Ultragenyx Lands a Rare First

Welcome to LazyListen. This is The Daily Rip for today. S.

stocks bounced back Thursday, snapping a three-day losing streak as easing bond yields and a dip in crude oil prices gave investors a green light to buy the dip after the Federal Reserve’s recent moves. The Nasdaq led the charge, climbing about one and a half percent, with tech stocks gaining over two percent. The S&P 500 pushed past the 7,600 mark, signaling some renewed optimism.

Meanwhile, crude oil prices fell roughly one and a half percent, relieving some inflation worries, though rate pressures lingered. The two-year Treasury yield stayed elevated near four point seven five percent, up about 30 basis points on the week, and the 10-year yield hovered just above five percent. Outside the megacaps, some notable movers caught traders’ attention.

Ultragenyx Pharmaceuticals surged after winning FDA approval for a groundbreaking gene therapy. I. cloud infrastructure provider, pulled back after announcing a hefty capital raise.

Coinbase climbed on regulatory news, while DraftKings stumbled amid legal headwinds in the prediction market space. Let’s dive into the details. Ultragenyx made headlines with the the company's approval of Fayuvi, a one-time gene therapy for Sanfilippo syndrome Type A, a rare and fatal genetic disorder that progressively damages the brain and nervous system in children.

This marks the first-ever approved treatment for this devastating disease, earning Ultragenyx a Priority Review Voucher. The stock jumped over twelve percent on heavy volume, trading near fourteen and a half dollars. This is Ultragenyx’s second approved gene therapy, but the company still faces challenges turning this small patient population into meaningful revenue.

Last year, Ultragenyx reported losses approaching six hundred million dollars, so while the approval clears a major regulatory hurdle, the path to profitability remains uncertain. S. treatment centers within one to two months, which will be a key milestone to watch.

I. developers and enterprises, slid about four percent after launching a three billion dollar convertible note offering alongside an at-the-market stock sale program. 2 gigawatts.

Still, funding this rapid growth is expensive—CoreWeave ended the second quarter with nearly three billion dollars in net debt and spent six hundred forty million dollars on interest payments against about two and a half billion dollars in revenue. Investors are digesting the dilution risk from the new equity program, even though convertible notes don’t immediately create new shares. I.

infrastructure but also CoreWeave’s strong demand and growth prospects. S. stocks through permissioned liquidity pools.

These tokenized stocks must carry the same dividend, voting, and ownership rights as the actual shares. This regulatory clarity opens a new avenue for Coinbase and other platforms to offer tokenized stock trading, potentially expanding their product offerings. The news came shortly after the Senate narrowly blocked the Clarity Act, which would have imposed stricter regulations on crypto exchanges.

Coinbase’s CEO sees this SEC exemption as a more favorable path that could limit how quickly larger Wall Street firms enter the tokenized stock market. Despite the rally, Coinbase’s stock remains down about twenty three percent year to date and near its 52-week lows. DraftKings took a hit, dropping roughly eight percent without any new company announcements.

The selloff followed a federal appeals court decision reviving efforts by two California tribes to block Kalshi’s sports contracts on tribal land. Kalshi is a rival prediction market platform, and this ruling is a setback for that space, indirectly benefiting licensed sportsbooks like DraftKings. However, the market didn’t reward DraftKings for this potential advantage.

The company is also trying to expand into prediction markets itself, but investors remain skeptical about the profitability and growth prospects of this new venture. DraftKings has fallen about thirty five percent this year and is trading close to its 52-week lows. I.

chips across data centers, automobiles, robotics, and edge devices. This “off the charts” demand is straining supply chains for CPUs, GPUs, and memory, supporting Arm’s growth narrative. Rocket Lab gained about six and a half percent as the FCC accepted its application to take control of Iridium Communications’ licenses, moving the company closer to completing its acquisition.

Public comments on the deal will be open through mid-October, marking a key regulatory step forward. Workday rallied six percent on reports that financing talks are ongoing for a potential Silver Lake-led buyout. This revived speculation around a take-private deal that surfaced earlier this year, though the stock remains under pressure amid broader tech sector volatility.

Tomorrow’s calendar features several important economic data releases, including weekly jobless claims, capacity utilization, and industrial production reports early in the morning. m. Eastern.

These data points will be closely watched for clues on the economy’s health and the Fed’s next moves. Earnings-wise, keep an eye on CollPlant Biotechnologies, which reports pre-market. In summary, Thursday’s market rebound was fueled by easing inflation fears and a dip in oil prices, giving investors a chance to buy the Fed dip.

I. infrastructure. Coinbase’s regulatory win opens new doors for crypto exchanges, and DraftKings faces ongoing legal and competitive challenges in the prediction market space.

Watch for economic data and earnings tomorrow to set the tone for next week. Thanks for listening. Catch you next time on LazyListen.