Oil Prices Hold Steady After Rally

Synlogic’s stock sinks toward record low after SYNB1020 development discontinued as trial disappoints

Shares of Synlogic Inc. SYBX, +4.77% sank 9.3% toward a record low in premarket trading Tuesday, after the biotechnology company said it has discontinued the development of SYNB1020 for the treatment of hyperammonemia following disappointing trial results. The company said that data from a phase1b/2a study showed that while SYNB1020 was well tolerated in patients with cirrhosis, there was no evidence of blood ammonia lowering or changes in other exploratory endpoints relative to placebo. "Moving forward, we will focus our resources on advancement of SYNB1618 for the treatment of phenylketonuria, SYNB1891 for the treatment of solid tumors and several new programs in early development," said Chief Executive Aoife Brennan. The stock has tumbled 31.1% year to date through Monday, while the iShares Nasdaq Biotechnology ETF IBB, +1.13% has gained 10.1% and the S&P 500 SPX, +1.21% has advanced 16.6%.

Man in hospital after overnight shooting in Brampton: Peel police

Peel Regional Police say a man is in hospital after he was injured from an overnight shooting in Brampton.

Officers responded just after 1 a.m. on Tuesday to the residential area of Matthew Harrison Street, near The Gore Road and Castlemore Road.

Investigators said the victim was taken to hospital with non-life threatening injuries.

There’s currently no suspect information, but the investigation remains ongoing.

Elanco buying Bayer’s animal health business for $7.6 billion

Elanco Animal Health ELAN, +1.53% said it’s buying Bayer’s BAYN, +0.69% animal health business for $7.6 billion. Elanco said it will pay $5.32 billion in cash and $2.28 billion in stock. Elanco said it intends to fund the cash consideration through a combination of new debt and equity. At close, Elanco expects its gross debt to adjusted EBITDA leverage ratio to be 5x.

Photronics Guides Q4 EPS, Revenues In Line – Quick Facts

While reporting financial results for the third quarter on Tuesday, Photronics, Inc. (PLAB) provided earnings and revenue guidance for the fourth quarter of fiscal 2019.

For the fourth quarter, Photronics expects earnings in a range of $0.11 to $0.17 per share, on revenue between $143 million and $151 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.12 per share, on revenues of $147 million for the quarter. Analysts’ estimates typically exclude special items.

“We are on pace to have an outstanding year in 2019 and positioned to perform even better in 2020 and beyond,” said Peter Kirlin, chief executive officer.

Synlogic Discontinues SYNB1020 Development For Treating Hyperammonemia

Clinical stage company Synlogic, Inc. (SYBX) announced Tuesday that it is discontinuing development of SYNB1020, an early stage clinical product candidate for the treatment of hyperammonemia.

The company said the results from its Phase 1b/2a study of SYNB1020 did not demonstrate an activity profile in ammonia lowering that warranted continued development of the program.

The decision to discontinue the program was based on top-line data from an interim analysis of a randomized, double-blind, placebo-controlled Phase 1b/2a study of the Synthetic Biotic medicine in 23 patients with cirrhosis and elevated blood ammonia.

The study was designed to evaluate the safety and tolerability of SYNB1020 treatment, as well as changes in blood ammonia levels and several exploratory endpoints associated with early stage hepatic encephalopathy (HE).

The company added that it will now focus its resources on advancement of SYNB1618 for the treatment of phenylketonuria, SYNB1891 for the treatment of solid tumors and several new programs in early development.

EARNINGS SUMMARY: Details of The Home Depot, Inc. Q2 Earnings Report

Below are the earnings highlights for The Home Depot, Inc. (HD):

-Earnings: $3.48 billion in Q2 vs. $3.51 billion in the same period last year.
-EPS: $3.17 in Q2 vs. $3.05 in the same period last year.
-Analysts projected $3.08 per share
-Revenue: $30.84 billion in Q2 vs. $30.46 billion in the same period last year.

Oil Prices Hold Steady After Rally

Oil prices held steady on Tuesday after sharp gains in the previous session following a weekend attack on a Saudi oil facility by Yemeni separatists.

Benchmark Brent crude traded flat at $59.74 a barrel, after climbing around 1.9 percent on Monday. U.S. crude futures were marginally higher at $56.16 a barrel, after rallying 2.4 percent the previous day.

Oil prices remain supported by talk of more stimulus from central banks and signs of a possible thaw in the ongoing trade war between the world’s two largest economies.

The Trump administration once again delayed restrictions on Chinese tech giant Huawei for another 90 days, helping raise hopes for a de-escalation in the U.S.-China trade dispute.

China’s central bank has changed the way commercial lenders set interest rates for loans — a move expected to ensure lower lending rates at a time when investors remain concerned that U.S. President Trump’s trade war with China is undermining global economic growth.

Germany’s right-left coalition government is getting ready to act to shore up Europe’s largest economy to counter a possible recession.

Finnish central bank governor Olli Rehn said on Monday that the European Central Bank (ECB) is determined to act if the medium-term inflation outlook continues to fall short of the ECB’s aim.

Inventory data from the American Petroleum Institute (API), an industry group, will be released later today while the EIA crude oil inventory report is due to be released on Wednesday.