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☆ Stocks making the biggest moves midday: Rivian, Orchard Therapeutics, Lamb Weston and more
▼ + stars: | 2023-10-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

Rivian said it anticipates revenue to range between $1.29 billion and $1.33 billion, versus the $1.3 billion forecast by analysts polled by LSEG, formerly known as Refinitiv. Clorox — Shares dropped 7.7% on Thursday, one day after the product maker offered worse fiscal first-quarter guidance than analysts polled by FactSet expected. Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharma company with a buy rating and $35 target price. Johnson & Johnson — Shares of the health-care giant added 0.8% in midday trading after RBC initiated company coverage with an outperform rating. Instacart — Instacart fell 2.9% after Bernstein initiated coverage of the company at a market perform rating, noting that increased competition challenged the delivery company's strong digital advertising business.

Persons: Rivian, Clorox, FactSet, Kyowa Kirin, Vestis, Oculis, Wedbush, Shagun Singh, Lamb Weston — Lamb Weston, Tom Werner, Instacart — Instacart, Bernstein, — CNBC's Brian Evans, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin, Michelle Fox Theobald Organizations: Rivian, Rivian Automotive, LSEG, Exxon Mobil —, UWM Holdings, BTIG, Orchard Therapeutics, Kyowa, Redburn, JPMorgan, Carrier, Bank of America, Johnson, RBC, Constellation Locations: Aramark, Europe

☆ Lilly eyes targeted cancer therapies with $1.4 billion Point Biopharma deal
▼ + stars: | 2023-10-03 | by ( Bhanvi Satija | Leroy | ) www.reuters.com time to read: +2 min

(Reuters) -Eli Lilly and Co will buy Point Biopharma Global for $1.4 billion, the companies said on Tuesday, gaining access to experimental therapies that enable precise targeting of cancer. Lilly has offered $12.50 per Point Biopharma share held, representing a premium of about 87% to the stock’s last close. Shares of Indiana-based Point Biopharma soared 85%, while Lilly’s stock was down about 3%. Point Biopharma has licensed both its late-stage experimental therapies to Lantheus Holdings since 2022. A Lantheus spokesperson said the company’s commercial rights remain intact and its collaboration with Point Biopharma is progressing in line with expectations.

Persons: Eli Lilly, Mike Segar, Lilly, ”, William Blair, Andy Hsieh Organizations: Reuters, Company, REUTERS, Dice Therapeutics, Novartis, Lantheus Holdings Locations: Branchburg , New Jersey, Indiana, Biopharma’s Indianapolis, PNT2002, U.S

☆ Evercore ISI says this biotech stock is a high risk, high reward play, with more than 200% upside
▼ + stars: | 2023-10-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +2 min

Evercore ISI initiated coverage of Aclaris Therapeutics , a clinical stage biotech working on immunology and inflammation drugs, at an outperform, saying the market is underpricing its odds for success heading into the release of clinical trial data. Admittedly, the upcoming trial results may not be successful, which makes the bet a risky one, he said. If Aclaris is successful with zunsemetinib, it will be the only MK2 inhibitor on the market for rheumatoid arthritis, which Evercore ISI sees as an advantage. A similar drug from Bristol Myers Squibb wasn't successful in a different form of arthritis. Evercore ISI expects investors are only pricing in a 20% chance of positive data from the clinical trial, whereas the firm expects the odds are closer to 50%.

Persons: Gavin Clark, Clark, Gartner, zunsemetinib, Aclaris, Bristol Myers Squibb wasn't, — CNBC's Michael Bloom Organizations: Evercore ISI, Aclaris Therapeutics, Gartner, Clark, Bristol Myers Squibb

☆ Here are Tuesday's biggest analyst calls: Nvidia, Rivian, Amazon, Airbnb, Warby Parker, HP, FedEx and more
▼ + stars: | 2023-10-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: KeyBanc reiterates Nvidia as overweight KeyBanc raised its price target on Nvidia to $750 per share from $670 and said it sees "outsized growth." Bank of America adds FedEx to the US1 list Bank of America added the stock to its top picks list. "Upgrading Clean Energy Fuels (CLNE) from Outperform to Strong Buy, with the company on the cusp of ramping up in-house RNG production." JPMorgan reiterates Amazon as a top pick JPMorgan said ignore the noise and buy the dip in shares of Amazon. Bank of America initiates Dycom as buy Bank of America said in its initiation of the telecommunications infrastructure company that it's uniquely positioned.

Persons: KeyBanc, Ally, Evercore, bode, Stifel, Churchill, CHDN, Raymond James, Baird, Vestis, Piper Sandler, Tesla, IBKR, Morgan Stanley, Rivian, it's, Warby Parker, Booz Allen Hamilton, Goldman Sachs, Wedbush Organizations: Nvidia, Aclaris Therapeutics, ISI, Citi, Arista Networks, Arista, " Bank of America, FedEx, Bank of America, FedEx Corp, Owl Capital, Swift Transportation, Evercore ISI, TAM, Energy Fuels, JPMorgan, FTC, DOJ, HP Inc, underperform Bank of America, HPQ, UBS, Booz, of America, Emerson Electric, Warner Music Group, Apple, Constellation Brands Locations: China, CY23

☆ These are JPMorgan’s top stocks for October
▼ + stars: | 2023-10-02 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

JPMorgan added three new stocks to its list of top names for October, including a sports betting company that has had a massive rally since the start of the year. The focus list comprises the top ideas of the bank's equity analysts spanning growth, value and short investment strategies. The bank has a $60 price target, more than 13% above the stock's $52.80 close on Friday. Returning names to the list include value stock General Motors , which is down 3% this year. Analyst Tessa Romero's $26 price target implies shares could rise more than 353% from their Friday close of $5.73.

Persons: Joseph Greff, Robbie Marcus, Greff, Ryan Brinkman's, Tessa Romero's, — CNBC's Michael Bloom Organizations: JPMorgan, Boston Scientific, Wynn Resorts, Boston, Motors, United Auto Workers, Ford Motor, Edgewise Therapeutics, Boyd Gaming Locations: DraftKings, Macau, China, UAE

☆ Shares of biotech startup Structure Therapeutics surge more than 30% on promising obesity pill data
▼ + stars: | 2023-09-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of Structure Therapeutics rose more than 30% on Friday after the biotech startup's experimental obesity pill succeeded in a small early-stage trial. Structure said it plans to test its pill in two longer midstage trials as a treatment for diabetes and obesity. Structure's pill is part of the same class of drugs as Novo Nordisk 's blockbuster diabetes drug Ozempic and weight loss counterpart Wegovy. Structure's pill could potentially compete with oral obesity drugs from Eli Lilly , Novo Nordisk and Pfizer , which are not approved in the U.S. yet. Novo Nordisk has a diabetes pill called Rybelsus, which has the same list price as Ozempic for a monthly package of 30 tablets.

Persons: Eli Lilly, Eli Organizations: Therapeutics, Novo Nordisk, Pfizer Locations: U.S

☆ Structure Therapeutics surges on promising early stage obesity drug data
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Shares of Structure Therapeutics (GPCR.O) soared 60% on Friday after the drug developer's oral obesity treatment succeeded in a small early-stage study. The drug, GSBR-1290, belongs to the same class of treatments as Novo Nordisk's (NOVOb.CO) blockbuster weight-loss drug Wegovy and Eli Lilly's (LLY.N) diabetes drug Mounjaro. Structure has said it is focused on developing oral obesity drugs that are simpler to manufacture than the current injectables. Structure "delivered better-than-expected efficacy and tolerability" for its oral drug, said Leerink Partners Research analyst David Risinger, adding that the early data was exceptional. Structure said it plans to test GSBR-1290 in two mid-stage studies as a treatment for type 2 diabetes and obesity.

Persons: Eli Lilly's, David Risinger, Bhanvi Organizations: Therapeutics, Leerink Partners, Nasdaq, Thomson Locations: California, Bengaluru

☆ Stocks making the biggest moves midday: Tesla, Nike, Carnival, Nvidia and more
▼ + stars: | 2023-09-29 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Tesla — Stock in the electric vehicle company added 1.5% in midday trading Friday. Canaccord Genuity reiterated a buy rating on the EV stock on Thursday ahead of vehicle deliveries data. Elsewhere, Citi remained neutral on Tesla and reduced its vehicle delivery forecast to 450,000 from 468,500. Bumble — The online dating platform added 3% after Loop Capital Markets upgraded the stock to buy from hold. Corcept Therapeutics — Shares slumped 17% in midday trading as the firm contends with ongoing litigation against Teva Pharmaceuticals.

Persons: Elon Musk, Canaccord Genuity, Tim Wentworth, Roz Brewer, Bumble —, Cushing, Teva, — CNBC's Pia Singh, Alex Harring, Michelle Fox, Hakyung Kim, Darla Mercado Organizations: U.S, Senate, Intelligence, Capitol, Washington , D.C, Citi, Barclays, Anheuser, Busch InBev — U.S, LSEG, Cruise, Wonder Group, Nvidia —, Blackwell, Nvidia, Nike —, Nike, Walgreens, Bloomberg, Therapeutics, Teva Pharmaceuticals, Texas, Northcoast Research Locations: Washington ,

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The concerns over the limited use of the drug, however, dragged the shares down to settle 8% lower. That makes the label narrower than that in Europe, which allows use in all adults with late-onset Pompe disease. At least one analyst said the drug's label, which restricts its use only to switch patients, weighed on the drugmaker's shares. Amicus said it would launch the therapy immediately in the U.S. with a list price of around $650,000 for a patient weighing about 70 kilograms.

Persons: Andrew Kelly, Needham, Gil Blum, Sriparna Roy, Shinjini Ganguli, Sriraj, Shweta Agarwal Organizations: Food and Drug Administration, FDA, REUTERS, Amicus Therapeutics, U.S . Food, Sanofi, Amicus, Thomson Locations: White Oak , Maryland, U.S, Europe, Sanofi, Bengaluru

☆ Cough syrup deaths overseas prompt US crackdown on toxic testing
▼ + stars: | 2023-09-26 | by ( Patrick Wingrove | ) www.reuters.com time to read: +6 min

Defendants and lawyers attend a court hearing in the case of child deaths linked to contaminated cough syrups, in Tashkent, Uzbekistan August 16, 2023. Cough syrups made in India and Indonesia have been linked to deaths of more than 300 children globally. The medicines were found to contain high levels of DEG and EG, leading to acute kidney injury and death. IMPORT ALERTSThe FDA warning letters give manufacturers an opportunity to fix quality control problems or face penalties. In addition, 13 U.S. makers of consumer products like earwax removers, nasal spray, hand soap and shampoo, including Lex, were threatened with possible seizures and injunctions by the FDA.

Persons: Stringer, Paul Hastings, Peter Lindsay, syrups, Lex, Charlene Paz, Greg Landry, Patrick Wingrove, Rishika, Joyce Lee, Michele Gershberg, Bill Berkrot Organizations: REUTERS, U.S, FDA, Drug Administration, EG, Reuters, South, South Korea's LCC, LCC, Daxal Therapeutics, Herbals, South Korea’s KM Pharmaceutical, Sangleaf Pharma, Massachusetts College of Pharmacy & Health Sciences, Thomson Locations: Tashkent, Uzbekistan, U.S, India, South Korea, Switzerland, Canada, Egypt, Washington ,, Indonesia, United States, Florida, South Korea's, South, New York, Rishika Sadam, Hyderabad, Seoul

☆ FDA staff reviewers raise concerns over BrainStorm Cell's ALS therapy
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. Brainstrom's therapy, NurOwn, is being reviewed for the treatment of ALS, also known as Lou Gehrig's Disease, which affects nerve cells in the brain and spinal cord. The FDA had in November last year refused to accept the application for the therapy after BrainStorm failed to meet the main goal in a late-stage study. Over the last one year, the FDA has given accelerated approvals to Amylyx Pharmaceuticals' (AMLX.O) drug Relyvrio and Biogen's (BIIB.O) Qalsody for treatment of ALS. A panel of external advisors to the FDA is set to vote on the effectiveness of the therapy in ALS patients on Wednesday.

Persons: Andrew Kelly, Lou Gehrig's Disease, Amylyx, Mariam Sunny, Leroy Leo, Krishna Chandra Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Drug, Cell Therapeutics, Amylyx Pharmaceuticals, ALS Association, Thomson Locations: White Oak , Maryland, U.S, Bengaluru

☆ Pfizer restarts production at tornado-hit North Carolina plant, but drug supply will still be affected
▼ + stars: | 2023-09-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

In this aerial image, damage is seen at a Pfizer pharmaceutical factory after a tornado hit the facility two days earlier, in Rocky Mount, North Carolina, July 21, 2023. In a statement, Pfizer stressed that it has only made the "first step toward full recovery" of its plant in Rocky Mount, North Carolina. The Rocky Mount plant supplies nearly 8% of all sterile injectable medicines used in U.S. hospitals, including anesthesia, analgesia, therapeutics, anti-infectives and neuromuscular blockers. Pfizer on Monday said it has restarted production of about 13 medicines, which were prioritized based on "patient need and inventory levels." Pfizer said it is also continuing to monitor emergency request orders for certain medicines manufactured at the Rocky Mount plant.

Organizations: Pfizer, American Society of Health Locations: Rocky Mount, North Carolina, U.S

☆ Mark Zuckerberg and Priscilla Chan announced they're building a computing system to help eliminate human disease by 2100, but costs may be hefty
▼ + stars: | 2023-09-22 | by ( Maiya Focht | ) www.businessinsider.com time to read: +5 min

Priscilla Chan and husband Mark Zuckerberg announced plans to eradicate human disease by 2100. One researcher's excited by the potential, but said it'll likely take lots of time and money to complete. The data could be used to make new discoveries that completely eliminate human disease, Chan and Zuckerberg said in a statement. The Chan Zuckerberg Initiative, the couple's LLC, told The Register that they plan to have their product running by 2024. "AlphaFold has sparked a wave of innovation by showing people what's possible," Chris Bahl, the chief scientist at AI Proteins, previously told Insider.

Persons: Priscilla Chan, Mark Zuckerberg, it'll, Chan, Zuckerberg, I'm, Anne Carpenter, Carpenter, Chan Zuckerberg, CZI, Forbes, AlphaFold, Chris Bahl, Jeff MacGregor Organizations: Service, Broad Institute of Harvard, MIT, Chan Zuckerberg Initiative, San, Engadget Locations: Wall, Silicon, San Francisco

☆ Corporations say they have a new No. 1 risk, and they're spending big to defeat it
▼ + stars: | 2023-09-22 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +10 min

The Q3 survey of corporate finance chiefs finds a sharp rise in CFOs pointing to government regulation as the biggest risk factor for their business. From Q1 to Q3 2023, the percentage of CFOs saying government regulation is their biggest risk jumped from roughly 6% to 40%. This quarter, only 10% of CFOs cited inflation, while the 40% who pointed to regulation represented a more than doubling quarter over quarter. watch nowFor the business community's biggest advocacy group, getting back to normal also means confronting a new normal. "The emergence of government policy as risk relative to other risks has been growing substantially over the past decade."

Persons: Mark Wilson, Trump, Sanjay Patnaik, Neil Bradley, Patnaik, Obama, Biden, Bradley, it's, Dan Clifton, we've, It's, UnitedHealth —, Cisco's, Clifton, Lina Khan, She's Organizations: U.S, Capitol, Getty, CNBC, CNBC Global, Federal Trade Commission, Google, Microsoft, Amazon, U.S . Chamber of Commerce, Brookings Institute, Corporate, industrials, Corporations, ., Apple, market's, Union, EU, Horizon Therapeutics, Activision Locations: WASHINGTON, DC, Washington ,, Covid, Russia, Ukraine, China, U.S

The IPO gave Instacart a valuation of nearly $9.9 billion, a fraction of the $39 billion it was worth in 2021, the company's last funding round. Reuters GraphicsSeveral startups' valuations have shrunk since 2022 as inflation, geopolitical tensions and the Federal Reserve's rapid rate hikes soured the economic climate. But a lukewarm reception to Neumora Therapeutics' (NMRA.O) IPO last week hinted at limited investor enthusiasm for new listings. Arm soared on its first day of trading but has dropped every day since then. Goldman Sachs and J.P. Morgan are the lead underwriters for Instacart's IPO.

Persons: Eric Cohn, Cheney Orr, Hogan, Riley, Instacart, Apoorva Mehta, Fidji Simo, Goldman Sachs, J.P, Morgan, Niket, Noel Randewich, Devika Syamnath, Anil D'Silva, Nick Zieminski, Richard Chang Organizations: Safeway, REUTERS, Nasdaq, SoftBank's Arm, San, Maplebear Inc, Reuters, Federal, Investors, Neumora Therapeutics, Instacart's, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru, Oakland , California

☆ Marketing firm Klaviyo lifts IPO price range, targets $9 bln valuation
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Sept 18 (Reuters) - Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion. Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week. A strong debut from SoftBank's Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics (NMRA.O) has tempered some optimism. Klaviyo's hike comes after another IPO contender, Instacart, raised its price range on Friday.

Persons: Klaviyo, Instacart, SoftBank, Andrew Bialecki, Ed Hallen, Jaiveer Shekhawat, Nivedita Bhattacharjee Organizations: Reuters, SoftBank's Arm Holdings, Neumora Therapeutics, BlackRock Inc, Thomson Locations: U.S, Dealogic, Bengaluru

☆ Analysts predicted new obesity medicines would be blockbusters. Now they’re raising their forecasts
▼ + stars: | 2023-09-16 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Fernandez sees a total addressable market of $140 billion to support patients with obesity. He expects there is a potential for GLP-1 drugs to become as common and widely used, much like statins are used to lower cholesterol. Morgan Stanley's Flynn estimates a 30% share of the diabetes market would generate $109 billion on a worldwide basis for GLP-1 drugs. Layer in a 15% to 30% share of the obesity market and that equates to worldwide sales of $97.4 billion to $194.8 billion. Guggenheim's estimates also assume that oral GLP-1 drugs that are currently in development are able to come to market a few years from now.

Persons: Seamus Fernandez, Fernandez, Lilly, Eli Lilly, Morgan Stanley, Terence Flynn, Eli Lilly's Mounjaro, Insulet, Canaccord, William Plovanic, Plovanic, It's, Morgan Stanley's Flynn, Flynn, Novo, Michael Bloom Organizations: Wall, Novo, American Heart Association, Food and Drug Administration, Novo Nordisk, Iqvia, Disease Control Locations: GLP

REUTERS/Brendan McDermid Acquire Licensing RightsReuters Graphics Reuters GraphicsThe S&P 500 dropped 1.22% to end at 4,450.32 points. All 11 S&P 500 sector indexes declined, led lower by information technology (.SPLRCT), down 1.95%, followed by a 1.88% loss in consumer discretionary (.SPLRCD). For the week, the S&P 500 fell 0.16% and the Nasdaq lost 0.39%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 4.4-to-one ratio. The S&P 500 posted seven new highs and eight new lows; the Nasdaq recorded 48 new highs and 216 new lows.

Persons: chipmakers, Lam, Stoking, Lisa Erickson, Brendan McDermid, Amgen, Japan's, Ankika Biswas, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Nasdaq, Dow, Lam Research, KLA Corp, Reuters, Nvidia, Devices, Broadcom, Micron Technology, Philadelphia Semiconductor, United Auto Workers ', General Motors, Ford, Chrysler, Federal Reserve, U.S, Bank Wealth Management, Traders, Microsoft, Adobe, New York Stock Exchange, REUTERS, Reuters Graphics Reuters, Dow Jones, SoftBank's Arm Holdings, Neumora Therapeutics, Thomson Locations: U.S, Minneapolis, New York City, Bengaluru, Oakland , California

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. SoftBank's Arm Holdings gained 6.5% after a stellar Nasdaq debut on Thursday, rekindling hopes of a turnaround in the initial public offering (IPO) market. U.S.-listed shares of Alibaba Group Holdings , JD.com , PDD Holdings (PDD.O) and Xpeng rose between 0.1% and 1.6%. ET, Dow e-minis were up 85 points, or 0.24%, S&P 500 e-minis were up 6 points, or 0.13%, and Nasdaq 100 e-minis were down 4.5 points, or 0.03%. Reporting by Ankika Biswas and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Lam, Taiwan's TSMC, Stellantis, rekindling, Russ Mould, AJ Bell, Ankika Biswas, Shristi, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Ford, Motors, UAW, Dow, Nasdaq, Lam Research, KLA Corp, Reuters, Ford Motor, General Motors, United Auto Workers, Chrysler, SoftBank's Arm Holdings, Nvidia, there's, Therapeutics, Reuters Graphics Reuters, Traders, Federal Reserve, University of, Alibaba Group Holdings, PDD Holdings, Dow e, Thomson Locations: New York City, U.S, Bengaluru

☆ Instacart raises IPO price range after robust Arm debut
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The price hike signals robust investor demand for San Francisco-based Instacart, which is looking to finally list its shares this month after years of waiting in the wings. Investors will be pinning hopes on robust debuts from Instacart, Klaviyo and Neumora to carry the momentum in the IPO market after Arm's strong showing on Thursday. Instacart said it is now seeking to sell 22 million shares at $28 to $30 each. At the top end of the range, the IPO will fetch $660 million compared with the earlier target of $616 million. The company's raised valuation target, however, would still be just one-fourth of the $39 billion it was worth after its last funding round more than two years ago.

Persons: Dado Ruvic, Group's, Instacart, Goldman Sachs, J.P, Morgan, Niket, Krishna Chandra Organizations: REUTERS, Arm Holdings, San, Neumora Therapeutics, Instacart, Cornerstone, PepsiCo, Instacart's, Thomson Locations: San Francisco, Bengaluru

☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.

Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru

☆ Maker of MDMA-assisted PTSD treatment to seek US regulatory nod
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

A woman retrieves items from the rubble of her destroyed home after a wildfire came through the area in Talent, Oregon, Oregon, U.S. September 21, 2020. PTSD is a disorder caused by very stressful events and can significantly disrupt patients' lives. While PTSD is commonly associated with combat, civilians are not immune to it. Psychoactive ingredients, whether derived from cannabis, LSD or magic mushrooms, have long captivated mental health researchers in their quest for treatments. MAPS, founded in 1986, said it hopes the MDMA-assisted therapy will be approved next year and inspire other researchers studying therapeutic psychedelics.

Persons: Jim Urquhart, Manas Mishra, Pooja Desai Organizations: REUTERS, Multidisciplinary Association for Psychedelic Studies, U.S . Food, Drug Administration, Thomson Locations: Talent , Oregon , Oregon, U.S, United States, Bengaluru

☆ Stocks making the biggest moves midday: General Motors, Stellantis, Planet Fitness, Adobe and more
▼ + stars: | 2023-09-15 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Nucor — The steelmaker fell 6.1% after offering worse-than-expected guidance for third-quarter earnings, with the company pointing to pricing and volume challenges. Core & Main — The infrastructure stock retreated 4.1% a day after it announced a secondary stock offering. The bank said Apellis has a favorable risk/reward ahead of third-quarter earnings. The Wall Street firm said the resumption of loan repayments introduce bookings risk to food delivery. The Wall Street firm said its pessimistic outlook was changing despite recent underperformance in the reinsurance space.

Persons: Stellantis, Chris Rondeau, Rondeau, Craig Benson, Nucor, Raymond James, Needham, Charles Shi, Lam, Goldman Sachs, Apellis, MoffettNathanson, Estée Lauder, Goldman, Yun Li, Jesse Pound, Samantha Subin, Pia Singh, Brian Evans, Lisa Kailai Han Organizations: UAW, General Motors Wentzville, General Motors, Ford, United Auto Workers began, Workers, CNBC, LSEG, PTC Therapeutics, Medicines Agency's, Medicinal Products, Arm, Investment, Bloomberg News, Apple, Dexcom, ASML Holding, Lam Research, Taiwan Semiconductor, Adobe, Bank of America, JPMorgan, Apellis Pharmaceuticals, Waste Systems Locations: Wentzville , Missouri, New Hampshire, Wells, underperform

☆ Griffin of Citadel hedge fund lays out roadmap to future philanthropic giving
▼ + stars: | 2023-09-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Companies Citadel Income Fund FollowNEW YORK, Sept 13 (Reuters) - Ken Griffin, the world's most successful hedge fund manager in terms of earnings, has already donated more than $2 billion to charity during his lifetime and on Wednesday laid out a roadmap for his future philanthropic giving to find faster solutions to the world's biggest problems. Griffin, who laid the foundations for Citadel in his Harvard dormitory, launched Griffin Catalyst (GriffinCatalyst.org), a platform that illustrates how he thinks about giving and showcases his partner organizations and how they have put his money to work. Already a big donor to schools and universities, Griffin said his giving will focus on six areas: Education, Science & Medicine, Upward Mobility, Freedom & Democracy, Enterprise & Innovation and Communities. Earlier this year Griffin donated $300 million to his alma mater. Early in his career, Griffin also donated time tutoring Chicago children in math.

Persons: Ken Griffin, Griffin, Griffin Catalyst, Svea Herbst, Bayliss, David Gregorio Our Organizations: Citadel, Harvard, Griffin Catalyst, Science & Medicine, Upward Mobility, & Democracy, Enterprise, Innovation, Forbes, U.S . State Department, U.S . Food, Drug Administration, Chicago, Svea, Thomson Locations: Chicago, United States, Wuhan, China

☆ Morning Bid: Risk and rates moving in tandem
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Or it may just be a series of idiosyncratic news events. Although both stock futures and bond yields edged back a touch again on Tuesday ahead of the bell, the fact they are moving in tandem ahead of a critical week for macro policy is notable. Overseas, European markets held up as this week's European Central Bank meeting is awaited with economists split on its outcome. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Morgan Stanley, Farmer Bros, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Big Tech, Tesla's, Dojo, Apple, chipmaker Qualcomm, Oracle, Reserve, Overseas, Central Bank, HK, Bank of, Smurfit Kappa, Treasury, Cable Corp, Altamira Therapeutics, Lesaka Technologies, Reuters Graphics, Reuters, Thomson Locations: New York City, U.S, China, London, Altamira

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