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Wire

Vertex Has Multiple Portfolio Catalysts With Favorable Risk-Reward, RBC Says

Vertex Pharmaceuticals (VRTX) has multiple potential catalysts coming from its portfolio that provide a net positive risk-reward profile for the company, RBC Capital Markets said in a Wednesday note.The company is expected to present results from its phase 1 study of VX-828 in patients with cystic fibrosis in H2, with a positive readout potentially strengthening its competitive advantage in the space, RBC analysts said.Favorable data will likely result in modest upside, while unfavorable data will likely lead to little downside, the analysts added.Meanwhile, approval by the US Food and Drug Administration for Vertex's povetacicept in immunoglobulin A nephropathy, with a PDUFA date of Nov. 30, 2026, is likely due to strong interim phase 3 results, the analysts said.They said that the drug's differentiated profile could make it the preferred choice of most doctors.With Sionna Therapeutics (SION) failing to demonstrate significant sweat chloride improvements as an add-on to Trikafta, one of the more significant overhangs on Vertex's stock has been removed, according to the note.RBC's rating on the company's stock is outperform with a price target of $570.Price: $528.18, Change: $-1.47, Percent Change: -0.28%

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Research

BTIG Downgrades Sionna Therapeutics to Neutral From Buy

Sionna Therapeutics (SION) has an average rating of hold and mean price target of $33.86, according to analysts polled by FactSet.

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Wire

Top Midday Decliners

Sionna Therapeutics (SION) said Monday it won't advance SION-719 as an add-on therapy to the standard of care, Trikafta, in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of sweat chloride reduction.Shares sank 91%, with intraday trading volume rising to over 32.0 million from a daily average of roughly 493,000.IES (IESC) has agreed to acquire DBM Global from Innovate (VATE) and other shareholders in a stock-and-cash deal valued at $650 million, Innovate said Monday.Innovate shares plunged 42% as intraday trading volume rising to over 2 million from a daily average of about 326,000.Trade Desk (TTD) shares fell after several analysts downgraded the stock, including from DA Davidson, HSBC and BNP Paribas.Shares declined 5%, with intraday trading volume rising to over 38.2 million from a daily average of about 21.5 million.Price: $4.39, Change: $-46.66, Percent Change: -91.41%

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Sectors

Sector Update: Healthcare Stocks Rise in Afternoon Trading

Healthcare stocks were higher Monday afternoon, with the NYSE Healthcare Index up 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.3%.The iShares Biotechnology ETF (IBB) climbed 1%.In corporate news, Eli Lilly (LLY) received UK authorization for orforglipron, marketed as Foundayo, a once-daily tablet for weight management and type 2 diabetes, the Medicines and Healthcare products Regulatory Agency said Monday. Lilly shares gained 2.6%.Teledyne Technologies (TDY) has agreed to acquire X-ray imaging components manufacturer Varex Imaging (VREX) in a $1.1 billion deal that will expand its X-ray device portfolio to include oncology detectors. Teledyne shares were up 0.6%, and Varex surged 48%.Thermo Fisher Scientific (TMO) expects to increase its customer base in India by 15% to 20% over the next five years, driven by growth in biopharma research and manufacturing, Reuters reported, citing Srinath Venkatesh, the company's managing director for India and South Asia. Thermo Fisher shares were up 0.2%.Sionna Therapeutics (SION) shares fell nearly 92% after it said Monday it won't advance SION-719 as an add-on therapy to standard of care Trikafta in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of sweat chloride reduction.

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Wire

Top Midday Stories: Intel Offers $15 Billion of Common Stock; Microsoft to Ramp Up Production of Homegrown AI Chip

Stocks were relatively flat on Monday, as investors await further developments on the status of negotiations between the US and Iran.In company news, Intel (INTC) said Monday it's offering $15 billion of common stock in a public offering, the proceeds of which will go toward general corporate purposes, including capital expenditures and working capital. Intel shares were down 3.5% around midday.Microsoft (MSFT) intends to significantly increase production of its internally designed AI chips next year and hopes to persuade Anthropic and other large cloud customers to use them, The Information reported Monday, citing two people with direct knowledge. The tech giant plans to unveil its new Maia 300 chip this fall, possibly as soon as September, the report said, citing one of the people. Microsoft shares were up 1.8%.Archer Aviation (ACHR) has signed definitive agreements to acquire Boeing's (BA) Wisk Aero, SkyGrid and Insitu units, the companies said Monday. Archer shares were up 13.4%, while Boeing shares were up 0.5%.SpaceX (SPCX) retail investors sold shares for the first time last Friday since the June IPO, with the sales reaching a net $4.5 million in stock, Reuters reported Monday, citing data from Vanda Research. SpaceX shares were down 1.7%.Barrick Mining (B) reported Q2 adjusted net earnings Monday of $0.82 per share, up from $0.47 a year earlier but below the FactSet consensus analyst estimate of $0.83. Second-quarter revenue was $5.29 billion, up from $3.68 billion a year ago and above the FactSet consensus of $5.19 billion. Separately, Barrick Chairman John Thornton's plan to spin off the company's North American mines in an IPO is facing opposition from its major shareholders, Bloomberg reported Sunday. Lastly, Barrick and Newmont (NEM) said Monday they've agreed to contribute excluded properties to the Nevada Gold Mines joint venture. The agreement resolves all outstanding disputes, the companies said. Barrick shares were down 6.9%.GameStop (GME) Chief Executive Ryan Cohen is considering pulling the company's $56 billion bid for eBay (EBAY), Bloomberg reported Monday, citing people familiar with the matter. Cohen is instead considering a proposal for a joint venture or partnership that would let eBay leverage GameStop's roughly 1,600 US retail locations, the report said, citing the people. GameStop shares were flat, while eBay shares were down 3.6%.Sionna Therapeutics (SION) said Monday it won't advance SION-719 as an add-on therapy to standard of care Trikafta in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of seat chloride reduction. Sionna shares were down 92%.Price: $98.11, Change: $-3.54, Percent Change: -3.48%

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Research

Wedbush Downgrades Sionna Therapeutics to Neutral From Outperform, Adjusts PT to $5 From $53

Wedbush Downgrades Sionna Therapeutics to Neutral From Outperform, Adjusts PT to $5 From $53

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Sectors

Sector Update: Healthcare Stocks Edge Higher Premarket Monday

Healthcare stocks were edging higher premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) slightly advancing and the iShares Biotechnology ETF (IBB) up 0.5%.Sionna Therapeutics (SION) shares fell more than 89% after the company said it will not advance SION-719 as an add-on therapy to standard of care Trikafta in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of sweat chloride reduction.AbCellera Biologics' (ABCL) ABCL635 met the primary efficacy endpoints in the phase 2 portion of a Phase 1/2 study, significantly lowering the frequency and severity of moderate-to-severe hot flashes versus placebo, the company said. AbCellera Biologics stock was up more than 33% pre-bell.Axsome Therapeutics (AXSM) shares were up more than 2% after the company posted a higher Q2 revenue.

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Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Monday Amid Rising Oil Prices

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Monday's premarket activity amid higher crude prices tied to the Strait of Hormuz uncertainty.US stock futures were mixed, with S&P 500 Index futures up 0.04%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower, Ether ETF (EETH) retreated 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) rose 5%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.4% higher.Sionna Therapeutics (SION) shares were down more than 90% after the company said it will not advance SION-719 as an add-on therapy to standard of care Trikafta in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of sweat chloride reduction.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.3%, the iShares US Technology ETF (IYW) was 0.4% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 0.1%, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.Monday.com (MNDY) stock was more than 10% lower in premarket activity after the company guided for Q3 revenue that trailed analyst estimates.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.National Energy Services Reunited (NESR) shares were up over 8% before market open after the company reported higher Q2 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.02%, the Vanguard Industrials Index Fund (VIS) retreated 0.01%, and the iShares US Industrials ETF (IYJ) was inactive.CECO Environmental (CECO) stock was up over 7% before the opening bell after the company reported higher Q2 non-GAAP earnings and net sales.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.5% lower, and the iShares US Consumer Staples ETF (IYK) was 0.1% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was up 0.9%.GameStop (GME) shares were up more than 2% pre-bell after Bloomberg reported that Chief Executive Ryan Cohen is considering pulling the company's $56 billion bid for eBay (EBAY). eBay shares were 0.4% lower.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.03%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Robinhood Markets (HOOD) stock was up 1% in early-hours activity after Bloomberg reported the company will begin rolling out cryptocurrency trading to eligible UK customers this week, allowing them to trade digital assets through its app.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.8% to $79.58 per barrel on the New York Mercantile Exchange. Natural gas was 4.5% higher at $2.78 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 3.3%, while the United States Natural Gas Fund (UNG) was 3.4% higher.Gold futures for November declined by 0.2% to $4,390.40 an ounce on the Comex. Silver futures gained 1% to reach $64.14 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) was 0.3% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CECO$EBAY$EEM$EETH$EXI$FAS$FAZ$GLD$GME$HOOD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MNDY$NESR$PMR$QQQ$RTH$SION$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Healthcare

Healthcare stocks were mixed premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.1% and the iShares Biotechnology ETF (IBB) 0.3% higher.Sionna Therapeutics (SION) shares were down 90% after the company said it will not advance SION-719 as an add-on therapy to standard of care Trikafta in cystic fibrosis patients after a phase 2a proof-of-concept failed to meet its key activity endpoint of sweat chloride reduction.

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Wire

Vertex Pharmaceuticals' Solid Q2, Raised Outlook Underscore Core Business Strength, RBC Says

Vertex Pharmaceuticals (VRTX) reported a solid Q2 and raised its outlook, highlighting the strength of its core business and pipeline, RBC Capital Markets said in a note emailed Tuesday.The analysts said the stock could benefit once the Sionna Therapeutics (SION) data overhang clears, with upcoming catalysts including the launch of new products, the expected closing of the Crinetics Pharmaceuticals (CRNX) deal, and additional pipeline readouts.The stock does not fully reflect the potential upside from pipeline opportunities, including kidney programs, expansion of povetacicept into autoimmune diseases such as IgA nephropathy and generalized myasthenia gravis, and the longer-term potential of suzetrigine in chronic pain, the analysts added."We believe that given Vertex's strong core revenue, a pipeline that is increasingly becoming more mature, and with optionality to further diversify pipeline with external [business development,] shares should command a higher valuation," the analysts said.RBC lowered its price target on Vertex Pharmaceuticals to $570 from $577 and kept its outperform rating on the stock.Price: $477.03, Change: $+6.30, Percent Change: +1.34%

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Insider Trading

Sionna Therapeutics Insider Sold Shares Worth $3,854,281, According to a Recent SEC Filing

Peter A. Thompson, Director, on July 07, 2026, sold 85,918 shares in Sionna Therapeutics (SION) for $3,854,281. Following the Form 4 filing with the SEC, Thompson has control over a total of 2,469,959 common shares of the company, with 2,469,959 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2036042/000094787126000695/xslF345X05/ownership.xml

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Sectors

Sector Update: Healthcare Stocks Advance Premarket Tuesday

Healthcare stocks were advancing premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.3% and the iShares Biotechnology ETF (IBB) 0.6% higher.Sionna Therapeutics (SION) shares were down more than 5% after the company reported a wider-than-expected Q1 net loss.Alkermes (ALKS) said a late-stage trial evaluating its investigational Lumryz oral suspension in adults with idiopathic hypersomnia, a rare condition in which patients require excessive sleep, met all primary and key secondary endpoints. Alkermes stock was up more than 2% pre-bell.BridgeBio Pharma (BBIO) shares were up more than 1% after the company said it has submitted a new drug application to the US Food and Drug Administration for encaleret, a potential treatment for autosomal dominant hypocalcemia type 1 (ADH1), a rare genetic condition affecting calcium levels.

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Sectors

Sector Update: Healthcare

Healthcare stocks were up premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.3% and the iShares Biotechnology ETF (IBB) 0.6% higher.Sionna Therapeutics (SION) shares were down 5% after the company reported a wider-than-expected Q1 net loss.

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Research

Wedbush Initiates Sionna Therapeutics at Outperform With $53 Price Target

Sionna Therapeutics (SION) has an average rating of buy and mean price target of $50.60, according to analysts polled by FactSet.

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Insider Trading

Sionna Therapeutics Insider Sold Shares Worth $2,472,343, According to a Recent SEC Filing

Peter A. Thompson, Director, on April 17, 2026, sold 55,345 shares in Sionna Therapeutics (SION) for $2,472,343. Following the Form 4 filing with the SEC, Thompson has control over a total of 2,964,774 common shares of the company, with 2,964,774 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2036042/000094787126000459/xslF345X05/ownership.xml

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