S&P 500 Moves Higher; Philips Shares Plunge After Q3 Earnings

Health care stocks edged higher Monday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both rising 0.2%.

The iShares Biotechnology ETF (IBB) gained 0.8%.

In corporate news, AbbVie shares rose 0.9% after the company agreed to buy Aliada Therapeutics and its Alzheimer's disease candidate for $1.4 billion in cash.

Royal Philips' shares tumbled nearly 16%. The company cut its full-year comparable sales growth outlook amid a substantial drop in demand in China, while Q3 earnings were little changed.

Autonomix Medical A shares surged 71%. The company three patients responded to radio frequency pain management with femoral access in a clinical trial evaluating the potential to manage pain in pancreatic cancer patients without the use of opioids.

Evoke Pharma Inc opened well over 100% up on Monday after reporting positive results for a study on its metoclopramide nasal spray.

The pharmaceutical company said its nasal spray known broadly as GIMOTI offers substantial benefits to patients of diabetic gastroparesis (DGP) on GLP-1 receptor agonists.

Evoke conducted that study in collaboration with EVERSANA and the results were reported today at the 2024 Annual Meeting of the American College of Gastroenterology (ACG).

Evoke Pharma stock has now more than tripled since the first week of September.

Why does it matter for Evoke Pharma stock?

GIMOTI helped reduce all-cause visits to the emergency department in patients of DGP using GLP-1 receptor agonists by a whopping 91% in the aforementioned retrospective study that analysed a cohort comprising 92 patients.

Office visits and hospital outpatient visits saw a decline of 41% and 89% as well in the group on the company’s metoclopramide nasal spray.

The data that Evoke Pharma presented today is particularly significant considering a continued increase in the number diabetic patients on GLP-1 receptor agonists. Matt D’Onofrio – its chief executive said in a press release today:

Following today’s surge on the back of GIMOTI study results, Evoke Pharma stock has returned to the price at which it started this year (2024).

Other recent developments at Evoke Pharma

The announcement arrives shortly after Evoke Pharma secured about $3.0 million via exercise of warrants.

The company expects this new capital to help with commercialisation of GIMOTI.

In August, the Nasdaq-listed firm reported its financial results for the second quarter that missed Street estimates.

Evoke lost 93 cents a share on $2.55 million in revenue.

Analysts, in comparison, were at 6 cents per share only and $2.98 million, respectively.

At the time, CEO D’Onofrio told investors:

Other notable developments at EVOK in recent weeks include appointment for Benjamin Smeal as a Class II director.

Smeal has previously held positions at Kenmare Management and Willet Advisors.

Note that Evoke Pharma is not a very widely covered stock among Wall Street analysts and it doesn’t pay a dividend at writing.

Healthcare Triangle, Inc. shares are moving higher on Monday after the company disclosed in a filing with the Securities and Exchange Commission (SEC) that it acquired the business, assets, and operations relating to the cloud and technology domain of SecureKloud Technologies, Inc.

What To Know: The acquisition of these assets was done through an Asset Transfer Agreement. In exchange for the acquired assets, Healthcare Triangle issued about 1.6 million shares of its Series B Preferred Stock to SecureKloud.

Each of the Series B Preferred Stock can be converted into ten of Healthcare Triangle’s common shares at the shareholder’s discretion. The transferred assets are valued at approximately $7.20 million, based on a total compensation of $4.50 per share of Series B Preferred Stock.

Healthcare Triangle shares are trading over 100% higher on Friday, moving on abnormally high volume. The company’s average volume over the past 100 days is 648.95 thousand and the company is currently trading on a session volume of 123.76 million.

How To Buy Healthcare Triangle Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Healthcare Triangle's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Related Link: Elon Musk Fires Back After Biden Alleges Tesla CEO Violated Student Visa Norms, Says He Was Allowed To Work

HCTI Price Action: At the time of writing, Healthcare shares are moving 119.4% higher at $1.27, according to data from Benzinga Pro.

Image: 962355 from Pixabay.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 200 points on Monday.

The Dow traded up 0.52% to 42,333.84 while the NASDAQ rose 0.43% to 18,598.02. The S&P 500 also rose, gaining, 0.31% to 5,826.12.

Check This Out: How To Earn $500 A Month From Ford Stock Ahead Of Q3 Earnings

Leading and Lagging Sectors

Utilities shares rose by 1.1% on Monday.

In trading on Monday, energy shares fell by 1%.

Top Headline

ON Semiconductor Corp posted better-than-expected earnings for the third quarter on Monday.

The company posted a revenue decline of 19.2% year-on-year to $1.76 billion, beating the analyst consensus estimate of $1.75 billion. The adjusted EPS of 99 cents beat the analyst consensus estimate of 97 cents.

Equities Trading UP

• Healthcare Triangle, Inc. shares shot up 159% to $1.50 after the company disclosed in a filing that it acquired the business, assets, and operations relating to cloud and technology domain of Securekloud Technologies.
• Shares of Autonomix Medical, Inc. A got a boost, surging 78% to $13.73 after the company reported preliminary results from its clinical trial of RF Ablation technology where 100% of its responder group was able to eliminate opioid use and reduce pain scores.
• Evoke Pharma, Inc. shares were also up, gaining 82% to $9.34 after the company announced the presentation of GLP-1 data for users with diabetic gastoparesis using GIMOTI and showed statistically significant improvements.

Equities Trading DOWN

• Koninklijke Philips N.V. shares dropped 17% to $26.16 after the company reported third-quarter EPS and sales below estimates and revised its 2024 outlook due to weak demand in China.
• Shares of Borr Drilling Limited were down 11% to $4.1987. The stock may be moving on continued weakness following Friday’s reported preliminary third-quarter financial results.
• CEMEX, S.A.B. de C.V. was down, falling 10% to $5.36 following weak quarterly results.

Commodities

In commodity news, oil traded down 5.4% to $67.88 while gold traded up 0.1% at $2,755.50.

Silver traded up 0.3% to $33.890 on Monday, while copper fell 0.1% to $4.3660.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.10%, Germany's DAX fell 0.02% and France's CAC 40 rose 0.39%. Spain's IBEX 35 Index rose 0.37%, while London's FTSE 100 rose 0.16%.

Retail sales in Spain rose by 4.1% year-over-year in September, while retail sales volumes in the UK fell by 6% in October following a 4% increase in September.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 gaining 1.82%, Hong Kong's Hang Seng Index gaining 0.05%, China's Shanghai Composite Index gaining 0.68% and India's BSE Sensex surging 0.76%.

Hong Kong’s trade deficit shrank to $53.2 billion in September from $64.6 billion in the year-ago month.

Economics

The Federal Reserve Bank of Dallas’ general business activity index for manufacturing in Texas rose to -3 in October compared to a reading of -9 in the earlier month.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.