Cogent Biosciences Aces APEX TRIAL; Stock Up 35%

Ukraine Imposes Sanctions Against Putin, Kremllin Officials

Ukraine has imposed sanctions against Russian President Vladimir Putin and top Kremlin officials.

The sanctions, announced by Ukrainian President Volodymyr Zelensky on Thursday, targets Kremlin spokesman Dmitry Peskov, Russian Prime Minister Mikhail Mishustin and his deputies, all ministers, and Secretary of the Security Council of Russia Nikolai Patrushev.

A presidential decree signed by Zelensky blocks the assets of the designated individuals and bans their entry into Ukraine.

The sanctions also cancel or suspend the licenses and permits of the targeted persons.

Meanwhlie, Valentyn Reznichenko, head of Ukraine’s Dnipropetrovsk region military administration, said that dozens of civilians were killed as Russian military shelled civilian infrastructure in Kryvyi Rih, Zelenodolsk and Shyrokiv.

Five people were killed and 14 were injured in Russian attacks in Kharkiv.

Ukrainian forces are fighting a fierce battle for the key eastern city of Severodonetsk. The city is now mostly under the control of the Russian forces.

Zelensky said Ukrainian forces are holding on to key frontline cities in Donbas.

“Severodonetsk, Lysychansk, and other cities in Donbas, which the occupiers now consider key targets, are holding on,” he said in an address to the nation Thursday night.

Biden To Travel To Europe On June 25 For G7, NATO Summits

President Joe Biden will travel to Europe later this month to attend two important global summits.

He will be in Schloss Elmau in southern Germany on June 25 to attend the G7 Leaders’ Summit.

“The G7 leaders will discuss a range of the most pressing global issues, including the G7’s unwavering support for a democratic, sovereign, and prosperous Ukraine, economic and democratic resilience, tackling the climate crisis, development infrastructure, global health security, and the food and energy crisis caused by Russia’s war of aggression,” the White House said in a press release detailing the President’s tour itinerary.

On June 28, Biden will travel to Spain’s capital Madrid for the 2022 NATO Summit. Allied leaders will endorse a new Strategic Concept to guide NATO’s transformation over the next decade, according to the White House. It includes strengthening deterrence and defense, building resilience against transnational threats such as cyber and climate, and deepening partnerships with democratic partners in Europe and Asia in order to strengthen the rules-based international order.

European Economics Preview: Bank Of Russia Rate Decision Due

The monetary policy announcement from the Bank of Russia is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases consumer and producer price data for May. Consumer price inflation is forecast to rise to 5.6 percent from 5.4 percent in April.

At 3.00 am ET, Spain’s INE is set to release revised consumer price data for May. According to flash estimate, consumer price inflation rose to 8.7 percent from 8.3 percent in April.

In the meantime, industrial output from Austria and consumer prices from the Czech Republic are due. The Czech consumer price inflation is expected to rise to 15.4 percent in May from 14.2 percent in April.

At 4.00 am ET, Italy’s Istat publishes industrial production for April. Economists forecast output to fall 0.2 percent on year, reversing March’s 3.0 percent increase.

Half an hour later, the Bank of England/Ipsos Inflation Attitudes Survey results are due.

At 5.00 am ET, the Hellenic Statistical Authority is set to issue Greece industrial production figures for April.

At 6.30 am ET, the Bank of Russia announces its monetary policy decision. The bank is expected to cut its key rate sharply to 10.00 percent from 14.00 percent.

Pre-market Movers: CORZ, DOCU, SVFD, PALT, SFIX…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Core Scientific, Inc. (CORZ) is up over 43% at $3.49
Save Foods, Inc. (SVFD) is up over 17% at $4.01
Paltalk, Inc. (PALT) is up over 17% at $2.28
Virgin Orbit Holdings, Inc. (VORB) is up over 14% at $4.22
New Oriental Education & Technology Group Inc. (EDU) is up over 9% at $16.11
Youdao, Inc. (DAO) is up over 8% at $6.00
Bilibili Inc. (BILI) is up over 6% at $27.01
FutureFuel Corp. (FF) is up over 5% at $8.25
TAL Education Group (TAL) is up over 5% at $4.39

In the Red

DocuSign, Inc. (DOCU) is down over 26% at $64.61
Stitch Fix, Inc. (SFIX) is down over 15% at $6.57
The Singing Machine Company, Inc. (MICS) is down over 15% at $3.54
DBV Technologies S.A. (DBVT) is down over 14% at $2.77
Integrated Media Technology Limited (IMTE) is down over 5% at $2.50

Markets recoil as investors react to higher than expected inflation.

S&P 500

Cogent Biosciences Aces APEX TRIAL; Stock Up 35%

Shares of Cogent Biosciences, Inc. (COGT) are up 35% at $6.70 today, following positive initial data from its ongoing APEX clinical trial.

APEX is a phase II trial evaluating lead drug candidate Bezuclastinib in patients with advanced systemic mastocytosis.

Advanced Systemic Mastocytosis (AdvSM), a subtype of Systemic Mastocytosis, is a rare, very aggressive form of the disease, characterized by a multitude of debilitating symptoms such as anemia, thrombocytopenia, ascites, bone fractures, gastrointestinal abnormalities, and enlargement of the liver, spleen, and lymph nodes, which ultimately lead to organ failure and early death.

In the APEX trial, as of the data cutoff date of May 24, 2022, 11 patients had been treated with Bezuclastinib, and all 11 patients achieved 50% or more than 50% reduction in serum tryptase level, a diagnostic marker in mastocytosis.

Bezuclastinib was generally well-tolerated at all doses in the study.

Additional data from APEX trial are expected to be reported by the end of 2022.