Stocks In News: LKNCY, XPEV, MYOV
3:46 pm Monday, October 24th, 2022
Luckin Coffee (OTCMKTS:LKNCY) stock isn’t doing so hot as investors react to news of Chinese President Xi Jinping claiming another term. This has shares of LKNCY stock joining several others from China that are falling hard today. That’s not too surprising, as investors haven’t been happy about the negative effects President Xi’s policies have had on China’s economy. One of the biggest to note is his Zero Covid policy. With that, lockdowns have continued to hurt the Chinese economy. As the policy requires workers to stay home, it incurs supply chain constraints.
Xpeng (NYSE:XPEV) stock is falling on Friday alongside other Chinese stocks as President Xi Jinping prepares for a third term in China. President Xi has been gaining power and continues to do so with his latest moves. That includes filling out the Politburo standing committee with members loyal to him. This is important to note, as the group is a core center of control in the Communist Party of China.
Today’s market-moving news in the drugmaker sector is that Sumitomo Pharma and a subsidiary have agreed to buy out the remainder of Myovant Sciences (NYSE:MYOV) that they don’t already own. Furthermore, they raised their offer to make this purchase. Investors in MYOV stock seem pleased with this development, as they boosted the share price 9% this morning. Myovant Sciences is a midsize company that advances medicines for women’s health as well as for prostate cancer in men. So far, Myovant has successfully completed five Phase 3 clinical trials involving hormone-sensitive oncology and women’s health. Consequently, the company has been granted five regulatory approvals in the U.S. and Europe.
