T2 Converts ~20% of debt to equity

 T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced the conversion of approximately 20% of its term loan with entities affiliated with CRG Servicing LLC (“CRG”) into T2 Biosystems common stock and Series B convertible preferred stock.

The conversion reduces the outstanding principal amount of the term loan by $10 million, or approximately 20%, in exchange for 48,345,798 shares of T2 Biosystems common stock and Series B Convertible Preferred Stock convertible into 93,297,259 shares of common stock, based on the June 30, 2023 close of business price of $0.0706 per share. The Series B Preferred shares will be eligible to be converted into common stock upon shareholder approval. The December 30, 2024 interest-only period end and maturity date of the term loan is unchanged. Following this transaction, CRG is now a 19.99% beneficial owner of T2 Biosystems’ outstanding common stock.

https://finance.yahoo.com/news/t2-biosystems-announces-conversion-approximately-120000899.html

Why Castle Biosciences Stock Is Crushing It

 Castle Biosciences (CSTL 54.67%) stock was absolutely crushing it on Friday, with shares skyrocketing 54.4% as of 11:47 a.m. ET. The huge gain came after Novitas, a regional Medicare administrative contractor, said that it is withdrawing a draft policy that would not have covered Castle's DecisionDx cancer tests for squamous cell carcinoma (SCC) and melanoma.

In addition, Castle announced that it will present new data for its DecisionDx-SCC and DecisionDx-Melanoma tests this weekend. The company is scheduled for a podium presentation and a poster presentation at the American Head & Neck Society's (AHNS) 11th International Conference on Head and Neck Cancer in Montreal.

Novitas' move is definitely the bigger catalyst for Castle. The genetic-testing stock plunged in June following the initial draft policy that would have denied coverage for DecisionDx-SCC. Today's gains recaptured much of that sell-off.

This reversal by the Medicare administrative contractor came as a complete shock. Novitas' original local coverage determination (LCD) was scheduled to go into effect on July 17, 2023.

Castle's presentations this weekend, on the other hand, probably won't have huge surprises. The study for which the company plans to present data for DecisionDx-SCC expands on a previously published study. 

Novitas stated that it plans to create a new draft LCD for Castle's DecisionDx tests. This draft policy will be released for public comment at some point in the near future.

It remains uncertain whether Novitas will ultimately decide to fully cover DecisionDx-SCC and DecisionDx-Melanoma. However, Castle at least now has a temporary reprieve.

https://www.fool.com/investing/2023/07/07/why-castle-biosciences-stock-is-crushing-it-today/

Humana cut to Neutral from Overweight by JPMorgan

 Target to $540 from $576

https://finviz.com/quote.ashx?t=HUM&p=d

June jobs report: US economy added 209,000 jobs in June as labor market cools

 The US economy added 209,000 jobs in June, missing Wall Street estimates and reflecting a slowdown from the previous month, data from the Bureau of Labor Statistics showed Friday.

Economists surveyed by Bloomberg had expected the 225,000 nonfarm payroll jobs were added in June. In May, the US economy added 339,000 jobs.

The June unemployment rate was 3.6%, down from 3.7% in May. Economists had expected 3.6%.

Here are the key numbers compared to what Wall Street had been expecting, according to data from Bloomberg:

• Nonfarm payrolls: 209,000 vs. +225,000

• Unemployment rate: 3.6% vs. 3.6%

• Average hourly earnings, month-on-month: 0.4% vs. +0.3%

• Average hourly earnings, year-on-year: vs. 4.4% +4.2%

• Average weekly hours worked: 34.4 vs. 34.3

Investors had been closely watching the data for signs of what the Fed will do next in its campaign to raise interest rates to curb inflation.

https://finance.yahoo.com/news/june-jobs-report-july-7-2023-123312752.html

Biogen's stock slides premarket as analysts take mixed view of Alzheimer's disease drug approval

 Biogen Inc.'s stock (BIIB) rose about 2% before paring those gains premarket Friday, after the U.S. Food and Drug Administration on Thursday granted full approval to Leqembi, the company's Alzheimer's disease treatment co-developed with Eisai Co. Ltd. . The step secures Medicare reimbursement for the first drug shown to slow the progress of the disease, rather than just treating its symptoms. The drug's label will have a boxed warning about amyloid-related imaging abnormalities, or ARIA, which usually have no symptoms but in some rare cases cause life-threatening brain swelling, the FDA said Thursday. Oppenheimer reiterated its outperform rating on the stock and said the boxed warning may mean that greater scrutiny will be given to donanemab, a rival product from Eli Lilly & Co. (LLY) "We look forward to more details on donanemab efficacy and safety stratified by ApoE4 status expected at AAIC," analysts wrote in a note, referring to the Alzheimer's Association International Conference, scheduled for July 16 to 20. Wedbush took a more subdued tone, reiterating its neutral rating on Biogen stock. "For our part, we continue to anticipate logistics may weigh on uptake.," analyst Laura Chico wrote in a note to clients. "No changes to our Leqembi estimates following the update. This marks an important transition period for BIIB as many of its flagship products face increasing competition, and new CEO Chris Viehbacher attempts to change both the cost structure and risk profile of the product portfolio." Biogen's stock was last down 1.2% but has gained 3% in the year through Thursday's close, while the S&P 500 has gained 15%.

https://www.morningstar.com/news/marketwatch/20230707304/biogens-stock-slides-premarket-as-analysts-take-mixed-view-of-alzheimers-disease-drug-approval

Meningitis-vaccine requirement for Wisconsin students blocked by Republican lawmakers

 The Republican-controlled Wisconsin state legislature has voted to prevent the administration of Gov. Tony Evers, a Democrat, from requiring that seventh-graders be vaccinated against meningitis and to make it easier for parents to secure exemptions from a current chicken-pox immunization mandate, the Associated Press reported. The Advisory Council on Immunization Practices, an advisory body to the Centers for Disease Control and Prevention, has recommended since 2005 that students receive meningitis vaccines, though the brain and spinal-cord disease, which can also cause blood infections, is rare in the U.S., despite occasional outbreaks, often on college campuses and in the military. The Wisconsin vote this week saw all Democrats opposed to halting the vaccine requirement and all Republicans in favor, the AP reported.

https://www.morningstar.com/news/marketwatch/20230707306/meningitis-vaccine-requirement-for-wisconsin-students-blocked-by-republican-lawmakers

Curaleaf: No comment on speculation amid reports may be interested in Cronos

 Curaleaf Holdings Inc. said Friday that it does not comment on market speculation after reports suggested it may be involved in a transaction. "The Company does not intend to make further comment unless required by law," Curaleaf said in a statement. Reuters reported late Thursday that Canadian cannabis company Cronos Inc. (CRON.T) was working with a financial adviser to review offers and that Curaleaf Holdings was among the potential buyers. Cronos confirmed Friday that it was reviewing unsolicited indications of interest from potential buyers. Curaleaf's stock has fallen 19% in the year to date.

https://www.morningstar.com/news/marketwatch/20230707345/curaleaf-says-it-does-not-comment-on-market-speculation-amid-reports-it-may-be-interested-in-cronos