Pre-Open Movers 11/27: (OHRP) (CUDA) (TIME) Higher; (SEDG) (SQ) (WDC) Lower (more...)

November 27, 2017 9:23 AM

Today's Pre-Open Movers

Marathon Patent (NASDAQ: MARA) 47% HIGHER; adds to Friday's gains.

OHR Pharmaceutical (NASDAQ: OHRP) 26.3% HIGHER; Roth Capital initiates with a Buy rating and $7 price target.

Barracuda Networks, Inc. (NYSE: CUDA) 15% HIGHER; entered into an agreement to be acquired by leading private equity investment firm Thoma Bravo, LLC. in an all-cash transaction valued at $1.6 billion.

Catalyst Pharmaceuticals, Inc. (NASDAQ: CPRX) 10% HIGHER; announced positive top-line results from a second Phase 3 clinical trial (LMS-003) of FirdapseĀ® (amifampridine phosphate tablets equivalent to 10 mg amifampridine) for the symptomatic treatment of Lambert-Eaton myasthenic syndrome (LEMS). Firdapse received Breakthrough Therapy designation from the FDA in August 2013 and this clinical trial was conducted using a protocol agreed to by the FDA through the Special Protocol Assessment (SPA) process.

Time Inc. (NYSE: TIME) 9.1% HIGHER; today announced that it has entered into a definitive agreement to be acquired by Meredith Corporation (NYSE: MDP). Under the terms of the agreement, Meredith will make an $18.50 per share cash tender offer to acquire all outstanding Time Inc. shares for a total transaction value of approximately $2.8 billion, including the assumption of debt and net of cash acquired. The transaction has been unanimously approved by the Boards of Directors of Meredith and Time Inc., and is expected to close during the first quarter of 2018. The $18.50 per share price represents a 46% premium over the closing price on November 15, 2017, the day prior to media reports about the transaction, and a 66% premium over the 10-day volume weighted average trading price ending on that day.

Cedar Realty Trust, Inc. (NYSE: CDR) 7.6% HIGHER; announced that its Board of Directors has received and unanimously rejected an unsolicited and unrealistic proposal from Wheeler Real Estate Investment Trust (NASDAQ: WHLR) to evaluate opportunities to combine the two companies. The Cedar Board of Directors fully reviewed Wheeler's unsolicited proposal in consultation with its advisors and unanimously concluded that it is not in the best interest of shareholders for Cedar to enter into discussions with Wheeler.

Roku Inc. (NASDAQ: ROKU) 5.1% HIGHER; Needham & Company analyst Laura Martin raised her price target to a 'Street-High' $50.00 (from $28.00) while maintaining a Buy rating.

SolarEdge Technologies (NASDAQ: SEDG) 4.3% LOWER; Deutsche Bank downgraded from Buy to Hold.

Square (NYSE: SQ) 4% LOWER; BTIG downgraded from Neutral to Sell with a price target of $30.00.

CIENA (NYSE: CIEN) 3.8% HIGHER; BofA/Merrill Lynch upgraded from Neutral to Buy with a price target of $28.00

Western Digital Corp. (NASDAQ: WDC) 3.6% LOWER; Morgan Stanley downgraded from Overweight to Equalweight with a price target of $90.00 (from $117.00).

American Outdoor Brands (NASDAQ: AOBC) 3.5% HIGHER; record background checks on Black Friday

Micron (NASDAQ: MU) 3.2% LOWER; weakness related to Morgan Stanley downgrade of WDC.

Funko (NASDAQ: FNKO) 3% HIGHER; new Buy ratings across Wall Street

Himax Technologies (NASDAQ: HIMX) 3% LOWER ;Morgan Stanley downgraded from Overweight to Equalweight with a price target of $12.90 (from $11.00).


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