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Research Market strategy
by Swissquote Analysts
Morning News

Dare Biosciences Shares Up 79% on Bayer Licensing Agreement

Topic of the day

Dare Bioscience Inc. (DARE) shares rose 79% to $1.50 after the company said it is in a licensing agreement with Bayer (BAYN.XE). Bayer may commercialize Dare's investigational contraceptive product Ovaprene in the U.S. once approved by the U.S. Food and Drug Administration, Dare said. Dare said it is entitled to receive commercial milestone payments potentially totaling $310 million, in addition to double digit tiered royalties on sales. Dare's Ovaprene is an investigational hormone-free monthly vaginal contraceptive currently in clinical development for the prevention of pregnancy. Dare said it will receive an upfront payment and access to Bayer's clinical and market capabilities while retaining control over Ovaprene's development and regulatory approval process. Bayer has the right to obtain exclusive rights to commercialize the product in the U.S. following completion of the pivotal clinical trial being undertaken by Dare.

Swiss stocks

he Swiss stock market ended the first trading day of the new week with a slight minus. The SMI lost 0.2 percent to 10,622 points. Swiss bank stocks showed an uneven trend. Credit Suisse shares rose by 0.1 percent, while UBS shares fell by 0.3 percent. The shares of the mail-order pharmacy Zur Rose increased by 3.7 per cent. The company is strengthening its management and appointing Bernd Gschaider as Chief Operations Officer. He will take over the management, control and organisation of the entire group-wide logistics processes on 1 May, the group announced. In contrast, the Swatch share fell by 0.9 percent to 268 Swiss francs. Morgan Stanley analysts have lowered the target price by 10 to 260 francs. Morgan Stanley still considers the existing consensus to be too optimistic. Accordingly, the analysts are adjusting their own expectations for sales and earnings in 2019 and 2020 downwards. However, the downward trend is limited by the favourable valuation of Swatch.

International markets


European stocks were mixed as traders assess disappointing U.K. economic data and look ahead to Wednesday's expected signing of phase one trade deal between the U.S. and China. The pan-European Stoxx 600 fell 0.2% to 418.39 points, the DAX dropped 0.2% to 13,451.52 and the CAC-40 was flat at 6,036.14 as the absence of major macroeconomic news brought about an "uninspired trading session," David Madden at CMC Markets said. The FTSE 100, however, rose 0.4% to 7617.60 points on a weaker pound after official data for November showed the U.K. economy contracted by 0.3% month-on-month and manufacturing and industrial production declined 1.7% and 1.2% respectively. The Renault-Nissan alliance (-2,8%) hangs in the balance, Evercore analysts say as shares in the French car maker trade lower following a report that Nissan has sped up plans for a potential split from its partner. "We firmly believe the relationship between [Renault and Nissan] and hence the Alliance is broken and likely beyond the point of repair," the U.S. firm says. Renault trades 3.7% lower.

United States

U.S. stocks rose intraday on signs that geopolitical risks are in check as the U.S. and China prepared to sign a phase-one trade deal and authorities in Iran focused on domestic protest. The S&P 500 gained 0.6% and the technology-heavy Nasdaq Composite added 0.9%, both hitting new intraday records. The Dow Jones Industrial Average rose 0.2%. Investors will be watching closely as U.S. companies report their latest quarterly earnings over the next several weeks. Fourth-quarter earnings for companies in the S&P 500 are expected to decline 2% from a year earlier, according to FactSet. But analysts expect earnings growth to pick up in 2020. People are really interested in what management teams are saying and how they're feeling about the prospects for their business in the coming couple of years," said Susan Schmidt, head of U.S. equities at Aviva Investors . Companies scheduled to report Tuesday include Delta Air Lines , JPMorgan Chase and Citigroup . Gains among shares of large U.S. companies Monday were broad-based, with 10 of 11 S&P 500 sectors rising. The health-care sector fell 0.5%, weighed down by declines in shares of managed-care companies.


The stock exchanges in Asia and Australia are looking for a direction on Tuesday – a clear trend is not discernible. China's exports grew at the slowest pace in three years, as two years of trade tensions with the U.S. weighed on the Chinese economy amid a global slowdown.


Selling in European government bonds narrowed the gap between U.S. and German bond yields, extending a recent move propelled by easing concerns about the eurozone economy. Yields, which rise when bond prices fall, have been trending upward on German bonds since early September, reflecting some improvement in global economic data and a de-escalation in the U.S.-China trade war.


UBS lowers Uniper to Sell (Neutral) – Target 25 (27) EUR
Citi rises the Gea target to 30,50 (30) EUR – Neutral
UBS rises the ING target to 11,80 (11,60) EUR – Buy

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.

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