Markets

‘Gold Prices Rise as Biotech Companies Make Headlines\n\nGold prices continue to rise, inching closer to the $2,100 per ounce mark. This resistance level has been a challenge for the precious metal, but it has still seen a 14% increase this year. This would be its first annual increase in three years, with a record high of $2,135 per ounce earlier this month. Traders are betting on potential Fed rate cuts and a weaker dollar in the coming year, leading to an increase in bullish gold bets. Gold being seen as a safe haven during times of economic uncertainty, there is still a decent amount of bullishness in the market.\n\nIn the biotech world, Cytokinetics (CYTK) shares have soared over 80% after a successful trial for its heart drug. This puts the company in competition with treatment from Bristol Myers Squibb. Iovance Biotherapeutics (IOVA) shares have fallen 18% after the FDA paused clinical trials for their lung cancer treatment following the death of a patient. This news has caused some concern in the market, but it is not uncommon to see big movements in biotech companies, especially those with experimental drugs. Cytokinetics is also a potential acquisition target, with interest from companies like Novartis and AstraZeneca.\n\nAs the year comes to a close, there has already been a lot of activity in the market, and we may see more end-of-year deals.’

‘Gold Prices Rise as Biotech Companies Make Headlines\n\nGold prices continue to rise, inching closer to the $2,100 per ounce mark. This resistance level has been a challenge for the precious metal, but it has still seen a 14% increase this year. This would be its first annual increase in three years, with a record high of $2,135 per ounce earlier this month. Traders are betting on potential Fed rate cuts and a weaker dollar in the coming year, leading to an increase in bullish gold bets. Gold being seen as a safe haven during times of economic uncertainty, there is still a decent amount of bullishness in the market.\n\nIn the biotech world, Cytokinetics (CYTK) shares have soared over 80% after a successful trial for its heart drug. This puts the company in competition with treatment from Bristol Myers Squibb. Iovance Biotherapeutics (IOVA) shares have fallen 18% after the FDA paused clinical trials for their lung cancer treatment following the death of a patient. This news has caused some concern in the market, but it is not uncommon to see big movements in biotech companies, especially those with experimental drugs. Cytokinetics is also a potential acquisition target, with interest from companies like Novartis and AstraZeneca.\n\nAs the year comes to a close, there has already been a lot of activity in the market, and we may see more end-of-year deals.’$CYTK2023-12-28T18:39:37.032Z

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