What’s moving these stocks in the pre-market hours today?
In the Green
1. Aptevo Therapeutics Inc. (APVO) is up more than 38% in pre-market hours Thursday, following the receipt of a takeover offer from Tang Capital Partners to acquire the remaining common stock of the company it does not already own for a price of $50.00 per share in cash. Tang Capital Partners already owns 54.4% stake in Aptevo.
2. Corcept Therapeutics Inc. (CORT) is up over 20% at $22.49 in pre-market trading today, on news of the Patent Trial & Appeal Board upholding the validity of all claims of the company related to the U.S. Patent ‘214 covering Korlym. Last May, Teva Pharmaceuticals (TEVA) had petitioned the Patent Trial and Appeals Board (PTAB) challenging the validity of the ‘214 patent covering Korlym. The drug is indicated to control hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance. Now, with the PTAB upholding the claims of Corcept, the ‘214 patent will expire only in 2037.
3. Akebia Therapeutics, Inc. (AKBA) is up over 8% at $2.97 in pre-market hours today on no news. The company’s lead candidate is Vadadustat, being developed for the treatment of anemia due to chronic kidney disease in adult patients on dialysis and not on dialysis. The New Drug Application for Vadadustat is expected to be submitted to the FDA as early as possible in 2021.
4. Kintara Therapeutics Inc. (KTRA) is up more than 7% at $1.80 in pre-market hours today, adding to yesterday’s gain of over 6%. The company has two Phase 3-ready drug candidates – VAL-083 for glioblastoma multiforme and REM-001 for cutaneous metastatic breast cancer.
5. Titan Pharmaceuticals Inc. (TTNP) is up over 6% at $0.13 in pre-market hours today on no news. The company is developing a six-month implantable formulation of Nalmefene, an opioid antagonist, intended for the prevention of relapse to opioid addiction, following opioid detoxification. An investigational New Drug Application for the Nalmefene implant is expected to be filed with the FDA in the first half of 2021.
6. Lexicon Pharmaceuticals Inc. (LXRX) is up over 6% at $1.70 in pre-market trading on no news. On Nov.16, the company announced that two of its phase III clinical trials evaluating the cardiovascular efficacy of its drug candidate Sotagliflozin in patients with type 2 diabetes, dubbed SOLOIST and SCORED, achieved their primary endpoints.
In the Red
1. MeiraGTx Holdings plc (MGTX) is down 8% at $13.15 in pre-market hours Thursday, on news of commencement of an underwritten public offering of 5 million ordinary shares. The underwriters have a 30-day option to purchase up to an additional 750,000 of its ordinary shares.
2. BELLUS Health Inc. (BLU) is down over 7% at $2.86 in pre-market hours today, giving back some of what it gained yesterday. The stock soared more than 28% yesterday on news of Evercore ISI analyst Josh Schimmer initiating coverage on BLU and setting a price target of $12.
3. Evogene Ltd. (EVGN) is down over 2% at $2.69 in pre-market hours today, adding to yesterday’s loss of more than 8%. The company released its financial results for the third quarter yesterday – reporting a wider loss and improved revenue. As of September 30, 2020, Evogene had approximately $43.5 million in consolidated net cash, cash related accounts and short-term bank deposits.
4. Stoke Therapeutics Inc. (STOK) is down over 2% at $40.10 in pre-market hours on news that it intends to sell up to 2.5 million shares of its common stock. The underwriters will have a 30-day option to purchase up to an additional 375,000 shares of common stock. A Phase 1/2a study of lead candidate of STK-001 in children and adolescents with Dravet syndrome, dubbed MONARCH, is ongoing – with preliminary data anticipated in 2021.
For comments and feedback contact: [email protected]