Morning Commentary: Karyopharm taps primary for $150 million; equity markets in focus

By Rebecca Melvin

New York, Oct. 11 – After a steep slide in the underlying shares and the overall equity markets, Karyopharm Therapeutics Inc. priced $150 million of 3% convertibles due 2025 late Wednesday at par, which was the cheap end of coupon talk.

Karyopharm’s shares were moving lower again on Thursday and were last down 2.2% at $12.16, after plunging 20% on Wednesday.

Sources queried were not watching the new notes in trade on Thursday, but stock markets remained the central focus as market players tried to glean where markets were going to head from here.

Stocks fell sharply on Wednesday. The drop in the Nasdaq stock market took that index down 4% on the day. The Dow Jones industrial average and S&P 500 stock index both lost 3% on Wednesday.

So far on Thursday, U.S. stocks were moving narrowly between gains and losses, with the Nasdaq up modestly, while the Dow was last down 102 points, or 0.4%, at 25,497.

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