Andrew Yang Concedes In Democratic Party’s New York City Mayoral Primary

Former presidential candidate Andrew Yang conceded defeat after he was placed a distant fourth in the Democratic Party’s New York City mayoral primary.

“I am a numbers guy. And I am not going to be the next mayor of New York city based on upon the numbers that have come in tonight. I am conceding this race,” Yang said in a speech as the results from early and primary day in-person voting came in.

With about 85 percent of the results of the election held on Tuesday came in, no candidate is assured of outright victory.

Eric Adams, Maya Wiley and Kathryn Garcia are in the first three positions.

The mayoral primary winner is likely to be determined using ranked-choice voting tabulation. The absentee ballot deadline is June 29. It may take weeks for the winner is announced, reports say.

Yang, once seen as the front-runner in the New York City mayoral primary, had promised to launch a $1 billion cash relief program; reopen the city and bring back tourism; and make the city safer, cleaner, and healthier during his election campaign. He also vowed to create good jobs, improve wages, and expand economic opportunity.

The son of immigrants from Taiwan, 46 year -oldYang qualified for and participated in seven of the first eight Democratic debates in the 2020 US presidential election.

Andrew Yang was the first candidate to concede, and ranked-choice voting was used for the first time — which is expected to delay final results.

Arcus Biosciences Rises 15%

Shares of oncology-focused biopharmaceutical company Arcus Biosciences, Inc. (RCUS) are trading 15 percent higher on Thursday. The company on Wednesday reported positive clinical activity from its three-arm randomized Phase 2 ARC-7 study.

The company said that the first interim analysis of the three-arm randomized Phase 2 ARC-7 study, with both arms being domvanalimab-based combinations showed encouraging clinical activity when given as a first-line treatment to people with metastatic, non-small cell lung cancer. Arcus Biosciences said that all the trials will continue as planned and data will presented at year-end.

The stock is currently trading at $27.00, up $3.65 or 15% on the NYSE. RCUS has traded between $16.69 and $42.36 during the past 52 weeks.

Aravive Up 8% After Reporting Positive Initial Results For AVB-500 In Clear Cell Renal Cancer

Aravive, Inc. (ARAV) shares are gaining more than 8 percent on Thursday morning trade after reporting positive initial reports from Phase 1b and Phase 1b/2 study of AVB-500 in combination with Cabozantinib in Clear Cell Renal Carcinoma.

The clinical-stage oncology company said it plans to expand the dosing of 15mg/kg of AVB-500 to an additional three patients to determine the potential of initiating the Phase 2 portion with this dose. The Phase 1b dose escalation study will enroll up to 18 patients in 15 mg/kg, 20 mg/kg and 25 mg/kg dosing to evaluate tolerability and pharmacokinetics.

Currently, shares are at $5.77, up 8.46 percent from the previous close of $5.32 on a volume of 19,104,845. The shares have traded in a range of $4.27-$14.94 on average volume of 155,259.

Semrush Jumps 20% On Major Tech Update

Massachusetts-based tech company Semrush Holdings Inc (SEM), are 20% up in the morning trading on Thursday, largely due to an update on its management platform.

According to the company, its new Backlink Database has more than 43 trillion backlinks and the updated data collection process outperforms all other platforms in detecting and reporting new links.

Aoife Mcllraith, VP of Marketing, commented, “The median amount of time it takes to find and show a new link after the target page was created has been reduced to only 19 minutes, which is the fastest backlinks discovery among our key known competitors. We are delighted to roll out this major update and to offer our customers a taste of the future of dynamic backlink management.”

The shares are trading at $24.25, up 20.07% or $4.05, from their previous closing at $20.20. The shares opened at $20.60 in the morning and in a 52-week period, the shares have ranged between $10.62 and $25.41.

Rudy Giuliani suspended from practice of law in New York

A New York court has just suspended the law license of former New York City Mayor Rudy Giuliani, citing in part his work as counsel to former President Donald Trump.

This is a developing story. Please check back for updates.

European Economics Preview: Bank Of England Policy Announcement Due

The monetary policy announcement from the Bank of England is due on Thursday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s import prices for May. Import price inflation is seen rising to 11.3 percent from 10.3 percent in April.

At 2.45 am ET, the French statistical office Insee releases business sentiment survey results. The confidence index is seen rising to 109 in June from 107 in May.

At 3.00 am ET, Spain’s revised GDP data is due. The economy is forecast to shrink 0.5 percent sequentially in the first quarter, as initially estimated.

At 4.00 am ET, Germany’s ifo business confidence survey results are due. The business sentiment index is forecast to rise to 100.6 in June from 99.2 a month ago.

In the meantime, the European Central Bank releases economic bulletin. Also, Poland’s unemployment data is due. Economists expect the jobless rate to fall to 6.1 percent in May from 6.3 percent in April.

At 7.00 am ET, the Bank of England’s monetary policy announcement and the minutes of the meeting are due. Markets widely expect the monetary policy committee to hold the interest rate unanimously at 0.1 percent and the quantitative easing at GBP 875 billion.

Although the bank is expected to bring forward the timing of the first rate hike, policymakers are likely to avoid offering any hints at the meeting.