Xenon plunges 27% on enrollment pause; Nucor and Steel Dynamics guide below consensus

Price ActionProduct / TechEarnings
โดย Seeking Alpha·US·Read original
Summary · why it matters

Xenon Pharmaceuticals shares plunged 27% after the company paused enrollment in azetukalner studies for major depressive disorder and bipolar depression following reports of neuropsychiatric adverse events. Xenon said the events are consistent with the drug's known safety and tolerability profile and mechanism but had not previously been observed in its Phase 2 X-NOVA study in MDD, and it expects the pause to be temporary while it evaluates dosing adjustments; currently enrolled patients and those in open-label extension studies will continue treatment. The pause does not affect azetukalner studies in focal seizures or primary generalized tonic-clonic seizures, and Xenon has submitted an NDA to the FDA for focal seizures. Nucor fell 2% and Steel Dynamics fell 2% after both steelmakers issued Q3 earnings guidance below Wall Street expectations, with Nucor expecting Q3 earnings of $5.55-$5.65 per share versus the $5.99 consensus and Steel Dynamics expecting $5.34-$5.38 per share versus the $5.60 consensus. Intapp rose 3% after announcing a partnership with OpenAI to make Celeste, its expert AI coworker, available as a plug-in for ChatGPT Enterprise, with the plug-in available to eligible Intapp Celeste clients starting Thursday.

Impact on stocks 4

Critical Materials & Supply Chain▼ · 2 stocks
Nucor Corp
NUE
▼ NegativeCapitalrelevance

Nucor guided Q3 earnings to $5.55-$5.65 per share, below the $5.99 consensus.

Steel Dynamics Inc
STLD
▼ NegativeCapitalrelevance

Steel Dynamics guided Q3 earnings to $5.34-$5.38 per share, below the $5.60 consensus.

Artificial Intelligence▲ · 1 stocks
Intapp Inc
INTA
▲ PositiveTechnologyrelevance

Intapp announced a partnership with OpenAI to make its Celeste AI coworker available as a ChatGPT Enterprise plug-in.

Biotech & Genomic Medicine▼ · 1 stocks
Xenon Pharmaceuticals Inc
XENE
▼ NegativeTechnologyrelevance

Xenon paused enrollment in azetukalner studies for MDD and bipolar depression after neuropsychiatric adverse events.

Off-coverage companies 1

OpenAIPrivate▲ Positive
Technologyrelevance

OpenAI is the partner enabling Intapp's Celeste plug-in for ChatGPT Enterprise; mentioned only as the counterparty.

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