2023-11-15 06:45:38 ET
Summary
- Solid Biosciences receives FDA clearance for clinical testing of DMD gene therapy.
- Chevron is reviewing options for its Texas Haynesville shale assets, including a potential sale.
- U.S. House passes spending bill to avoid government shutdown, Senate vote next.
Listen below or on the go on Apple Podcasts and Spotify
Solid Biosciences ( SLDB ) gets FDA okay for clinical testing of DMD gene therapy. (00:26) Chevron ( CVX ) reviewing options for Texas Haynesville shale assets - Reuters. (02:01) U.S. House clears stopgap spending bill to avoid government shutdown, Senate vote next. (02:53)
This is an abridged transcript of the podcast.
Solid Biosciences (NASDAQ: SLDB ) announced that the FDA had cleared its application to begin clinical testing of its gene therapy candidate for the treatment of Duchenne muscular dystrophy, or DMD.
Solid Biosciences said it is planning to initiate a study in pediatric DMD patients, with patients being administered a one-time intravenous infusion. The study will have two cohorts, each with a minimum of three patients, with the first consisting of children with DMD aged four to less than six.
Earlier this year, the FDA approved the first gene therapy for DMD. The therapy is by Sarepta Therapeutics’ ( SRPT ), Elevidys. The product was granted accelerated approval for treating DMD with certain mutations.
Last month Sarepta shares were hammered when a confirmatory study for Elevidys failed to meet its primary endpoint .
Chevron (NYSE: CVX ) is weighing options for ~70K net acres of land in east Texas' Haynesville shale after pausing development earlier this year.
Reuters reported Tuesday, that among the options under consideration is a full sale of the Haynesville assets or partnerships with other producers in the region.
The report added that the company has informed some potential buyers of its plans to market the assets early next year.
According to the report, the land, much of it undeveloped, likely will be valued in the low hundreds of millions of dollars.
The move would be a small first step for Chevron ( CVX ) as it seeks to sell assets worth as much as $15B over the next five years following its recent multibillion dollar acquisitions of more than 700K acres in U.S. shale assets.
U.S. House lawmakers passed a temporary spending bill .
The two-part stopgap bill, which was approved in a 336-95 vote , would extend government funding at current levels through mid-January, giving lawmakers more time to reach a consensus.
The legislation will now go to the Senate for a vote, where it is widely expected to pass. President Joe Biden must sign the bill into law before current government funding lapses at midnight on Friday.
The bill would fund some government operations through Jan. 19 and the rest through Feb. 2.
The bill does not include aid for Ukraine and Israel.
Other articles to look out for on Seeking Alpha:
China reset? Big business, Biden set to meet with Xi Jinping
Wall Street’s 20 most overbought stocks
C3.ai soars on expansion of AWS deal focused on generative AI
On our catalyst watch for the day,
-
ARK Invest and 21Shares will launch a new suite of digital asset exchange-traded funds aimed at delivering long-term capital appreciation through strategic investments in Bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ) futures contracts, and the application of blockchain technologies.
-
Notable investor events include the Roblox ( RBLX ) Investor Day. Annual meetings are also scheduled for Oracle ( ORCL ), Western Digital ( WDC ), Clorox ( CLX ), Cracker Barrel Old Country Store ( CBRL ), and News Corporation ( NWSA ).
U.S. stocks on Tuesday staged a broad-based advance while Treasury yields tumbled after cooler-than-anticipated consumer inflation data bolstered bets that the Federal Reserve was done hiking rates and that its next move could be a 50 basis point cut as soon as June next year.
The Nasdaq ( COMP.IND ) jumped 2.37% with the index notching its best day since late April. The S&P 500 ( SP500 ) climbed 1.91%. At its session high the S&P breached the 4,500 mark for the first time in exactly two months. The Dow ( DJI ) gained 1.43%.
Treasury yields tumbled as investors snapped up bonds after the CPI report. The 10-year yield ( US10Y ) was down 18 basis points to 4.45%. The 2-year yield ( US2Y ) was down 21 basis points to 4.83%.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. The Dow is up 0.3%, the S&P 500 is up 0.3% and the Nasdaq is up 0.6%. Crude oil is down 1% at more than $77 per barrel.
In the world markets, the FTSE 100 is up 0.9% and the DAX is up 0.5%.
The biggest movers for the day premarket: JD.com (NASDAQ: JD ) is up 5% after the retailer topped expectations in Q3 .
On today’s economic calendar:
-
8:30 am The October Producer Price Index report will be released. Economists forecast headline PPI will rise by 0.1% month-over-month to mark a steep deceleration from the 0.5% print in September
-
8:30 am The October Retail Sales report will be released. Economists forecast a 0.3% month-over-month decline in the headline number
-
10 am the Fed’s Michael Barr will testify before the House Financial Services Committee
-
3:30 pm the Fed’s Thomas Barkin will speak at the Virginia Governor’s Housing Conference on “The Housing Challenge”
For further details see:
Wall Street Breakfast Podcast: Solid Biosciences Gets FDA Okay For DMD Trial