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An advisory committee of the Food and Drug Administration voted in favor of approving Biogen’s Alzheimer’s drug.
Adam Glanzman/Bloomberg
Stock futures rose Monday as investors prepared for a busy week filled with U.S. inflation data and meetings from global central banks, including an interest-rates decision from the Federal Reserve.
These stocks were poised to make moves Monday:
Biogen
(BIIB) was rising 4.6% in premarket trading after a committee of expert advisors to the Food and Drug Administration said the biotech company and partner Eisai have proven the efficacy of their Alzheimer’s drug Leqembi, voting six to zero to recommend approval of the treatment.
Salesforce
(CRM) CEO Marc Benioff will be hosting “
Salesforce
AI,” a 90-minute live-streamed event that starts at 1:30 p.m. Eastern time. Evercore ISI analyst Kirk Materne said he expects a focus on data cloud and trust elements at the event. The stock rose 1% in premarket trading.
Oracle
(ORCL) is scheduled to report fiscal fourth-quarter earnings after the stock market closes Monday. Shares of the software giant were up 3.8%. Earnings reports are expected later this week from
Lennar
(LEN),
Adobe
(ADBE), and
Kroger
(KR).
Chinook Therapeutics
(KDNY), a biopharmaceutical company focused on treatments for kidney diseases, reached an agreement to be acquired by
Novartis
(NVS) for $40 a share in cash, or a total of $3.2 billion. Chinook shares closed Friday at $23.99, and were rising 67% in premarket trading to $40.02.
SentinelOne
(S) was upgraded to Overweight from Equal Weight at
Morgan Stanley
and the price target was raised to $20 from $15. Shares of the cybersecurity company jumped 5.7% in premarket trading to $15.38.
Illumina
(ILMN) said CEO Francis deSouza resigned as the gene sequencing company fights regulators over its deal to acquire cancer test maker Grail. The acquisition also triggered a proxy battle with activist investor Carl Icahn.
Illumina
shares gained 1%.
Write to Joe Woelfel at [email protected]
Source: https://www.barrons.com/articles/stock-market-movers-518cc2b?siteid=yhoof2&yptr=yahoo