Episode 88: Energy stocks as a recovery play
For investors who bet on energy stocks as a recovery play, their faith is being repaid in a big way. The sector is on track for its best annual performance in 30 years as vaccines are rolled out and the global economy kicks back into gear. Limited output from OPEC members, as well as a leaner U.S. production sector, has helped to push oil back above $70 per barrel.
Juneteenth commemorates the end of slavery in the US — and the US government just made it a federal holiday. Beyond this recognition, lawmakers have been discussing how to make amends. Amid a national reckoning over racial injustice, more attention is being paid to reparations.
Atai Life Sciences has become the third biotech company focused on psychedelic treatment for mental health disorders to list on a major US stock exchange. The deal underscores continuing investor interest and growing acceptance of what has, until recently, been viewed as a fringe area of medicine. Investors are hopeful that FDA approval of certain psychedelic substances could revolutionize mental health treatment, leading to the creation of a large new part of the industry.
23andMe, the genetic testing company that pioneered the business of personalized gene testing kits, traded higher in its public market debut under the ticker symbol “ME” on Thursday after a merger with a Richard Branson SPAC. Anne Wojcicki, co-founder and CEO of 23andMe, now joins the elite group of the few women who founded and led a company to the public markets.
Market Closed
Dow 30 33,290.08 -533.37 (-1.58%)
S&P 500 4,166.45 -55.41 (-1.31%)
Nasdaq 14,030.38 -130.97 (-0.92%)
IPO/SPAC
Doximity, a San Francisco-based professional network for physicians, set IPO terms to 23.3 million shares at $20-$23 per share, giving it a $4.5 billion fully diluted valuation, were it to price at the mid-point. The company plans to list on the NYSE (DOCS). Doximity raised around $80 million from firms like Emergence Capital Partners (15.1% pre-IPO stake), InterWest Partners (13.4%) and Morgenthaler Venture Partners (10.7%). http://axios.link/UArT
LATAM
Betterfly, a Chilean insurtech, raised a $60M in a Series B funding round, the largest insurtech funding round to date. DST Global, QED Investors, Valor Capital, Endeavor Catalyst, and the SoftBank Latin America Fund all participated in the round. Betterfly is a global insurance platform that combines well-being, insurance, and social purpose in a B2B2C model. The company encourages clients to take care of their mental and physical health while providing financial protection.The platform provides a fully digital insurance subscription to companies that gives each employee smart life insurance.