Diamonds and Dogs
Cancer drugs and cancer drug companies in play today. ArQule (ARQL) is up 100% today after agreeing to merge with Merck for $2.7 billion. ArQule is working on treatments for cancer including a new drug for a range of blood cancers. French drug giant Sanofi also agreed to buy a firm, Synthorx for $2.5 billion. Synthorx is a maker of therapies that harness the immune system to fight tumors. Bristol Myers is up 2% to new highs on positive data on a lymphoma drug.
Datadog (DDOG) is a dog today. The cloud software tech firm is down 4% ahead of a lock up for insiders. Datadog came public in September. The stock performed well in November on new product launches, but 20% of their shares will be eligible for sale starting tomorrow. With a stock trading for 20 times sales and still losing money, there may be more pain ahead.