Pre-Open Movers 03/19: (HRTX) (GERN) (STC) Higher; (CDTX) (OLED) (FB) Lower (more...)
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Today's Pre-Open Movers
Heron Therapeutics, Inc. (NASDAQ: HRTX) 37% HIGHER; today announced positive topline results from its completed Phase 3 studies of the investigational agent HTX-011 in subjects undergoing bunionectomy (Study 301/EPOCH1) and hernia repair (Study 302/EPOCH2). HTX-011 achieved all primary and key secondary endpoints in both Phase 3 trials, demonstrating statistically significant reductions in both pain intensity and the use of opioid rescue medications through 72 hours following surgery.
Geron Corporation (NASDAQ: GERN) 15.7% HIGHER; Stifel more positive on imetelstat.
Stewart Information Services Corporation (NYSE: STC) 11.7% HIGHER; announced that it has entered into a definitive agreement to be acquired by Fidelity National Financial, Inc. (NYSE: FNF). Under the terms of the agreement which has been unanimously approved by Stewart’s Board of Directors following a comprehensive review of strategic alternatives, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing, subject to the adjustment and election mechanisms described below.
Orbotech Ltd. (NASDAQ: ORBK) 10.5% HIGHER; KLA-Tencor Corporation (NASDAQ: KLAC) and Orbotech Ltd. (NASDAQ: ORBK) today announced they have entered into a definitive agreement pursuant to which KLA-Tencor will acquire Orbotech for $38.86 in cash and 0.25 of a share of KLA-Tencor common stock in exchange for each ordinary share of Orbotech, implying a total consideration of approximately $69.02 per share. The transaction values Orbotech at an equity value of approximately $3.4 billion and an enterprise value of $3.2 billion. In addition, KLA-Tencor announced a $2 billion share repurchase authorization. The share repurchase program is targeted to be completed within 12 to 18 months following the close of this transaction.
Cidara Therapeutics, Inc. (NASDAQ: CDTX) 10.2% LOWER; today reported positive topline results from the global, randomized Phase 2 STRIVE clinical trial of its lead antifungal candidate rezafungin acetate. STRIVE met all of its primary objectives, as once-weekly intravenous dosing of rezafungin was observed to be generally well tolerated and safe in patients with candidemia and/or invasive candidiasis. The data also showed evidence of the efficacy of rezafungin, which was defined in the trial by clearance of Candida from the blood or other normally sterile sites, resolution of signs related to the infection, investigator assessment of clinical response and overall survival. These results enable Cidara to advance its planned Phase 3 pivotal trials in the treatment of candidemia and invasive candidiasis and the prevention (prophylaxis) of invasive fungal infections in 2018.
Hecla Mining Company (NYSE: HL) 8.3% LOWER; Hecla and Klondex Mines Ltd. (NYSE: KLDX) today announced Hecla will acquire all the outstanding shares of Klondex, a high-grade Nevada underground gold producer with its Fire Creek, Midas and Hollister mines, through a plan of arrangement (the Transaction). Klondex's Canadian assets will be spun out to its existing shareholders.
Universal Display (NASDAQ: OLED) 7.1% LOWER; lower amid reports from Bloomberg that Apple (NASDAQ: AAPL) is developing its own MicroLED device displays and has made small numbers of the screens for testing.
Arista Networks (NYSE: ANET) 5.4% LOWER; Deutsche Bank downgraded from Hold to Sell with a price target of $195.00 (from $245.00).
Facebook (NASDAQ: FB) 4% LOWER; concerns over privacy violations following reports a consulting firm that worked on President Donald Trump's campaign gained inappropriate access to 50 million Facebook users' data.
Otonomy (NASDAQ: OTIC) 4% LOWER; JPMorgan downgraded from Neutral to Underweight.
Pieris Pharmaceuticals (NASDAQ: PIRS) 3.7% HIGHER; Evercore ISI initiates coverage with an Outperform rating and a price target of $13.00.
Novavax (NASDAQ: NVAX) 3.7% LOWER; JPMorgan downgraded from Neutral to Underweight.
Fitbit (NYSE: FIT) 2.7% HIGHER; Craig-Hallum initiates coverage with a Buy rating and a price target of $10.00.
PACCAR (NASDAQ: PCAR) 2.5% LOWER; Deutsche Bank downgraded from Hold to Sell with a price target of $62.00 (from $69.00).
Newell Brands (NYSE: NWL) 1.7% HIGHER; announced that it entered into a cooperation agreement with Carl C. Icahn, Chairman of Icahn Enterprises LP (IEP), who beneficially owns approximately 6.9 percent of the Companys outstanding shares.
CSRA Inc. (NYSE: CSRA) 1.5% HIGHER; CACI International Inc (NYSE: CACI) made a competing proposal to acquire all outstanding shares of CSRA Inc. (NYSE: CSRA) for $44.00 per share in cash and stock. The offer from CACI compares to a $40.75 per share agreement between CSRA and General Dynamics (NYSE: GD), which was reiterated today.
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Related EntitiesCarl Icahn, Stifel, Deutsche Bank, JPMorgan, Donald J. Trump, Pre-Open Losers, Pre-Open Winners, Definitive Agreement, Pre Market Movers
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