Mid-Afternoon Market Update: Sage Therapeutics Drops After Brexanolone Drug Fails Phase III Testing; Aldeyra Therapeutics Shares Gain

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Toward the end of trading Tuesday, the Dow traded up 0.27 percent to 22,116.82 while the NASDAQ climbed 0.18 percent to 6,443.63. The S&P also rose, gaining 0.20 percent to 2,493.18.

Leading and Lagging Sectors

Tuesday afternoon, the financial shares surged 0.53 percent. Meanwhile, top gainers in the sector included BRT Apartments Corp (NYSE: BRT ), up 19 percent, and Fang Holdings Ltd (NYSE: SFUN ), up 9 percent.

In trading on Tuesday, utilities shares fell 1.36 percent. Meanwhile, top losers in the sector included Brookfield Infrastructure Partners L.P. (NYSE: BIP ), down 4 percent, and Genie Energy Ltd (NYSE: GNE ) down 4 percent.

Top Headline

Progress Software Corporation (NASDAQ: PRGS ) reported strong preliminary results for its third quarter and lifted its quarterly dividend by 12 percent.

Progress Software expects Q3 adjusted earnings of $0.48 per share on revenue of $97.6 million. Analysts were projecting earnings of $0.42 per share on revenue of $95.8 million.

The company increased its quarterly dividend to $0.14 per share from $0.125 per share.

Equities Trading UP

Aethlon Medical, Inc. (NASDAQ: AEMD ) shares shot up 60 percent to $2.98 after the company disclosed Expedited Access Pathway designation from the FDA to accelerate US access to Hemopurifier.

Shares of Aldeyra Therapeutics Inc (NASDAQ: ALDX ) got a boost, shooting up 46 percent to $6.22 as the company disclosed 'positive' results from dry eye disease Phase 2a clinical trial.

Quotient Ltd (NASDAQ: QTNT ) shares were also up, gaining 33 percent to $4.94 after the company reports results from latest MosaiQ performance evaluation studies prior to commencing verification and validation studies. .

Equities Trading DOWN

SAGE Therapeutics Inc (NASDAQ: SAGE ) shares dropped 14 percent to $75.91 after the company disclosed that its Phase 3 STATUS trial of brexalonone in super-refractory status epilepticus did not meet its primary endpoint.

Shares of Limoneira Company (NASDAQ: LMNR ) were down 7 percent to $22.76. Limoneira reported Q3 earnings of $0.52 per share on revenue of $40.4 million. The company projects full-year earnings of $0.51 to $0.55 per share, versus analysts' estimates of $0.55 per share.

Advaxis, Inc. (NASDAQ: ADXS ) was down, falling around 19 percent to $5.51. Advaxis reported a Q3 loss of $32.6 million.


In commodity news, oil traded up 0.52 percent to $48.32 while gold traded down 0.10 percent to $1,334.40.

Silver traded up 0.16 percent Tuesday to $17.93, while copper fell 0.95 percent to $3.037.


European shares closed mostly higher today. The eurozone's STOXX 600 gained 0.52 percent, the Spanish Ibex Index rose 0.13 percent, while Italy's FTSE MIB Index gained 0.45 percent. Meanwhile the German DAX climbed 0.40 percent, and the French CAC 40 rose 0.62 percent while U.K. shares fell 0.17 percent.


The NFIB small business optimism index rose 0.1 point to 105.3 for August.

The Johnson Redbook Retail Sales Index gained 4.5 percent year-over-year in the week ending September 9.

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Symbols: PRGS , BIP , BRT , AEMD , SFUN

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