Gapping down
Select biotech/pharma names showing early weakness following ESMO:
- APGN -8%, LYEL -4.9%, AMGN -4%, IMGN -2%
Other news:
- RLAY -8% (announces underwritten offering of $300 mln in common stock)
- VRM -2.8% (files for $300 mln mixed securities shelf offering)
- MSTR -2.7% (enters into a Sales Agreement related to offering of up to $500 mln of common stock)
- MSGS -2.4% (President and CEO to step down at end of year; also names David Hopkinson as COO, effective immediately)
- ATEN -2.3% (purchased an aggregate of 3.5 mln of its shares from Summit)
- ALLK -2.2% (Initiation of Phase 2b Clinical Trial of Subcutaneous Lirentelimab in Chronic Spontaneous Urticaria)
- ALNY -2% (commences offering of $900 mln of convertible senior notes due 2027) SHOP -0.9% (files mixed securities shelf offering) .
Analyst comments:
- OSH -1.9% (downgraded to Neutral from Buy at Goldman)
- ADBE -1.2% (downgraded to Neutral from Buy at Mizuho)
