“phe·nom·e·nal” – Vista Partners Daily Market Recap 3/14/2019
US stocks ended mixed again on Thursday with the major indices split between gains and losses. The Nasdaq ended the day down 0.16% (12.50 points), and the S&P 500 dropped 0.09% (2.44) although it did break out of the red for a stint during the middle of the session. The Dow flip-flopped between gains and losses but ended the day just barely in the clear with an increase of 0.01% (6.71 points).
Several of the Dow’s individual components rose throughout the session, although some did see losses. Among these, Pfizer (PFE) fell the furthest with a 1.93% drop, while Intel (INTC) tumbled 1.71%. Visa (V) led the way in terms of gains with an increase of 1.18%.
Atossa Genetics (ATOS) a Seattle-based biotech firm focused developing treatments for breast cancer had a phe·nom·e·nal today, skyrocketing 368.21% ($5.56/share) and ending the session at $7.07 per share. The increase came after the company 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.
San Diego-based biotech firm Fate Therapeutics (FATE) also had a good day as it hit an all-time new high of $19/share prior to closing at $18.21 up 2.19% today. Fate now supports a $1.8 Billion mkt cap and continues to report progress across its platform. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics recently stated, “We achieved an unprecedented milestone in treating the first patient with FT500, which is the first-ever administration of an iPSC-derived cell therapy to a patient in the U.S. In 2018, we made great strides toward our vision of using master iPSC lines to produce universal, off-the-shelf cell-based cancer immunotherapies that are available ‘on demand’ and deliver transformational change in patient outcomes. The year was also highlighted by strong clinical execution and encouraging patient data for our ongoing allogeneic cell therapy programs, ProTmune and FATE-NK100. Additionally, our industry-leading iPSC product platform delivered multiple highly differentiated, off-the-shelf NK cell and T-cell product candidates, which we expect to move into the clinic in 2019.”
Some hopes were dashed today when Bloomberg reported that any meeting between President Trump and Chinese President Xi Jinping would take place, at the earliest, in April. Many had been looking forward to a resolution coming in the next couple of weeks that would help to lift the market.
Chris Beauchamp, an IG Group analyst, explained, “Markets had hoped, perhaps naively, that some sort of deal might be done soon, but it appears that they will be denied this particular bullish catalyst for the time being.”
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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