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Biotech Stock Surges 580%

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Biotech Stock Surges 580%

The share price of Mustang Bio [MBIO] rose 580% on Monday afternoon, after it reported a positive outcome of its CAR-T cell therapy MB-106 in the treatment of Waldenstrom macroglobulinemia, a type of blood cancer. The test showed an overall response rate of 90%. Elsewhere, AstraZeneca [AZN] said on Tuesday that its breast cancer drug Truqap did not meet the principal goals of a late-stage trial.

Amazon Workers Form Labour Coalition

Amazon [AMZN] workers have formed a partnership with one of the largest US labour groups, the International Brotherhood of Teamsters, reported Bloomberg. The coalition could influence future organising efforts across the company, potentially shaping labour relations at Amazon, the second-largest private employer in the US after Walmart [WMT]. Elsewhere, Spanish drivers delivering Amazon packages in the UK are pursuing legal action over alleged exploitation and poor working conditions, according to the Guardian.

Apple Cuts BNPL

Apple [AAPL] has discontinued its ‘buy now, pay later’ (BNPL) program in the US, which allowed customers to finance purchases in four interest-free instalments, after launching the programme just last year. The Cupertino-based tech giant will instead allow instalment loans to be processed via Apple Pay third parties such as Affirm [AFRM] and credit issuers such as Citigroup [C]. Elsewhere, EU Competition Chief Margrethe Vestager told CNBC of “very serious” concerns regarding Apple, amid a probe into the company.

Snowflake Clients Face Cyberattack Ransom Threats

A cyberattack on cloud data platform Snowflake [SNOW] has entered a “new stage”, Austin Larsen, Senior Threat Analyst at Google’s [GOOGL] Mandiant security business, told Bloomberg, as hackers target clients of the platform to demand ransoms of up to $5m. The attacks aim to exploit sensitive data stored on Snowflake's servers, potentially affecting up to 10 companies. Snowflake has not disclosed the exact number of clients affected or the extent of data compromised.

NextEra Sale Plan Prompts Share Price Wobble

NextEra Energy [NEE] dipped by 3.2% post-market Monday, after it announced plans to sell equity units worth a total of nearly $2bn; each unit will be worth $50 and include a contract to purchase common stock by June 2027 at the latest, as well as a 5% undivided ownership interest in a NextEra Energy Capital Holdings debenture. The company said that proceeds from the sale would be used alongside general funds towards energy and power projects, as well as corporate purposes.

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