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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

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Here’s where the major stock market benchmarks ended:

• The S&P 500^® index (SPX) rose slightly, up 11 points (0.2%) to end the day at 5,554.25, finishing up 3.9% for the week; the Dow Jones Industrial Average^® ($DJI) jumped 96.7 points (0.24%) to close the week at 40,659.76, up 2.9% from last Friday; the NASDAQ Composite^®($COMP) gained 37.2 points (0.21%) to 17,631.72, up 5.3% for the week.
• The 10-year Treasury note yield (TNX) fell three basis points to just above 3.89%.
• The Cboe Volatility Index (VIX) dropped to 14.74, the lowest in three weeks.

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What’s up

• Bavarian Nordic, which makes an m-pox vaccine, jumped 15.64%, continuing its surge after the World Health Organization on Wednesday declared a public emergency over the disease’s spread in Africa.
• Bayer popped 8.36% after the firm won a legal dispute against claims that its weedkiller Roundup causes cancer.
• Rocket Lab rose 12.52% after the aerospace company announced it shipped two spacecraft to Cape Carnival in preparation for a launch to Mars.
• H&R Block had its best day since 2022 (up 12.24%) after raising its dividend by 17% and announcing a $1.5 billion share buyback.
• Maravai LifeSciences leaped 21.46% on reports that the drugmaker received a takeover offer from Repligen Corp.

What’s down

• On the flip side of that last gainer, Repligen Corp. plummeted 9.26% on the takeover news.
• Astera Labs dropped 5.52% after several investment firms, including Evercore and JPMorgan, lowered their price target for the chipmaker.
• ReNew Energy Global dropped 5.91% after the company reported it missed earnings and revenue expectations yesterday.

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The Biden administration announced yesterday that Medicare used its newfound power to negotiate with drug makers to win landmark discounts for 10 widely prescribed drugs to treat ailments like heart disease, cancer, and diabetes. The Inflation Reduction Act, signed into law two years ago, allows the federal health insurance program to directly bargain with pharma companies for the first time.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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