|
 Shares of Merck & Co. were up 0.1% in premarket trading on Thursday after the drug company said the oral antiviral COVID-19 treatment it is developing with Ridgeback Therapeutics did not help hospitalized patients in a mid-stage clinical trial. The companies now plan to test molnupiravir in non-hospitalized COVID-19 patients in a Phase 3 trial, with plans to file for emergency authorization in the second half of the year. They are also planning to see if the experimental therapy works for post-exposure prophylaxis. In a separate news release, Merck said it is discontinuing MK-7110 as a treatment for patients hospitalized with COVID-19, saying that the Food and Drug Administration's request for additional clinical information would push the launch into 2022. "Merck is now focusing its efforts on advancing molnupiravir, which, as an oral medicine for outpatient use, represents a promising potential new approach, and on accelerating production of Johnson & Johnson's COVID-19 vaccine," Dr. Roy Baynes, chief medical officer for Merck Research Laboratories, said in the release. Merck's stock has gained 6.6% since the start of the year, while the broader S&P 500 is up 9.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
RELATED ARTICLES | | | | |
|
Study shows vaccines carry much lower risk of blood clots than COVID-19 CBS NewsIn world first, Denmark ditches AstraZeneca's COVID-19 shot Yahoo NewsToronto medical officer of health says the risk of vaccine-related blood clots is still 'very rare' Toronto StarEditorial: All drugs come with risk. The COVID vaccines are no different Los Angeles TimesOpinion | Should Rare Side Effects Halt Use of a Vaccine? The New Yo
|
|
 ‘Factories can be hit by a hurricane, run out of a supply, or be hit by contamination that forces them to shut down.'
|
|
Shares of UnitedHealth Group Inc. jumped 1.7% into record territory in premarket trading Thursday, after the health care services company reported first-quarter profit and revenue that rose above expectations and raised its full-year outlook. "COVID-19 treatment and testing during the quarter was higher than expected, paired with higher elective care deferral patterns," the company said in a statement. Net income rose to $4.86 billion, or $5.08 a share, from $3.38 billion, or $3.52 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $5.31 from $3.72, beating the FactSet consensus of $4.39. Total revenue increased 9.0% to $70.20 billion, above the FactSet consensus of $69.02 billion, as premiums rose 9.6% to $55.49 billion to beat expectations of $54.57 billion. Revenue for the Optum business grew 10.8% to $36.4 billion. The company raised its 2021 adjusted EPS guidance range to $18.10 to $18.60 from $17.75 to $18.25. The stock, which is on track to open above the March 29 record close of $379.06, has advanced 7.1% year to date, while the Dow Jones Industrial Average has gained 9.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
 Bubble tea products, aka Boba, are becoming harder to find as another COVID-19-related shortage takes hold.
|
|
 Fed Chair Jerome Powell said another COVID-19 surge is the biggest risk to the central bank's rosy forecast. Interest rates will remain near zero
|
|
