Prometheus Biosciences (ticker: RXDX) stock rises nearly 70% in premarket trading after Merck (MRK) agreed to buy the clinical-stage biotech company for $200 per share, or about $10.8 billion and came to $193.57. The Prometheus deal, which is focused on treating autoimmune diseases, is expected to close in the third quarter. Merck fell 0.2%.
Meanwhile, research shows that a cancer vaccine developed by Merck and Moderna (MRNA) has shown promising results to help melanoma patients prevent recurrence. About 79% of patients who received the vaccine plus Merck’s Keytruda were alive and cancer-free at 18 months, according to a phase 2b trial, compared to those who received immunotherapy alone was 62%. Moderna is up 1% in premarket trading.
of American Depositary Receipts XPeng (XPEV) climbed 12% in pre-market trading after the Chinese electric car maker unveiled a new vehicle-building platform that will lead to “amazing cost savings,” chief executive He Xiaopeng said. increase.
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Shares of State Street (STT) plunged 10.9% to $71.31 early Monday after the financial services firm posted lower-than-expected earnings in the first quarter.
Teradyne (TER) fell 4.1% after JP Morgan analysts cut the robotics and semiconductor test equipment maker from neutral to underweight.
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Shares of M&T Bank (MTB) jumped 3% after posting better-than-expected first-quarter earnings.
HP
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(HPQ) rose 2.6% after analysts at JP Morgan upgraded the PC and printer company from neutral to overweight.Dell Technologies
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(DELL) fell 3.2% after being downgraded from JP Morgan’s overweight to neutral.
Charles Schwab (SCHW) was up 0.5% after the brokerage reported first-quarter earnings that beat analyst expectations. Bank deposits fell by 11% he in the same period.
Later this week, we’ll see reports from Bank of America (BAC), Goldman Sachs (GS), Netflix (NFLX), United Airlines (UAL), Tesla (TSLA) and AT&T (T) .
Please contact Joe Woelfel (joseph.woelfel@barrons.com).
