Pre-Open Movers 11/25: (SRNE) (MDCO) (TIF) Higher (CBAY) (UBER) (PRU) Lower (more...)

November 25, 2019 9:30 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Today's Pre-Open Movers

CymaBay Therapeutics, Inc. (Nasdaq: CBAY) 76% LOWER; announced that the company was terminating its Phase 2b study of seladelpar in subjects with non-alcoholic steatohepatitis (NASH) and its recently initiated Phase 2 study of seladelpar in subjects with primary sclerosing cholangitis (PSC). In addition, the company is putting on hold all studies of seladelpar in subjects with primary biliary cholangitis (PBC).

Sorrento Therapeutics, Inc. (NASDAQ: SRNE) 39.4% HIGHER; confirmed today that on November 23, 2019, it received an unsolicited, non-binding term sheet proposal submitted by two biopharmaceutical companies, to acquire all of the issued and outstanding shares of the Company for between $3.00 and $5.00 per share in cash.

Enochian Biosciences (Nasdaq: ENOB) 22.7% HIGHER; announces the expansion of its infectious disease pipeline by entering into an agreement in principle to acquire an exclusive, license for a treatment under development aimed to treat the Hepatitis B Virus (HBV) infections from G-Tech Bio, LLC.

The Medicines Company (NASDAQ: MDCO) 22.7% HIGHER; announced today that it has entered into definitive agreement in which Novartis AG will acquire The Medicines Company for $85 per share in an all-cash transaction, implying a fully diluted equity value of $9.7 billion. The price represents a premium of approximately 45% to The Medicines Companys closing share price of $58.65 on November 18, 2019 (the last trading day prior to news reports of a potential transaction between The Medicines Company and Novartis AG). The transaction was unanimously approved by the Boards of Directors of both companies.

LiveXLive Media, Inc. (NASDAQ: LIVX) 19.4% HIGHER; announced that its content will be available via the Samsung XR platform. The two companies will collaborate to bring music and technology projects to all Samsung devices and

Alnylam Pharmaceuticals (NASDAQ: ALNY) 8.5% HIGHER; price targets raised across Wall Street

Tiffany & Co. (NYSE: TIF) 5.6% HIGHER; LVMH and Tiffany & Co. (NYSE: TIF) announced that the companies have entered into a definitive agreement whereby LVMH will acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately 14.7 billion or $16.2 billion.

Arrowhead Research (NASDAQ: ARWR) 5.5% HIGHER; Baird upgraded from Neutral to Outperform with a price target of $70.00.

Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) 4.6% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has accepted Intercepts New Drug Application (NDA) for obeticholic acid (OCA) seeking accelerated approval for the treatment of fibrosis due to nonalcoholic steatohepatitis (NASH) and granted priority review. The FDA grants priority review to drugs that have the potential to treat a serious condition and, if approved, would provide a significant improvement in safety or effectiveness.

Canopy Growth Corporation (NYSE: CGC) 4.2% HIGHER; announced today that on November 22, 2019, it received its operating and secure storage licence from Health Canada for its 150,000 sq. ft. beverage facility located at company headquarters in Smiths Falls, ON.

Uber (NYSE: UBER) 4.1% LOWER; was stripped of its license to carry paying passengers in London on Monday for the second time in just over two years, pending an appeal, over a "pattern of failures" on safety and security.

Zscaler (NASDAQ: ZS) 3.6% HIGHER; BofA/Merrill Lynch upgraded from Neutral to Buy with a price target of $68 (from $65).

Tesla, Inc. (NASDAQ: TSLA) 3.5% HIGHER; Musk said the company received 200K reservations for the Cybertruck

TD Ameritrade (NASDAQ: AMTD) 3% HIGHER; The Charles Schwab Corporation (NYSE: SCHW) and TD Ameritrade Holding Corporation (NASDAQ: AMTD) today announced that they have entered into a definitive agreement for Schwab to acquire TD Ameritrade in an all-stock transaction valued at approximately $26 billion. Under the agreement, TD Ameritrade stockholders will receive 1.0837 Schwab shares for each TD Ameritrade share, which represents a 17% premium over the 30-day volume weighted average price exchange ratio as of November 20, 2019.

Prudential Financial (NYSE: PRU) 1.7% LOWER; Citi downgraded from Neutral to Sell with a price target of $86.00 (from $88.00).

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Special Reports

Related Entities

Citi, Robert W Baird, Tesla, Pre-Open Losers, Pre-Open Winners, Definitive Agreement, Pre Market Movers, FDA, BofA/Merrill Lynch