Morning Movers: uniQure skyrockets after AMT-130 trial meets primary endpoint

Futures are nudging upward, suggesting a modest rebound in sentiment. Markets look set to open on a tentative footing after yesterday’s sharp pullback, as investors digest Fed Chair Powell’s warning that markets may be “fairly highly valued.”

Energy markets are getting a lift and oil prices are extending gains after reports of a sizable drop in U.S. crude inventories. Brent and WTI both ticked higher, underpinned by supply constraints and geopolitical pressure.

Currency and bond markets are also adjusting. The U.S. dollar is drifting a bit stronger in response to Powell’s comments, which has weighed somewhat on gold. Bond yields appear stable for now, though they remain vulnerable to surprises from upcoming inflation and economic data.

In pre-market trading, S&P 500 futures rose 0.14%, Nasdaq futures rose 0.20% and Dow futures rose 0.13%

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube.

HIGHER –

• uniQure (QURE) up 157% after announcing its AMT-130 trial met its prespecified primary endpoint, with high-dose AMT-130 demonstrating a statistically significant slowing of disease progression as measured by the composite Unified Huntington’s Disease Rating Scale at 36 months compared to a propensity score-matched external control
• Lithium Americas (LAC) up 68% after responding to a report that the Trump administration is seeking an equity stake of as much as 10% in the company by saying it is in discussions with the DOE and General Motors (GM) regarding first draw on the DOE Loan
• Soleno Therapeutics (SLNO) up 12% after Acadia Pharmaceuticals (ACAD) announced intranasal carbetocin did not demonstrate a statistically significant improvement over placebo on the study’s primary endpoint
• Amazon.com (AMZN) up 1% after Wells Fargo upgraded the stock to Overweight with a price target of $280, up from $245

UP AFTER EARNINGS –

• Thor Industries (THO) up 4%

LOWER –

• Acadia Pharmaceuticals (ACAD) down 11% after announcing intranasal carbetocin did not demonstrate a statistically significant improvement over placebo on the study’s primary endpoint in the Phase 3 COMPASS PWS trial
• Harmony Biosciences (HRMY) down 5% after reporting the RECONNECT study did not meet the primary endpoint of improvement in social avoidance primarily due to a higher-than-expected placebo response rate
• Adobe (ADBE) down 1% after Morgan Stanley downgraded shares to Equal Weight with a price target of $450, down from $520