Premarket Movers | Tonix Pharma Soars 10%; Some Chinese ADRs Shine With Xunlei up 16%, iQiyi up 9%; Kingsoft Cloud up 6%
U.S. pharma stocks jumped in premarket trading. Tonix Pharmaceuticals rose 11%; Novo Nordisk, Novavax up around 3%.
Tonix Pharmaceuticals's Tonmya received FDA approval, marking the first new fibromyalgia therapy in 15 years and driving a post-market stock surge.
Tonmya is a non-opioid, once-daily bedtime analgesic with a sublingual formulation designed for rapid absorption. Fibromyalgia is a chronic pain condition affecting more than 10 million adults in the U.S., predominantly women. The FDA approval was based on two Phase 3 clinical trials involving nearly 1,000 patients, which demonstrated that Tonmya significantly reduced daily pain scores compared to placebo at 14 weeks.
Novo Nordisk shares advanced after the drugmaker’s blockbuster weight-loss drug Wegovy received US approval to treat a serious form of liver disease, beating rival Eli Lilly & Co. to the US market.
Chinese ADRs jumped in premarket trading on Monday. Xunlei up 16%; iQiyi up 9%; Kingsoft Cloud up 6%; XPeng up nearly 2%.
A gauge of Shanghai-listed stocks is set for its highest close in a decade, as cash-rich local investors plow into a market that has surged amid easing trade tensions with the US.
The Shanghai Stock Exchange Composite Index jumped as much as 1.2% on Monday, putting it on course for its highest finish since August 2015, according to Bloomberg-compiled data. That cements a roughly 20% turnaround since an April selloff, when US President Donald Trump’s sweeping tariffs roiled global markets. Trump extended a tariff truce with China last week.
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