Midway through trading Friday, the Dow traded up 0.02% to 28962.81 while the NASDAQ rose 0.25% to 9,226.30. The S&P also rose, gaining 0.16% to 3,279.97.
Leading and Lagging Sectors
In trading on Friday, financial shares fell 0.3%.
The transaction is expected to close by the end of the first-quarter of 2020. The purchase price represents a premium of 86% to the 60-day volume-weighted average trading price of Dermira's stock ending on Jan 9., the last trading day before the announcement of the transaction.
Equities Trading UP
PhaseBio Pharmaceuticals, Inc. (NASDAQ: PHAS) shares shot up 21% to $6.84 after the company announced a financing and co-development collaboration with SFJ Pharmaceuticals for PB2452. PhaseBio to receive $120 million in development funding.
Shares of Sorrento Therapeutics Inc (NASDAQ: SRNE) got a boost, shooting up 41% to $4.8150 following news it received an unsolicited acquisition offer from private equity at $7 per share.
Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) shares were also up, gaining 29% to $56.46. Ultragenyx Pharmaceutical announced topline positive safety and efficacy data from Cohort 3 and longer-term data from Cohort 2 of the Phase 1/2 study of DTX301, an investigational AAV gene therapy for the treatment of ornithine transcarbamylase, or OTC, deficiency.
Equities Trading DOWN
Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) shares tumbled 43% to $13.99 after the company reported preliminary FY19 Andexxa global net revenues of $111 million.
Shares of Six Flags Entertainment Corporation (NYSE: SIX) were down 19% to $35.64 after the company disclosed that development of co-branded parks in China has encountered continued challenges. Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered the price target from $49 to $42 per share.
RumbleON, Inc. (NASDAQ: RMBL) was down, falling 25% to $0.6050 after the company issued Q4 and FY19 sales guidance below analyst estimates, and reported a common stock offering of no disclosed size.
In commodity news, oil traded down 1.1% to $58.91, while gold traded up 0.2% to $1,556.90.
Silver traded up 0.9% Friday to $18.105, while copper rose 0.4% to $2.813.
European shares were higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index rose 0.29%, while Italy’s FTSE MIB Index gained 0.34%. Meanwhile, the German DAX gained 0.28%, and the French CAC 40 rose 0.1% while UK shares rose 0.1%.
The U.S. economy created 145,000 jobs for December. However, economists were expecting a gain of 164,000 jobs. The unemployment rate held steady at 3.5% in December.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.