Pre-Open Stock Movers 09/22: (MRIN) (SFIX) (SAVA) Higher; (SMMT) (LPTX) (WKHS) Lower (more...)

September 22, 2021 9:26 AM EDT

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Pre-Open Stock Movers:

Marin Software (NASDAQ: MRIN) 74% HIGHER; entered into a Revenue Share Agreement with Google LLC for the Company to develop its enterprise tech platform and software products.

Summit Therapeutics (NASDAQ: SMMT) 19.8% LOWER; received feedback from the United States Food and Drug Administration (the “FDA”) that the FDA does not agree with the change to the primary endpoint that Summit proposed and has subsequently implemented in its ongoing Phase III Ri-CoDIFy studies when combining the studies. As Summit previously communicated, it has combined the Phase III studies into a single study and will provide the combined results to all stakeholders, as the top line results become available. These top line results will best inform all parties as to the next appropriate course of action regarding ridinilazole. Summit anticipates communicating these results during the first quarter of 2022.

Stitch Fix (NASDAQ: SFIX) 12.8% HIGHER; reported Q4 EPS of $0.19, $0.32 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $571.2 million versus the consensus estimate of $547.89 million. Stitch Fix sees Q1 2022 revenue of $560-575 million, versus the consensus of $591 million.

Cassava Sciences, Inc. (Nasdaq: SAVA) 12% HIGHER; announced top-line clinical data today from a pre-planned interim analysis of an on-going open-label study with its drug candidate simufilam in patients with mild-to-moderate Alzheimer’s disease. In a study funded by the National Institutes of Health (NIH), ADAS-Cog11 scores improved an average of 3.2 points from baseline (p<0.001) in the first 50 study subjects who completed 12 months of open-label treatment with simufilam. To emphasize impartiality, changes in ADAS-Cog scores baseline to month 12 were independently analyzed by two consulting biostatisticians.

Leap Therapeutics, Inc. (Nasdaq: LPTX) 11.4% LOWER; commenced an underwritten public offering of its common stock and, in lieu of common stock, Leap intends to offer and sell to certain investors pre-funded warrants to purchase shares of its common stock. All shares of common stock and pre-funded warrants to be sold in the offering will be offered by Leap. Leap intends to grant the underwriters a 30-day option to purchase up to an aggregate of an additional 15% of the securities offered in the public offering. The offering is subject to market, regulatory, 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.

Workhorse Group (NASDAQ: WKHS) 7% LOWER; will suspend deliveries of its C-1000 vehicles and recall 41 vehicles it had already delivered.

SoFi Technologies (NASDAQ: SOFI) 6% HIGHER; Jefferies initiates coverage with a Buy rating and a price target of $25.00.

Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) 5.7% HIGHER; announced today that it has received a binding purchase order for 1,000 units of its Urban Delivery vehicle from its strategic distribution partner, Randy Marion Automotive Group.

FedEx (NYSE: FDX) 4.5% LOWER; reported Q1 EPS of $4.37, $0.63 worse than the analyst estimate of $5.00. Revenue for the quarter came in at $22 billion versus the consensus estimate of $21.91 billion. FedEx sees FY2022 EPS of $19.75-$21.00, versus the consensus of $21.20.

Adobe Systems (NASDAQ: ADBE) 4.2% LOWER; reported Q3 EPS of $3.11, $0.10 better than the analyst estimate of $3.01. Revenue for the quarter came in at $3.94 billion versus the consensus estimate of $3.89 billion. Adobe Systems sees Q4 2021 EPS of $3.18, versus the consensus of $3.08. Adobe Systems sees Q4 2021 revenue of $4.07 billion, versus the consensus of $4.04 billion.

Hyatt Hotels Corporation (NYSE: H) 3% LOWER; commenced an underwritten registered public offering of 7,000,000 shares of its Class A common stock. In addition, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of its Class A common stock. The offering is subject to market and other customary conditions.

Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS) 3% HIGHER; provided an update on its development programs in oncology and infectious disease for mupadolimab (formerly CPI-006), a humanized monoclonal antibody directed against CD73 with a proposed dual mechanism of activating B cells to generate immune responses to viruses and tumor antigens, and inhibiting the production of immunosuppressive adenosine in the tumor micro environment.



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