markets

J. Edward Moreno

7/18/25

Sarepta dives on reports that FDA will ask it to stop selling gene treatment

The Food and Drug Administration will request Sarepta Therapeutics to stop all shipments of its most lucrative drug after it disclosed last month that a second patient receiving its experimental gene therapy died of liver failure, sources told Reuters and Stat News.

The drug, Elevidys, which treats muscular dystrophy, accounts for about half of Sarepta’s revenue. The company had already halted some commercial shipments of the drug last month.

Shares fell by 38% Friday afternoon and the company is down nearly 90% since the start of the year.

Exclusive: US FDA to request Sarepta to stop all shipments of gene therapy Elevidys, source says

Exclusive: US FDA to request Sarepta to stop all shipments of gene therapy Elevidys, source says

The drug, Elevidys, which treats muscular dystrophy, accounts for about half of Sarepta’s revenue. The company had already halted some commercial shipments of the drug last month.

Shares fell by 38% Friday afternoon and the company is down nearly 90% since the start of the year.

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Broadcom’s post-earnings romp continues on heavy volumes

As Broadcom enjoys a rush of new orders from a major new customer (reported to be OpenAI), it’s also reveling in a flood of traffic into the stock.

Volumes are running at 2.5 times their daily average through 1:20 p.m. ET as traders continue to bid up shares in response to the brighter outlook for 2026 revenues, which sent the stock up 9.4% on Friday.

The chip designer is basking in a flood of price target hikes from Wall Street, with Bank of America, JPMorgan, Argus Research, Citigroup, Bernstein, Deutsche Bank, Morgan Stanley, Barclays, Piper Sandler, Rosenblatt Securities, Wells Fargo, and Susquehanna upping their view on how high shares can go since the company reported earnings last week.

Separately, Taiwanese industry outlet DigiTimes is reporting that orders from several other leading tech companies for custom-made Broadcom chips (or ASICs) are “already in the pipeline.” This report has not been corroborated by our own or any other publication’s reporting to date.

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1h

SpaceX spectrum deal sends would-be rivals lower

Shares of struggling satellite services company EchoStar soared Monday, after the company — which had recently tottered close to bankruptcy — announced the sale of some of its wireless spectrum licenses to Tesla CEO Elon Musk’s SpaceX for $17 million.

The sale provides a competitive advantage to Musk’s growing Starlink satellite services business, as the licenses it is acquiring from Echostar allows Starlink to operate ground based broadband and cellphone services, the Wall Street Journal reported.

Entities that stood to be hurt by the emergence of a Musk-led SpaceX Starlink service got hit hard on the news. AST SpaceMobile, which has plans to offer a similar satellite-to-consumer cellular service, tumbled.

So did wireless tower providers like Crown Castle and American Tower. Low cost cellular service provider T-Mobile, which had a deal with SpaceX, also slumped, as Luke noted earlier, along with other large wireless telecommunication services providers.

The wireless telecommunications industry grouping within the S&P 500 was down more than 2.5% shortly after noon, making it the worst performing industry within the S&P 500 on Monday.

SpaceX strikes $17B deal to buy EchoStar's spectrum for Starlink's direct-to-phone service | TechCrunch

SpaceX strikes $17B deal to buy EchoStar's spectrum for Starlink's direct-to-phone service | TechCrunch

Entities that stood to be hurt by the emergence of a Musk-led SpaceX Starlink service got hit hard on the news. AST SpaceMobile, which has plans to offer a similar satellite-to-consumer cellular service, tumbled.

So did wireless tower providers like Crown Castle and American Tower. Low cost cellular service provider T-Mobile, which had a deal with SpaceX, also slumped, as Luke noted earlier, along with other large wireless telecommunication services providers.

The wireless telecommunications industry grouping within the S&P 500 was down more than 2.5% shortly after noon, making it the worst performing industry within the S&P 500 on Monday.

Robinhood, Amcor, Applovin surge on after being added to S&P 500

Robinhood, AppLovin vault higher as the "inclusion effect" is in full force

Membership has its privileges.

Matt Phillips4h

markets

J. Edward Moreno

4h

Hims rises, Novo dips after FDA releases “green list” of GLP-1 raw material suppliers

Hims & Hers rose and Novo Nordisk slipped in early trading after the US Food and Drug Administration released a "green list" of foreign GLP-1 ingredient suppliers that it considers in compliance with agency standards.

Some telehealth companies like Hims sell copycat versions of Novo's and Eli Lilly’s blockbuster weight-loss drugs through compounding pharmacies, which take the active ingredients from FDA-approved medications and make adjusted, or "personalized,” versions of the drug for patients.

Novo and Lilly have fought against this, arguing that it infringes on their intellectual property. They've sued smaller telehealth providers, pharmacies, and clinics in lieu of any action against them from the FDA. Instead, the FDA gave compounders a list of suppliers it deems safe.

Recent developments in the cases filed by the drugmakers so far as well as the FDA's recent actions suggest telehealth companies may be in a less risky position than investors previously thought. As of Monday morning, prediction markets pegged the likelihood of a suit from Novo against Hims at 34%, down from about 70% earlier this month.

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