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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%

$ABBV$AMGN$APGE$BIIB$BNTX$CRNX$GILD$JNJ$LLY$MRNA$REGN$VRTX
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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$APGE
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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$APGE
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%

$ABBV$APGE
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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$APGE
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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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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.

$ABBV$APGE$JAGX$RGNX$VVOS
Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance
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%

$ABBV$APGE$DFTX$NXTS
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%.

$ABBV$APGE
Research

Craig Hallum Downgrades Apogee Therapeutics to Hold From Buy, $135.11 Price Target

Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $122.86, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $132.63, Change: $+42.25, Percent Change: +46.75%

$APGE
Wire

Top Midday Stories: Treasury Authorizes Sale of Iranian Oil; SpaceX launches First Inaugural Bond Issuance

The Nasdaq Composite and S&P 500 were down, while the Dow Jones Industrial Average was up in late-morning trading Monday, as market participants assess the latest developments in negotiations between the US and Iran.The US Department of the Treasury on Monday said it has issued a general license authorizing the production, delivery, and sale of crude oil, petrochemical products and petroleum products of Iranian origin through Aug. 21.In company news, SpaceX (SPCX) has commenced its first offering of senior unsecured notes, the proceeds of which will be used to repay outstanding borrowings under its bridge loan facility and to pay related fees and expenses, the company said Monday in a regulatory filing. The remainder of the proceeds will go toward general corporate purposes, the filing said. Separately, SpaceX has signed a roughly $6.3 billion computing power agreement with Reflection AI, CNBC reported, citing materials it viewed. Under the deal, Reflection will get access to Nvidia (NVDA) GB300s and will pay SpaceX $150 million per month from July 1 through 2029, the report said. SpaceX shares were down 8.7% around midday, while Nvidia eased 0.3%.AbbVie (ABBV) has 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. The acquisition includes Apogee's pipeline of multiple clinical-stage drug candidates for inflammatory and immunological diseases, they said. The deal is expected to close in Q3. AbbVie shares were up 5.9%, while Apogee shares were up 46.8%.Chevron (CVX) said Monday its Energy Forge One subsidiary has signed a 20-year power purchase agreement with Microsoft (MSFT) for a planned data center in West Texas to be operated by the tech giant. The data center, known as Project Kilby, is expected to eventually deliver about 2.67 gigawatts of capacity. Chevron shares were up 0.2%, while Microsoft was down 2.1%.Getty Images (GETY) said Sunday it has entered into a display agreement with OpenAI under which Getty content will be displayed within ChatGPT. Getty shares were up 110%.Meta Platforms (META) is investing $900 million in Cred, an Indian fintech startup, and it plans to appoint its founder, Kunal Shah, as the new leader of WhatsApp, Bloomberg reported Monday, citing a news release. Following the investment, Meta will own roughly 20% of Cred, which will be valued at $4.5 billion post-money, the report said. Meta shares were down 2.7%.Morgan Stanley (MS) has identified two sites within the city of Dallas for a phased approach to establishing a new large-scale operations hub, according to a city document. In the first phase, Morgan Stanley would invest about $96.9 million in real estate and business personal property improvements as part of a roughly 52-month lease of office space at a temporary location. For phase two, Morgan Stanley would invest about $684.2 million in real estate and business personal property improvements at a permanent location by the end of 2031. An additional estimated $650 million would then be expended by the developer/landlord to deliver the core and shell building at the permanent location, the document said. Morgan Stanley shares were up 1.7%.Price: $169.37, Change: $-15.64, Percent Change: -8.45%

$ABBV$APGE$CVX$GETY$META$MS$MSFT$NVDA$SPCX
Research

Citigroup Downgrades Apogee Therapeutics to Neutral From Buy, Price Target is $135

Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $119.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $132.65, Change: $+42.27, Percent Change: +46.76%

$APGE
Research

Wedbush Downgrades Apogee Therapeutics to Neutral From Outperform, Price Target is $135

Apogee Therapeutics (APGE) has an average rating of overweight and mean price target of $119.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $132.65, Change: $+42.27, Percent Change: +46.77%

$APGE
AbbVie to Acquire Apogee Therapeutics in $10.9 Billion Deal
US Markets

AbbVie to Acquire Apogee Therapeutics in $10.9 Billion Deal

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 will pay $135.11 a share in cash for Apogee, the companies said in a joint statement Monday. Apogee's shares surged by about 47% in Monday trading, while AbbVie gained 3.7%.The transaction will give AbbVie access to Apogee's portfolio of clinical-stage candidates currently in development for the treatment of inflammatory and immunological diseases, including atopic dermatitis and asthma.The company's lead candidate, zumilokibart, for atopic dermatitis showed "clinically significant results" in a phase 2 trial. Apogee is also developing APG273, a combination of zumilokibart with the thymic stromal lymphopoietin-blocking antibody APG333, for patients with asthma."The acquisition of Apogee further builds on our existing leadership, strengthening our ability to deliver innovative medicines to patients who need better options while also creating significant long-term value for shareholders," AbbVie Chief Executive Robert Michael said in a statement. "Apogee's pipeline adds highly differentiated clinical-stage assets, further expanding our robust immunology portfolio."The deal, which requires approval from regulators and clearance from Apogee's shareholders, is expected to close in the third quarter. AbbVie said the acquisition will be accretive to its adjusted earnings per share starting in 2032."This transaction reflects the strength of Apogee's vision, our team's dedication and the significant progress we've made advancing zumilokibart and our differentiated pipeline," Apogee CEO Michael Henderson said. "This transaction delivers substantial shareholder value and positions our programs to reach their full potential."In May, Apogee reported a first-quarter net loss of $74.1 million, compared with a loss of $55.3 million a year earlier. In the same month, the company announced a strategic financing collaboration with Blackstone (BX) Life Sciences for up to $1.3 billion to support the clinical development and potential commercialization of zumilokibart.AbbVie raised its full-year outlook in April as the biopharmaceutical company recorded better-than-expected first-quarter results.

$ABBV$APGE

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