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Health care stocks fell Wednesday with the NYSE Health Care Index down 0.1% and the Health Care Select Sector SPDR Fund (XLV) dropping 0.2%.
The iShares Biotechnology ETF (IBB) declined 0.2%.
In corporate news, Vivos Therapeutics shares surged 48% after the company said it received the US Food and Drug Administration's 510(k) clearance for a medical device to treat obstructive sleep apnea.
Applied Therapeutics shares soared 69% after the company reported an update on the new drug application review by the US Food and Drug Administration for Classic Galactosemia experimental drug govorestat.
Organon agreed to buy Roivant Sciences' immuno-dermatology unit Dermavant for $1.2 billion. Organon shares fell 2.9%, and Roivant dropped 0.4%.
ResMed shares slumped 5.2% as Wolfe Research downgraded the company to underperform from peer-perform with a price target of $180.
Health care stocks were higher late Wednesday afternoon, with the NYSE Health Care Index rising 0.4% and the Health Care Select Sector SPDR Fund (XLV) adding 0.1%.
The iShares Biotechnology ETF (IBB) rose 0.6%.
In corporate news, Vivos Therapeutics shares surged nearly 62% after the company said it received the US Food and Drug Administration's 510(k) clearance for a medical device to treat obstructive sleep apnea.
Organon & Co has agreed to acquire Roivant Sciences Ltd’s Dermavant Sciences Ltd, which is focused on developing and commercializing therapeutics in immunodermatology.
Dermavant’s novel product, Vtama (tapinarof) cream, 1%, for the topical treatment of mild, moderate, and severe plaque psoriasis in adults, was approved by the FDA in May 2022.
Vtama cream is a once-daily, steroid-free, topical therapy applied to affected areas.
Also Read: JP Morgan Shows Most Interest In Teva, Organon As Specialty Pharma Sector Exhibits Signs Of Stability.
The FDA is reviewing a supplemental application for Vtama cream as a potential treatment for atopic dermatitis (AD) in adults and children two years and older. Prescription Drug User Fee Act action is expected in the fourth quarter of 2024.
Psoriasis is a common chronic inflammatory skin disease affecting over 8 million Americans 20 years or older and 125 million people worldwide.
Organon has agreed to acquire Dermavant for aggregate consideration of up to approximately $1.2 billion, with an upfront payment of $175 million and a $75 million milestone payment upon regulatory approval in atopic dermatitis, as well as payments of up to $950 million for the achievements of certain commercial milestones.
In addition, Organon will pay Dermavant shareholders tiered royalties on net sales.
Dermavant owns the rights to Vtama cream globally, excluding China, and has out-licensed Japan rights.
The transaction is expected to be modestly dilutive to Adjusted EBITDA in 2025, turning accretive in 2026. Organon expects net leverage to be elevated above 4.0x due to the transaction.
Price Action: At last check on Wednesday, OGN stock was down 2.14% at $20.11, while ROIV stock was down 0.08%.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks traded higher toward the end of trading, after the Federal Reserve slashed interest rates.
The Dow traded up 0.33% to 41,744.18 while the NASDAQ rose 0.71% to 17,752.73. The S&P 500 also rose, gaining, 0.43% to 5,659.04.
Check This Out: How To Earn $500 A Month From Darden Restaurants Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Consumer discretionary shares rose by 0.9% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.7%.
Top Headline
The Federal Reserve slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%. This marks the first rate cut in over four years and breaks a streak of 12 consecutive months with rates held steady.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded down 0.1% to $71.12 while gold traded up 1% at $2,618.80.
Silver traded down 1.2% to $31.34 on Wednesday, while copper rose 1.3% to $4.3275.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.50%, Germany's DAX fell 0.08% and France's CAC 40 fell 0.57%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.68%.
Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.
Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.49%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.16%.
Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up +0.10%, the Dow Jones Industrials Index is up +0.03%, and the Nasdaq 100 Index is up by +0.25%.
Stocks today have erased knee-jerk gains after the initial 2:00 PM Eastern announcement and are trading close to the flat line again after the FOMC opted to cut interest rates by 50 basis points. The markets will now look to today’s post-meeting comments from Fed Chair Powell to see why policymakers bypassed a more typical -25 bps cut in the fed funds target range and opted for a larger -50 bps rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy.
Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks. US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments earlier today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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