Pre-Open Stock Movers 01/25: (AFMD) (GRUB) (SUNE) (TYC) Higher; (OMED) (NVAX) (TWTR) Lower (more...)
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OncoMed Pharmaceuticals Inc. (NASDAQ: OMED) 43.7% LOWER; The DSMB informed OncoMed of several findings regarding futility of the trial, notably: A statistically significant worsening of response rate and progression-free survival (PFS) in the treatment arm in the overall intent-to-treat population, as well as a negative trend in each Notch biomarker subgroup; A strong trend to lack of benefit in the treatment arm for overall survival (OS), regardless of Notch biomarker levels, suggesting a low probability of achieving a statistically significant OS benefit based on analyses reviewed by the DSMB
Affimed N.V. (Nasdaq: AFMD) 27% HIGHER; entered into a clinical research collaboration in immuno-oncology with Merck (NYSE: MRK), known as MSD outside the United States and Canada. Under the terms of the agreement, Affimed will fund and conduct a Phase 1b clinical trial to investigate the combination of Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), with Affimed's proprietary drug candidate AFM13 for the treatment of patients with Hodgkin lymphoma whose disease has relapsed or is refractory to chemotherapy, including treatment with the marketed antibody-drug-conjugate AdcetrisTM (brentuximab vedotin). Merck will supply Affimed with KEYTRUDA for the clinical trial. The purpose of the study is to establish a dosing regimen for this combination therapy and assess its safety and efficacy. Affimed is on track to initiate the study in the first half of 2016.
GrubHub Inc. (NYSE: GRUB) 9.4% HIGHER; sees Q4 revenue at high-end. Board's authorization of a stock repurchase program of up to $100 million and approval for management to negotiate and enter into a credit facility of up to $200 million. In addition, as part of GrubHub's commitment to best-in-class corporate governance, the Board plans to appoint two additional highly qualified independent directors.
SunEdison (NYSE: SUNE) 9.4% HIGHER; will allow Greenlight Capital's David Einhorn to appoint a board member, according to reports from the Wall Street Journal citing people familiar with the matter.
Novavax, Inc. (Nasdaq: NVAX) 8.6% LOWER; announced that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of convertible senior unsecured notes that will mature on February 1, 2023 (the Notes). The Notes will be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Novavax also expects to grant the initial purchasers of the Notes an option to purchase up to an additional $30 million aggregate principal amount of the Notes, solely to cover over-allotments.
Chesapeake Energy (NYSE: CHK) 7.4% LOWER; Downgraded at Tudor Pickering
Tyco (NYSE: TYC) 6.7% HIGHER; Johnson Controls (NYSE: JCI) and Tyco (NYSE: TYC) announced that they have entered into a definitive merger agreement under which Johnson Controls, a global multi-industrial company, will combine with Tyco, a global fire and security provider, to create the leader in building products and technology, integrated solutions and energy storage. Under the terms of the agreement, which has been unanimously approved by both companies' Boards of Directors, Johnson Controls shareholders will own approximately 56 percent of the equity of the combined company and receive aggregate cash consideration of approximately $3.9 billion. Current Tyco shareholders will own approximately 44 percent of the equity of the combined company.
Twitter (NYSE: TWTR) 5.9% LOWER; four top executives would be leaving the team: Engineering chief Alex Roetter, product head Kevin Weil, HR vice president Skip Schipper, and media head Katie Stanton. Downgraded at Stifel.
International Paper (NYSE: IP) 5.8% LOWER; Citi downgraded from Buy to Neutral.
Cray Inc. (NASD: CRAY) 5% HIGHER; will replace Curtiss-Wright in the S&P SmallCap 600 after the close of trading on Friday, January 29.
Asbury Automotive Group Inc. (NYSE: ABG) 4.2% HIGHER; will replace Pool in the S&P SmallCap 600
Caterpillar (NYSE: CAT) 3.7% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $51.00 (from $67.00), suggesting downside of 16%
McDonald's (NYSE: MCD) 3% HIGHER; reported Q4 adjusted EPS of $1.28, versus the analyst estimate of $1.23. Revenue for the quarter came in at $6.34 billion versus the consensus estimate of $6.22 billion. Global comps rose 5%, versus a 3.2% gain expected.
Kimberly-Clark (NYSE: KMB) 3% LOWER; reported Q4 EPS of $1.42, $0.01 worse than the analyst estimate of $1.43. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.58 billion. GUIDANCE: Kimberly-Clark sees FY2016 EPS of $5.95-$6.15, versus the consensus of $6.14. Net sales are expected in a range of down 3 percent to even with the prior year.
Halliburton (NYSE: HAL) 2.7% LOWER; reported Q4 EPS of $0.31, $0.07 better than the analyst estimate of $0.24. Revenue for the quarter came in at $5.08 billion versus the consensus estimate of $5.11 billion.
Mosaic (NYSE: MOS) 2.6% LOWER; JPMorgan downgraded from Overweight to Neutral with a price target of $24.00 (from $40.00).
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