheimer's patients showed greater change. Patients also showed noteworthy significant improvements in cognition, with patients showing progress in several key metrics. Early analysis of background imaging data also showed biological improvements in blood flow and reduced oxidative stress, and no adverse effects were reported. BIVI is trading actively in the premarket with a 29.4% gain. My Take: An effective Alzheimer's treatment is the biotech sector's Holy Grail. If this company pulls it off, there's an excellent chance this stock will skyrocket. It's a long shot, but it could pay off big if the chips fall in your favor. Imara Inc [IMRA] - Last Close: $1.17 Imara is surging on news of a major asset sales agreement. This morning, the clinical-stage biotech company announced it had agreed to sell some of its intellectual property to Cardurion Pharmaceuticals for $94.75 million. Under the terms of the sales agreement, Imara will sell Tovinontrine and other assets of its PDE9 program to Cardurion for $34.75 million, plus another $60 million in potential milestone payments. According to a company statement, Imara will continue to evaluate strategic alternatives in the wake of the asset sale. News of the cash injection is lifting IMRA to a 23.9% premarket gain, and it's one of today's most active movers. My Take: Investors are buying on news of the sale, but it's unclear what this deal means for the stock's long-term outlook. This might be a short-lived pop, so don't get caught holding the bag. Biophytis SA [BPTS] - Last Close: $0.94 Biophytis is one of today's top movers after releasing promising clinical data. The tiny biotech firm announced promising data from its Phase 2-3 COVA study evaluating Sarconeos (BIO101) in treating COVID-19-related respiratory failure. In the study, Sarconeos reduced the risk of respiratory failure by 39% and showed significant improvements over placebo. The drug reduced the proportion of patients with respiratory failure and early death over a 28-day max treatment period. Sarconeos also presented a good safety profile, with a similar proportion of adverse events compared to placebo. BPTS is one of today's top movers with a 28.7% gain on active volume. My Take: This drug doesn't sound particularly promising, but the company's small $15.4 million market cap means there's significant upside if Biophytis can pull it off. It's a highly speculative trade, though, so be cautious. |
