J. Scott Applewhite / AP

The stock price of Australian biotech firm Innate Immunotherapeutics plunged 92% to about 4 cents per share Tuesday after the company's experimental multiple sclerosis drug bombed its clinical trial, STAT and Bloomberg report.

Why it matters: Republican Rep. Chris Collins of New York is Innate's largest investor, owning almost 17%, and lost about $17 million on the failed drug news. Collins has bragged about how he has attracted investors to Innate, including other Republican House members, but so much for that stock tip. Tom Price, President Trump's Health and Human Services secretary, also owned Innate stock but cashed out in February for at least $250,000 — a windfall that has raised ethics questions.

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Virginia Gov. Ralph Northam tests positive for coronavirus

Photo: Zach Gibson/Getty Images

Virginia Gov. Ralph Northam (D) and his wife, Pamela, both tested positive for coronavirus, his office announced on Friday.

The state of play: The Northams were tested after one of their staff "who works closely within the couple's living quarters" tested positive. The governor is asymptomatic, while his wife is "experiencing mild symptoms." They plan to isolate at home for 10 days.

Ina Fried, author of Login
41 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

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