Gapping up
In reaction to earnings/guidance:
- SAIC +5.5%, CI +0.6% (reaffirms guidance)
Select pharma/biotech stocks trading higher following ASCO presntations:
- DAWN +25.7%, STRO +10.2%, IMGN +7.4%, GTHX +5.3%, PBYI +3.4%, GRCL +3.3%, ZYME +2.8%, NTRA +2%, IMCR +1.8%, ALLO +1.8%
Select stocks showing strength following index changes:
- CARG +5.9%, UFPT +5.7%, OVV +3.6%, MC +3%, DOCS +2.9%, APAM +2.8%, GPK +2.4%, CCK +2%, DBX +2%, WCC +2%, PECO +2%, CRC +1.9%, DEI +1.3%, SDGR +1.3%, SITM +1.1%, PLNT +1%, NAVI +1%, BERY +0.9%, DAN +0.9%
Other news:
- CIR +49.5% (to be acquired by KKR (KKR) for $1.6 bln, or $49/share in cash)
- FHTX +18.2% (FDA lifts clinical hold on Phase 1 monotherapy dose escalation study of FHD-286 in acute myelogenous leukemia and myelodysplastic syndrome)
- PANW +5.7% (will replace DISH Network (DISH) in the S&P 500)
- AKRO +5.2% (releases topline data from an expansion cohort of the Phase 2b SYMMETRY study known as Cohort D)
- ONCY +4.1% (Updated Randomized Phase 2 Data from BRACELET-1 Metastatic Breast Cancer Trial)
- AVTA +4% (Engine Capital sends letter to Board, encourages Board to initiate a review of strategic alternatives, suggests value could garner $27-$32/share)
- ETRN +2.3% (confirms Mountain Valley Pipeline to proceed)
- ZI +2% (discloses plan to flatten the organizational structure, includes a 3% workforce reduction)
- ALVR +2% (presents positive final results from a phase 2 randomized, placebo-controlled trial evaluating posoleucel treatment of bk infection in kidney transplant recipients at the American Transplant Congress)
- PINE +1.7% (provides operational update)
- MAG +1.5% (reports Juanicipio achieves commercial production)
- NVO +1.2% (enters exclusive negotiations to acquire a controlling stake in BIOCORP, to be followed by a tender offer on all remaining shares)
- UBS +1.1% (expects to complete Credit Suisse (CS) acquisition as early as June 12, 2023)
Analyst comments:
- DBRG +2.8% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
- CMA +2.5% (upgraded to Buy from Hold at Odeon)
- BLKB +1.6% (upgraded to Outperform from Mkt Perform at Raymond James)