Alnylam Stock Soars on Strong Heart Drug Study Results
10 minutes ago
Shares of Alnylam Pharmaceuticals (ALNY) soared after the biopharmaceutical company announced strong results from a late-stage study of its RNA-interfering drug for a rare heart disease.
The company reported that a phase 3 trial of its vutrisiran showed “a statistically significant reduction in the composite of all-cause mortality and recurrent cardiovascular (CV) events” in patients with transthyretin amyloidosis with cardiomyopathy, or ATTR-CM. This is a condition that causes the heart to stiffen and reduce its ability to pump blood. Alnylam added that vutrisiran also produced significant improvements on all secondary endpoints for those treated.
Alnylam said it would move forward with submissions to health officials starting later this year, including asking the Food and Drug Administration (FDA) for a priority review voucher.
Vutrisiran, which goes by the brand name Amvuttra, has already been approved to treat nerve damage in people with hereditary transthyretin amyloidosis.
Alnylam shares jumped 38%, bringing their year-to-date gain to 20%.
–Bill McColl
Apple and Meta in focus after discussing generative AI partnership
1 hour 4 minutes ago
iPhone maker Apple (AAPL) has held discussions with major tech rival Meta Platforms (META) to integrate the Facebook parent company’s generative artificial intelligence (AI) model into its recently announced custom AI system , Apple Intelligence, The Wall Street Journal reported Sunday.
Such a deal would allow Meta to take advantage of Apple’s vast user base through its iPhones, the same way software companies gain exposure to millions of potential customers through the tech giant’s App Store.
Apple, which recently partnered with ChatGPT owner OpenAI and said it wants to integrate with Google’s Gemini, also discussed adding generative AI technology developed by startups Anthropic and Perplexity into Apple Intelligence, people familiar with the matter told Apple Intelligence. Newspaper, adding that negotiations with Meta are not finalized and could fail.
While the 50-day moving average broke above the 200-day moving average to form a bullish golden cross shape around the same time Apple shares hit a new all-time high earlier this month, the price has recently retraced, increasing the likelihood of further weakness. this week.
Looking ahead, investors should monitor the key $197 level, an area where price finds support from a horizontal line connecting several important highs over the past eleven months.
Since falling more than 10% after issuing weak revenue guidance in late April, Meta shares have continued to trend generally upward, closing the gap and climbing back above the 50 MA days.
If the stock declines, investors should keep an eye on the $446 level, an area where price can attract buying interest around a horizontal line over several months. Conversely, an upward move could result in selling pressure near the stock’s all-time high (ATH) set in early April at $531.49.
Apple shares are up nearly 2% and are up about 10% this year; Meta’s stock is up 1%, bringing its year-to-date gain to more than 40%.
–Tim Smith
RXO jumps after buying logistics unit Coyote from UPS for over $1 billion
1 hour 35 minutes ago
Shares of RXO (RXO) climbed in intraday trading Monday, a day after the package delivery company purchased Coyote Logistics, the third-party asset-light freight brokerage unit of United Parcel Service (UPS), for $1.025 billion in cash.
RXO said the addition of Coyote would create the third-largest brokered transportation provider in North America. The company noted that the transaction would have “an immediate and significant accretive effect on RXO’s adjusted diluted earnings per share and adjusted free cash flow.”
CEO Drew Wilkerson explained that the acquisition “will increase the number of customers who do over $1 million in business with us by approximately 80%.” He added that RXO would gain “immediate and long-term opportunities for revenue and profit growth.”
The transaction is expected to be finalized by the end of the year.
The news sent RXO shares up more than 18%, although they are only up 3% in 2024. UPS shares are up 1%.
–Bill McColl
Nvidia stock in spotlight after falling from record high
2 hours 20 minutes ago
Artificial intelligence (AI) chipmaker Nvidia (NVDA) remains in the spotlight after shares fell from Thursday’s record high.
Despite few company-specific announcements late last week, investors may have taken advantage of a rare moment of broad market weakness to take profits after the stock’s meteoric rise this year, amid of AI boom.
Since finding support around the 50-day moving average in April of last year, Nvidia shares have risen sharply, with investors viewing any declines as a buying opportunity. However, Thursday’s intraday reversal from their all-time high (ATH) created an engulfing downtrend, a candlestick formation that warns of a potential reversal to the downside, especially after a significant price rally.
If Nvidia price continues to retrace this week amid changing sentiment, investors could keep an eye on chart levels around $119 and $110, two areas where the stock could find support after minor pullbacks over the past three weeks. Failure to hold these key regions could see shares return to a horizontal line near $97 that connects several previous record highs.
Nvidia shares fell nearly 4% in early trading Monday, but remain up more than 145% so far this year.
–Tim Smith
Stock futures mixed in premarket trading
3 hours ago
Futures contracts tied to the Dow Jones Industrial Average rose 0.2% in pre-market trading Monday.
S&P 500 futures were little changed.
Nasdaq 100 futures fell 0.2%.