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ASX200 lower; Imugene soars on Pfizer & Merck trial supply agreement; Lovisa rallies on Macquarie broker note.

  • The ASX200 is trading 0.55% lower at 7429 points after lunchtime.
  • Imugene soars 5.5% on a new trial supply agreement with Pfizer & Merck.
  • Lovisa shares rally following bullish broker note out of Macquarie.

The Australian market is taking a tumble today, trading 0.55% lower at 7429 points after lunchtime as the miners lead losses on the ASX, with gold miners trading lower despite the price of gold nearing 12-month highs

The tech sector is trading just under 1% lower this afternoon as Nearmap dives 3.73%, Tyro Payments sheds 3.12% and IRESS trades 2.52% lower.

Bitcoin has tumbled 5.48% over the last 24-hours to trade at US$62,178.52 at 1:30pm AEDT.

Imugene is surging 5.5% today so far after the biotech company announced a new clinical trial supply agreement with Merck and Pfizer. Under the deal, the companies will work together to test the efficacy and safety of Imugene’s Her-Vaxx in combination with Avelumab in patients with HER-2 positive gastric cancer.

Making headlines, popular fashion jewellery retailer Lovisa is rallying today on the back of a bullish broker note out of Macquarie. According to the note, Lovisa has great growth opportunities in China and India, and the appointment of new CEO Victor Herrero brings great experience in such regions. Macquarie upgraded Lovisa shares to an outperform rating with a price target of $25/share.

And Snapchat is adding TikTok-like AR music lenses through a new deal with Sony Music Entertainment, allowing Snap users to access songs from Sony’s artists, in a bid to better compete with TikTok for user engagement.

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