11 June - morning newsletter

Good Morning!

American stocks rose on Thursday, while macro data indicated another surge in consumer prices and a further improvement in the labor market amid the economic recovery after the coronavirus pandemic.The S&P 500 index hit another record close, climbing 19.63 points, or 0.5%, to 4239.18 points. The Dow Jones Industrial Average rose 19.10 points, or 0.1%, to 34,466.24 points, while the Nasdaq Composite added 108.58 points, or 0.8%, to 14,020.33 points. The Dow and Nasdaq are both 1.0% off their spring highs.In recent weeks, trading on the US stock exchanges has been sluggish. The indices are moving in narrow ranges just below record highs. Investors are balancing optimism about the economic recovery and worries about inflation and supply chain problems, as well as other risk factors.

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Today Top Movers

Novan Inc. (NOVN) stock soared 8.96% to $9.85 in the pre-market trading after reporting positive topline results from pivotal phase 3 Trial of SB206 in patients with Molluscum Contagiosum.

Mustang Bio Inc. (NASDAQ: MBIO) shares are trading up 6.3% at $4.05 at the time of writing after declaring updated interim data from the ongoing Phase 1/2 clinical trial investigating the safety and efficacy of MB-106 CD20-targeted, autologous CAR T cell therapy for high-risk B-cell non-Hodgkin lymphomas and chronic lymphocytic leukemia.

SVMK Inc. (SVMK) gain over 3% at $21.04 in yesterday trading. SurveyMonkey, a parent company of SVMK, changed its name to Momentive as it expands beyond surveys.Precigen Inc. (PGEN), a Biotechnology company, rose about 41.63% at $9.9 in pre-market trading Friday following the announcement of positive topline results for the ongoing Phase 1b/2a clinical study investigating AG019 ActoBiotics™ for the treatment of recent-onset type 1 diabetes (T1D) (clinical trial identifier: NCT03751007, EudraCT 2017-002871-24).

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on Canadian Natural Resources Limited (CNQ), upgrading the stock to "Buy" and assigning a $44 price target.

HSBC Holdings plc (HSBC) has won the favor of Investec's equity research team. The firm upgraded the shares from Sell to Hold.

Biogen Inc. (BIIB) received an upgrade from analysts at Bernstein, who also set their one-year price target on the stock to $500.00. They changed their rating on BIIB to Outperform from Market Perform in a recently issued research note.

Earlier Friday Daiwa reduced its rating on Vertex Pharmaceuticals Incorporated (VRTX) stock to Neutral from Outperform and assigned the price target to $210.00.

JPMorgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Grupo Aval Acciones y Valores S.A. (AVAL) has been changed to Underweight from Neutral and the new price target is set at $5.50.

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Latest Insider Activity

Facebook Inc. (FB) COB and CEO Zuckerberg Mark announced the sale of shares taking place on Jun 09 at $333.14 for some 77,300 shares. The total came to more than $25.75 million.

Asensus Surgical Inc. (ASXC) President and CEO Fernando Anthony C. J. sold on Jun 09 a total 324,820 shares at $3.10 on average. The insider’s sale generated proceeds of almost $0.92 million.

Evofem Biosciences Inc. (EVFM) Chief Financial Officer File Justin J. declared the purchase of shares taking place on Jun 10 at $1.03 for some 24,500 shares. The transaction amount was around $25235.0.

Asana Inc. (ASAN) President, CEO, & Chair Moskovitz Dustin A. bought on Jun 08 a total 1,300,000 shares at $39.28 on average. The purchase cost the insider an estimated $9.82 million.

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Important Earnings

Top US earnings releases scheduled for today include Cheetah Mobile Inc. (NYSE:CMCM). It will announce its Mar 2021 financial results. The company is expected to report revenues of $199.44M in the three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team

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