TheChek News Flow

After Hours Summary: RETA +166.5% after FDA approves Skyclarys; SRPT +17.2%, BGS +15.2%, PAYO +11.6%, GDRX +9.1%, DUOL +8.2%, BLNK +4.8%, HPQ +2.8% higher on earnings; NVAX -25.5%, RIVN -8.4%, PUBM -7.9% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SRPT +17.2%, BGS +15.2%, SDGR +12.6%, PAYO +11.6% (also names new CEO), GDRX +9.1%, FLYW +8.3%, DUOL +8.2%, SHLS +8%, FATE +5.7%, BLNK +4.8%, AXON +3.7%, FSLR +3.6%, NKTR +3.6%, MDXG +3.5%, NTRA +2.9%, HPQ +2.8%, PETQ +1.7%, URBN +1.7%, ATEC +1.5%, VRSK +1.3%, RKT +1.1%, EDR +0.9%, GO +0.9%, ALLO +0.6%, MEG +0.5%, LXFR +0.3%, MRTX +0.3%

Companies trading higher in after hours in reaction to news: RETA +166.5% (FDA approves Skyclarys for Friedreich's Ataxia), ARAV +8.4% (FDA grants Orphan Drug Designation to batiraxcept), ARCB +4% (announces sale of FleetNet America and increases share repurchase program), FSFG +2.5% (increases dividend), CYH +2.2% (sells some facilities), PFE +0.5% (FDA advisory committee votes to support the effectiveness of RSV vaccine candidate for adults 60+), MGNI +0.4% (names new CTO), GS +0.2% (considering sale of GreenSky among other strategic alternatives, according to Bloomberg), EVRI +0.1% (to consolidate and streamline production facilities)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NVAX -25.5% (also issues going concern statement; also files mixed securities shelf offering), MQ -17.6%, FIGS -13.1%, COMP -12.5%, CUTR -11.3%, RIVN -8.4%, PUBM -7.9%, CLNE -7.5%, AMC -7.3%, VZIO -5.5%, FLGT -4.9%, AMBA -3.9%, MNST -3.5% (also announces 2-for-1 stock split), A -3.3%, CARG -3.2%, NVTA -2.1% (also signs exchange and financing agreements with Deerfield Mgmt), ROST -2%, FRG -1.7%, SPCE -1.3%, MDRX -1.3% (trims guidance after internal control failures related to revenue recognition), KIND -1%, CPNG -0.8%, JXN -0.7% (also increases dividend), AGO -0.7%, RVNC -0.6%, DDD -0.4%, HCAT -0.4%, RYAN -0.3%, TALO -0.2%

Companies trading lower in after hours in reaction to news: BRSP -14.2% (selling stockholder commences stock offering), TSVT -7.3% ($100 mln stock offering), QUOT -2.6% (names new COO), NVDA -1.3% (files for $10 bln mixed securities shelf offering), AWK -1.1% (9.5 mln share offering), RKLB -0.9% (secures multi-launch deal for four Electron missions for Capella Space), WEST -0.9% (acquires Bixby Roasting Co), RMAX -0.9% (files for $350 mln mixed securities shelf offering), CYTK -0.8% (FDA issues CRL for NDA for omecamtiv mecarbil; not sufficiently persuasive), ALT -0.7% (files mixed securities shelf offering), RCUS -0.7% (files mixed securities shelf offering), BA -0.3% (awarded a not-to-exceed $1.2 bln U.S. Air Force contract)

Research Calls

• Upgrades:
  • Adidas AG (ADDYY) upgraded to Buy from Hold at Berenberg
  • Adidas AG (ADDYY) upgraded to Overweight from Neutral at JP Morgan
  • Broadmark Realty (BRMK) upgraded to Neutral from Underweight at Piper Sandler
  • HomeTrust Bank (HTBI) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $32
  • Honda Motor (HMC) upgraded to Overweight from Neutral at JP Morgan
  • Krystal Biotech (KRYS) upgraded to Buy from Neutral at Goldman; tgt raised to $124
  • Revolution Medicines (RVMD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $38
  • Softbank (SFTBY) upgraded to Hold from Underperform at Jefferies
  • United Micro (UMC) upgraded to Buy from Neutral at Citigroup
• Downgrades:
  • Anywhere Real Estate (HOUS) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $7
  • Arconic (ARNC) downgraded to Sell from Neutral at Goldman; tgt lowered to $21
  • Argo Group (ARGO) downgraded to Underperform from Mkt Perform at Raymond James
  • Dick's Sporting Goods (DKS) downgraded to Neutral from Buy at Citigroup; tgt lowered to $140
  • DISH Network (DISH) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $10
  • fuboTV (FUBO) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $3
  • Fulcrum Therapeutics (FULC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $8
  • Holley Inc. (HLLY) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $2
  • LendingTree (TREE) downgraded to Neutral from Positive at Susquehanna; tgt lowered to $36
  • OGE Energy (OGE) downgraded to Neutral from Buy at UBS; tgt lowered to $39
  • Thomson Reuters (TRI) downgraded to Sector Perform from Outperform at National Bank Financial
• Others:
  • AbCellera Biologics (ABCL) initiated with an Outperform at Cowen
  • Aemetis (AMTX) initiated with an Underweight at Piper Sandler; tgt $3
  • Air Lease (AL) resumed with a Buy at Goldman; tgt $59
  • Axcelis Tech (ACLS) initiated with a Buy at Loop Capital; tgt $150
  • Clean Energy Fuels (CLNE) initiated with an Overweight at Piper Sandler; tgt $8
  • Disc Medicine (IRON) initiated with an Outperform at SVB Securities; tgt $36
  • Hexcel (HXL) assumed with an Equal Weight at Wells Fargo; tgt $76
  • IDEAYA Biosciences (IDYA) initiated with an Outperform at RBC Capital Mkts; tgt $25
  • Nurix Therapeutics (NRIX) initiated with an Outperform at Oppenheimer; tgt $25
  • OPAL Fuels (OPAL) initiated with an Overweight at Piper Sandler; tgt $12
  • Structure Therapeutics (GPCR) initiated with a Buy at Jefferies; tgt $34
  • Structure Therapeutics (GPCR) initiated with an Outperform at BMO Capital Markets; tgt $40
  • Structure Therapeutics (GPCR) initiated with a Buy at Guggenheim; tgt $50
  • Trip.com Group (TCOM) initiated with a Buy at BOCOM International; tgt $42.80

Gapping down
In reaction to earnings/guidance:

• AHCO -22.1%, NEWT -17.5%, OLPX -11.3%, AMRC -8.7%, TWKS -7.8%, TTEC -6.5%, ROVR -6.3% (also authorizes repurchase program of up to $50 million), UHS -6%, NCLH -5.8%, ALLT -5.5%, TASK -5.1%, CDNA -4.8%, DQ -4.6%, ICUI -3.4%, ACHC -3.4%, ECVT -3.3%, HAYW -3.1%, ESTA -3%, PRIM -3%, EBS -2.9%, GOGO -2.7%, NGVT -2.6%, WDAY -2.5%, AUPH -2.4%, JLL -2%, AMWD -1.7%, BMRN -1.2%, OVV -1.2%, NXST -1.2%, DAR -1.1%, RCKT -1.1%, AZO -1.1%, HEI -1%, OMI -0.8%, MKSI -0.7%

Other news:

• TPIC -15.5% ($100 mln convertible senior notes offering)
• EVER -11.1% (files $150 mln mixed shelf)
• ECPG -6.7% (proposes private offering of $175 mln convertible senior notes due 2029)
• TVTX -3.3% (to offer $175 mln common stock)
• DDD -2% (to pay $4.54 mln according to DOJ)
• SDRL -1.5% (provides update on proposed Aquadrill LLC acquisition)

Analyst comments:

• DISH -4.5% (downgraded to Underperform from Buy at BofA Securities)
• ARNC -3.3% (downgraded to Sell from Neutral at Goldman)
• HOUS -2% (downgraded to Mkt Perform from Outperform at Keefe Bruyette)
• ARGO -1.6% (downgraded to Underperform from Mkt Perform at Raymond James)
• FULC -1.6% (downgraded to Equal-Weight from Overweight at Morgan Stanley)

Gapping up
In reaction to earnings/guidance:

• PGNY +16.6%, HIMS +10.2%, FOUR +9.5%, FGEN +8%, KTB +7.6%, SKIN +7.1%, ZM +6.9%, EHTH +6.1%, IGT +6%, HCM +5.9%, INSW +5.9%, IIPR +5.5%, PRAA +5%, AAON +4.7%, SRC +4.6%, AAP +4%, KDNY +3.8%, FSK +3.1%, XRAY +3%, WRBY +2.9%, DO +2.7%, ALC +2.6%, BEAM +2.6%, TGT +1.9%, SHC +1.9%, HLIO +1.8%, PRGO +1.8%, TREX +1.8%, VMEO +1.7%, SEAS +1.7%, RRC +1.5%, APG +1.5%, BLDR +1.4%, VRAY +0.9%, SRE +0.8%, NARI +0.7%, FA +0.7%, SJM +0.6%, TDW +0.5%

Other news:

• SAN +4.8% (increases shareholder payout policy from 40% to 50% of profits as it details plans for higher profitability and growth)
• ROCC +3.8% (enters into definitive merger agreement with Baytex Energy (BTE); to receive $13.31 of cash and 7.49 shares of Baytex per Ranger Share)
• VRCA +3.3% (FDA accepted NDA)
• MERC +1.3% (CFO resigns; promotes Richard Short to CFO)
• CVX +1.3% (raises share buyback guidance to $10-20 billion per year)
• META +1.1% (creating AI focus group according to Reuters)

Analyst comments:

• BRMK +3.3% (upgraded to Neutral from Underweight at Piper Sandler)