Wall Street's Top Stories For Monday, September 9, 2019

Amgen (AMGN) shares fell 2.6% after the company announced new data from the ongoing Phase 1 study evaluating AMG 510 in patients with previously treated KRAS G12C-mutated solid tumors. Meanwhile, shares of Eli Lilly (LLY) also slipped 2.6% after the drugmaker issued an update on selpercatinib at the World Conference on Lung Cancer meeting.

Meanwhile, Grand Canyon Education (LOPE) was in focus after Andrew Left's Citron Research called the stock the firm's "favorite short in YEARS," saying the company is "DEAD or fraud" in a series of tweets. Following the news, shares initially plunged over 5% before ending the session 2.9% higher.

MAJOR MOVERS: Among the noteworthy gainers was Acadia (ACAD), which surged 63.2% after announcing that its Phase 3 HARMONY study evaluating pimavanserin for the treatment of dementia-related psychosis met its primary endpoint, demonstrating a statistically significant longer time to relapse of psychosis with pimavanserin compared to placebo in a planned interim efficacy analysis. Also higher was Changyou.com (CYOU), which gained 49.3% after Sohu.com (SOHU) announced that it has submitted to the board of its majority-owned subsidiary a preliminary non-binding proposal to acquire all of the outstanding shares it does not already own for $5 per Class A ordinary share, or $10 per ADS, in cash. Sohu shares rose 6.6% after the news.

Among the notable losers was PaySign (PAYS), which slid 21.3% after cutting its fiscal 2019 revenue guidance. Also lower was Covetrus (CVET), which fell 1.2% after the stock was initiated with a Sell rating at Goldman Sachs.

INDEXES: The Dow rose 38.05, or 0.14%, to 26,835.51, the Nasdaq lost 15.64, or 0.19%, to 8,087.44, and the S&P 500 declined 0.28, or 0.009%, to 2,978.43.

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Disclosure: None.

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