U.S. stock futures opened lower on Tuesday, with the Nasdaq futures experiencing a significant drop of around 100 points. This downward trend was primarily driven by the sharp decline in shares of Dyne Therapeutics, Inc. (DYN) following the release of new clinical data from its ongoing Phase 1/2 DELIVER trial.
The trial, investigating DYNE-251 for patients with Duchenne muscular dystrophy amenable to exon 51 skipping, revealed unprecedented dystrophin expression and functional improvement in multiple cohorts. Despite this positive news, Dyne Therapeutics shares fell 15.6% to $38.89 in pre-market trading, indicating a market reaction potentially driven by investor expectations or other factors.
Several other notable stocks recorded losses in pre-market trading. Acadia Healthcare Company, Inc. (ACHC) shares fell 7.2% to $76.07, United States Steel Corporation (X) shares declined 5.8% to $35.70, and Diversified Energy Company PLC (DEC) dropped 5.6% to $11.54.
The decline in United States Steel shares comes amidst ongoing foreign acquisition attempts, with Vice President Kamala Harris expressing her support for American ownership of the company. Keybanc analyst Tim Rezvan recently initiated coverage on Diversified Energy with an Overweight rating and a price target of $18.
LG Display Co., Ltd. (LPL) shares fell 4.4% to $3.96, Arcadium Lithium plc (ALTM) shares declined 4.1% to $2.60, and Hafnia Limited (HAFN) dropped 4.1% to $7.43. BHP Group Limited (BHP) shares fell 4% to $52.90.
PureTech Health plc (PRTC) shares declined 3.2% to $21.78, following a year-over-year decrease in H1 financial results reported last week.
The Boeing Company (BA) shares slipped 2.6% to $169.15 in pre-market trading. The decline is attributed to the impending September 12 expiration of the company’s contract with the International Association of Machinists, potentially leading to a strike. Adding to the pressure, Wells Fargo downgraded the Boeing stock from Equal-Weight to Underweight.
Overall, the pre-market trading session indicates a cautious sentiment among investors, with several factors influencing the downward trend in specific sectors and companies.
