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Why Are Arrowhead Pharmaceuticals Shares Down 20%?

Watch: Authorities provide update on Florida condo collapse

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Authorities are scheduled to provide updates on the collapse of a condominium building in Surfside, Florida at a press conference Friday morning. 

Authorities are expected to discuss the status of search-and-rescue operations, which resumed Thursday evening after a day-long halt due to structural concerns. 

An update on the death toll, which remained unchanged as of late Thursday at 18 confirmed deaths and 145 unaccounted for, is also expected to be addressed. 

Authorities are also set to discuss state contingency plans for Tropical Storm Elsa. 

U.S. Construction Spending Unexpectedly Dips 0.3% In May

Construction spending in the U.S. unexpectedly decreased in the month of May, according to a report released by the Commerce Department on Thursday.

The report said construction spending fell by 0.3 percent to an annual rate of $1.545 trillion in May after inching up by 0.1 percent to a revised rate of $1.550 trillion in April.

The decrease surprised economists, who had expected construction spending to rise by 0.4 percent following the 0.2 percent uptick originally reported for the previous month.

The unexpected drop in construction spending came as spending on private construction slipped by 0.3 percent to an annual rate of $1.203 billion.

Spending on non-residential construction slumped by 1.1 percent to a rate of $451.6 billion, more than offsetting a 0.2 percent increase in spending on residential construction to a rate of $751.7 billion.

The report showed spending on public construction also dipped by 0.2 percent to a rate of $342.0 billion, as a steep drop in spending on educational construction more than offset a jump in spending on highway construction.

Despite the monthly decrease, total construction spending in May was up by 7.5 percent compared to the same month a year ago.

EQT, Goldman to buy clinical research firm Parexel for $8.5 billion

(Reuters) – Swedish private equity firm EQT AB and Goldman Asset Management said on Friday they will buy clinical research company Parexel International Corp from Pamplona Capital Management for $8.5 billion.

Marin Software Gains 32%, Continuing The Uptrend

Marin Software Inc. (MRIN) shares are trading more than 32 percent on Friday morning trading, continuing an uptrend since June 23 after the integration of its ad management platform with Instacart ads. There were no corporate announcements today to impact the stock movement.

Currently, shares are at $19.94, up 32.23 percent from the previous close of $15.08 on a volume of 47,184,016. For the 52-week period, the shares have traded in a range of $1.14-$25.60 on average volume of 18,675,468.

European Economics Preview: Germany Import Price Data Due

Import price data from Germany is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to publish Germany’s import price data for May. Economists forecast import prices to climb 11.3 percent annually versus a 10.3 percent rise in April.

In the meantime, Statistics Norway releases retail sales data for May.

At 3.30 am ET, retail sales and household lending data is due from Sweden.

Half an hour later, IHS Markit publishes Austria’s manufacturing Purchasing Managers’ survey results for June.

At 6.00 am ET, Ireland’s retail sales data is due for May. Sales had increased 7.4 percent on month in April.

Shenandoah Telecommunications Shares Up 11%

Shares of Shenandoah Telecommunications Co. (SHEN) are currently trading at $54.61, up $5.42 or 11.02%, with trading volume rising over 334K versus an average volume of 164K shares. The stock has been trading on the range of $38.77 – $56.77 for the past one year.

The company, on Friday, declared a special dividend of $18.75 per share on the issued and outstanding shares of Shentel’s common stock. The special dividend is payable on August 2, 2021 to shareholders of record as of the close of business on July 13, 2021. In accordance with NASDAQ rules, the ex-dividend date will be August 3, 2021, the first business day after the payment date.

As recently as on July 1, the company announced the closing of the previously announced sale of its Wireless assets and operations to T-Mobile USA Inc. The company received cash proceeds of $1.94 billion, inclusive of the about $60 million settlement of the waived management fees by Sprint Corp., an indirect subsidiary of T-Mobile, and net of certain transaction expenses.

EQT, Goldman to buy clinical research firm Parexel for $8.5 billion

(Reuters) – Swedish private equity firm EQT AB and Goldman Asset Management said on Friday they will buy clinical research company Parexel International Corp from Pamplona Capital Management for $8.5 billion.

What to Cook This Weekend

By Sam Sifton

Good morning. Tejal Rao took to The New York Times Magazine this week to extol the virtues of long-cooked vegetables, vegetables cooked so deeply that they reveal new and complex flavors and texture, vegetables that are a long, long way from the French-style ones we see so often in restaurant cooking, bright and crisp.

Why Are Arrowhead Pharmaceuticals Shares Down 20%?

Shares of Arrowhead Pharmaceuticals, Inc. (ARWR) tanked nearly 20% on Friday morning after the drug company said it has paused a mid-stage study of ARO-ENaC, the company’s investigational treatment for patients with cystic fibrosis.

ARWR is currently trading at $68.73, down $16.23 or 19.10%, on the Nasdaq.

Arrowhead Pharmaceuticals said it notified regulatory agencies, institutional review boards, and investigators that effective immediately it is voluntarily pausing AROENaC1001, a Phase 1/2 clinical study of ARO-ENaC, the company’s investigational RNA interference (RNAi) therapeutic being developed as a treatment for patients with cystic fibrosis (CF).

The decision was based on a preliminary update from an ongoing chronic toxicology study in rats that contained unexpected signals of local lung inflammation. The company has instructed investigators to pause new screening, enrollment, and any further dosing of investigational ARO-ENaC pending additional data from the ongoing chronic rat toxicology study and an additional ongoing chronic primate toxicology study.