Mid-afternoon market update: Nasdaq down 1%, Protagonist Therapeutics shares plummet


Toward the end of trading Friday, the Dow traded down 0.47% to 4,587.22 while the NASDAQ fell 1.05% to 15,023.11. The S&P also fell, dropping 0.85% to 4,435.65.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 41,788,110 cases with around 670,020 deaths. India confirmed a total of at least 33,381,720 cases and 444,240 deaths, while Brazil reported over 21,069,010 COVID-19 cases with 589,240 deaths. In total, there were at least 227,118,470 cases of COVID-19 worldwide with more than 4,671,540 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Health care shares slipped by just 0.1% on Friday. Meanwhile, top gainers in the sector included Innate Pharma S.A. IPHA +undefined% (Get Free Alerts for IPHA), up 47% and Larimar Therapeutics, Inc. LRMR +undefined% (Get Free Alerts for LRMR) up 19%.

In trading on Friday, materials shares tumbled 2%.

Top Headline

The University of Michigan's consumer sentiment index rose to 71 in September from a decade-low reading of 70.3 in August. However, analysts were expecting a reading of 72.

Equities Trading UP

Helbiz, Inc. HLBZ +undefined% shares shot up 137% to $21.30 after the company announced its media unit has entered into an agreement with FOX Networks to broadcast the Italian Serie B championship across the USA and the Caribbean.

Shares of Corvus Pharmaceuticals, Inc. CRVS +undefined% got a boost, shooting 104% to $4.62 on abnormally high volume. The stock might be trading higher following favorable data results by AstraZeneca for patients with unresectable, stage 3 non-small cell lung cancer.

Innate Pharma S.A. IPHA +undefined% (Get Free Alerts for IPHA) shares were also up, gaining 47% to $8.43 as its partner AstraZeneca Plc AZN +1.57% presented results from the COAST Phase 2 trial during the European Society for Medical Oncology (ESMO21) Congress 2021. SVB Leerink maintained Innate Pharma with an Outperform and raised the price target from $7 to $9.

Equities Trading DOWN

Protagonist Therapeutics, Inc. PTGX +62.48% shares tumbled 63% to $17.30 after the company reported the FDA placed a clinical hold on rusfertide development program.

Shares of TCR2 Therapeutics Inc. TCRR +35.21% were down 35% to $10.24 after the company announced interim results from an ongoing Phase 1/2 trial of gavo-cel for the treatment of refractory mesothelin-expressing solid tumors.

IronNet Cybersecurity, Inc. IRNT +27.71% was down, falling 27% to $30.06. IronNet shares climbed over 28% on Thursday amid increased retail investor interest in the stock on social media.

Commodities

In commodity news, oil traded down 0.8% to $72.05, while gold traded down 0.2% to $1,753.20.

Silver traded down 1.7% Friday to $22.415 while copper fell 0.8% to $4.2490.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.88%, the Spanish Ibex Index rose 0.31% and the German DAX 30 dropped 1.03%. Meanwhile, the London’s FTSE 100 fell 0.91%, French CAC 40 slipped 0.79% and Italy’s FTSE MIB fell 0.98%.

The Eurozone annual inflation rate was confirmed at 3.0% for August, while construction output increased 3.3% year-over-year in July. The Eurozone current account surplus increased to EUR 30.2 billion in July from EUR 26.1 billion in the year-ago period. Retail sales volumes in the UK fell 0.9% in August.

Economics

The University of Michigan's consumer sentiment index rose to 71 in September from a decade-low reading of 70.3 in August. However, analysts were expecting a reading of 72.

The total number of active U.S. oil rigs rose by 10 to 411 rigs this week, Baker Hughes Inc reported.

Benzinga does not provide investment advice. All rights reserved.

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