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Health care stocks rose Thursday with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both up 0.4%.
The iShares Biotechnology ETF (IBB) was little changed.
In corporate news, Eli Lilly shares gained 1.6%. The company said it's investing $1 billion to expand its manufacturing site in Limerick, Ireland, to increase production of biologic active ingredients, including those used for its treatment of early symptomatic Alzheimer's disease.
Monopar Therapeutics shares surged 65% after it reported positive early data from a phase 1 trial of MNPR-101-Zr to treat multiple types of cancer.
Moderna shares tumbled 12% after the company said it plans to cut research and development spending to save costs and prioritize the launch of new products in the pipeline.
Oncternal Therapeutics' shares plunged 58% after the company decided to discontinue its clinical studies, all product development activities, cut some staff and explore strategic alternatives.
Novo Nordisk’s NVO oral obesity pill, amycretin, showed faster weight loss than its blockbuster weekly injection, Wegovy (semaglutide), in a phase I study. Not only did NVO’s stock rise 4% in response to the positive news, shares of other drugmakers — Eli Lilly LLY, Viking Therapeutics VKTX and Structure Therapeutics GPCR — whose oral pills for obesity are in mid-to-late-stage development also rose on Wednesday.
Drugmakers are competing fiercely to enter the obesity market due to the huge untapped market opportunity that it represents amid increasing demand. Per research conducted by Goldman Sachs, the obesity market in the United States is expected to reach $130 billion by 2030.
Let’s delve deeper.
NVO’s Amycretin Outperforms Wegovy in Study
Novo Nordisk presented full data from a 12-week phase I study on amycretin at the European Association for the Study of Diabetes meeting in Madrid. The data showed that patients who took the highest dose of amycretin lost around 13.1% of body weight after 12 weeks, while those who took a lower dose of the medicine lost around 10.4%. Wegovy showed a weight loss of around 6% after 12 weeks and around 15% after 68 weeks in clinical studies. In the study, amycretin was associated with some mild-to-moderate side effects, which were in line with those of Novo Nordisk’s semaglutide drugs. Semaglutide is approved as Ozempic pre-filled pen and Rybelsus oral tablet for type II diabetes and as Wegovy for obesity.
In March, Novo Nordisk presented initial data from the same study. Back then the company had said that treatment with amycretin resulted in a 13.1% weight reduction after 12 weeks compared with a decrease of 1.1% in the placebo arm.
The greater efficacy observed in the case of oral amycretin compared with Wegovy was due to the differences in the mechanisms of action of the drugs. Wegovy contains semaglutide, which only targets a hormone called GLP-1 to trigger weight loss. However, amycretin targets GLP-1, as well as a second hormone called amylin. Notably, amylin originates in the pancreas and is responsible for reducing food intake by delaying stomach emptying, as well as decreasing blood glucose levels, leading to the reduction of body weight.
NVO & LLY Rule the Booming Obesity Market
Novo Nordisk and Eli Lilly are the only two companies marketing drugs for treating obesity. Lilly’s drug is called Zepbound and contains an ingredient called tirzepatide. Both Wegovy and Zepbound are GLP-1 products and have witnessed tremendous success due to exceptionally strong demand. However, both Wegovy and Zepbound are given as weekly injections. Novo Nordisk, Lilly and some other drugmakers are making oral medicines for obesity, which can improve patient convenience.
Stocks of Other Obesity Pill Drugmakers Rise
Lilly is developing orforglipron, an oral GLP-1 small molecule, in late-stage studies. Lilly is investing broadly in obesity and has 11 new molecules currently in clinical development, including two late-stage candidates, orforglipron and retatrutide, a GGG tri-agonist. Several phase III data readouts are expected in 2025. Lilly’s stock was up 2.2% on Wednesday.
Viking Therapeutics is developing VK2735 as a subcutaneous injection as well as an oral pill for treating obesity. Viking Therapeutics plans to advance the subcutaneous formulation to late-stage development and start a mid-stage study on the oral formulation before 2024-end. Viking Therapeutics’ stock was up 11.3% on Wednesday.
Structure Therapeutics is also conducting multiple mid-stage studies on its candidate, GSBR-1290, a highly selective oral GLP-1 receptor agonist, for treating healthy overweight or obese individuals. Structure Therapeutics’ stock rose 15.2% on Wednesday.
All these oral candidates for obesity have shown substantial weight loss in clinical studies.
Meanwhile, Pfizer is also developing danuglipron, a GLP-1 receptor agonist, as an oral pill for treating obesity in mid-stage studies. Roche also has a GLP-1-based obesity pill in its pipeline, known as CT-996.
NVO, VKTX and GPCR carry a Zacks Rank #3 (Hold) each, while Lilly sports a Zacks Rank #1 (Strong Buy Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks Investment Research
US equity indexes rose with government bond yields as a relatively hot inflation print lifted the odds for a gradual monetary policy easing, starting next week.
The S&P 500 index rose 0.7% to 5,590.2, and the Nasdaq Composite climbed 0.9% to 17,550.4. The Dow Jones Industrial Average edged 0.5% higher to 41,048.8 after trading lower earlier in the session. Real estate was the sole decliner intraday.
The US Producer Price Index grew 0.2% month-over-month in August following a flat reading in July, the Bureau of Labor Statistics said Thursday, faster than the 0.1% gain expected in a survey compiled by Bloomberg. Excluding food and energy prices, core PPI climbed 0.3%, above the 0.2% gain expected and a 0.2% decline in the previous month.
On a year-over-year basis, PPI was up 1.7% in August versus a 2.1% growth in the previous month. However, the rate for PPI excluding only food and energy accelerated modestly to 2.4% from 2.3%, and the rate for PPI excluding food, energy, and trade services advanced to 3.3% from 3.2%.
The hotter-than-expected read on the PPI coupled with Wednesday's hotter read on the core CPI, thanks to a larger increase in shelter and airline fares, underscores the Federal Open Market Committee's lingering focus on inflation, according to a Stifel note Thursday.
"While continuing a disinflationary trend and supporting the Fed's intentions to open the door to rate cuts in less than one weeks' time, the ongoing uncertainty and unevenness in price growth reinforces the need for a slow and tempered approach to policy adjustment as the data continue to evolve," Stifel Chief Economist Lindsey Piegza said in the note.
The probability of a 50 basis point cut in interest rates dived to 13% as of Thursday afternoon from 40% a week ago, according to the CME Group's FedWatch Tool. The remaining 87% likelihood is for a 25 basis point cut, up from 60% a week earlier. The FOMC policy announcement is due Sept. 18.
Further, in economic news, US initial jobless claims rose to 230,000 in the week ended Sept. 7 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 500 to 230,750.
Treasury yields rose intraday, with the 10-year yield advancing 4.7 basis points to 3.7%, and the two-year rate was 2.6 basis points higher at 3.67%.
West Texas Intermediate crude oil jumped 2.7% to $69.14 a barrel.
In company news, Moderna said it plans to cut back on its research and development spending as the company looks to save costs and prioritize new products in the pipeline. Shares plunged 12% intraday, the worst performer on the S&P 500 and the Nasdaq.
Warner Bros. Discovery and Charter Communications said they have entered a multi-year distribution agreement integrating linear video and streaming services. Shares of Warner Bros. jumped 8.1% intraday, the top performer on the Nasdaq.
Gold jumped 1.5% to $2,581.11 an ounce, and silver surged 4% to $30.09.
U.S. stocks traded higher toward the end of trading, with the Dow Jones index surging more than 200 points on Thursday.
The Dow traded up 0.53% to 41,076.41 while the NASDAQ rose 1.15% to 17,596.13. The S&P 500 also rose, gaining, 0.82% to 5,599.94.
Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks Delivering High-Dividend Yields
Leading and Lagging Sectors
Communication services shares rose by 1.2% on Thursday.
In trading on Thursday, real estate shares dipped by 0.8%.
Top Headline
Signet Jewelers Limited posted better-than-expected second-quarter earnings and stronger than anticipated third-quarter revenue outlook.
Signet reported a second-quarter sales decline of 7.6% year-on-year to $1.49 billion, missing the analyst consensus estimate of $1.50 billion. Adjusted EPS of $1.25 beat the analyst consensus estimate of $1.14.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 3.3% to $69.53 while gold traded up 1.3% at $2,576.20.
Silver traded up 3.9% to $30.05 on Thursday, while copper rose 1.1% to $4.1880.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 rose 0.80%, Germany's DAX gained 1.03% and France's CAC 40 rose 0.52%. Spain's IBEX 35 Index rose 1.08%, while London's FTSE 100 rose 0.57%.
The annual inflation rate in Spain eased to 2.3% in August from 2.8% in July, while German wholesale prices fell by 1.1% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 3.41%, Hong Kong's Hang Seng Index gaining 0.77%, China's Shanghai Composite Index falling 0.17% and India's BSE Sensex surging 1.77%.
Manufacturing production in Hong Kong increased 0.7% year-over-year during the second quarter. Producer prices in Japan rose by 2.5% year-over-year in August versus a 3.0% growth in the previous month.
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