Diamonds and Dogs
Laredo Petroleum Inc. (LPI)
Laredo Petroleum is trading in the green today, up 12.69% to $11.06. The US energy company saw its shares climb as oil prices rallied. WTI for March delivery was gaining 2% to $49.20 a barrel early this afternoon, and Brent crude oil for March delivery was gaining 2.5% to $54.32 a barrel. Oil prices were rising as investors looked beyond a U.S. refinery strike to the declining number of rigs in the U.S. which signals lower production in the future. The rise helped shares of Laredo climb $1.25 today, but shares are still well off of their 52-week high of $31.23.
Ardelyx Inc. (ARDX)
Ardelyx is crashing today, down 29.06% to $19.16. The biopharmaceutical company watched its shares tank after releasing results from its Phase 2b clinical trial. The trial evaluated tenapanor in hyperphosphatemic patients with chronic kidney disease. The results show the trial met its primary endpoint by demonstrating a statistically significant dose-related decrease in serum phosphate levels. It was noted, however, that the rate of diarrhea was distinctly higher than expected. The overall safety profile remains consistent with that observed in previous tenapanor trials. Shares of Ardelyx fell nearly $8.00 today but held above their 52-week low of $11.37.