Pre-Open Stock Movers 01/03: (WLL) (ACOR) (TSLA) Higher; (NOVN) (LNDC) (INCY) Lower (more...)

January 3, 2020 9:27 AM EST

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Today's Pre-Open Stock Movers

Novan, Inc. (Nasdaq: NOVN) 71.9% LOWER; announced top-line efficacy results from its Phase 3 B-SIMPLE program with SB206 for the treatment of molluscum contagiosum (molluscum). Statistical significance was not achieved for the primary endpoint in either B-SIMPLE1 or B-SIMPLE2, however multiple sensitivity analyses are supportive and consistent across both studies and support a potential path forward for the asset. The two trials are ongoing, awaiting 24-week safety data, thus the top-line results are for efficacy data only.

Landec (NASDAQ: LNDC) 14.1% LOWER; reported Q2 EPS of ($0.23), $0.17 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $143.2 million versus the consensus estimate of $142.54 million. Landec sees Q3 2020 EPS of $0.06-$0.09, versus the consensus of $0.19. Landec sees Q3 2020 revenue of $154-158 million, versus the consensus of $162.3 million. Landec sees FY2020 EPS of $0.28-$0.32, versus the consensus of $0.25. Landec sees FY2020 revenue of $602-613 million, versus the consensus of $606.3 million.

Whiting Petroleum (NYSE: WLL) 12.7% HIGHER; oil stocks gain as U.S. kills top Iranian commander

Acorda Therapeutics, Inc. (NASDAQ: ACOR) 11.7% HIGHER; In a 13G filing, Steven Cohen's Point72 Asset Management, L.P. disclosed a 9.8%, or 4,701,928 share, stake in the company. This is up 366.00% from the 1,009,000 shares held at the end of the latest quarter ending December 31, 2019.

Incyte Corporation (Nasdaq: INCY) 10.3% LOWER; announced that the pivotal Phase 3 GRAVITAS-301 study evaluating itacitinib in combination with corticosteroids in patients with treatment-naïve acute graft-versus-host disease (GVHD) did not meet the primary endpoint of improving overall response rate (ORR) at Day 28 compared to placebo plus corticosteroids (74.0 percent vs. 66.4 percent, p=0.08, respectively). Itacitinib added to corticosteroids improved the overall response rate in patients with treatment-naïve acute GVHD; however, the difference versus placebo plus corticosteroids was not statistically significant. In addition, there was no difference observed in non-relapse mortality (NRM) at Month 6, the study’s key secondary endpoint, between the treatment and placebo arms.

Valaris plc (NYSE: VAL) 8% HIGHER; oil stocks gain as U.S. kills top Iranian commander; Fearnley upgraded from Hold (3) to Buy (1).

Chembio Diagnostics, Inc. (Nasdaq: CEMI) 5.6% HIGHER; provided an update on its Premarket Approval application submission to the U.S. Food and Drug Administration (FDA) for the DPP HIV-Syphilis System. The company anticipates FDA approval of the DPP HIV-Syphilis System, which includes the DPP HIV-Syphilis test and DPP Micro Reader, during the first quarter of 2020.

Axon (Nasdaq: AAXN) 4.6% LOWER; filed a lawsuit in Phoenix in the United States District Court for the District of Arizona against the US Federal Trade Commission (FTC). In its 29-page complaint, Axon asked the court to declare the FTC's structure and administrative procedures unconstitutional, and enjoin the Commission from subjecting Axon to its unfair internal forum and instead adjudicate the legality of the Vievu acquisition in a federal court.

Lamb Weston (NYSE: LW) 3.6% HIGHER; reported Q2 EPS of $0.95, $0.11 better than the analyst estimate of $0.84. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $964.88 million. Net sales expected to increase at the high end of the Company’s estimate of mid-single digit growth
Adjusted EBITDA including unconsolidated joint ventures(1) expected to be $965 million-$985 million, up from the previous estimate of $950 million-$970 million

Pacific Biosciences of California, Inc. (NASDAQ: PACB) 2.7% HIGHER; Illumina, Inc. (NASDAQ: ILMN) and Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced that they have mutually agreed to terminate their merger agreement, previously announced on November 1, 2018, under which Illumina would acquire Pacific Biosciences at a fully diluted enterprise value of approximately $1.2 billion in an all-cash transaction.

Tesla (NASDAQ: TSLA) 2.4% HIGHER; In the fourth quarter, achieved record production of almost 105,000 vehicles and record deliveries of approximately 112,000 vehicles (consensus was 106,000 deliveries). In 2019, the company delivered approximately 367,500 vehicles, 50% more than the previous year and in line with full-year guidance.

Resources Connection (NASDAQ: RECN) 1.7% HIGHER; reported Q2 EPS of $0.39, $0.09 better than the analyst estimate of $0.30. Revenue for the quarter came in at $184.5 million versus the consensus estimate of $185.5 million.

Anixter International (NYSE: AXE) 1% HIGHER; WESCO International, Inc. (NYSE: WCC) submitted a revised proposal to the board of directors of Anixter International (NYSE: AXE) to acquire Anixter for $97.00 per share in cash and stock. This revised proposal materially improves upon WESCO's December 26, 2019 proposal, while retaining all of the prior proposal's attractive features.



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