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Fate Therapeutics (FATE) closes 12% higher after soaring 73% on drug data (update). (00:25) Super Micro (SMCI) announces appointment of independent auditor, filing of compliance plan with Nasdaq. (02:11) Blackstone (BX) is said to near acquisition of Jersey Mike’s sandwich chain. (03:02)
This is an abridged transcript of the podcast.
Fate Therapeutics (NASDAQ:FATE) closed 12% higher Monday after soaring as much as 73%.
The increase was on news that the first patient in the company’s Phase 1 Autoimmunity study for its CAR T-cell therapy candidate FT819 is in remission for lupus six-months after treatment.
The company said the patient, an African American-Asian woman diagnosed with lupus nephritis, received fludarabine-free conditioning followed by a single dose of FT819. The woman achieved clinical remission as of the six-month follow-up, free of all immunosuppressive therapies as of the data cut-off date of Nov. 11, according to a statement.
Fate said it is also enrolling a second treatment arm under the Phase 1 Autoimmunity study to evaluate a single dose of FT819 as an add-on to maintenance therapy without conditioning chemotherapy in patients with systemic lupus erythematosus. The new arm is being conducted in parallel with the study’s conditioning arm.
Data from the Phase 1 studies was presented at the American College of Rheumatology Convergence meeting in Washington, D.C.
In a note Monday, BofA said it was upgrading its rating of the stock to neutral from underperform, but keeping its $3 price target.
BofA said that while it viewed the update as supporting the company’s pivot from oncology to immunology, it would like to see additional data from more patients before making changes to its model.
BofA noted that Fate (FATE) has guided that it will present additional data from the first three dosed patients at the American Society of Hematology annual meeting, which will be held Dec. 7 to 10.
FATE is up 2% in premarket action.
Super Micro Computer (NASDAQ:SMCI) closed Monday nearly 16% higher and is up 31% in premarket trading.
This after the company said it has engaged an independent auditor and has submitted a compliance plan to Nasdaq.
The company said it has engaged accounting firm BDO USA as its auditor, effective immediately.
This comes after SMCI on Wednesday said in a filing with the U.S. Securities and Exchange Commission that it needs more time to file its latest quarterly earnings report.
In its compliance plan to Nasdaq the company indicated that it believes it will be able to complete its annual report on Form 10-K for the year ended June 30, 2024, and its quarterly report on 10-Q for the fiscal quarter ended September 30, 2024.
Blackstone (NYSE:BX) is zeroing in on a deal to buy Jersey Mike’s Subs in a transaction that would value the sandwich chain at about $8 billion, including debt.
The Wall Street Journal reported Monday, citing people familiar with the matter that an agreement may be announced soon if talks don’t break down.
Jersey Mike’s, which has more than 3,000 locations, is the second-biggest sub-style sandwich chain in the United States by sales after Subway, according to Technomic data cited by the Journal.
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Catalyst watch:
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The IPO quiet period ends on WeRide (WRD). The Chinese robotaxi stock has soared since its public debut last month.
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The three-day Microsoft Ignite Conference will begin. The tech giant is expected to highlight its latest AI innovations. Last year, companies ranging from Oracle (ORCL), Asana (ASAN), to monday.com | Your go-to work platform (MNDY) were seen benefiting from the updates at the Ignite conference.
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 red. Crude oil is down 0.7% at $68/barrel. Bitcoin is flat at $91,000.
In the world markets, the FTSE 100 is down 0.5% and the DAX is down 1.2% .
The biggest movers for the day premarket: Symbotic (SYM) is up 26% after the company reported strong FQ4 results, with revenue growing 47% year-over-year.
On today’s economic calendar:
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