Pre-Open Movers 09/04: (MNKD) (REPH) (ORIG) Higher; (TAHO) (EYEG) (NKE) Lower (more...)

September 4, 2018 9:25 AM EDT

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Today's Pre-Open Movers

MannKind (NASDAQ: MNKD) 43.6% HIGHER; entered a collaboration with United Therapeutics Corporation (NASDAQ: UTHR) for the development and commercialization of a dry powder formulation of treprostinil, an investigational product currently being evaluated in clinical trials for the treatment of pulmonary arterial hypertension.

Recro Pharma, Inc. (Nasdaq: REPH) 39.5% HIGHER; anticipates resubmitting the IV meloxicam NDA by the end of September.

Ocean Rig (NASDAQ: ORIG) 16.3% HIGHER; Transocean Ltd. (NYSE: RIG) and Ocean Rig UDW Inc. (Ocean Rig) (NASDAQ: ORIG) announced today that they have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rigs net debt.

Tahoe Resources Inc. (NYSE: TAHO) 14% LOWER; reports that it has learned through a Guatemalan Constitutional Court Press Conference held today that the Constitutional Court reversed the Supreme Courts decision to reinstate the Escobal mining license of Tahoes Guatemalan subsidiary, Minera San Rafael (MSR). We understand that the Constitutional Courts resolution orders that the Escobal mining license will remain suspended until the Ministry of Energy and Mines (MEM) completes the ILO 169 consultation with the Xinka communities in the region of the Escobal mine. At this time, the Company does not have a timeline for completion of MEM's ILO 169 consultation. However, in the similar case of OXEC, MEM completed the consultation within 6 months.

EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) 12.5% LOWER; announced that the first three patients have been randomized in its study evaluating the ability of EyeGates Ocular Bandage Gel (OBG) to reduce corneal staining a sign of ocular surface damage - in patients with punctate epitheliopathies (PE) due to pathologies such as dry eye.

Advaxis, Inc. (NASDAQ: ADXS) 10% HIGHER; announced that Advaxis has granted a license to OS Therapies for the use of ADXS31-164, also known as ADXS-HER2, for evaluation in the treatment of osteosarcoma in humans.

Cronos Group Inc. (NASDAQ: CRON) 9.9% HIGHER; Cronos and Ginkgo Bioworks Inc.announced a landmark partnership to produce cultured cannabinoids. Using its platform technology for organism design and development, Ginkgo will complement Cronos Group's technologies for producing a full spectrum of cannabinoids. As part of this unprecedented deal, Cronos Group has agreed to issue a specific number of common shares in tranches subject to Ginkgo's achievement of certain production milestones.

Conn's (NASDAQ: CONN) 7% HIGHER; reported Q2 EPS of $0.57, $0.16 better than the analyst estimate of $0.41. Revenue for the quarter came in at $384.62 million versus the consensus estimate of $384.09 million.

RADA Electronic Industries Ltd. (NASDAQ: RADA) 5.6% HIGHER; announced the receipt of $3.5 million in new radar orders.

Signet Jewelers (NYSE: SIG) 4.4% LOWER; Citi analyst Paul Lejuez downgraded from Neutral to Sell, price target $52.00

Southwestern Energy Company (NYSE: SWN) 3.9% HIGHER; entered into a definitive agreement with Flywheel Energy, LLC, a private company backed by Kayne Private Energy Income Funds, to sell its Fayetteville Shale E&P and related midstream gathering assets for $1.865 billion in cash, subject to adjustments and customary closing conditions. In addition, the buyer will assume approximately $438 million of future contractual liabilities after taking into account certain obligations retained by the Company. The transaction, which was unanimously approved by Southwestern Energys directors, has an effective date of July 1, 2018, and is expected to close in December 2018.

Canopy Growth (WEED: TO) (NYSE: CGC) 3.5% HIGHER; Cowen analyst Vivien Azer raised her price target to a 'Street High' C$74 from C$56.

Arista Networks (NYSE: ANET) 3.2% HIGHER; Morgan Stanley analyst James Faucette downgraded from Overweight to Equalweight with a price target of $310.00.

Nike Inc (NYSE: NKE) 2.9% LOWER; calls for a boycott of the sportswear giant gained traction on social media after it chose Colin Kaepernick as a face for adverts marking the 30th anniversary of its "Just Do It" slogan

Western Digital Corp. (NASDAQ: WDC) 2.4% LOWER; Evercore ISI downgraded from Outperform to In Line with a price target of $75.00 (from $100.00).

Tesla Motors (NASDAQ: TSLA) 2.3% LOWER; Goldman Sachs analyst David Tamberrino reinstates coverage with a Sell rating and a price target of $210.00. Mercedes (OTC: DDAIF) to start production of EGC electric car in early 2019 - Bloomberg

Cognizant Technology Solutions (NASDAQ: CTSH) 2.3% LOWER; BofAMerrill Lynch downgraded from Buy to Underperform with a price target of $81.00 (from $91.00).

Facebook (NASDAQ: FB) 1.1% LOWER; MoffettNathanson downgraded from Buy to Neutral.

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