The health care sector took a .5% hit after President Trump signed another executive order that is seeking to make health care costs more transparent to patients. Hospital and insurance stocks to the brunt of the negative reaction today. Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $2.72/share & a low of $2.51today and closed the day at $2.57 down 5.71% on 2.26 million shares of trading. More insider buying occurred recently as Michael Dinkins bought shares at $3.168/share on 5/28/19 according to the latest Form 4 filed at SEC.gov. Michael Dinkins has served on our Board of Directors since December 2017. Mr. Dinkins has served as president and chief executive officer of Dinkins Financial, a consulting firm that helps small businesses gain access to capital, since October 2017. See our story more details: INSIDER BUYING ALERT: Community Health Systems, Inc. (CYH) Director Michael Dinkins. The Ishares Nasdaq Biotechnology ETF (IBB) moved down by 2.13% closing at $107.12. This sector has been on more than healthy run over the last 30 days. The 52-wk range is $89.01 – 122.97. Bedford, Massachusetts-based Stoke Therapeutics is a biotechnology company pioneering a new way to treat the underlying cause of severe genetic diseases by precisely upregulating protein expression. On Wednesday last week, Stoke Therapeutics announced the pricing of its initial public offering (IPO) of 7,891,110 shares of its common stock at a price to the public of $18.00 per share. The shares are now trading on The Nasdaq Global Select Market as of June 19, 20,19 under the symbol “STOK.” Stoke’s stock traded as high as $30 last week prior to closing trading at $25.53/share down 6.45% today. See complete story. INVO Bioscience, Inc. (IVOB) ended the day at $.3899. IVOB is a medical device company, headquartered in Medford, Massachusetts, focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company’s lead product, the INVOcell, is a novel medical device used in infertility treatment that is FDA cleared and that enables egg fertilization and early embryo development in the woman’s vaginal cavity. IVOB announced last week news of the recent appointment of Pressly Ahammed as the new Director of International Business Development and he will be responsible for the Company’s international distribution channels in Europe, Middle East, Africa & parts of Asia. Ahammed joined IVOB from Cooper Surgical where he held a similar position. See complete story. Pfizer (PFE) closed up .21% at $43.76 after last week’s announcement about their acquisition of Array BioPharma (ARRY) for ~$11.4 billion or $48/share in cash. See complete story. The pharmaceutical giant and Dow component Merck & Co, Inc. (MRK) that recently announced the acquisition of Tilos Therapeutics for a consideration of up to $773 million closed at $85.51 up slightly by 1.11%.
Atossa Genetics (ATOS), a Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, closed at $2.03/share. The average daily trading volume is 763,265 shares per day. The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating recently with a $9/share 12-Month Target Price. See his update report which is called “Reports the Quarter, Endoxifen Programs Progressing, Data Updates Expected Over 2019.” San Diego-based biotech Fate Therapeutics (NASDAQ: FATE), dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, closed at $19.04/share down 4.32% on 824,957 shares of trading after establishing a new all-time intraday high of $20.00. The 52-week range is $8.64 – $20.65. Guggenheim Securities initiated coverage on FATE last week with a “Buy Rating” and a $25/share price target. Scott Wolcho, President and CEO of Fate Therapeutics presented at the Jefferies 2019 HealthcareConferencee in New York yesterday. Roth Capital initiated coverage on FATE with a Neutral rating and a $20 price target last Friday, June 7th. Mizuho initiated coverage with a price target of $27/share this week.
Big tech stock were mixed again today but overall a little higher. Amazon (AMZN) gained .14% closing at 1,913.90, Alphabet (GOOG) lost .57% closing at 1,115.52, Apple (AAPL) was down .10% closing at $198.58, Facebook (FB) rose .76% closing at $192.60. Shares of Microsoft (MSFT) bumped higher by .59% closing at $137.78 & Intel (INTC) gained .36% closing at $47.63/share. On the recent IPO front, Zoom Video Communications (ZM) moved sizably lower by 11.01% closing at $89.41 & Uber Technologies (UBER), the ride-sharing company lost .2.07% closing at $43.09/share but still below its recent IPO price of $45. Plant-based burger maker Beyond Meat (BYND) closed lower at $140.99 losing 8.53%. Their meat is made of four main ingredients: water, pea protein isolate, canola oil & refined coconut oil and is meant to taste like “meat. Slack Technologies (WORK) which jumped into the public markets with their IPO last week flying up 48.5% from their offering price of $26/share closed today at $35.76 off 3.92%. Slack is a provider of a cloud-based workplace messaging app and went public via a direct listing avoiding paying fees to the relevant banks. Entertainment giant Disney (DIS) closed at $139.22 giving back .72%. Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) closed at $22.37 down .45%. The 52-wk range is $8.60 – $23. OZM sports a healthy 5.65% cash dividend.
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