HTG Molecular Diagnostics Stock Surges 38%
Shares of HTG Molecular Diagnostics, Inc. (HTGM) are surging over 38% on Tuesday morning after the company announced the achievement of three significant drug discovery business milestones in the first quarter of 2023.
HTGM is currently trading at $4.1500, up $1.1500 or 38.3333%, on the Nasdaq, on a volume of 2.7 million shares, above average volume of 234 thousand. The stock opened its trading at $3.1000 after closing Monday’s trading at $3.0000. The stock has traded between $2.1200 and $24.9600 in the past 52-week period.
HTG filed a patent application on December 28, 2022, which included claims directed toward specific compounds, pharmaceutical compositions and methods of treating or preventing disease by administration of the compounds for its first target and indication.
The second key milestone achieved during the first quarter was the use of the company’s proprietary HTG EdgeSeq RNA profiling platform to biologically interrogate the lead molecules.
The third milestone achieved was the use of AI-driven drug discovery engine to design compounds using transcriptomic data as the starting point.
Madrigal Pharma Gains 7% After It Receives Breakthrough Therapy Designation From FDA For Resmetirom
Shares of Madrigal Pharmaceuticals, Inc. (MDGL) are gaining over 7% on Tuesday morning after it receives Breakthrough Therapy Designation from FDA for resmetirom.
MDGL is currently trading at $274.92, up $18.37 or 7.16%, on the Nasdaq. The stock opened its trading at $270.00 after closing Monday’s trading at $256.55. The stock has traded between $57.15 and $315.45 in the past 52-week period.
Madrigal Pharmaceuticals, a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), announced that resmetirom has received Breakthrough Therapy designation from the U.S. Food and Drug Administration for the treatment of patients with NASH with liver fibrosis.
The company also announced that the outcomes portion of the Phase 3 MAESTRO-NASH biopsy trial has completed enrollment.
Phio Pharma Stock Surges Over 84%
Shares of Phio Pharmaceuticals Corp. (PHIO) are surging over 84% on Tuesday morning after the company presented preclinical data demonstrating synergy-enhanced in vivo anti-tumor efficacy of PD-1/CTLA-4 dual-targeting INTASYL.
PHIO is currently trading at $10.82, up $4.94 or 84.01%, on the Nasadaq, on a volume of 4.4 million shares, above average volume of 24 thousand. The stock opened its trading at $5.84 after closing Monday’s trading at $5.88. The stock has traded between $3.90 and $17.88 in the past 52-week period.
Phio Pharmaceuticals announced that in vivo data from a mouse model of colon cancer demonstrates target synergy-enhanced anti-tumor efficacy from a novel dual-targeting mouse PD-1 and CTLA-4 of an INTASYL coformulation.
Intratumoral administration of the PD-1/CTLA-4 INTASYL improved tumor control compared to either single targeting formulation, at an identical total dose. The dual-targeting formulation was well tolerated.
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Gold Futures Settle Higher As Dollar Turns Weak
Gold futures ended higher on Tuesday, recovering after posting losses in the previous two sessions, as the dollar turned weak after recent gains.
The dollar index dropped to 101.64 in the Asian session, continues to stay weak and is currently at 101.76, down 0.34% from the previous close.
Gold futures for June ended higher by $12.70 or about 0.6% at $2,019.70 an ounce.
Silver futures for May ended up $0.175 at $25.263 an ounce, while Copper futures for May settled at $4.0915 per pound, gaining $0.0255.
On the economic front, the Commerce Department released a report on Tuesday showing a decrease in new residential construction in the U.S. in the month of March.
The report said housing starts slid by 0.8% to an annual rate of 1.420 million in March from a revised rate of 1.432 million in February.
Economists had expected housing starts to decline to a rate of 1.400 million from the 1.450 million originally reported for the previous month.
Meanwhile, the Commerce Department said building permits plunged by 8.8% to a rate of 1.413 million in March from a revised rate of 1.550 million in February.
Building permits, an indicator of future housing demand, were expected to fall to a rate of 1.441 million from the 1.524 million originally reported for the previous month.
Intuitive Surgical Inc. Q1 Profit Beats Estimates
Intuitive Surgical Inc. (ISRG) reported a profit for first quarter that beat the Street estimates.
The company’s bottom line totaled $355.3 million, or $1.00 per share. This compares with $365.6 million, or $1.00 per share, in last year’s first quarter.
Excluding items, Intuitive Surgical Inc. reported adjusted earnings of $436.9 million or $1.23 per share for the period.
Analysts on average had expected the company to earn $1.20 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 14.1% to $1.70 billion from $1.49 billion last year.
Intuitive Surgical Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $355.3 Mln. vs. $365.6 Mln. last year.
-EPS (Q1): $1.00 vs. $1.00 last year.
-Analyst Estimates: $1.20
-Revenue (Q1): $1.70 Bln vs. $1.49 Bln last year.