Liquid Option Borrow Rates Increase
Latest data shows the largest indicative borrow rate increases among liquid option names include: Sellas Life Sciences (SLS) 20.00% +1.62, MSOX ETF (MSOX) 14.83% +0.65, Humacyte (HUMA) 20.83% +0.62, Velo3D Inc (VELO) 11.75% +0.59, ProShares Ultra VIX Short Term Futures (UVXY) 6.69% +0.54, Americas Silver (USAS) 1.02% +0.52, Draganfly (DPRO) 13.60% +0.42, Palladyne AI Corp (PDYN) 23.10% +0.40, Teucrium 2x Long Daily XRP ETF (XXRP) 3.31% +0.31, and Sidus Space Inc (SIDU) 11.40% +0.31.
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- New Drug Data Presentation: Sellas is set to present new preclinical data on its CDK9 inhibitor SLS009 at the AACR meeting on April 21, revealing that the drug induces leukemia cell death by increasing caspase-3 activity and reducing survival proteins like MCL-1 and survivin, potentially offering new therapeutic avenues.
- Enhanced Drug Potency: Preclinical findings indicate that SLS009's potency increases with repeated exposure, with early effects appearing within hours and strengthening over 24 hours, a characteristic that may provide a competitive edge in treating resistant leukemia cases.
- Investor Focus on AML Study: Investor attention remains on the Phase 3 Regal trial evaluating GPS as maintenance therapy for AML patients, with 72 overall survival events recorded, nearing the 80-event threshold required for analysis, which could expedite result announcements.
- Market Sentiment Shift: Despite SLS stock surging 367% over the past year, retail sentiment has shifted from 'extremely bullish' to 'bearish', reflecting cautious market attitudes towards the upcoming survival data release, which may impact short-term stock performance.
AMEX Halts Spending: American Express has paused its spending initiatives, indicating a shift in financial strategy.
Financial Impact: The decision to halt spending is expected to have significant implications for the company's financial performance and market position.
- Market Sentiment Weakens: Investors are grappling with complex geopolitical developments in the Middle East, leading to declines of 0.4% in Dow and S&P 500 futures and 0.6% in Nasdaq futures, reflecting concerns over upcoming economic data.
- Chip Stocks Under Pressure: Nvidia (NVDA) sees retail sentiment shift to 'bearish', with U.S. Senators advocating for a freeze on export licenses due to national security concerns, which could further depress stock prices in the semiconductor sector.
- Increased Legal Risks: Meta Inc (META) faces another lawsuit regarding misleading platform safety claims, adding to its legal challenges and potentially harming its reputation and stock performance, which heightens investor anxiety.
- Economic Data Watch: Investors are keenly awaiting the release of jobless claims data at 8:30 am ET today, which is expected to significantly impact market sentiment, alongside speeches from Federal Reserve officials that may induce further market volatility.
- Acquisition Premium Analysis: Merck's acquisition of Terns at $53 per share represents a 42% premium, which not only strengthens its blood cancer pipeline but also raises market interest in Sellas, potentially driving up its valuation.
- Investor Sentiment Shift: Following the Merck deal, retail investors are increasingly viewing Pfizer as a potential acquirer of Sellas, reflecting a growing interest in blood cancer drugs and potential M&A opportunities in the sector.
- Clinical Trial Progress: Sellas' Phase 3 Regal trial has recorded 72 death events in AML patients, nearing the 80 required for final analysis, showcasing the clinical potential of its product and likely attracting more investor attention.
- Market Valuation Expectations: Retail investors estimate that Sellas' lead AML candidate, Galinpepimut-S, could be valued between $33.5 billion and $53.6 billion based on projected revenues, indicating optimistic market expectations for its future earnings and further driving demand for its stock.

Merck's Acquisition of Terns Pharmaceuticals: Merck is set to acquire Terns Pharmaceuticals for $6.7 billion, which includes a 42% premium for the mid-stage leukemia drug TERN-701, enhancing Merck's blood cancer pipeline.
Investor Sentiment Towards Pfizer: Retail investors are increasingly viewing Pfizer as a potential buyer following Merck's acquisition, with attention on Pfizer's ongoing clinical work in hematologic cancers and its need for growth drivers post-COVID.
Sellas Life Sciences Stock Surge: Shares of Sellas Life Sciences jumped over 6% after the announcement of Merck's acquisition, reflecting renewed interest in potential takeovers in the blood cancer drug market.
Focus on Clinical Trials: Investor focus remains on the Phase 3 trial of GPS in AML patients, with significant patient death events recorded, as the study aims to reach final analysis after 80 events, indicating the high stakes involved in these clinical evaluations.

Leukemia Therapies Advancements: SLS and TERN are making progress in leukemia therapies, with TERN-701 targeting chronic myeloid leukemia (CML) and SLS focusing on a maintenance immunotherapy for acute myeloid leukemia (AML), both expected to have Phase 3 readouts by 2026.
Market Sentiment Shift: Retail sentiment has shifted, with TERN moving to a bullish outlook while SLS has adopted a bearish stance, reflecting differing investor confidence in their respective stocks.
Financial Opportunities and Strategies: Merck anticipates a $70 billion commercial opportunity beyond Keytruda, as it prepares for the expected loss of exclusivity in 2028, while also expanding its newer Keytruda QLEX formulation.
Stock Performance and Analyst Ratings: SLS stocks have shown a significant upside potential, with a consensus rating of 'Strong Buy', while TERN's stock has also gained traction, reflecting a broader positive sentiment in the oncology sector.









