“Bumped” – Vista Partners Daily Market Recap 3/18/2019
US stocks ended in positive territory across the board again on Monday after surviving somewhat choppy sailing through the market session. The Nasdaq ended up 0.34% (25.95 points), and the S&P 500 bumped up 0.37% (10.46 points). The Dow ended the day just barely in the clear with an increase of 0.25% (65.23 points). The energy & financial sectors led the broad markets higher while healthcare names & utility stocks were overall lower.
Several of the Dow’s individual components rose throughout the session. Among these, Apple (AAPL) was up 1.90% closing at $188.02/share, while 3M (MMM) closed at $208,49/share up .2% & Microsoft (MSFT) bumped up up to $117.57/share up a solid 1.35% on the day.
Atossa Genetics (ATOS) a Seattle-based biotech firm focused developing treatments for breast cancer had another wonderful day as it jumped up 24.47% closing at $4.40 on a respectable 24.84 Million shares of trading. This increase came about today as ATOS announced that on March 14th and 15th, 2019, it received approximately $10 million from exercises of previously outstanding warrants. The warrants were issued by the Company in the rights offering completed May 30, 2018. As a result of the warrant exercises, the Company retired 2.5 million warrants and issued 2.5 million shares of common stock.
Kyle Guse, CFO and General Counsel of Atossa Genetics stated, “The $10 million in cash proceeds significantly enhances our cash position and provides working capital for our ongoing and planned clinical studies. Moreover, the warrant exercises are essentially ‘non-dilutive’ because the warrants were previously outstanding and are now removed from our overhang.”
Last week ATOS announced that the FDA has issued a “Safe to Proceed” letter under their “expanded access” program permitting the use of Atossa’s oral Endoxifen as a post-mastectomy treatment in a pre-menopausal, estrogen-receptor positive (ER+) breast cancer patient. This patient completed a 3-week course of Atossa’s oral Endoxifen prior to her surgery under an FDA-approved expanded access program. The tumor activity from the initial biopsy was compared to the tumor activity at surgery, finding that the cancer cell biological activity was reduced by two measures: the Ki-67 activity decreased by 50 percent, and the estrogen receptor content decreased by over 20 percent. There were no safety or tolerability issues, including vasomotor symptoms such as hot flashes and night sweats. The latter symptoms are often a tolerability challenge for patients on tamoxifen.
Of note, tomorrow the Federal Reserve will begin its two-day FOMC meeting, They will let us know of their interest-rate decision on Wednesday as they end the session. Many investors and traders, including yours truly, believe that the fed will leave things unchanged and keep with recent rhetoric.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!