Snowflake Jumps, Hewlett Packard Slides, and Ultragenyx Sinks as Rare Disorder Drug Fails Late Stage Trial

On this episode of Stock Movers:

- Snowflake (SNOW) shares jumped. The company raised its outlook for annual sales and touted rapid adoption of its AI-assisted coding tool. Product revenue in the year ending in January will be about $6.07 billion, beating the analysts’ average projection of $5.86 billion. More than 2,000 customer accounts started using the coding assistant called CoCo during the quarter, bringing the total to 9,100.

- Hewlett Packard Enterprise (HPE) shares fell after the company reported increasing sales that didn’t meet high expectations from investors. Chief Executive Officer Antonio Neri said sales are being held back by a continued lack of components, and the company is collaborating with partners to secure additional multiyear supply agreements. HPE boosted its revenue outlook for the current fiscal year and next, with revenue expected to jump 34% to 37% in the year ending in October.

- Ultragenyx (RARE UW) shares drop. The biotech said apazunersen (GTX-102), its experimental drug to treat a rare genetic disorder, failed to meet its primary endpoint of change from baseline in Bayley-4 cognitive raw score in the Phase 3 Aspire study in Angelman syndrome patients.

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