Pre-Open Stock Movers 09/14: (IMMU) (SGMS) (NVDA) Higher; (GILD) (MGM) (WMT) Lower (more...)

September 14, 2020 9:30 AM

Pre-Open Stock Movers

Cassava Sciences, Inc. (Nasdaq: SAVA) 117% HIGHER; announced final results of a Phase 2b study with its lead drug candidate, sumifilam, in Alzheimers disease. In a clinical study funded by the National Institutes of Health (NIH), sumifilam significantly improved an entire panel of validated biomarkers of disease in patients with Alzheimers disease. The ability to improve multiple biomarkers from distinct biological pathways with one drug has never been shown before in patients with Alzheimers disease. Study results are expected to be published in a peer-reviewed publication. Sumifilam is the first of a new class of drug compounds that bind to a protein called Filamin A.

Immunomedics (Nasdaq: IMMU) 105.8% HIGHER; Gilead Sciences, Inc. (Nasdaq: GILD) and Immunomedics (Nasdaq: IMMU) announced today that the companies have entered into a definitive agreement pursuant to which Gilead will acquire Immunomedics for $88.00 per share in cash. The transaction, which values Immunomedics at approximately $21 billion, was unanimously approved by both the Gilead and Immunomedics Boards of Directors and is anticipated to close during the fourth quarter of 2020.

Scientific Games Corporation (NASDAQ: SGMS) 28.4% HIGHER; announced that a number of long-term institutional investors, including highly credentialed gaming industry investor Caledonia, have reached agreement to acquire a 34.9% stake in Scientific Games from MacAndrews & Forbes Incorporated ("MacAndrews & Forbes") at a price of $28.00 per share. In connection with the transaction, Scientific Games is implementing a series of governance changes and enhancements, including refreshment of its Board of Directors and termination of the Stockholders Agreement with MacAndrews & Forbes, to reflect its new investor base and continue to position the Company for growth and value creation.

Vaxart, Inc. (NASDAQ: VXRT) 16% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has completed its review of the Companys Investigational New Drug (IND) application for its Phase 1 clinical trial evaluating its oral COVID-19 vaccine candidate. The Company also provided an update on its COVID-19 program.

Laureate Education, Inc. (NASDAQ: LAUR) 12.8% HIGHER; announced today that it has entered into a definitive agreement with Ser Educacional S.A. for the sale of its Brazilian operations.

GameStop (NYSE: GME) 11.7% HIGHER; upgraded at Jefferies and Telsey

Seattle Genetics, Inc. (Nasdaq: SGEN) 10% HIGHER; Seattle Genetics and Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced two new strategic oncology collaborations.

Vir Biotechnology (NASDAQ: VIR) 8.4% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $54.00 (from $48.00).

Dynavax Technologies Corporation (NASDAQ: DVAX) 8% HIGHER; Dynavax and Valneva SE, today announced a commercial partnership for the supply of Dynavax's CpG 1018 adjuvant for use in Valneva's SARS-CoV-2 vaccine candidate, VLA2001. Valneva separately announced today an agreement with the UK government to provide up to 190 million doses of VLA20011 over a five year period. Dynavax will supply CpG 1018 to produce up to 100 million doses of vaccine in 2021. Valneva has the option to purchase up to an additional 90 million doses through 2025.

Overstock.com (NASDAQ: OSTK) 7.8% HIGHER; Needham & Company initiates coverage on with a Buy rating and $96 price target.

NVIDIA (NASDAQ: NVDA) 7.5% HIGHER; has agreed to buy Arm Holdings from SoftBank Group in a $40 billion deal. The tech giant will pay to SoftBank $21.5 billion in stock and $12 billion in cash, including $2 billion payable at signing. The deal is expected to close within 18 months.

Oracle (NYSE: ORCL) 7.4% HIGHER; said to win bidding for TikTok’s U.S. operations, beating out Microsoft (NASDAQ: MSFT), the Wall Street Journal reported.

Gilead Sciences, Inc. (Nasdaq: GILD) 2% LOWER; GILD and Immunomedics (Nasdaq: IMMU) announced today that the companies have entered into a definitive agreement pursuant to which Gilead will acquire Immunomedics for $88.00 per share in cash. The transaction, which values Immunomedics at approximately $21 billion, was unanimously approved by both the Gilead and Immunomedics Boards of Directors and is anticipated to close during the fourth quarter of 2020.

MGM Resorts (NYSE: MGM) 1.6% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $20.00 (from $15.00).

Walmart (NYSE: WMT) 0.5% LOWER; a group with Microsoft losses out on TikTok bidding.

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