Grand Canyon Education, Inc.
Under scrutiny on Thursday will be the shares of Grand Canyon Education (LOPE) after the Federal Trade Commission (FTC) announced that it has filed a lawsuit against the education service provider for false advertising and illegal commercial marketing, representing the school as a non-profit organization. The main claim of the FTC lawsuit alleges that the school misled potential students about the cost and requirements of its doctoral programs. The lawsuit comes just two months after the U.S. Department of Education imposed a $37.7 million fine on Grand Canyon Education for similar allegations. According to the Department, less than 2% of graduates from the school’s doctoral program completed their program at the advertised cost, with as many as 80% of those students taking at least five continuity courses.
Iovance Biotherapeutics, Inc.
Shares of cancer therapy company Iovance Biotherapeutics (IOVA) fell 18.7% on Wednesday after the Food and Drug Administration (FDA) announced a halt to its experimental cell therapy in lung cancer patients following a patient’s death. This disruption could lead to a pause in the trial for several months, delaying the company’s plans to develop a successful treatment for non-small cell lung cancer. Truist analyst, Astika Gunawardeni, wrote in a client note reported by Reuters: “In addition to the time it takes to resolve the clinical hold, it is possible that the hold could lead to a loss of recruitment momentum, further delaying data.” Although Iovance uses the same therapy for melanoma treatment, the FDA’s hold will not affect any other trials, according to the company.
Ethereum
Ethereum rose more than 6% on Wednesday as investors redistributed their investments in the second-largest digital currency in the world by market capitalization ahead of several notable events occurring in January. The blockchain-based network is undergoing a significant upgrade next month that is expected to reduce costs across the infrastructure, such as lowering fees on layer 2 solutions. Investors are also anticipating a decision in January from the Securities and Exchange Commission (SEC) regarding the potential approval of a Bitcoin exchange-traded fund (ETF). Many cryptocurrency investors believe that the securities regulatory body will soon approve a Bitcoin ETF. Over the past month, Ethereum has lagged significantly behind other leading cryptocurrencies like Solana and Avax.
The price of Ethereum has continued to rise since it crossed the 50-day moving average above the 200-day moving average at the end of November, forming a “golden cross” – a pattern that investors typically interpret as the beginning of a new bullish market. Recently, the price surged from a flag pattern indicating the continuation of the current bullish trend. If Ether continues to rise, it will be important to monitor significant chart levels around $3300 and $3550, which may provide resistance from several major horizontal trend lines. Conversely, a breakdown of the pattern could indicate a potential bull trap and a change in trend direction.
“`
Leave a Reply