Quick Summary
- Alnylam Pharmaceuticals posted an 18.4% gain in premarket activity, topping Thursday’s winners
- AstraZeneca plunged 9% following disappointing Phase 3 trial results for its heart medication
- Levi Strauss declined 6% even after exceeding Q2 revenue projections, with tariff concerns weighing on sentiment
- Ampco-Pittsburgh rallied 14% on the back of a 32% increase in first-half orders reaching $268M
- S&P 500 futures inched higher by 0.10% as Bitcoin advanced 0.65% to reach $62,627
Alnylam Pharmaceuticals dominated premarket activity Thursday morning, climbing 18.4%. BridgeBio Pharma also demonstrated strength with a 14% advance in early session trading.
Alnylam Pharmaceuticals, Inc., ALNY
Kulicke & Soffa Industries, Advanced Energy Industries, and Cerebras Systems all recorded increases exceeding 6%.
S&P 500 futures showed modest strength with a 0.10% uptick. Dow Jones futures dipped 0.15%. The Cboe Volatility Index futures climbed 3.99%.
Bitcoin gained 0.65%, reaching $62,627. Gold futures advanced 0.77% while Brent crude increased 0.82%.
The 10-Year Treasury yield settled at 4.593%. During Wednesday’s trading, the S&P 500 declined 0.28% while the Dow shed 1.09%.
AstraZeneca Plunges Following Unsuccessful Heart Drug Study
AstraZeneca emerged as Thursday’s most significant decliner, dropping 9%. The pharmaceutical giant’s shares tumbled after its Phase 3 CARDIO-TTRansform study for Wainua missed its primary goal.
The clinical study evaluated the drug’s effectiveness in treating patients diagnosed with transthyretin-mediated amyloid cardiomyopathy. Results demonstrated no significant reduction in cardiovascular mortality or recurring cardiovascular incidents versus placebo throughout the 140-week study period.
AstraZeneca partnered with Ionis Pharmaceuticals to develop Wainua. In response to the trial outcome, Ionis stock plummeted 17.8%.
Both pharmaceutical companies indicated they will perform additional data analysis. Complete trial findings are scheduled for presentation during the European Society of Cardiology Congress this August.
Levi Strauss Surpasses Expectations Yet Issues Tariff Warning
Levi Strauss declined 6% even though the company posted Q2 revenue of $1.56 billion, representing a 7.6% year-over-year increase. Adjusted earnings per share of $0.28 exceeded analyst projections.
Direct-to-consumer revenue expanded 11% while gross margin improved to 62.7%. The quarterly performance appeared robust.
Nevertheless, market participants concentrated on the apparel maker’s conservative full-year forecast. Levi’s EPS guidance midpoint of $1.49 fell short of the $1.51 analyst consensus.
The denim manufacturer is factoring in 30% U.S. tariffs on Chinese imports and 20% tariffs on merchandise from other countries continuing throughout the remainder of the year.
Ampco-Pittsburgh Rallies on Robust Order Growth
Ampco-Pittsburgh surged 14% following disclosure that first-half 2026 customer orders increased 32% year over year to $268 million.
Forged and cast engineered products orders climbed 25% to $153 million. Air and liquid processing orders soared 42% to $116 million.
The manufacturer also revealed that its Buffalo Air Handling division obtained the largest air handling equipment contract in company history.
MDA Space decreased 6% after revealing plans to acquire approximately 70% of France-based CLS for €567 million. The aerospace firm simultaneously initiated a C$712 million equity offering, raising dilution concerns among shareholders.
Overseas markets posted gains overnight, with Japan’s Nikkei 225 advancing 1.38% and China’s Shanghai Composite climbing 1.65%.
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