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Pre-Open Stock Movers 05/24: (SPCE) (SBBP) (ORA) Higher; (NGM) (METX) (XEC) Lower (more...)

May 24, 2021 9:28 AM EDT

Today's Pre-Open Stock Movers:

NGM Biopharmaceuticals, Inc. (Nasdaq: NGM) 44.2% LOWER; reported results from the 24-week Phase 2b ALPINE 2/3 study evaluating aldafermin in 171 patients with biopsy-confirmed non-alcoholic steatohepatitis (NASH) with stage 2 or 3 liver fibrosis (F2/F3). The trial was an equally randomized, double-blind, placebo-controlled study that assessed the efficacy, safety and tolerability of 0.3 mg, 1 mg and 3 mg doses of aldafermin once-daily subcutaneous injections compared to placebo. The study did not meet its primary endpoint evaluating a dose response showing improvement in liver fibrosis by >1 stage with no worsening of NASH at week 24 (p=0.55), analyzed using a dose response-driven statistical analysis plan (Multiple Comparison Procedure Modeling, or MCP-Mod). The study did achieve statistical significance versus placebo on certain secondary endpoints, including NASH resolution (at the 3 mg dose) and multiple non-invasive measures of NASH, including liver fat content reduction by MRI-PDFF, ALT, AST and Pro-C3 (at the 1 mg and 3 mg doses).

Meten EdtechX Education Group Ltd. (NASDAQ: METX) 30% LOWER; announced the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $40 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) 20% HIGHER; today completed its third spaceflight and the first ever spaceflight from Spaceport America, New Mexico. Todays flight sees New Mexico become the third US state to launch humans into space.

Strongbridge Biopharma plc (Nasdaq: SBBP) 16.2% HIGHER; Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable drug formulations, and Strongbridge Biopharma plc (Nasdaq: SBBP), a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs, today announced that they have entered into a definitive agreement under which Xeris will acquire Strongbridge for stock and contingent value rights (CVRs). The agreement, including the maximum aggregate amount payable under the CVRs, values Strongbridge at approximately $267 million based on the closing price of Xeris Shares of $3.47 on May 21, 2021 and Strongbridge's fully diluted share capital. The transaction, which has been unanimously approved by the boards of directors of both companies, with the exception of Jeffrey W. Sherman, M.D., a director in common to both companies, who abstained from the voting, is expected to close early in the fourth quarter of 2021, subject to the satisfaction of closing conditions. Upon close of the transaction, the businesses of Xeris and Strongbridge will be combined under a new entity to be called Xeris Biopharma Holdings, Inc. (Xeris Biopharma Holdings).

Ormat Technologies, Inc. (NYSE: ORA) 6.9% HIGHER; announced today that it has entered into a purchase agreement with TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC) to acquire two contracted geothermal assets in Nevada with a total net generating capacity of 67.5 MW (net), a greenfield development asset adjacent to one of the plants, and an underutilized transmission-line. The acquisition is expected to close in the second half of 2021, subject to regulatory and other customary closing conditions.

Beyond Meat Inc. (NASDAQ: BYND) 5% HIGHER; Bernstein upgraded from Underperform to Outperform with a price target of $130.00.

Cimarex Energy Co. (NYSE: XEC) 4.2% LOWER; Cabot Oil & Gas Corporation (NYSE: COG) and Cimarex Energy Co. (NYSE: XEC) today announced that they have entered into a definitive agreement whereby the companies will combine in an all-stock merger of equals. The combination will bring together two industry-leading operators with top-tier oil and natural gas assets to create a diversified energy leader that is positioned to drive enhanced free cash flow generation and returns for investors through market cycles.

Cabot Oil & Gas Corporation (NYSE: COG) 3.6% LOWER; Cabot Oil & Gas Corporation (NYSE: COG) and Cimarex Energy Co. (NYSE: XEC) today announced that they have entered into a definitive agreement whereby the companies will combine in an all-stock merger of equals. The combination will bring together two industry-leading operators with top-tier oil and natural gas assets to create a diversified energy leader that is positioned to drive enhanced free cash flow generation and returns for investors through market cycles.

Marathon Digital (NASDAQ: MARA) 3.5% HIGHER; bitcoin bounces.

MicroStrategy Incorporated (NASDAQ: MSTR) 3% HIGHER; bitcoin bounces.

Riot Blockchain, Inc. (NASDAQ: RIOT) 2.5% HIGHER; bitcoin bounces.

Coinbase Global Inc. (NASDAQ: COIN) 2.3% HIGHER; Goldman Sachs initiates coverage with a Buy rating and a price target of $306.00.

Palantir Technologies Inc. (NYSE: PLTR) 2% HIGHER; confirmed today it will support the United States Space Force and United States Air Force by providing its software to the critical missions of the Department of the Air Force (DAF), Space and Missile Systems Centers Cross-Mission Ground & Communications Enterprise (SMC/ECX), and NORAD-NORTHCOM. This is a firm-fixed-price award totaling $32.5 million.

Ollie's Bargain Outlet (NASDAQ: OLLI) 1.5% HIGHER; Morgan Stanley upgraded from Underweight to Equalweight with a price target of $85.00 (from $80.00).



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