Shares in 4D Pharma PLC (LON:DDDD) took a 7.7% tumble to 102p as investors seemed unimpressed by data from the phase I/II study of its cancer drug MRx0518.
Though the initial data from the first six patients showed that the combination of the new drug with Merck’s KEYTRUDA(R) was well tolerated, only two patients out of six with a prior progressive disease exhibited a “clinically relevant response”.
4D now plans to take MRx0518 into additional clinical studies as a therapy for pancreatic cancer.
Union Jack Oil PLC (LON:UJO) shares climbed 7% to 0.24p on the back of speculation about the West Newton project in East Yorkshire.
Union Jack has a 16.665% interest in the West Newton licence, which is operated by Rathlin Energy.
Rathlin completed flow testing of the A-2 well on 22 August, with analysis of the data gathered still ongoing, Union Jack said.
Ceres Power PLC (LON:CWR) shares got a 1% boost to 211p after the company announced it had developed its first zero-emission combined heat and power (CHP) system using hydrogen fuel.
The fuel cell specialist said in a statement that the hydrogen CHP is simpler than its existing fuel-flexible system, as it delivers an equivalent performance with fewer components and up to a 40% cost reduction, and it can be used in homes and businesses.
Broker Liberum repeated a 'buy' rating on the energy developer and slapped a 300p price target on its shares.
1.15pm: Ultra Electronics surges amid steady third quarter trading
Shares in FTSE 250 Ultra Electronics Holdings PLC (LON:ULE) surged 2.8% to 2,018p after the firm delivered a ‘steady as she goes’ update for its third quarter.
The aircraft systems and avionics maker said there had been “good order book development” over the nine months to 30 September and it had continued to trade in line with expectations.
Ultra added that its major markets were growing and that its “strong technology base” was positioning it “well on existing and potential future programs”.
Elsewhere, construction firm Morgan Sindall Group PLC (LON:MGNS) jumped 3.2% after it raised full-year expectations for a second time as better momentum continued across its divisions.
Improving margins in three of its key areas, property services, construction and partnership housing are expected to boost company earnings, while the market for office fit-outs has continued to fare well.
The company also boasted £7.3bn in secured work as of 30 September, up 10% since the year end, including a £4.1bn secured order book and a pipeline of regeneration and developments worth £3.2bn.
11.30am: Frontier Developments levels up as it trumpets launch of Planet Zoo
Frontier Developments PLC’s shares (LON:FDEV) powered up 3% to 1,154p as it launched its highly-anticipated video game Planet Zoo on PC.
Planet Zoo hit the number-one bestseller spot on gaming platform Steam ahead of today’s launch, as players rushed to experience in-game joys such as building lifelike habitats full of animals who “think, feel, and explore the world around them”.
The launch coincided with an announcement that its new publishing arm, which has already signed two partnerships with third party development partners to work on new games, is also discussing further partnerships, likely to be announced on Capital Markets Day next week.
Shares in Recruiter Gattaca PLC (LON:GATC) sank 5% to 112p after warning that short-term profits will likely be hit by Brexit and changing tax regulations on off-payroll working.
The engineering and IT recruitment firm reported softening markets in the first quarter of its current financial year and said it was remaining “cautious” about the coming months, with plans to increase investment in sales resources and to keep a selective approach on clients.
In the year to 31 July, revenue was up 1% to £635.8mln, while net debt stretched to £24.8mln from the previous year’s £40.9mln.
Marks and Spencer Group PLC’s (LON:MKS) shares rebounded 5% to 191.7p in early trading on Wednesday as it reports better-than-feared results and revved up its transformation plan.
The retailer’s sales in the first half of the year fell 2.1% to £4.9bn and underlying profit before tax (PBT) dropped 17.1% to £176.5mln, which was better than the analyst consensus of £174mln.
Possible rays of hope were visible from reports of improved sales performance in October from Clothing & Home, suggesting Marks & Spencer may be getting back on track after its shares dropped out of FTSE 100 last month on news of lowered expectations.
9.45am: Tyman slides upwards as profits forecast higher despite difficult markets
Door and window component maker Tyman PLC (LON:TYMN) climbed 4.6% to 216p in early trading as its reassured investors that despite “challenging” markets in the US and Europe it was still on track for higher year-on-year profits in 2019.
In a trading update, the group said adjusted operating profits were expected to be “ahead of 2018 and in line with current market expectations”, boosted by acquisitions from the prior year and the strength of the US dollar against the pound.
However, the firm also said its markets in the UK and Europe had “weakened” since late-July and North America was “broadly flat” with no signs of a return to higher levels of activity.
Meanwhile, Mothercare PLC (LON:MTC) shares rebounded 39.5% to 13.3p as the retailer said while it not saved its UK business from administration, the rest of its business had “sufficient cash resources to meet its current operating requirements” and that the board would now focus on managing its “successful global brand”, with more than 1,000 stores operating with franchise partners in over 40 territories around the world.
However, that will probably come to scant comfort to Mothercare’s 2,700 UK staff, who now face the prospect of joining the dole queue.
In the fallers, the owner of the Trafford Centre, Intu Properties PLC (LON:INTU), crumbled 14.4% to 34.5p after saying it expects a 9% drop in like-for-like rents this year as insolvencies on the high street continue to hit earnings.
More than half the reduction in the forecast comes from the impact of company voluntary arrangements (CVAs), the controversial measure employed by retailers such as Intu customers Arcadia and Monsoon, allowing troubled companies to redraw contracts in a bid to stay afloat.
The rest of the chop to forecasts was down to “political and economic uncertainty”, which is causing customers to delay new letting, Intu said.