Market Morning Sentiment - July 20th
US stocks ended Tuesday on a mixed note as the DJIA rose 0.14% while the S&P500 and Nasdaq lost 0.14% and 0.38% respectively. This marks the sixth straight session that the DJIA has finished at a fresh all time high.
Global markets tilted to the downside with European indices leading the losses. A below consensus reading of Germany's July ZEW Economic Sentiment Survey (-6.8; consensus: 9) helped pull markets lower. Further, the IMF added to the negative tone by lowering the UK's 2016 projected growth rate to 1.7% from 1.9%.
The US dollar index rose 0.48 to 97.05, gaining ground against the Euro and the GBP. The dollar also gained 0.7% against the loonie.
Housing starts soared 4.8% in June to a seasonally adjusted annual rate of 1.189 million (consensus: 1.135 million).
With economic and political uncertainty, a lack of clarity of what will happen next in the UK, and concerns about anemic global growth, market sentiment on the SPY is highly negative.
$PGNX Social Sentiment and Chatter Volume
80% Strong Buy
Progenics Pharmaceuticals Shares Spike Over 35% in After Hours Trading Following FDA Approval of Constipation Drug
$PGNX is a biopharmaceutical company focusing on developing drugs to improve the lives of prostate cancer patients and their families. The company has a robust pipeline featuring pre-clinical and late-stage assets. Additionally,$PGNX utilizes partnerships and out-licensing deals with motivated drug developers to expand and complement their capabilities in the prostate cancer space.
Late Tuesday, Valeant($VRX) and$PGNX announced that the FDA approved the oral version of their drug Relistor. Progenics has licensed Relistor to Valeant, who plans to commence marketing of the drug in the third quarter of 2016.
Relistor is used to treat opioid-induced constipation (NYSE:OIC) in adults with chronic non-cancer pain. Before Relistor Oral, the only delivery method of Relistor was through subcutaneous injection. Tuesday's approval represents a huge step forward for the field of pain management, offering a more convenient option to patients suffering from OIC.
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