Zhengye Biotechnology opens at $3.77, IPO priced at $4.00
Initial Public Offering Details: Zhengye Biotechnology, a Chinese veterinary vaccine manufacturer, has priced its IPO at $4.00 per share for 1.5 million shares, now listed on Nasdaq under the ticker "ZYBT."
Underwriter Information: Kingswood Capital Partners is serving as the sole book-running manager for this public offering.
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Major Stocks Including Freeport-McMoRan, Harmony Biosciences, and Cohu Decline on Wednesday
U.S. Stock Market Performance: U.S. stocks declined, with the Dow Jones index dropping over 150 points, influenced by significant losses in various companies, particularly Freeport-McMoRan, which fell 16.4% after issuing disappointing sales guidance and reporting fatalities at its mine.
Notable Stock Declines: Other companies also experienced substantial losses, including Zhengye Biotechnology (-28.2%), Harmony Biosciences (-14.6%), and Cohu, Inc. (-12.7%), with Harmony's decline attributed to unmet clinical trial expectations and a lowered price target from Needham.
Nasdaq Declines by More Than 100 Points; US Crude Oil Inventories Decrease
U.S. Stock Market Performance: U.S. stocks declined, with the Dow down 0.35%, Nasdaq falling 0.47%, and S&P 500 dropping 0.40%. Energy shares rose by 1.9%, while materials stocks fell by 1.5%.
Significant Stock Movements: uniQure N.V. shares surged 235% after securing a $175 million loan, while SHF Holdings, Inc. rose 120% following a $150 million stock purchase agreement. Conversely, WORK Medical Technology Group's shares plummeted 88%.
Commodity and Economic Updates: Crude oil inventories decreased by 0.607 million barrels, contrary to expectations of an increase. New single-family home sales in the U.S. rose by 20.5%, while building permits fell by 2.3%.
Global Market Trends: European shares were mostly higher, with the eurozone's STOXX 600 slightly up, while Asian markets closed mostly higher, led by Japan's Nikkei 225 and Hong Kong's Hang Seng.
