U.S. markets opened low on Monday with investors worried about the trade war. However, markets reversed early losses.
Shares of Dermira, Inc. (DERM, Financial), a biopharmaceutical company, dropped heavily after announcing disappointing results from two Phase 3 clinical trials evaluating olumacostat glasaretil in patients at least nine-years-old with moderate-to-severe acne vulgaris.
Tom Wiggans, chairman and companyĀ“s CEO said they were surprised and disappointed with Phase 3 program results. āThis is disappointing not only for the company, but also for patients who are living with this condition and dermatologists who have been looking for novel therapies to treat them.ā
The company will discontinue the program, according to Luis PeƱa, chief development officer of Dermira.
Gainers
ā¢ XL Group Ltd (XL, Financial)
ā¢ Micron Technology Inc (MU, Financial)
ā¢ Mosaic Co (MOS, Financial)
ā¢ Chesapeake Energy Corp (CHK, Financial)
Losers
ā¢ Marriott International Inc (MAR, Financial)
ā¢ Dollar Tree Inc (DLTR, Financial)
ā¢ Nordstrom Inc (JWN, Financial)
ā¢ Huntington Ingalls Industries Inc (HII, Financial)
Global Markets
The main European stock markets closed in positive territory. The U.K.'s FTSE gained 0.65%, France's CAC advanced 0.60%, Spain's Ibex jumped 0.63% and Germany's Dax gained 1.49%
In Asia, Japan's Nikkei lost 0.66%, Indiaās BSE Sensex fell 0.88%, Hong Kong's Hang Seng retreated 2.28% but ChinaĀ“s SSE Composite gained 0.07%.
(Disclosure: The author holds no positions in any stocks mentioned)
