POINT Biopharma Stock Gains 17% After Guggenheim Raises Price Target To $22

Shares of POINT Biopharma Global Inc. (PNT) gained over 17% on Monday morning after analysts at Guggenheim raised the company’s price target from $20.00 to $22.00.

PNT is currently trading at $10.08, up $1.51 or 17.62%, on the Nasdaq, on a volume of 1.4 million, over average volume of 0.7 million. The stock opened its trading at $9.74 after closing Friday’s trading at $8.57. The stock has traded between $4.25 and $11.28 in the past 52-week period.

POINT Biopharma Global is a radiopharmaceutical company that focuses on the development and commercialization of radioligands that fight cancer.

Its lead product candidates include PNT2002, a prostate-specific membrane antigen (PSMA) targeted radioligand that is in Phase III trial for the treatment of metastatic castration-resistant prostate cancer; and PNT2003, a somatostatin-targeted radioligand, which is in Phase III trial for the treatment of neuroendocrine tumors.

Crude Prices Continue To Rise As Supply Fears Persist

Crude oil prices continued to rise amidst Ukraine’s successful offensive around Kharkiv and speculation on the impact it would have on supply of Russian oil. Fears of bottlenecks in the revival of the Iranian nuclear deal also triggered concerns over when the Iranian crude oil would make it to the world crude oil markets.

The Dollar’s retreat also supported the rise in dollar denominated crude oil prices. The Dollar Index which measures the Dollar against a basket of six currencies weakened around 0.77 percent to 108.17 amidst hopes that the expected fall in inflation in the U.S. would persuade the Fed to soften its monetary policy stance.

Brent Oil Futures for November settlement is currently trading at $94.70, up 2 percent from the previous close of $92.84. The day’s trade ranged between a high of $94.88 and a low of $91.21.

West Texas Intermediate Crude Oil Futures for October settlement traded between a high of $88.75 and a low of $85.17. It is currently trading at $88.58, having increased 2.06 percent from the previous close of $86.79.

European Economics Preview: Germany Factory Orders Data Due

Factory orders and construction Purchasing Managers’ survey results from Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s factory orders data for July. Orders are forecast to fall 0.2 percent on month, following a 0.4 percent drop in June.

In the meantime, foreign trade figures are due from Finland.

At 3.00 am ET, the Czech Statistical Office releases industrial production and foreign trade figures. Economists forecast industrial output to grow 2.4 percent annually after rising 1.7 percent in June.

Also, Slovakia’s GDP data for the second quarter is due at 3.00 am ET.

At 3.30 am ET, S&P Global publishes Germany’s construction Purchasing Managers’ survey results.

At 4.30 am ET, UK S&P/CIPS construction PMI data is due. The index is seen at 48.0 in August versus 48.9 in July.

Gold Jumps On Expectations Of A Softer Fed Policy

Gold prices surged amidst expectations that the anticipated fall in inflation would persuade the Fed to be softer on its inflation combat as well as monetary policy.

Consumer Price Inflation in the U.S is seen falling to 8.1 percent in August versus 8.5 percent in the month of July. The inflation readings are due on Tuesday.

The Dollar’s retreat also supported the rise in dollar denominated prices of the yellow metal. The Dollar Index which measures the Dollar against a basket of six currencies weakened around 0.77 percent to 108.17 amidst hopes that the expected fall in inflation in the U.S. would persuade the Fed to soften its monetary policy stance.

The softening in bond yields, which reduces the opportunity cost of holding non-yielding bullion, also supported the metal’s surge.

Gold Futures for December settlement strengthened 11 points to trade at $1,739.70, up 0.64 percent on an overnight basis. Prices oscillated between $1,722.35 and $1,744.85.

Australia Hikes Rates By 50 Bps As Expected

The Reserve Bank of Australia raised its key interest rates by a half-percentage point on Tuesday to bring inflation back to the target and create a more sustainable balance of demand and supply in the Australian economy.

The policy board of the RBA, headed by Governor Philip Lowe, decided to lift the cash rate target by 50 basis points to 2.35 percent, the highest since late 2014.

Lowe said the board expects to increase interest rates further over the months ahead, but it is not on a pre-set path.

The size and timing of future interest rate increases will be guided by the incoming data and the Board’s assessment of the outlook for inflation and the labor market, Lowe added.

The central bank also increased the interest rate on Exchange Settlement balances by 50 basis points to 2.25 percent.

The board forecast inflation to be around 7.75 percent over 2022, a little above 4 percent over 2023 and around 3 percent over 2024.

At the same time, the domestic economy is continuing to grow solidly and national income is being boosted by a record level of the terms of trade, the board observed.

It is possible that the Bank will only slow the pace of tightening if the third quarter inflation figures due at end-October show a moderation in price pressures, Marcel Thieliant, an economist at Capital Economics, said. Nonetheless, the RBA will ultimately lift the cash rate to 3.6 percent.

Gilead Sciences Gains On Agreement With Generic Manufacturers

Gilead Sciences, Inc. (GILD) shares are trading more than 3 percent higher on Monday morning after the company announced that it has entered into agreements with generic manufacturers such as Lupin Ltd., Apotex Inc., Macleods Pharma Ltd., Hetero Labs Ltd., and Cipla Ltd. to resolve the litigation and patent challenges associated with Descovy, Vemlidy, and Odefsey in the U.S. District Court for the District of Delaware.

The company noted that the agreements grant the generic manufacturers a non-exclusive license in the United States to the Company’s patents on tenofovir alafenamide relating to Descovy and Vemlidy beginning on October 31, 2031, and to Odefsey beginning on January 31, 2032, or earlier.

Currently, shares are at $67.93, up 4.06 percent from the previous close of $65.28 on a volume of 8,319,430.