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Pre-Open 12/17: (TGE) (IMGN) (JBL) Higher (PTI) (MEIP) (CLVS) Lower (more...)

December 17, 2019 9:35 AM EST

Today's Pre-Open Movers

Proteostasis Therapeutics, Inc. (NASDAQ: PTI) 42.5% LOWER; announced positive topline results from the Company's global, multicenter, randomized, placebo-controlled, 28-day, Phase 2 study evaluating its proprietary cystic fibrosis transmembrane conductance regulator (CFTR) modulator combinations in F508del homozygous and heterozygous CF subjects 18 years of age and older.

MEI Pharma, Inc. (NASDAQ: MEIP) 22.5% LOWER; announced today that it has priced the underwritten public offering of 28,125,000 shares of its common stock at $1.60 per share for total gross proceeds.

Tallgrass Energy, LP (NYSE: TGE) 21.1% HIGHER; announced that it has entered into a definitive merger agreement pursuant to which affiliates of Blackstone Infrastructure Partners together with affiliates of Enagas, GIC, NPS and USS (collectively with Blackstone Infrastructure Partners, the Sponsors) will acquire all of the publicly-held outstanding Class A Shares of TGE for $22.45 in cash per Class A Share.

ImmunoGen (NASDAQ: IMGN) 20.8% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has advised that a new single-arm study in platinum-resistant ovarian cancer could support accelerated approval for mirvetuximab soravtansine. Based on this guidance, the company will initiate SORAYA, a pivotal trial to evaluate mirvetuximab monotherapy in women with folate receptor alpha (FR)-high platinum-resistant ovarian cancer who have been previously treated with AvastinĀ® (bevacizumab).

Clovis Oncology (NASDAQ: CLVS) 12% LOWER; files $250 million mixed securities shelf on form S-3.

Jabil (NYSE: JBL) 9% HIGHER; reported Q1 EPS of $1.05, $0.09 better than the analyst estimate of $0.96. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $6.95 billion. Jabil sees Q2 2020 EPS of $0.62-$0.82, versus the consensus of $0.71. Jabil sees Q2 2020 revenue of $6-6.7 billion, versus the consensus of $6.17 billion. Jabil sees FY2020 EPS of $3.45-$3.60, versus the consensus of $3.45.

Champions Oncology (NASDAQ: CSBR) 7.5% HIGHER; reported Q2 EPS of $0.03, versus $0.03 reported last year. Revenue for the quarter came in at $7.6 million, versus $6.7 million reported last year.

Navistar (NYSE: NAV) 7% LOWER; reported Q4 EPS of $1.02, $0.05 better than the analyst estimate of $0.97. Revenue for the quarter came in at $2.78 billion versus the consensus estimate of $2.78 billion. Navistar sees FY2020 revenue of $9.25-9.75 billion, versus the consensus of $10.36 billion.

Spirit AeroSystems (NYSE: SPR) 5.6% LOWER; lower as Boeing to suspends 737 MAX production starting in January

Synaptics (NASDAQ: SYNA) 5.5% LOWER; Rosenblatt downgraded from Neutral to Sell with a price target of $45.00.

Biohaven Pharmaceutical (NYSE: BHVN) 5% HIGHER; announced positive topline results from its randomized, dose ranging, placebo controlled, pivotal Phase 2/3 clinical trial (BHV3500-201; NCT03872453) evaluating the efficacy and tolerability of intranasal vazegepant 5, 10 and 20 mg versus placebo in 1,673 patients for the acute treatment of migraine. Vazegepant 10 and 20 mg was statistically superior to placebo on the co-primary endpoints of pain freedom and freedom from most bothersome symptom (MBS, photophobia, phonophobia or nausea) at 2 hours using a single dose (Table 1). The benefits of vazegepant were durable and sustained without rescue medication through 48 hours (nominal p.

Roku, Inc. (NASDAQ: ROKU) 4% LOWER; announced today that Chief Financial Officer Steve Louden plans to step down after helping the company hire his successor. Louden joined Roku as CFO in 2015 and played an important role in establishing Roku as a fast-growing public company. He intends to return home to the Seattle area with his family after assisting with a smooth transition.

Groupon, Inc. (NASDAQ: GRPN) 3.8% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $2.40 (from $3.20).

Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) 3.8% HIGHER; announced today that the ILLUMINATE-A Phase 3 study of lumasiran, an investigational RNAi therapeutic targeting glycolate oxidase (GO) in development for the treatment of primary hyperoxaluria type 1 (PH1), met its primary efficacy endpoint and all tested secondary endpoints. Specifically, lumasiran met the primary efficacy endpoint of percent change from baseline, relative to placebo, in 24-hour urinary oxalate excretion averaged across months 3 to 6 (p less than 0.0001). The study also achieved statistically significant results for all six tested secondary endpoints (p less than or equal to 0.001). Lumasiran also demonstrated an encouraging safety and tolerability profile. Based on these results, the Company plans to submit a New Drug Application (NDA) and file a Marketing Authorisation Application (MAA) for lumasiran in early 2020.

Beyond Air, Inc. (NASDAQ: XAIR) 2.4% HIGHER; CEO, Steven Lisi, bought 190,437 shares on 12/12 at $3.66. President/COO, Amir Avneil, bought 8,152 shares on 12/12 at $3.68.

Heico Corp. (NYSE: HEI) 2.2% HIGHER; reported Q4 EPS of $0.62, $0.05 better than the analyst estimate of $0.57. Revenue for the quarter came in at $541.5 million versus the consensus estimate of $529.5 million.

Nielsen Holdings (NYSE: NLSN) 1.2% LOWER; Barclays downgraded from Equalweight to Underweight with a price target of $20.00.

Boeing (NYSE: BA) 1% LOWER; announced: Safely returning the 737 MAX to service is our top priority. We know that the process of approving the 737 MAX's return to service, and of determining appropriate training requirements, must be extraordinarily thorough and robust, to ensure that our regulators, customers, and the flying public have confidence in the 737 MAX updates. As we have previously said, the FAA and global regulatory authorities determine the timeline for certification and return to service. We remain fully committed to supporting this process. It is our duty to ensure that every requirement is fulfilled, and every question from our regulators answered.



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