S&P 500 Posts Gains Ahead of Holiday Break, Bristol Myers Squibb Acquires Karuna Therapeutics, and Rocket Lab Wins $515 Million Contract with US Government\n\nThe market saw gains on Friday, December 22, 2023, with the S&P 500 closing with a 0.2% increase. This news comes as investors anticipate a potential interest rate cut from the Federal Reserve in the coming year. With the holiday break approaching, many investors are taking a break from trading during this time.\n\nIn a major acquisition, biopharmaceutical company Karuna Therapeutics (KRTX) has been acquired by Bristol Myers Squibb (BMY) for a staggering $14 billion. This deal, which amounts to $330 per share in cash, offers a premium of 53% over Karuna’s stock on Thursday. The merger was unanimously approved by both companies’ boards of directors.\n\nIn other news, Rocket Lab (RKLB) shares soared after the company secured a $515 million contract with the United States government. The contract involves manufacturing, delivering, and operating eighteen space vehicles, further solidifying Rocket Lab’s position as a leader in the space industry.\n\nCoinbase (COIN) shares also saw a boost in late trading as Citizens JMP Securities almost doubled its price target on the stock, raising it from $107 to $200. This news comes as the cryptocurrency market continues to gain traction and mainstream acceptance.\n\nBristol Myers Squibb CEO Christopher Boerner stated that the acquisition of Karuna Therapeutics will enhance the company’s growth through the late 2020s and into the next decade. Karuna’s top asset, KarXT, an experimental antipsychotic, is currently being reviewed by the FDA for the treatment of schizophrenia in adults and is also undergoing trials for Alzheimer’s disease psychosis.\n\nWith peak year unadjusted sales estimated to reach $6.8 billion if the drug gets on the market with multiple uses. This acquisition strengthens Bristol Myers Squibb’s position in the industry and offers potential for growth in the coming years.\n\n The market saw gains ahead of the holiday break, with the S&P 500 posting a 0.2% increase. In other news, Bristol Myers Squibb acquired Karuna Therapeutics for $14 billion, Rocket Lab secured a $515 million contract with the US government, and Citizens JMP Securities raised its price target on Coinbase.

“S&P 500 Posts Gains Ahead of Holiday Break, Bristol Myers Squibb Acquires Karuna Therapeutics, and Rocket Lab Wins $515 Million Contract with US Government\n\nThe market saw gains on Friday, December 22, 2023, with the S&P 500 closing with a 0.2% increase. This news comes as investors anticipate a potential interest rate cut from the Federal Reserve in the coming year. With the holiday break approaching, many investors are taking a break from trading during this time.\n\nIn a major acquisition, biopharmaceutical company Karuna Therapeutics (KRTX) has been acquired by Bristol Myers Squibb (BMY) for a staggering $14 billion. This deal, which amounts to $330 per share in cash, offers a premium of 53% over Karuna’s stock on Thursday. The merger was unanimously approved by both companies’ boards of directors.\n\nIn other news, Rocket Lab (RKLB) shares soared after the company secured a $515 million contract with the United States government. The contract involves manufacturing, delivering, and operating eighteen space vehicles, further solidifying Rocket Lab’s position as a leader in the space industry.\n\nCoinbase (COIN) shares also saw a boost in late trading as Citizens JMP Securities almost doubled its price target on the stock, raising it from $107 to $200. This news comes as the cryptocurrency market continues to gain traction and mainstream acceptance.\n\nBristol Myers Squibb CEO Christopher Boerner stated that the acquisition of Karuna Therapeutics will enhance the company’s growth through the late 2020s and into the next decade. Karuna’s top asset, KarXT, an experimental antipsychotic, is currently being reviewed by the FDA for the treatment of schizophrenia in adults and is also undergoing trials for Alzheimer’s disease psychosis.\n\nWith peak year unadjusted sales estimated to reach $6.8 billion if the drug gets on the market with multiple uses. This acquisition strengthens Bristol Myers Squibb’s position in the industry and offers potential for growth in the coming years.\n\n The market saw gains ahead of the holiday break, with the S&P 500 posting a 0.2% increase. In other news, Bristol Myers Squibb acquired Karuna Therapeutics for $14 billion, Rocket Lab secured a $515 million contract with the US government, and Citizens JMP Securities raised its price target on Coinbase.”$BMY2023-12-29T16:50:15.335Z

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