Mid-Afternoon Market Update: Kymera Therapeutics Drops After Q1 Results; Belite Bio Shares Spike Higher

U.S. stocks traded slightly higher toward the end of trading on Tuesday.

U.S. stocks traded slightly higher toward the end of trading on Tuesday.

The Dow traded up 0.14% to 33,107.28 while the NASDAQ rose 0.19% to 12,559.22. The S&P also rose, gaining, 0.43% to 4,173.11.

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Leading and Lagging Sectors

Energy shares climbed 2.4% on Tuesday. Meanwhile, top gainers in the sector included TETRA Technologies, Inc. (NYSE:TTI), up 18% and Borr Drilling Limited (NYSE:BORR) up 17%.

In trading on Tuesday, consumer staples shares fell by 0.5%.

Top Headline

Pfizer Inc. (NYSE:PFE) posted upbeat results for its first quarter on Tuesday.

Pfizer posted quarterly adjusted earnings of $1.62 per share, exceeding analysts’ estimates of $1.50 per share. The company’s quarterly sales came in at $25.70 billion, versus expectations of $23.95 billion.

Pfizer revised its FY22 adjusted EPS guidance to $6.25-$6.45 to reflect $0.11 negative impact for accounting policy change. The company also sees sales of $98 billion to $102 billion.

Equities Trading UP

Belite Bio, Inc (NASDAQ:BLTE) shares shot up 36% to $12.04. The FDA has granted Fast Track Designation to Belite Bio’s LBS-008 for Stargardt disease (STGD1).

Shares of Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) got a boost, shooting 26% to $3.36 after the company and its partner MicroSafe Group DMCC received EPA approval for Nanocyn as a hospital-grade disinfectant.

Enovix Corporation (NASDAQ:ENVX) shares were also up, gaining 21% to $10.83. Enovix announced initial smartwatch battery order from leading global consumer electronics company.

Equities Trading DOWN

Spero Therapeutics, Inc. (NASDAQ:SPRO) shares tumbled 62% to $1.94. Spero Therapeutics will defer current commercialization activities for tebipenem HBr based on feedback from a recent Late Cycle Meeting (LCM) with the FDA.

Shares of Chegg, Inc. (NYSE:CHGG) were down 29% to $1.94 after the company reported Q1 earnings results and issued Q2 and FY22 sales guidance below analyst estimates.

Kymera Therapeutics, Inc. (NASDAQ:KYMR) was down, falling 20% to $26.05 after the company reported worse-than-expected Q1 EPS and sales results.

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In commodity news, oil traded down 2.8% to $102.27, while gold traded up 0.3% to $1,868.70.

Silver traded up 0.1% Tuesday to $22.61 while copper rose 0.5% to $4.2890.

Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.53%, London’s FTSE 100 rose 0.22% and Spain’s IBEX 35 Index rose 1.83%. The German DAX gained 0.72%, French CAC 40 gained 0.79% and Italy’s FTSE MIB Index climbed 1.61%.

The unemployment rate in the Eurozone dropped to a record low of 6.8% in March from a revised 6.9% in February, while annual producer inflation rose to record high of 36.8% in March from a revised 31.5 percent in February. UK’s manufacturing PMI increased to 55.8 in April from a preliminary of 55.3, while unemployment rate in Germany remained at 5%.


The Federal Open Market Committee begins its two-day policy meeting today.

Factory orders rose 2.2% month-over-month to $557.3 billion in March.

The number of job openings increased by 205,000 from a month ago to a series high of 11.549 million in March.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,170,400 cases with around 1,021,080 deaths. India confirmed a total of at least 43,085,160 cases and 523,880 deaths, while Brazil reported over 30,460,990 COVID-19 cases with 663,650 deaths. In total, there were at least 514,034,340 cases of COVID-19 worldwide with more than 6,263,580 deaths.

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