Sangamo Therapeutics Tanks After Pfizer Deal Comes to End
Sangamo Therapeutics (SGMO) shares lost more than half their value Tuesday, a day after the biopharma firm announced that Pfizer (PFE) had pulled out of its deal to co-develop a hemophilia drug.
Sangamo said that it will regain development and commercialization rights to the medicine, known as giroctocogene fitelparvovec, following the decision by Pfizer to « terminate the global collaboration and license agreement between the parties. »
Sangamo noted that in July, Pfizer reported a successful Phase 3 trial of giroctocogene fitelparvovec, which is an investigational gene therapy for adults with moderately severe to severe hemophilia A.
CEO Sandy Macrae said Sangamo is « disappointed by Pfizer’s decision, » arguing that the those results show the treatment « is well positioned for regulatory submissions and potential commercialization. »
Sangamo said it « intends to explore all options to advance the program, including seeking a potential new collaboration partner. »
Tesla Shares Continue Falling Ahead of Q4 Deliveries Report
Tesla (TSLA) shares were down slightly Tuesday and headed to a fourth straight day of declines ahead of the EV maker’s closely watched deliveries report.
The company is set to report Q4 deliveries on Thursday, and analysts surveyed by Visible Alpha are expecting a record total of 512,250, although that would not be enough to bring the full-year total up to Tesla’s forecast.
Tesla is also facing questions about how the company will fare under the new Trump administration. The incoming president has promised to slash regulations and provide federal guidelines for autonomous vehicles, which would be a big boost for Tesla’s robotaxi plans. However, President-elect Trump also is expected to end tax credits for EV purchases.
In addition, it’s unclear how much time CEO Elon Musk will dedicate to the automaker after being named by Trump to co-lead the new Department of Government Efficiency (DOGE).
Palantir Stock Price Levels to Watch Heading Into 2025
Palantir Technologies (PLTR) is set to claim the coveted title of the S&P 500 index’s best performing component this year.
The stock, which was down nearly 1% at $76.50 this morning, has gained 350% since the start of the year, bolstered by robust demand for its artificial intelligence (AI) analytics software offerings.
Since breaking out from a month-long consolidation period following the presidential election in early November, Palantir shares have continued to track sharply higher on above-average trading volumes.
Nasdaq Clings to Gains for Month, S&P 500, Dow Lose Ground
Heading into the final trading day of December, the Nasdaq Composite has gained 1.4% so far this month. Meanwhile, the Dow Jones Industrial Average and S&P 500 are down 5.2% and 2.1%, respectively, their biggest monthly losses since April.
Each of the major indexes hit record highs earlier this month, boosted by optimism about the expected pro-growth policies of the incoming Trump administration. But the market has stumbled in recent weeks after the Federal Reserve said that it would likely slow down the pace of interest rate cuts next year as inflation has been hotter than expected.
Futures Point to Higher Open for Major Stock Indexes
Futures tied to the Dow Jones Industrial Average 0.2%.
S&P 500 futures were up 0.3%.
Nasdaq 100 futures also gained 0.3%.
Source : www.investopedia.com