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Stocks slipped as the Dow fell for the ninth consecutive day, its longest slump since 1978, ahead of the Federal Reserve's rate decision. Teva and Sanofi shares soared after positive drug trial results, while Amentum and EVgo faced declines due to concerns over future growth and investor sell-offs, respectively. Pfizer's shares rose after affirming its 2024 projections and providing a 2025 outlook in line with expectations.
Teva and Sanofi's experimental drug, duvakitug, demonstrated significant efficacy in a Phase 2 trial for inflammatory bowel disease, with around 50% of ulcerative colitis patients and 48% of Crohn’s disease patients showing symptom resolution compared to placebo. The companies plan to advance to late-stage development, highlighting duvakitug's potential as a leading treatment in a competitive market. Following the promising results, Teva's shares surged nearly 20%, while Sanofi's rose by almost 5%.
Gilead Sciences has appointed Dietmar Berger, M.D., Ph.D., as its new chief medical officer, recruiting him from Sanofi to replace Merdad Parsey. Berger, a cancer specialist with extensive experience at Genentech and Sanofi, will oversee Gilead's oncology pipeline, which is crucial for the company's growth strategy. He is set to start on January 2, 2024, as Gilead aims to enhance its oncology business amid significant clinical developments.
Houman Ashrafian
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
stocks decline as dow extends losing streak ahead of fed decision
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13:56 17.12.2024
duvakitug shows promise as best in class for inflammatory bowel disease
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11:20 13.12.2024
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