Oil prices dropped again to weigh the markets down to a lower open with the Dow falling 53 points to 18,086. Nasdaq lost 12 points to 4,943.
On the upside
Rigel Pharmaceuticals (Nasdaq: RIGL) entered a research and development collaboration agreement with Bristol-Myers Squibb (NYSE: BMY) for the use of TGF beta receptor kinase inhibitors in cancer immunotherapies.
Valeant Pharmaceuticals (NYSE: VRX) will acquire Salix Pharmaceuticals (Nasdaq: SLXP) in a cash deal valued at approximately $14.5 billion. Valeant also reported sharply higher fourth quarter earnings that topped analyst estimates as revenue rose.
Columbia University published promising results from a study of Biocept's (Nasdaq: BIOC) blood-based diagnostic OncoCEE-BR in determining hormonal status of metastatic breast cancer patients.
On the downside
Roth Capital downgraded Spectrum Pharmaceuticals (Nasdaq: SPPI) from a Buy rating to a Neutral rating.
Ocwen Financial (NYSE: OCN) will sell a $9.8 billion portfolio of residential mortgage servicing rights to Nationstar (NYSE: NSM).
JPMorgan Chase downgraded CyberArk Software (Nasdaq: CYBR) from a Neutral rating to an Underweight rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points 2103. Bitcoin eased $1 to $231.
Lower open as oil prices drop
February 23, 2015 at 09:42 AM EST