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Stock futures were off to a lower start early Monday following the latest commentary from U.S. Federal Reserve Chair Jerome Powell, which dampened investor expectations for near-term interest rate cuts just ahead of significant corporate earnings reports.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- 4D Molecular Therapeutics (NASDAQ:FDMT) shares jumped more than 23% following the positive interim data announcement from the Phase 2 PRISM clinical trial. The trial, evaluating intravitreal 4D-150 in patients with severe wet age-related macular degeneration (wet AMD), showcased encouraging results at the Angiogenesis, Exudation, and Degeneration 2024 Conference. The data, presented by Arshad M. Khanani, M.D., M.A., FASRS, demonstrated the potential of 4D-150 as a transformative and durable intravitreal therapeutic, aiming to revolutionize the treatment approach for wet AMD patients.
Biggest stock losers
- Cytokinetics (NASDAQ:CYTK) shares fell over 4% after the drug developer on Friday announced the resignation of Ching W. Jaw as the senior vice president and chief financial officer, effective Feb. 23. Jaw cited personal health reasons for his departure, and both the company and Jaw mutually agreed on the terms of his exit.
- NanoString Technologies (NASDAQ:NSTG) shares slumped 36% after the company and certain of its subsidiaries voluntarily initiated a chapter 11 restructuring proceeding in the United States Bankruptcy Court for the District of Delaware. The company is exploring strategic alternatives, including the potential sale of the company or product lines, to protect its business, customers, employees, and mission to “Map the Universe of Biology.”