“Nicked” – Vista Partners Daily Market Recap 3/19/2019
The Nasdaq ended up 0.12% (9.47 points), the S&P 500 nicked down .01% (.37 points) & the Dow ended the day down 0.10% (26.72 points). Investors, in general, seem to be currently perplexed with regard to the China-US negotiations as reports surfaced that China may be pushing back as the worried that they have not received assurances that tariffs on China goods would be lifted.
Apple (AAPL) stopped its recent move higher as it closed down .8%, while Caterpillar (CAT) closed at $134.14/share up .04% & Boeing (BA) bumped up to $373.43.57/share up .31% on the day.
Atossa Genetics (ATOS), a Seattle-based biotech firm focused developing treatments for breast cancer, ticked down 4.09% closing at $4.23/share after trading another 4/83 Million shares. This move down was after yesterday’s move up of 24.47% on a more than respectable 24.84 Million shares of trading. This recent increase came about 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 end its two-day FOMC meeting, They will let us know of their interest-rate decision. Many investors and traders, including yours truly, believe that the fed will leave things unchanged but possibly add that it expects to realize little or no further tightening in 2019 rather than its “patient” approach it recently indicated it would take in raising rates.
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.
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