Tag: AstraZeneca

  • Wall Street Futures Edge Higher as Oil Retreats and Bond Yields Ease

    Wall Street Futures Edge Higher as Oil Retreats and Bond Yields Ease

    US stock futures edged higher on Tuesday as oil prices fell and Treasury yields eased from recent highs. Chip stocks recovered in premarket trading, while investors awaited US jobs and inflation data for clues about the Federal Reserve’s next rate decision.

    At 8:45 a.m. ET, Dow Jones Industrial Average futures were up 0.17%, S&P 500 futures rose 0.14%, and NASDAQ 100 futures gained 0.28%. The gains followed a weaker session on Monday, when rising oil prices and Treasury yields weighed on stocks. The S&P 500 recorded its largest one-day percentage decline since late August.

    The latest premarket moves remained small, and futures can change before regular trading begins. Traders continued to weigh the cost of energy and borrowing against a recovery in some chip stocks. They were also watching for news on the war with Iran, which has disrupted oil shipments from the Middle East.

    Brent crude futures fell more than 1% on Tuesday as attention turned to signs of stronger oil exports from the Gulf. The decline followed Monday’s rise in crude prices after President Donald Trump rejected an Iranian proposal linked to reopening the Strait of Hormuz. Oil prices remained elevated even after Tuesday’s pullback.

    The pause in oil’s rise coincided with a modest easing in Treasury yields. The benchmark 10-year yield closed Monday at 5.241%, its highest close since 2007. It climbed above 5.26% early Tuesday before falling back. One later morning reading put the yield near 5.220%, while the 30-year yield was around 5.542%. Yields move in the opposite direction from bond prices.

    The levels kept borrowing costs in focus. Higher yields can raise financing costs for companies and households, while expensive oil can add to inflation. Australia’s central bank raised its interest rate to a 15-year high on Tuesday. In the US, traders were looking to upcoming economic reports for clues about the Federal Reserve’s next move.

    Several chipmakers rose after Monday’s sector-wide selloff. Marvell Technology, Micron Technology and Broadcom each gained about 1% before the opening bell. NVIDIA advanced 0.7% after adding USD 150 billion to its share repurchase authorization on Monday.

    Investors also assessed an Anthropic prospectus seen by Reuters for a possible public offering. It showed rapid growth alongside wider losses, while the AI company is targeting a valuation of more than USD 2 trillion. That figure is a proposed valuation, not the price of a completed listing. Separately, investors were due to hear from OpenAI CEO Sam Altman at the company’s DevDay event later Tuesday.

    The August job openings report and the Conference Board’s consumer confidence reading were due Tuesday. Inflation and employment figures later in the week were also on the calendar. At least six Federal Reserve officials, including New York Fed President John Williams, were scheduled to speak during the day.

    Among individual stocks, Summit Therapeutics rose about 20% in premarket trading. AstraZeneca said it would invest USD 2 billion in the company, and the two drugmakers plan to study their cancer treatments together. PepsiCo fell 1.1% after JPMorgan cut its rating from overweight to neutral. CarMax also gained before the open following its quarterly results.

  • AstraZeneca Invests $2 Billion in Summit Therapeutics for Experimental Cancer Drug Partnership

    AstraZeneca Invests $2 Billion in Summit Therapeutics for Experimental Cancer Drug Partnership

    AstraZeneca has agreed to invest USD 2 billion in Summit Therapeutics and will collaborate on clinical trials combining their cancer drugs. The deal centers on Summit’s experimental drug ivonescimab, which is currently under review by the US Food and Drug Administration for a form of lung cancer.

    Under the terms, AstraZeneca will purchase newly issued preferred shares convertible into Summit common stock at USD 18.36 per share, above Summit’s Monday closing price of USD 15.48. The investment values Summit at approximately USD 2 billion and will give AstraZeneca rights equivalent to about 12% of Summit’s outstanding common stock (10.6% when including shares potentially issued later). Summit expects the purchase to close by the end of the week, subject to standard conditions.

    Summit plans to use the funds to advance ivonescimab, a therapy created by Chinese drugmaker Akeso. Summit holds rights to develop and market the drug in several regions outside China. The drug is already approved for certain lung cancer patients in China but remains experimental in the United States and Europe.

    The companies also signed a clinical trial agreement to study ivonescimab alongside AstraZeneca’s sonesitatug vedotin, starting with gastrointestinal cancers. Each company will supply its own drug and share trial costs, retaining rights to their respective treatments. Additionally, a non-binding preliminary agreement outlines potential trials pairing ivonescimab with other AstraZeneca cancer drugs, though a further definitive agreement is required.

    Ivonescimab targets PD-1 and VEGF proteins, helping the immune system fight cancer while blocking tumor blood vessel growth. Sonesitatug vedotin is an antibody-drug conjugate designed to deliver a cancer-killing agent to specific cells.

    Separately, the FDA is reviewing Summit’s application for ivonescimab combined with chemotherapy in advanced non-small-cell lung cancer patients with EGFR gene mutations who previously received targeted therapy. The FDA target decision date is November 14, 2026. The gastrointestinal cancer trials announced Monday have not yet begun.

    Summit Therapeutics shares rose more than 15% in extended trading after the announcement on September 28.

  • FTSE 100 Slips to 10,441 as AstraZeneca Tumbles on Drug Trial Failure; Brent Drops 1.23%

    FTSE 100 Slips to 10,441 as AstraZeneca Tumbles on Drug Trial Failure; Brent Drops 1.23%

    Market Overview

    The FTSE 100 fell 47.61 points to trade at 10,441.44 on Thursday, dragged by a sharp decline in AstraZeneca following disappointing late-stage trial results for its experimental heart drug. Escalating tensions in the Middle East also weighed on sentiment. Meanwhile, Brent crude futures dropped 1.23% to $76.06 per barrel, while US West Texas Intermediate (WTI) lost 1.14% to settle at $72.68.

    Sterling strengthened against the dollar, quoted at $1.3406 early Thursday, up from $1.3358 at the previous close. However, sterling weakened against the euro, trading at €1.1721 compared to €1.1722 a day earlier.

    Gainers and Losers

    Top Gainers:

    • Computacenter surged 10.88% to £4,586 after forecasting a sharp profit increase for the first half of 2026.
    • Antofagasta advanced 3.97% to £3,667.
    • Glencore rose 3.72% to £508.90.
    • Anglo American gained 3.37% to £3,495.
    • Standard Chartered added 2.65% to £2,090.
    • Endeavour Mining climbed 2.33% to £3,645.

    Top Losers:

    • AstraZeneca plunged 9.65% to £12,866 after its nerve disease drug Wainua failed a late-stage trial.
    • Coca-Cola Europacific Partners slipped 1.25% to £7,890.
    • British American Tobacco fell 1.97% to £4,520.
    • Unilever dropped 1.23% to £4,582.50.
    • London Stock Exchange Group declined 0.47% to £8,820.
    • Reckitt Benckiser eased 0.83% to £5,024.

    AstraZeneca Stock Tumbles on Drug Trial Failure

    Pharma heavyweight AstraZeneca saw shares fall 8.4% in early trade to £13,043.48 after the company announced that its nerve disease drug Wainua, developed in partnership with US-based Ionis, failed to meet its primary endpoint in a late-stage trial. The drug was intended to reduce cardiovascular deaths and recurring heart problems in patients with a type of heart disease characterized by protein buildup that disrupts blood pumping.

    Brooks Macdonald Ends Fees on Uninvested Cash

    Investment manager Brooks Macdonald has scrapped cash fees on discretionary portfolios, effective 1 July, amid intensifying regulatory scrutiny from the Financial Conduct Authority (FCA) over so-called ‘double-dipping’ practices. The move follows a similar decision by Rathbones, which acknowledged that halting such fees would reduce its pre-tax profit by £9 million. Brooks Macdonald also reported a turnaround in net inflows for the financial year, reaching £226 million, compared with outflows of £396 million the prior year.

    Computacenter Expects First-Half Profit to Double

    Computacenter said it expects adjusted profit before tax for the first half of 2026 to be approximately double the £81.5 million recorded in the same period last year. The IT services firm attributed the upbeat outlook to stronger-than-expected second-quarter performance and indicated that full-year results would comfortably beat market expectations, though it remained cautious about a tougher comparative in the second half.

    Global Market Update

    In the US, the Dow Jones fell 1.1% and the S&P 500 declined 0.3%, while a rally in select AI stocks helped the Nasdaq advance 0.2%. In Asia on Thursday, Japan’s Nikkei 225 rose 1.51% to 67,830.79, China’s Shanghai Composite gained 1.1%, Hong Kong’s Hang Seng fell 0.69%, and Australia’s S&P/ASX 200 slipped 0.26%. India’s Nifty 50 and Sensex declined 0.71% and 0.79%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.

  • FTSE 100 Opens Lower at 10,495 as Oil Prices Climb and BoE Warns on Inflation

    FTSE 100 Opens Lower at 10,495 as Oil Prices Climb and BoE Warns on Inflation

    The FTSE 100 opened 13 points lower at 10,495 amid easing US-Iran tensions, while the Bank of England’s chief economist warned against complacency on inflation. Labour leadership frontrunner Andy Burnham is also set to unveil a major devolution plan. Meanwhile, Brent crude futures rose 0.67% to $72.47 a barrel. US West Texas Intermediate (WTI) advanced 1.80% to $70.05 a barrel.

    Gainers & Losers

    On the upside, Lion Finance Group rose 3.22% to £11,220, while Entain advanced 2.70% to £593.40. BT Group gained 1.59% to £198.10, and Scottish Mortgage Investment Trust moved higher by 1.56% to £1,433. Pershing Square Holdings added 1.22% to £3,812, while Computacenter climbed 0.89% to £4,292.

    On the downside, Endeavour Mining declined 2.36% to £3,761, while British American Tobacco slipped 1.37% to £4,686. Next edged lower by 0.27% to £14,575, and AstraZeneca fell 0.28% to £14,278. Unilever moved lower by 0.87% to £4,560.50, while 3i Group eased 1.58% to £2,492.

    CPI Above BoE’s Target

    Bank of England’s chief economist Huw Pill told the Press Association that policymakers “should not be complacent” about inflation, after the Consumer Prices Index remained above the Bank’s 2% target in May, at 2.8%. “I think it should be seen as problematic, because our mandate is very clear; inflation at 2% at all times. I do fear a little bit that, because we saw inflation go to 11%, policy discussion becomes, oh, inflation at 3% is not so bad.” Pill was one of two policymakers to vote for a rate hike when the Bank’s monetary policy committee split 7-2 to hold rates earlier this month.

    AstraZeneca Secures EU Approval for Breast Cancer Drug

    AstraZeneca has secured EU approval for its breast cancer drug Datroway after studies found it was able to improve survival rates for patients. The drug targets the especially aggressive form of cancer known as metastatic triple-negative, and was able to improve the average survival of the disease by five months. Today, only 15% of patients with metastatic triple-negative breast cancer survive beyond five years, making the disease one of the hardest to treat. AstraZeneca had already secured approval for the drug in the US in May.

    Bridgepoint Group Shares Rose

    Bridgepoint Group shares jumped 7.9% in early trade, hovering at £251, but shares remain down 10.2% since January. The group is acquiring real estate investment platform Kayne Anderson for $1.4 billion (£1 billion), comprising $759 million in cash and roughly $189 million in newly issued Bridgepoint shares. The deal is anticipated to “strengthen Bridgepoint’s position” in global private markets and increase the group’s assets under management (AUM) to $117 billion. This includes $40 billion in private equity, $30 billion in infrastructure and $22 billion in real estate.

    Global Market View

    In the US, the tech-heavy Nasdaq closed 0.24% down. The S&P 500 was nearly flat at 7,354.02, while the Dow declined 0.09%. In Asia, South Korea’s Kospi fell 0.2% to 8,394.65. Japan’s Nikkei 225 rose 0.15% to 69,468.11 points. Taiwan’s TAIEX dipped 0.96%. India’s Nifty 50 and Sensex both fell 0.41% and 0.5%, respectively.

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