- While stocks finished fractionally lower on Friday after a disappointing payroll report, oil prices continued their steady climb, driving to a multi-year high. This powered stocks in the sector, with APA Corp. (NASDAQ:APA), Pioneer Natural Resources (NYSE:PXD), Hess Corp. (NYSE:HES) and EOG Resources (NYSE:EOG) all posting notable gains.
- Outside the energy space, Renren (NYSE:RENN) was another noteworthy winner on the session. Shares jumped nearly 50% on news of a $300M settlement in a shareholder lawsuit brought against the company's founders.
- ChemoCentryx (NASDAQ:CCXI) also drew massive buying interest. Shares nearly doubled after the U.S. Food and Drug Administration approved its TAVNEOS drug.
- FDA news had the opposite impact on Allogene (NASDAQ:ALLO). The stock plunged after the regulatory agency placed a clinical hold on studies of its AlloCAR T.
- Elsewhere in the drug development realm, Nkarta (NASDAQ:NKTX) also fell sharply after it was forced to delay the results of an ongoing clinical trial.
Sector In Focus
- A further rise in oil prices fueled an advance in energy stocks. APA Corp. (APA) was among the best performers in the group, rising by nearly 7%.
- Hess Corp. (HES) was another strong performer, jumping by 6.6%. EOG Resources (EOG) climbed about 5.5%, while Pioneer Natural Resources (PXD) advanced 4.5%.
- The rally in the sector came as front-month WTI futures contract ticked above $80 for the first time since 2014. The price pulled off its highs later in the day, but crude still gained 1.5% on the session.
Standout Gainer
- ChemoCentryx (CCXI) skyrocketed by nearly 96% thanks to an approval from the FDA. The rally took the stock to a 5-month high.
- The regulatory body granted approval to the firm's TAVNEOS product. The drug is meant as a treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis.
- CCXI finished the session at $38.41, an advance of $18.81 on the day. This took the stock to its highest level since May, when worries surrounding a contentious FDA Adcom meeting sent the stock spiraling.
Standout Loser
- Shares of Allogene (ALLO) fell off a cliff after the FDA put a clinical hold on trials of the firm's AlloCAR T product. The stock fell 46% on the news.
- The regulator's decision came after a biopsy suggested that some of the CAR T cells given to a patient in a trial had a chromosomal abnormality.
- ALLO dropped $11.25 on Friday to finish at $13.13, which also marked its low of the day. With the retreat, the stock fell below a recent trading range to reach a 52-week low.
Notable New High
- China-based social media company Renren (RENN) experienced a substantial rally on Friday after the firm's co-founders agreed to a $300M settlement with minority shareholders, who sued over allegations that company insiders used company assets for personal investments.
- The defendants in the lawsuit included CEO Joseph Chen and COO James Jian Liu. Among the accusations, shareholders accused the executives of arranging a below-market spin-off of its stake SoFi Technologies (NASDAQ:SOFI).
- RENN jumped 43% to close at $23.98. This accelerated a recent upswing, with the stock touching an intraday 52-week high of $25.57.
- Shares have churned higher throughout the past 12 months, rising from levels below $4 late last year. The stock has risen about 476% in the past year.
Notable New Low
- The delayed release of clinical trial data sent Nkarta (NKTX) sharply lower on Friday. The stock plunged nearly 28%, propelling it to a 52-week low.
- The company delayed the release of data from an early-stage study of its NKX101 product in patients with relapsed or refractory acute myeloid leukemia or higher-risk myelodysplastic syndromes. The information is now expected to be released in the first half of 2022.
- NKTX blamed the delays on COVID-related disruptions and staggered enrollment of patients that took longer than originally expected.
- NKTX dropped $6.89 on Friday, finishing the session at $18.10. The stock also set an intraday 52-week low of $17.88.
- For more on the day's biggest winners and losers, head over to SA's On The Move section.