Federal Reserve Bank of Kansas City President Thomas Hoenig said that an increase in interest rates could trigger a 33 percent decline in the price of agricultural land.
Endocyte Inc., with no marketed products, plunged the most in more than two years after the drug it’s developing with Merck & Co.’s backing failed to help patients in a trial for ovarian cancer.
Endocyte Inc., a biotechnology company with no marketed products, almost doubled in value after its experimental medicine slowed the progression of lung cancer in a study.
The five-year boom in U.S. farmland values probably will end this year amid a decline in profits and crop prices that may disrupt the rural economy.
Endocyte Inc. shares more than doubled after entering an agreement to develop its ovarian cancer treatment with Merck & Co.
Ethanol dropped as corn touched a three-year low, reducing costs for distillers.
Now that Endocyte Inc.’s experimental cancer treatment is proving successful, the company may command a takeover bid at one of the industry’s highest premiums on record.
Ethanol plunged after an Energy Information Administration report showed output last week jumped the most in more than two years.