Tech Big tech stocks results were mostly up today. Apple (AAPL) was up .77% closing at $203.30/share & Amazon (AMZN) gained .50% closing at 2,011.00. Alphabet (GOOG) notched forward .06% closing at $1,144.90 & Facebook (FB) finished solidly higher at $204.87 up 1.81%. Shares of Microsoft (MSFT) gained .38% closing at $138.90. Chipmaker Intel (INTC) jumped 2.72% closing at $49.92/share & Micron (MU) added to its recent gains by a solid 3.37% closing at $44.51/share after its recent earnings beat. Netflix (NFLX) did not participate with the rest of the market as it lost 1.65% ending at $373.25/share.
Money management Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) closed at $24.15 down .37% or $.09/share closing off this week’s newly minted 52-wk high of $25.49. The 52-wk range is $8.60 – $25.49. OZM sports a 4.05% cash dividend. Los Angeles-based Colony Capital (CLNY) a leading global investment management firm with assets under management of $43 billion closed at $5.06 up .20% after hitting an intraday high of $5.09. CLNY pays an 8.58% cash dividend.
Consumer Nike (NKE) closed at $89.12 up .94%. Nike recently missed analyst earnings estimates but maintained full-year guidance.
Healthcare The healthcare sector dragged behind the markets today. The S&P 500 healthcare sector closed at 1069.59 off 1.18%. However, a few insurers and pharmacies moved higher on the backside of the White Houses decision to withdraw their rebate program. UnitedHealth (UNH) closed higher up 1.81% closing at $261.16, Walgreens Boots Alliance (WBA) closed at $55.674 up .22% & CVS Health (CVS) & Cigna (CI) added another 2.21% closing at $179.21 post yesterday’s rocket-like move of 9.2%. Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US closed at $2.45 after hitting an intraday high of $2.51/share. CYH also traded at low of $2.36 today ( a new 52-week low) on 2.07 million shares of trading. On June 27th CYH announced that its subsidiaries signed a definitive agreement to sell 92-bed Bluefield Regional Medical Center in Bluefield, West Virginia, and its associated ancillary healthcare operations to subsidiaries of Princeton Community Hospital. The hospital included in this transaction is among the additional planned divestitures discussed on the Company’s Q1 2019 earnings call. Also, note there has been 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. Change Healthcare Inc., a leading independent healthcare technology platform, announced Wednesday after the close that they had priced their initial public offering of 42,857,142 shares of its common stock at a price to the public of $13.00 per share and its concurrent offering of 5,000,000 of its 6.00% tangible equity units (“Units”), with a stated amount of $50. The offerings are expected to close on July 1, 2019, subject to customary closing conditions. The completion of the Units offering is conditioned upon the completion of the common stock offering, but the completion of the common stock offering is not conditioned upon the completion of the Units offering. Change has granted the underwriters in the common stock offering a 30-day option to purchase up to an additional 6,428,571 shares of common stock. Change has granted the underwriters in the Units offering an option to purchase, within a 13-day period beginning on, and including, the date of the initial issuance of the Units, up to an additional 750,000 Units. The shares and the Units began trading on the Nasdaq Global Select Market today, under the symbols “CHNG” and “CHNGU,” respectively. CHNG shares rose to a high of $15.19 and closed at $15/share up 15.38% on its first day of trading recently but closed today at $14.84 down .20%. INVO Bioscience, Inc. (IVOB) ended the day at $.36/share as daily trading volume continues to rise in concert with their announcing progress after their exclusive U.S. partnership with Ferring Pharmaceuticals, a leader in the reproductive health industry was announced in Q1-2019. Ferring has committed to providing the necessary sales and marketing resources to more fully develop the market in the United States. There are countless couples not able to receive reproductive treatments today, and Ferring can be instrumental in addressing the unmet needs of this cohort. Ferring has the industry experience, relationships and the marketing capabilities to successfully embed the INVOcell in clinics throughout the country. IVOB is a medical device company, headquartered in Sarasota, FL 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 also announced last week news of their 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. Biotech The Ishares Nasdaq Biotechnology ETF (IBB) gave back 1.36% closing at $105.52 after the White House rebate withdrawal decision. This sector has been on a more than healthy run over the last 30 days. The 52-wk range is $89.01 – $122.97. Pfizer (PFE) closed lower at $42.40 down 1.35% after the recent announcement regarding 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 $79.73 down sharply by 1.5%. Pittsburgh’s NeuBase Therapeutics, Inc. (Nasdaq: NBSE), a biotechnology company developing next-generation antisense therapies to address genetic diseases, announced today the completion of the merger between NeuBase Therapeutics, Inc. and Ohr Pharmaceutical, Inc. (“Ohr”) (OHRP) and associated financings. The combined Company’s common stock expects to begin trading on The Nasdaq Capital Market under the ticker symbol “NBSE” at the open of market trading on July 15, 2019. The previous ticker symbol was “OHRP” (OHRP). OHRP closed today’s trading at $5.39/share up 30.19% after hitting an intraday high of $5.75/share on 1.58 Million shares of trading. Dietrich A. Stephan, Ph.D., Chief Executive Officer and Chairman of Neubase stated, “This is an important milestone for NeuBase as we enter the public market with the goal of creating a dynamic, high-impact company in one of the most promising sectors of the life sciences. Given our PATrOL™ platform’s potential to safely and efficiently modify the function of the human genome and transcriptome, we envision building a company with the potential to help transform the health of the global population.” Immediately following the closing of the merger, the Company entered into a definitive purchase agreement for the sale of NeuBase common stock with Greenlight Capital. Upon the close of the private placement, Greenlight Capital will own ~9% of NeuBase common stock. The Company expects to close the private placement on or about July 15, 2019. David Einhorn, President of Greenlight Capital, added, “We are excited to be investing in NeuBase, given its initial focus on neurological disorders, and we believe its unique, next-generation technology may offer great help for victims of some of the most difficult to treat diseases.” The combined Company changed its name to “NeuBase Therapeutics, Inc.” immediately following the closing of the merger. It will maintain its headquarters in Pittsburgh, PA, and its executive team, led by Dr. Stephan, was appointed as the executive team of the Company upon the closing of the merger. In addition, the Company’s board of directors comprised of experienced pharmaceutical executives, including Dr. Stephan (Chairman), Dov A. Goldstein, M.D., M.B.A., Diego Miralles, M.D., Franklyn Prendergast, M.D., Ph.D. and Eric Richman, M.B.A., was also appointed upon the closing of the merger. Immediately prior to the closing of the merger, NeuBase completed a private placement financing of approximately $9 million under the terms of the definitive agreements previously announced in March 2019. Upon completion of the merger, the Company will have approximately 15.5 million shares outstanding.
IPO Elsewhere on the recent IPO front, Zoom Video Communications (ZM) moved higher by 2.08% closing at $93.30 & Uber Technologies (UBER), the ride-sharing company closed flat at $43.99/share & still below its recent IPO price of $45. Plant-based burger maker Beyond Meat (BYND) closed down sharply today at $166.81 off 4.24%. 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 $33.73 down 3.63%. 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.
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