Gapping up
In reaction to disappointing earnings/guidance:
- LVGO +11.7%, ROL +7.3% (guidance)
M&A news:
- VSLR +24.8% (to be acquired by Sunrun (RUN); annual cost synergies estimated at $90 mln), RUN +14%
Other news:
- CRVS +114.6% (initiated a Phase 1 study to investigate a novel immunotherapy approach for patients with COVID-19)
- NVAX +35.6% (has been selected to participate in Operation Warp Speed, U.S. government program that aims to begin delivering millions of doses of a safe, effective vaccine for COVID-19 in 2021)
- ENDP +15.7% (receives FDA approval for Qwo)
- OTIC +14.8% (provides update on OTIVIDEX program, reports "positive" top-line results from Phase 1/2 trial)
- B +6.7% (announces restructuring actions, including workforce reductions)
- CUB +6% (business division was awarded a $950 million ceiling indefinite-delivery/indefinite-quantity (ID/IQ) contract for the U.S. Air Force's Advanced Battle Management System)
- GLDD +4.4% (wins several dredging awards totaling $51.1 mln)
- CIDM +3.4% (files for $75 mln mixed securities shelf offering; entered into a Sales Agreement with A.G.P./Alliance Global Partners and B. Riley FBR)
- LGIH +3% (reports June home closings increased 16.7% yr/yr)
- MYGN +2.8% (announces two recent publications validating the polygenic risk score (PRS) component of Myriad's breast cancer risk stratification tool riskScore)
- REGN +2.1% (awarded $450 million contract to manufacture and supply REGN-COV2)
Analyst comments:
- AMBA +4.5% (upgraded to Buy from Underperform at Needham)
- ACAD +3.1% (upgraded to Buy from Hold at Stifel)
- VMI +1.7% (upgraded to Buy from Hold at Stifel)