Mersana Therapeutics Surges 33% On Collaboration Deal With GSK

Shares of Mersana Therapeutics, Inc. (MRSN) are surging over 33% on Tuesday morning after the company announced a global collaboration that provides GSK an option to co-develop and commercialize cancer therapy.

MRSN is currently trading at $7.02, up $1.77 or 33.71%, on the Nasdaq, on a volume of 9.8 million shares, above average volume of 1.3 million. The stock opened its trading at $6.00 after closing Monday’s trading at $5.25. The stock has traded between $2.68 and $14.80 in the past 52-week period.

Mersana announced a global collaboration that provides GSK plc (GSK) an exclusive option to co-develop and commercialize XMT-2056. Under the terms of the agreement, Mersana will receive an upfront option purchase fee of $100 million.

Mersana also is eligible to receive up to $1.36 billion in the form of an option exercise payment and development, regulatory and commercial milestone payments if GSK exercises its option.

Mersana has retained options to profit-share and to co-promote in the United States. If it exercises its profit-share option, Mersana will be eligible to receive tiered royalties on net sales outside of the United States. If Mersana does not elect to profit-share, it is eligible to receive double-digit tiered royalties on global net sales.

US Reports 128K New Covid Cases, 464 Deaths

With 128277 new positive cases reporting on Monday, the total number of people infected with coronavirus in the United States has risen to 92,244,528, as per Johns Hopkins University’s latest data.

464 additional deaths on the same day took the total U.S. Covid casualties to 1,034,054.

Florida reported the most number of cases – 20,697 and deaths – 189.

Covid deaths have increased by 10 percent while cases decreased by 16 percent in the last two weeks, New York Times’ latest tally shows.

More than 43000 people are currently in American hospitals with the coronavirus. Nearly 5000 of these patients are admitted in intensive care units.

89,169,401 people have so far recovered from the disease, the Worldometer tally shows.

2204 additional deaths were reported globally on Monday, taking the total number of people who lost their lives due to the pandemic so far to 6,421,210.

GlobalFoundries Shares Down 5%

Shares of semiconductor manufacturer GlobalFoundries Inc. (GFS) are down 5 percent on Tuesday’s trading. The stock is in tandem with the U.S stock market, which is trading in the red early on Tuesday morning.

The stock opened higher at $61.90 before dropping by $5.71 to currently trade at $56.19
GFS has traded between $36.81 and $79.49 during the past 52 weeks.

SKYX Platforms Stock Down 30%

Shares of SKYX Platforms Corp. (SKYX) are tanking nearly 30% on Tuesday morning.

SKYX is currently trading at $4.40, down $1.74 or 28.3388%, on the Nasdaq. The stock opened its trading at $5.67 after closing Monday’s trading at $6.14. The stock has traded between $1.82 and $16.00 in the past 52-week period.

SKYX Platforms Tuesday announced that its universal safe installation specifications for plug & play ceiling outlet for lighting and fan products has been officially voted on and approved by ANSI / NEMA.

Micron Technology Down 5% On Disappointing 2023 Forecast

Shares of chipmaker Micron Technology, Inc. (MU) are down 5 percent on Tuesday’s trading after the company said it would cut capital expenditures for fiscal 2023 more than it had previously indicated. Micron said that it could fall at or below the low end of its earlier revenue forecast for the August quarter, given a “challenging” backdrop in the memory market.

Currently at $58.14, the stock has traded between $51.40 and $98.45 during the past 52 weeks.

Oil Futures Settle Modestly Lower As Demand Worries Weigh

Crude oil futures settled modestly lower on Tuesday as concerns about outlook for energy demand outweighed Russia’s decision to halt oil flows along the southern portion of the Druzhba pipeline to the Czech Republic, Hungary and Slovakia.

Traders also shifted focus to Iran nuclear deal talks.

West Texas Intermediate Crude oil futures for September ended lower by $0.26 or about 0.3% at $90.50 a barrel. WTI crude futures rose to a high of $92.65 earlier in the day.

Brent crude futures were down $0.19 0r 0.19% at $96/46 a barrel a little while ago.

The revival of the nuclear accord would open the door for Iran to resume oil exports. The European Union said on Monday that it has put forward a “final” text to revive the 2015 Iran nuclear deal.

“What can be negotiated has been negotiated, and it’s now in a final text. However, behind every technical issue and every paragraph lies a political decision that needs to be taken in the capitals,” EU foreign policy chief Josep Borrell tweeted.

“If these answers are positive, then we can sign this deal,” he added. A deal could result in Iran boosting its oil exports by around 1 million barrels per day.

Markets looked ahead to weekly oil inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA is scheduled to release its inventory data Wednesday morning.

U.S. Reports 128K New Covid Cases, 464 Deaths

With 128,277 new positive cases reported on Monday, the total number of people that have been infected with coronavirus in the United States has risen to 92,244,528, as per Johns Hopkins University’s latest data.

464 additional deaths on the same day took the total U.S. Covid casualties to 1,034,054.

Florida reported the most number of cases – 20,697 and deaths – 189.

Covid deaths have increased by 10 percent while cases decreased by 16 percent in the last two weeks, New York Times’ latest tally shows.

More than 43,000 people are currently in American hospitals with the coronavirus. Nearly 5,000 of these patients are admitted in intensive care units.

89,169,401 people have so far recovered from the disease, the Worldometer tally shows.

2,204 additional deaths were reported globally on Monday, taking the total number of people who lost their lives due to the pandemic so far to 6,421,210.