BUZZ-U.S. Stocks on the Move-ZS Pharma, Insmed, Adobe, Nimble Storage
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U.S. stocks held near the unchanged mark on Wednesday, on the heels of a three-day winning streak for the S&P 500 index and ahead of a monetary policy announcement by the Federal Reserve. The Dow Jones industrial average was down 0.17 percent at 16,779.56 and the S&P 500 was down 0.08 percent at 1,940.48.
** ZS PHARMA INC, $27.19, +51.06 pct
The biopharmaceutical company's shares soared in their debut, valuing the company at about $514 million. ZS Pharma raised $90 million after its IPO of 5 million shares was priced at $18 per share, higher than the expected range of $15-$17
** INSMED INC, $17.113, +37.29 pct
U.S. FDA granted breakthrough therapy designation to the drug developer's experimental lung infection drug. The designation can accelerate review for drugs that show substantial benefit over available therapies.