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Omar Venerio
Omar Venerio
Articles (1622) 

Stocks Close Lower on Monday

Compugen reports 1st-quarter results

U.S. stocks were in negative territory on Monday. The Dow Jones Industrial Average fell 0.33% to 25,680, the S&P 500 index declined 0.67% to 2,840 and the Nasdaq Composite Index slipped 1.46% to 7,702.

Shares of Compugen Ltd. (NASDAQ:CGEN) fell almost 0.3% on Monday after the company announced first-quarter results. Revenue was $0, down from $10 million in the prior-year quarter, reflecting the upfront payment of $10 million from the license agreement with MedImmune and AstraZeneca (AZN). The company reported a loss of 14 cents per share, beating analyst´s expectations by 3 cents.

"2019 continues to be marked by strong execution and we anticipate reaching additional important milestones in the second half of the year," President and CEO Anat Cohen-Dayag said.

Research and development expenses were $6.3 million, down from $7.1 million in the year-ago period. The decline was due to a cost reduction program announced by Compugen during the first quarter.



Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.51%, France's CAC 40 retreated 1.46%, Germany's Dax dipped 1.61% and Spain's IBEX 35 declined 0.87%.

In Asia, Japan's Nikkei 225 gained 0.24%, India’s BSE Sensex jumped 3.75%, Hong Kong's Hang Seng slid 0.57% and China's Shanghai Composite fell 0.41%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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