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Pre-Open Movers: Seagen Gains as Merck Talks Advance, Kellogg Lower on Downgrade

Jul 07, 2022 09:30
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Pre-Open Stock Movers:

DiaMedica Therapeutics Inc. (Nasdaq: DMAC) 37% LOWER; announced that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on the Companys Phase 2/3 ReMEDy2 trial studying the use of the Companys product candidate, DM199, to treat acute ischemic stroke (AIS) patients. The clinical hold was initiated following the Companys pause in patient enrollment and submission of three serious adverse event reports to the FDA related to clinically significant, transient hypotension (low blood pressure) occurring shortly after initiation of the intravenous (IV) dose of DM199. The blood pressure levels of the three patients recovered back to their baseline blood pressure within minutes after IV infusion was stopped.

CytomX Therapeutics, Inc. (Nasdaq: NASDAQ:CTMX) 28% LOWER; announced that the Phase 2 study of praluzatamab ravtansine in patients with hormone receptor-positive (HR+)/human epidermal growth factor receptor 2 (HER2)-non-amplified breast cancer (Arm A) met its primary efficacy endpoint of confirmed objective response rate (ORR) of greater than 10 percent by central radiology review. Praluzatamab ravtansine is a DM4-conjugated, conditionally activated antibody-drug conjugate (ADC) targeting CD166 and is wholly owned by CytomX.

Veru, Inc. (NASDAQ:VERU) 19% HIGHER; Adds to 13% intra-day gains after the publication of Phase 3 data demonstrating that Sabizabulin treatment significantly reduced deaths in high-risk hospitalized COVID-19 patients.

USANA Health Sciences, Inc. (NYSE:USNA) 10% LOWER; announced preliminary results for the second quarter ended July 2, 2022, and provided an updated outlook for fiscal year 2022. The Company anticipates that second quarter 2022 net sales will be approximately $265 million, which compares with $337 million in the prior-year period. Earnings per share for the quarter are expected to be approximately $1.05, which compares with $1.87 during the second quarter of 2021. (Consensus sees Q2 EPS of $1.26 on revenue of $272.8 million)

Avalo Therapeutics, Inc. (Nasdaq: AVTX) 8% LOWER; announced a one-for-twelve reverse stock split of the Company's common stock, par value $0.001, which will be effective at 5:00 pm Eastern Time tomorrow, July 7, 2022.

Bed Bath & Beyond (BBBY) 7% HIGHER; Interim CEO Sue Gove and two directors buy stock.

GameStop Corp . (NYSE:GME) 7% HIGHER; announced that its Board of Directors has approved and declared a four-for-one split of the Company’s Class A common stock in the form of a stock dividend.

Virgin Galactic (SPCE) 5% HIGHER; announced that they have reached an agreement with Boeing (NYSE:BA) subsidiary, Aurora Flight Sciences, to partner in the design and manufacturing of the Company’s next generation motherships.

Seagen (SGEN) 3% HIGHER; Merck (NS:PROR) (MRK) is in advanced talks to acquire Seagen for more than $200 per share - WSJ

Kellogg (NYSE:K) (K) 2% LOWER; UBS downgraded to Neutral from Buy with a $74.00 per share price target, down from the prior $81.00.

Pre-Open Movers: Seagen Gains as Merck Talks Advance, Kellogg Lower on Downgrade
 

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