Pre-Open Stock Movers 07/14: (IMV) (INMB) (TSLA) Higher; (OSMT) (MHK) (SPOT) Lower (more...)

July 14, 2020 9:24 AM EDT

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Today's Pre-Open Stock Movers:

IMV Inc. (Nasdaq: IMV) 131% HIGHER; provides further details today on the Company’s rapid progress in developing its candidate vaccine to prevent COVID-19 infection in response to the global health threat posed by the novel coronavirus. “We are working closely with regulatory agencies and our collaborators to initiate clinical studies as quickly as possible. The design of the phase 1 clinical study, agreed with Health Canada, is a randomized controlled study, assessing the safety and immunogenicity of DPX-COVID-19, in 84 healthy adults across two age cohorts: (1) adults between 18-55 years old inclusive and (2) 56 and above. Two dose levels of DPX-COVID-19 will be tested (25μg or 50μg). We are pleased that Health Canada has welcomed the design of a phase 1 trial that includes this vulnerable population.” The rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of our delivery platform, but also build on our previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus,” says Frederic Ors, Chief Executive Officer at IMV. “Clinical results1 have shown our DPX-based vaccine against RSV demonstrated a unique ability to generate safe and long-lasting immune responses in older adults.” IMV’s candidate vaccine, DPX-COVID-19, is based on IMV’s first-in-class delivery platform that generates targeted and sustained immune response in vivo. Fully synthetic, the vaccine candidate is designed to focus the immune response on the weaknesses of the virus with the goal to optimize safety and efficacy

INmune Bio, Inc. (NASDAQ: INMB) 105.5% HIGHER; today reported clinical data demonstrating that its lead drug candidate, XPro1595, decreases neuroinflammation in patients with Alzheimers disease. Interim results from a Phase Ib clinical trial show that treatment with XPro1595 decreases white matter free water, a biomarker of neuroinflammation measured by MRI. XPro1595 is a next-generation inhibitor of tumor necrosis factor (TNF) that selectively neutralizes soluble TNF, an inflammatory cytokine implicated in Alzheimer's pathology, without affecting transmembrane TNF or the TNF receptors.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) 34.5% HIGHER; today announced the initiation of an investigator-sponsored trial (IST) being conducted by Imperial College London to evaluate the efficacy of fostamatinib, its oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of COVID-19 pneumonia. Fostamatinib, marketed in the U.S. as TAVALISSE® (fostamatinib disodium hexahydrate) tablets, is approved in the U.S. and Europe as a treatment for adult chronic immune thrombocytopenia (ITP).

Equillium (NASDAQ: EQ) 21.9% LOWER; entered into a $150 million Open Market Sales Agreement with Jefferies LLC,

Osmotica Pharmaceuticals plc (Nasdaq: OSMT) 18.4% LOWER; announced today the commencement of a proposed public offering of 5,000,000 ordinary shares. All of the shares will be offered by Osmotica. Osmotica also expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares.

Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) 10.3% HIGHER; announced today that the U.S. Food and Drug Administration (FDA) has authorized a single patient in an Individual Patient Expanded Access protocol (VP-VLY-686-3303). This patient had previously participated in a randomized study of tradipitant in gastroparesis for 12 weeks. The patient and treating physician requested expanded access to continue treatment beyond 12 weeks, as the treating physician had judged that tradipitant was the only treatment that effectively managed the patient's gastroparesis symptoms.

Mohawk Industries (NYSE: MHK) 9.3% LOWER; confirmed that on June 29, 2020, an Amended Class Action Complaint for violations of federal securities laws was filed against Mohawk and its CEO Jeff Lorberbaum in the Northern District of Georgia. The complaint alleges that the Company (1) engaged in fabricating revenues by attempting delivery to customers that were closed and recognizing these attempts as sales; (2) overproduced product to report higher operating margins and maintained significant inventory that was not salable; and (3) valued certain inventory improperly or improperly delivered inventory with knowledge that it was defective and customers would return it. The Company intends to vigorously defend itself in the lawsuit. On June 25, 2020, the company received subpoenas issued by the U.S. Attorney’s Office for the Northern District of Georgia and the U.S. Securities and Exchange Commission on topics similar to those raised by the amended complaint. The company is cooperating with those authorities.

Wells Fargo (NYSE: WFC) 5.4% LOWER; reported Q2 EPS of ($0.66), $0.46 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $17.8 billion versus the consensus estimate of $18.4 billion. The Company also announced that it expects to reduce its third quarter 2020 common stock dividend to $0.10 per share from $0.51 per share, subject to approval by the Company's Board of Directors at the customary time at the end of July.

Spotify (NYSE: SPOT) 5.2% LOWER; UBS downgraded from Buy to Sell with a price target of $204.00 (from $189.00).

Dynavax Technologies Corporation (NASDAQ: DVAX) 4.9% HIGHER; announced today that the first participants have been dosed in the Phase 1 clinical trial evaluating Medicagos plant-derived vaccine candidate adjuvanted with CpG 1018 to prevent COVID-19.

Workhorse Group Inc. (NASDAQ: WKHS) 4.3% HIGHER; Announced that Ryder System, Inc. (NYSE: R) will begin offering the C-Series Workhorse all-electric step van through the company's ChoiceLease and SelectCare product lines, as well as for short-term rentals on COOP by Ryder®.

Delta Air Lines (NYSE: DAL) 3.6% LOWER; reported Q2 EPS of ($4.43), $0.31 worse than the analyst estimate of ($4.12). Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.4 billion.

Frequency Therapeutics (NASDAQ: FREQ) 3.2% HIGHER; Oppenheimer initiates coverage on with an Outperform rating and a price target of $36.00.

Tesla (NASDAQ: TSLA) 3.1% HIGHER; Piper Sandler raised the price target on to 'Street High' $2,322 (from $939) while maintaining an Overweight rating

Netflix (NASDAQ: NFLX) 2% LOWER; UBS downgraded from Buy to Neutral with a price target of $535.00.

JPMorgan (NYSE: JPM) 1.3% HIGHER; reported Q2 EPS of $1.38, $0.34 better than the analyst estimate of $1.04. Revenue for the quarter came in at $33.0 billion versus the consensus estimate of $30.29 billion. Reported revenue of $33.0 billion; managed revenue of $33.8 billion. Credit costs of $10.5 billion, including reserve builds of $8.9 billion

Altimmune, Inc. (Nasdaq: ALT) 0.5% LOWER; Announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering and, to certain investors in lieu thereof, pre-funded warrants to purchase shares of its common stock. Altimmune also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock plus the shares of common stock underlying the pre-funded warrants sold in connection with the public offering. All of the securities in the offering will be sold by Altimmune. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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