Research
BTIG Downgrades Apogee Therapeutics to Neutral From Buy
Apogee Therapeutics (APGE) has an average rating of hold and mean price target of $132.44, according to analysts polled by FactSet.
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Wire
Correction: --AbbVie Launches $10 Billion Bond Sale to Fund Apogee Acquisition, Bloomberg Reports
Correction: --AbbVie Launches $10 Billion Bond Sale to Fund Apogee Acquisition, Bloomberg Reports
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Wire
Market Chatter: AbbVie Launches $10 Billion Bond Sale to Fund Apogee Acquisition
AbbVie (ABBV) has commenced a $10 billion investment-grade bond sale to help finance its pending acquisition of Apogee Therapeutics (APGE), Bloomberg reported Tuesday, citing people with direct knowledge of the matter.The offering, which includes bonds maturing in two to 40 years, has drawn about $63 billion of peak demand, the report said, citing the people.AbbVie didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $243.24, Change: $-1.86, Percent Change: -0.76%
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US Markets
Merck, Pfizer Lift Full-Year Sales Outlooks Following Second-Quarter Beats
Merck (MRK) and Pfizer (PFE) raised their respective full-year sales outlooks on Tuesday, as both pharmaceutical giants logged better-than-expected sales for the second quarter.For 2026, Merck now expects revenue of $66.3 billion and $67.3 billion, compared with its prior guidance of $65.8 billion to $67.0 billion and the FactSet-polled consensus of $66.86 billion. The company cut its full-year adjusted earnings estimate to a range of $2.66 and $2.76, from $5.04 to $5.16, to account for charges of $2.43 per share for the acquisition of Terns Pharmaceuticals (TERN). Analysts expect non-GAAP EPS of $2.79.For the June quarter, Merck's sales rose 5% year over year to $16.61 billion, topping the consensus of $16.37 billion. The company swung to a second-quarter non-GAAP loss $0.13 per share due to the Terns acquisition charge, from EPS of $2.13 a year earlier, while analysts expected a loss of $0.27.In May, the company announced completion of the acquisition of Terns and flagged the one-time charge."We delivered growth in the quarter led by continued strength in oncology and animal health, along with increasing contributions from our diverse and compelling new products across an array of therapeutic areas," Merck Chief Financial Officer Caroline Litchfield said at an earnings call, according to a FactSet transcript.Pfizer narrowed its full-year revenue outlook to between $60.5 billion to $62.5 billion from the previous range of $59.5 billion to $62.5 billion, reflecting a $500 million increase at the midpoint. The company maintained its adjusted EPS guidance of $2.80 to $3. At midpoint the estimates are both below the consensus forecasts of $61.77 billion and $2.94, respectively.Pfizer's second-quarter sales grew 3% year over year to $15.03 billion, while analysts projected $14.4 billion. Adjusted EPS fell to $0.77 from $0.78 a year earlier but exceeded the Street's $0.68 forecast."Our launched and acquired products performed well, our obesity program is advancing with meaningful momentum and our oncology portfolio remains a source of strength," Pfizer CEO Albert Bourla said in a statement.Last week, AbbVie (ABBV) lowered its full-year earnings guidance to account for the expected dilution from its planned acquisition of Apogee Therapeutics (APGE), despite reporting stronger-than-expected second-quarter results.Last month, Johnson & Johnson (JNJ) raised its full-year outlook after reporting better-than-expected second-quarter results, driven by growth in its innovative medicine and medical device businesses. Bristol-Myers Squibb (BMY) also raised its full-year guidance after reporting second-quarter results.Merck shares of were advancing by 0.3% in Tuesday morning trade, with the stock up 22% so far this year. Pfizer was down 0.4% intraday and is up about 0.1% since the start of the year.Price: $128.40, Change: $+0.63, Percent Change: +0.49%
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Wire
AbbVie Trims Full-Year Profit Outlook Due to Apogee Acquisition
AbbVie (ABBV) lowered its full-year earnings guidance on Friday to account for the expected dilution from its planned acquisition of Apogee Therapeutics (APGE), despite reporting stronger-than-expected second-quarter results.The biopharmaceutical company now expects earnings per share of $13.87 to $14.07 for 2026, compared with its prior estimate of $13.91 to $14.11. The updated guidance's midpoint of $13.97 falls short of the FactSet-polled consensus of $14.06.AbbVie expects the proposed acquisition of Apogee, which was announced last month and is expected to close in the third quarter, to be $0.14 dilutive this year. The all-cash transaction valued at about $10.9 billion will give AbbVie access to Apogee's portfolio of clinical-stage candidates currently in development for the treatment of inflammatory and immunological diseases, including potential atopic dermatitis therapy zumilokibart."That is more than offsetting our underlying overperformance," Chief Financial Officer Scott Reents said at an earnings call, according to a FactSet transcript, referring to the anticipated dilution.AbbVie's stock was down 1.3% intraday, trimming the year-to-date gain to about 11%.Adjusted EPS for the June quarter rose to $3.65 from $2.97 a year earlier, surpassing the consensus of $3.60. Net revenue grew 10% to $16.99 billion, while analysts expected $16.78 billion."AbbVie delivered another excellent quarter, marked by outstanding execution and pipeline advancement," Chief Executive Robert Michael said in the earnings release. "Based on our substantial momentum, AbbVie's long-term outlook remains very strong."Earlier this month, Johnson & Johnson (JNJ) raised its full-year outlook after reporting better-than-expected second-quarter results, driven by growth in its innovative medicine and medical device businesses. On Thursday, Bristol-Myers Squibb (BMY) also raised its full-year guidance after reporting second-quarter results.AbbVie's immunology portfolio generated $8.79 billion in global sales during the second quarter, up 15% year over year, with Skyrizi and Rinvoq both delivering more than 20% growth in revenue to offset weak Humira sales.Global sales from the neuroscience segment jumped 20% to $3.23 billion, while revenue in the aesthetics portfolio increased 0.3% to $1.28 billion. Oncology portfolio sales fell 1.5% to $1.65 billion.The company expects third-quarter revenue of $17.2 billion, lower than the FactSet-polled consensus of $17.35 billion. Adjusted EPS for the ongoing quarter is expected between $3.84 and $3.88, compared with Wall Street's estimate of $3.87.Price: $253.60, Change: $-3.82, Percent Change: -1.48%
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Wire
Biopharma Sector Seen Shifting to Fundamentals From Macro in H2, Morgan Stanley Says
Biopharma sector's performance in H2 is expected to be driven more by company fundamentals rather than macroeconomic factors, Morgan Stanley said in a note Tuesday.As of July 6, the NYSE Arca Pharmaceutical Index has gained 11% and the Nasdaq Biotechnology Index has added 18%, compared with a 10% gain for the S&P 500 Index, with recent stock performance driven more by changes in valuation multiples than by earnings estimate revisions, the investment bank said.Morgan Stanley said its US Equity Strategy team expects the sector to benefit from broader market leadership. Biotech remains one of the most rate-sensitive sectors, and historically, the sector has delivered nearly 20% annualized returns during falling-rate environments, according to the note.In addition, merger and acquisition activity remains healthy, with several $5 billion to $10 billion deals recently announced, including AbbVie (ABBV) purchasing Apogee (APGE), and Vertex Pharmaceuticals (VRTX) buying Crinetics Pharmaceuticals (CRNX), the investment bank said.Morgan Stanley adjusted its price targets on Biogen (BIIB) to $222 from $224, Amgen (AMGN) to $333 from $340, Gilead Sciences (GILD) to $166 from $168, AbbVie to $279 from $278, Moderna (MRNA) to $39 from $33, BioNTech (BNTX) to $119 from $126, Regeneron Pharmaceuticals (REGN) to $730 from $788, Johnson & Johnson (JNJ) to $284 from $283, and Eli Lilly (LLY) to $1,347 from $1,344.Shares of Biogen, Amgen, Gilead, AbbVie, Moderna, BioNTech, Regeneron, Johnson & Johnson, and Eli Lilly were down 2%, 0.1%, 0.8%, 0.4%, 7%, 1.9%, 1.9%, 0.4%, and 0.5% respectively, in Wednesday trading.Price: $201.67, Change: $-4.03, Percent Change: -1.96%
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Insider Trading
Apogee Therapeutics Insider Sold Shares Worth $3,500,640, According to a Recent SEC Filing
Carl Dambkowski, Chief Medical Officer, on June 22, 2026, sold 26,400 shares in Apogee Therapeutics (APGE) for $3,500,640. Following the Form 4 filing with the SEC, Dambkowski has control over a total of 179,248 common shares of the company, with 179,248 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1974640/000110465926077427/xslF345X05/tm2618514-1_4seq1.xml
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Research
Stifel Downgrades Apogee Therapeutics to Hold From Buy, Adjusts Price Target to $135 From $133
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $132.64, according to analysts polled by FactSet.Price: $132.93, Change: $+0.05, Percent Change: +0.04%
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Research
TD Cowen Downgrades Apogee Therapeutics to Hold From Buy
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $132.64, according to analysts polled by FactSet.
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Research
Mizuho Downgrades Apogee Therapeutics to Neutral From Outperform, Lifts Price Target to $135 From $110 Amid AbbVie Deal
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $132.64, according to analysts polled by FactSet.
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Wire
Apogee Therapeutics' Acquisition by AbbVie Fairly Values Zumilokibart, UBS Says
Apogee Therapeutics (APGE) proposed $10.9 billion acquisition by AbbVie (ABBV) represents a "full and fair" valuation of its lead asset, zumilokibart, and the "long-acting IL-13" antibody is largely de-risked, entering Phase III development and has "mega-blockbuster potential" in atopic dermatitis and asthma, UBS Securities said in a note Tuesday.AbbVie's "leading dermatology franchise" and commercial capabilities could help maximize the value of zumilokibart, while Apogee's broader immunology portfolio further supports the "strategic value" of the platform. The transaction is expected to close in Q3 and is seen facing limited antitrust risk due to minimal "overlap" between the companies, according to the report.UBS downgraded Apogee Therapeutics to neutral from buy following the acquisition announcement, and raised the price target to $135.11 from $100, reflecting the "implied value of the transaction," and noted that few significant clinical catalysts are expected for the remainder of the year.Price: $132.76, Change: $+0.20, Percent Change: +0.15%
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Research
Guggenheim Downgrades Apogee Therapeutics to Neutral From Buy
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $130.72, according to analysts polled by FactSet.
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Research
Deutsche Bank Downgrades Apogee Therapeutics to Hold From Buy, Adjusts Price Target to $135 From $116
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $130.72, according to analysts polled by FactSet.
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Research
RBC Removes 'Speculative Risk' From Apogee Therapeutics, Raises Price Target to $135 From $97 Amid AbbVie Deal, Keeps Sector Perform Rating
Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $130.72, according to analysts polled by FactSet.
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Japan
Update: US Equity Indexes Mixed as Communication Services Sector Slides, Treasury Yields Surge
(Updates with index/price moves and political news from the first paragraph.)US equity indexes traded mixed ahead of Monday's close amid steep declines in communication services and rising government bond yields.The Nasdaq Composite dropped 1.4% to 26,160.44, with the S&P 500 down 0.5% to 7,465.9, while the Dow Jones Industrial Average rose 0.2% to 51,654.7. Communication services sank 4%, and consumer discretionary dropped 2%.Alphabet's (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped 5.5%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 5.8%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, the US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal, Bloomberg reported Monday.Vice President Vance and US officials claimed progress on multiple fronts, according to the Associated Press. It included the establishment of "mechanisms" to ensure the Strait of Hormuz stays open and to address fighting between Israel and Iranian-backed Hezbollah militants in southern Lebanon, the news report added.Front-month global benchmark North Sea Brent slumped 3.1% to $78.04 per barrel. The US West Texas Intermediate dropped 2.4% to $74.04 per barrel.Most US Treasury yields jumped, with the 10-year up 5.8 basis points to 4.51%. The two-year rate advanced 5.7 basis points to 4.23%.
Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Sectors
Sector Update: Healthcare Stocks Rise Late Afternoon
Healthcare stocks were higher late Monday afternoon, with the NYSE Healthcare Index rising 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.8%.The iShares Biotechnology ETF (IBB) climbed 1.7%.In corporate news, AbbVie (ABBV) has agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to boost its immunology portfolio and accelerate its clinical presence in the respiratory segment. AbbVie shares jumped past 6%, and Apogee surged 46%.Regenxbio (RGNX) shares jumped 18% after it said the US Food and Drug Administration has agreed on the next steps for a potential accelerated approval of Navsunli, its experimental gene therapy for Mucopolysaccharidosis II, following discussions related to its appeal of a complete response letter issued in February.Jaguar Health (JAGX) shares climbed 16% after the firm said Monday its board has started a process to explore strategic alternatives to maximize shareholder value.Vivos Therapeutics (VVOS) shares fell 14% after it said Monday it has extended its strategic financing agreement with Streeterville Capital through Aug. 31, giving it additional time to complete planned capital-raising efforts.
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US Markets
Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance
(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday, while oil prices fell as markets reacted to progress in fresh talks between Washington and Iran.The Nasdaq Composite was down 1.2% at 26,209.5 after midday Monday, while the S&P 500 fell 0.3% to 7,477.4. The Dow Jones Industrial Average rose 0.4% to 51,762. Among sectors, communication services saw the biggest drop, while real estate paced the gainers.US markets were closed Friday for the Juneteenth National Independence Day holiday.Brent crude oil was down 3.6% at $77.71 a barrel intraday Monday, while West Texas Intermediate fell 2.3% to $73.60.Iran has agreed to admit inspectors from the International Atomic Energy Agency in the country, news outlets reported, citing US Vice President JD Vance."That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance reportedly said."Everybody is fully aware that Iran will agree to have major weapons inspections in order to ensure 'nuclear honesty' long into the future," US President Donald Trump said in a social media post Monday.On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Earlier, Trump threatened further strikes on Iran, if Hezbollah in Lebanon continued attacking Israel."Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING Bank said in a report. "For energy markets, the key factor is still whether oil and LNG flows from the Persian Gulf continue to recover, despite all the rhetoric."US Treasury yields were higher intraday, with the 10-year rate up 5.4 basis points at 4.51% and the two-year rate rising 4.7 basis points to 4.23%.In company news, Space Exploration Technologies (SPCX) agreed to grant Reflection AI access to the rocket and satellite company's computing infrastructure for up to $6.3 billion, CNBC reported.Separately, SpaceX said it launched its first offering of senior unsecured notes to repay outstanding bridge loan debt and cover general corporate expenses.SpaceX shares were down 9.9% intraday.Lucid Group (LCID) outlined plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. The electric vehicle manufacturer's shares were down 4.5%.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment.AbbVie shares were up 7%, among the top performers on the S&P 500, while Apogee surged 47%.Gold was down 1.2% at $4,195.80 per troy ounce, while silver decreased 1.4% to $65.91 per ounce.
Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$LCID$SPCX
Wire
Top Midday Gainers
Nexentis Technologies (NXTS) said Monday its subsidiary, MitoCareX Bio, has entered into an engagement with Boltz, an AI research lab, to accelerate the identification of novel small-molecule scaffolds targeting selected solute carrier proteins of interest to MitoCareX's pipeline.Shares jumped over 200% as trading volume catapulted to over 55 million from a daily average of about 208,000.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) for $135.11 per share in cash for a total equity value of $10.9 billion, the companies said Monday.Shares of Apogee soared 47%, with intraday trading volume of over 47.1 million against a daily average of about 975,000.Definium Therapeutics (DFTX) reported positive topline results from a phase 3 Emerge study of DT120 orally disintegrating tablet in major depressive disorder.RBC Capital raised its price target to $57 from $36, while maintaining its outperform rating.Shares surged 52% amid a jump in intraday trading volume to over 16 million from a daily average of roughly 1.9 million.Price: $15.55, Change: $+10.47, Percent Change: +206.08%
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Asia Markets
Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services, Surging Treasury Yields
(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.The Nasdaq Composite dropped 1.2% to 26,194.83, with the S&P 500 down 0.4% to 7,472, while the Dow Jones Industrial Average rose 0.3% to 51,696.7.All sectors, except communication services, consumer discretionary, consumer staples and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.4%, and consumer discretionary was down 2%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped nearly 6%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 6%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Iran's Foreign Minister Araghchi and the country's top negotiator Mohammad Bagher Ghalibaf are traveling to Oman to discuss the management of the Strait of Hormuz, Al Jazeera reported on Monday. The two are set to discuss consolidating Iranian arrangements for managing the strait and enhancing bilateral coordination, Ghalibaf said on Telegram, according to the news report.Front-month global benchmark North Sea Brent slumped 3.4% to $77.87 per barrel. The US West Texas Intermediate dropped 3% to $73.66 per barrel.Most US Treasury yields jumped, with the 10-year up six basis points to 4.52%. The two-year rate jumped 4.9 basis points to 4.23%. Even as oil prices have been declining since an interim peace deal was signed between the US and Iran, the market is still pricing two interest rate increases -- 25 basis points each -- by the end of this year, according to the CME FedWatch tool, following the hawkish lean seen in the June monetary policy announcement last week.In precious metals, gold futures fell 0.9% to $4,209.1, while silver futures declined 1% to $65.68.In company news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal. Shares of Microsoft dropped 2.5%, among the steepest decliners on the Dow.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal of about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. Shares of AbbVie advanced nearly 7%, one of the top gainers on the S&P 500.CRH (CRH) said it agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.
Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Sectors
Sector Update: Healthcare
Healthcare stocks were higher Monday afternoon, with the NYSE Healthcare Index rising 1.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.2%.The iShares Biotechnology ETF (IBB) climbed 1.7%.In corporate news, AbbVie (ABBV) has agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. AbbVie shares jumped 7%, and Apogee surged 46%.
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