Markets
markets
Helena Cheng

Regeneron sinks as Phase 3 skin cancer treatment trial fails

Regeneron is sinking in premarket trading after announcing its late-stage skin cancer treatment failed to meet its primary goal in a Phase 3 trial.

The pharma giant reported no statistically significant improvement in progression-free survival for patients with advanced melanoma. This late-stage trial failure could be a blow to Regeneron’s oncology expansion strategy, where it hoped to challenge competing treatments like Merck’s Keytruda.

The clinical setback is triggering immediate price target cuts across Wall Street from the likes of BMO Capital, Citi, RBC Capital, Evercore ISI, and Leerink Partners.

“This was to be the defining catalyst of 1H26, with share sentiment inextricably tied to this release,” BMO Capital analyst Evan David Seigerman commented in a note, per Bloomberg.

Seeking to shift investor sentiment, Regeneron announced a major collaboration with Parabilis Medicines, paying $125 million up front with the potential for up to $2.2 billion in milestone payments to combine its antibody platform with Parabilis’ peptide technology.

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Luke Kawa
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Credit markets have a “debt” problem, not a “risk” problem

We’re getting a lot of borrowing, and that borrowing is risk-reducing (for now!)

New York City Architecture And Monuments
Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three
markets
J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise
Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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