Pre-Open Stock Movers 09/14: (JCS) (LICX) (AXSM) Higher; (RDHL) (HLF) (WYNN) Lower (more...)

September 14, 2021 9:28 AM EDT

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Pre-Open Stock Movers:

RedHill Biopharma Ltd. (Nasdaq: RDHL) 34% LOWER; announced preliminary top-line data from the 475-patient global Phase 2/3 study with opaganib (ABC294640)[1] in hospitalized patients with severe COVID-19 pneumonia. Preliminary top-line data showed that the study did not meet its primary endpoint. Analysis of the study efficacy endpoints did show trends in favor of the opaganib arm vs. placebo across multiple endpoints, including the primary endpoint, despite not achieving statistical significance.

Communications Systems (NASDAQ: JCS) 23.4% HIGHER; declared a special dividend of $3.50 per share.

Herbalife Nutrition, (NYSE: HLF) 9.7% LOWER; revising its third quarter and full year 2021 guidance. The Company is making this announcement in advance of its September 14, 2021 virtual Investor Day to ensure investors have the most up-to-date financial information. Recently, the Company observed lower than expected levels of activity amongst its independent distributors that has led to a decrease in expected third quarter and full year net sales. Despite this, we anticipate net sales growth in the third quarter to be between approximately 14%-18% versus third quarter 2019 and growth for the full year to be between approximately 19%-23% versus full year 2019.

Wynn Resorts Ltd (NASDAQ: WYNN) 7.9% LOWER; Casino stocks were weak Tuesday following reports Macau wants government representatives to supervise casino operators and to increase local ownership in gaming companies.

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) 7.9% LOWER; Casino stocks were weak Tuesday following reports Macau wants government representatives to supervise casino operators and to increase local ownership in gaming companies.

CureVac N.V. (NASDAQ: CVAC) 7.7% LOWER; announced its strategic decision to adjust the long-term footprint of the external European manufacturing network for its mRNA product pipeline. The decision was made in response to the reduced short-term peak demand for vaccines following the first wave of the pandemic vaccination efforts and corresponding changes in the demand of its first-generation COVID-19 vaccine candidate, CVnCoV, currently under regulatory review with the European Medicines Agency (EMA). As a result, the existing contracts with WACKER for the manufacturing of the mRNA drug substance of CVnCoV and Celonic for the manufacturing and formulation of the mRNA drug substance of CVnCoV will be terminated. CureVac's existing agreements with Rentschler Biopharma and Novartis for mRNA production and formulation are unaffected by this adjustment and remain in place. Streamlining of capacity does not limit availability of clinical trial material for CV2CoV, the second-generation COVID-19 vaccine candidate jointly developed with GSK, expected to enter the clinic in the fourth quarter of 2021.

Las Vegas Sands (NYSE: LVS) 7.7% LOWER; Casino stocks were weak Tuesday following reports Macau wants government representatives to supervise casino operators and to increase local ownership in gaming companies.

Li-Cycle Holdings Corp. (NYSE: LICY) 5.4% HIGHER; Morgan Stanley initiates coverage with an Overweight rating and a price target of $15.00.

Axsome Therapeutics, Inc. (NASDAQ: AXSM) 5% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has accepted for filing the Company’s New Drug Application (NDA) for AXS-07 for the acute treatment of migraine, and has set a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2022 for the NDA. AXS-07 (MoSEIC™ meloxicam-rizatriptan) is a novel, oral, rapidly absorbed, multi-mechanistic, investigational medicine for migraine.

Opendoor Technologies Inc. (Nasdaq: OPEN) 4.7% LOWER; announced the pricing of its previously announced registered secondary public offering of 28,000,000 shares of common stock by an existing stockholder of Opendoor.

Lucid Group, Inc. (NASDAQ: LCID) 4.5% LOWER; Morgan Stanley starts at Underweight

Oracle (NYSE: ORCL) 3.1% LOWER; reported Q1 EPS of $1.03, $0.06 better than the analyst estimate of $0.97. Revenue for the quarter came in at $9.73 billion versus the consensus estimate of $9.77 billion.

Coupang (NYSE: CPNG) 2.9% LOWER; Block of 57M Shares Said Offered Via JPMorgan - Bloomberg

Palo Alto Networks, Inc. (NYSE: PANW) 1.6% HIGHER; targets raised by analysts post analyst day.



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