Companies featured in this edition of the newsletter: ENZ, IMNP
The stock market frolicked higher throughout the week, but recovered the vast majority of a drop which resulted in the S&P 500 losing 5.3% between Friday and Monday, and the fed funds futures market is pricing in just an 18.2% chance of a rate hike in December or February. The Dow finished the week at 17,949 up 549 points or 3.2% from 17,401 last week, and it is up 3.0% for the year. The Nasdaq finished the week at 4,862 up 155 points or 3.3% from 4,708 last week, and it is down -2.9% for the year. The S&P 500 finished the week up 65 points or 3.2% at 2,103 from 2,037 last week, and it is up 2.9% for the year. The Russell 2000 finished the week at 1,157 up 29 points or 2.6% from 1,127, and it is up 1.8% for the year.
The third estimate for first quarter GDP showed output increasing at an annual rate of 1.1%, up from the second estimate of 0.8% and the advance estimate of 0.5%. The GDP Deflator was revised down from +0.6% to +0.4%. The Conference Board’s Consumer Confidence Index increased to 98.0 in June from a downwardly revised 92.4 in May. The Conference Board noted that expectation regarding business and labor market conditions, as well as personal income prospects, improved moderately. Personal income increased 0.2% in May, which was weaker than expected, and personal spending jumped 0.4% in May, which was stronger than expected. The core PCE Price Index, which excludes food and energy, increased 0.2% in May, which was just as expected.
Weekly initial claims have been running below 300,000 for 68 consecutive weeks, or make that 69 weeks now after claims for the week ending June 25 were reported to have increased by 10,000 to 268.000. Continuing claims for the week ending June 18 decreased by 20,000 to 2.120 million. This is the longest streak below 300,000 for initial claims since 1973. The Chicago Purchasing Managers Index (PMI) sprung out of its contraction, surging to 56.8 in June from 49.3 in May. The ISM Index for June produced a nice headline surprise, checking in at 53.2. Total construction spending declined 0.8% in May after a downwardly revised 2.0% decline in April. U.S. light vehicle sales were at a seasonally adjusted annual rate (SAAR) of 17.45 million units versus an SAAR of 17.42 million units in April. Domestic truck sales fell to 8.55 million SAAR in May from 8.73 million SAAR in April.
No market movers reported earnings this week.
No conferences of note will be taking place this week.
Enzo Biochem, Inc. (NYSE: ENZ), a pioneer in molecular diagnostics, announced that it has been included in the broad market Russell 3000® Index, Russell 2000® Index and Russell Global Index, which reconstituted after the market closed on Friday, June 24th.
Membership in the US all cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes by objective, market capitalization rankings and style attributes.
Barry Weiner, President of Enzo, mentioned that Enzo's addition to the Russell 3000 in an important milestone that reflects the company’s progress across all of its business units. And that their inclusion in the Index should increase awareness of the company among the investment community and broaden their institutional shareholder base.
Enzo finished the week at $5.97.
Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, announced that recent preclinical experiments conducted by Dr. Boris Shor, Immune’s executive director of R&D, in collaboration with an independent U.S. based Clinical Research Organization in a murine colon cancer model, demonstrated that the combination of Azixa® and immune checkpoint inhibitors such as anti-CTLA-4 antibody resulted in enhanced activity compared to the activity elicited by the single agents alone, independent of the dose of Azixa® .
As a result, Immune has filed a provisional patent application with the United States Patent and Trademark Office (“USPTO”) relating to the combination of Azixa® (veribulin), a microtubule binding vascular disrupting agent (“VDA”), in combination with the immune checkpoint inhibitors such as an anti-CTLA-4 antibody and anti-PD1 monoclonal antibodies in the treatment of cancer.
Daniel Teper, CEO of Immune Pharmaceuticals, mentioned that combination treatments have the potential to augment the response to immune checkpoint inhibitors. Azixa® had previously demonstrated preclinical and clinical activity in multiple tumor types. The recent data opens up new potential strategic options for the future clinical development of Azixa®. Additionally, the new patent, if granted, adds up substantially to the patent estate surrounding Azixa®.
Immune finished the week at $0.42.
A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. This publication accepts compensation from companies that it features. This newsletter should not be regarded as an independent publication. Our editors may, from time to time, acquire positions in the companies that they cover. This could represent a conflict of interest. The CEOcast newsletter shall be under no obligation to inform readers about its trading activities. CEOcast's editors reserve the right to buy or sell shares in these companies at any time. The following companies, featured in this newsletter, have compensated CEOcast: Enzo Biochem, five thousand dollars cash per month. Immune Pharmaceuticals, ten thousand dollars cash per month.