Today's Pre-Open Stock Movers:

Xenon Pharmaceuticals Inc. (Nasdaq: XENE) 73% HIGHER; reported positive topline results from the Phase 2b X-TOLE clinical trial, which evaluated the clinical efficacy, safety, and tolerability of XEN1101 – a differentiated Kv7 potassium channel modulator – administered as adjunctive treatment in adult patients with focal epilepsy. The trial met its primary efficacy endpoint with XEN1101 demonstrating a statistically significant and dose-dependent reduction from baseline in monthly (defined as 28 days) focal seizure frequency when compared to placebo (monotonic dose response; p<0.001). Additional primary and secondary measures included a pairwise comparison of each active dose to placebo and a responder analysis with the proportion of patients who achieved a 50% or greater reduction in monthly focal seizure frequency from baseline.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM) 14.7% HIGHER; announced new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal (IVT) injection gene therapy in patients requiring frequent anti-VEGF injections for their neovascular or wet age-related macular degeneration (wet AMD). Safety and efficacy data from patients followed through 2 years post injection are being presented at the Retina Society’s 54th Annual Scientific Meeting in Chicago, Illinois. The presentation is available on the Publications page in the Pipeline section of Adverum’s website.

OraSure Technologies, Inc. (NASDAQ: OSUR) 7.5% HIGHER; has been awarded a $109 million contract from the U.S. Department of Defense (DOD), in coordination with the Department of Health and Human Services (HHS), to build additional manufacturing capacity in the United States for InteliSwab COVID-19 rapid tests as part of the nations pandemic preparedness plan.

Guardant Health (NASDAQ: GH) 7% HIGHER; had decided not to pursue a potential acquisition of NeoGenomics (NASDAQ: NEO), according to Bloomberg, citing people familiar with the matter. It decided against the deal over the weekend.

Moderna, Inc. (NASDAQ: MRNA) 5.8% LOWER; continued pressure after positive clinical trial results for Merck & Co's experimental antiviral COVID-19 pill.

Perion Network Ltd. (NASDAQ: PERI) 4.8% HIGHER; announced today the acquisition of Vidazoo, a leading video technology company that enables both advertisers and publishers to deliver high impact content and advertising to consumers. Perion acquired Vidazoo for a total amount of $93.5 million, consisting of $35.0 million in cash upon closing with an additional maximum of $58.5 million structured as a performance earn-out, if certain EBITDA-based targets are achieved.

NeoGenomics (NASDAQ: NEO) 3.8% LOWER; Guardant Health (NASDAQ: GH) had decided not to pursue a potential acquisition of NeoGenomics (NASDAQ: NEO), according to Bloomberg, citing people familiar with the matter. It decided against the deal over the weekend.

Merck & Co's (NYSE: MRK) 3.6% HIGHER; adds to Friday's gains following positive news on its experimental antiviral COVID-19 pill.

DuPont (NYSE: DD) 2.7% HIGHER; JPMorgan upgraded from Neutral to Overweight with a price target of $85.00 (from $84.00).

Tesla (NASDAQ: TSLA) 2.7% HIGHER; announced that in the third quarter they produced approximately 238,000 vehicles and delivered over 240,000 vehicles. Wall Street was expecting around 220,000 deliveries.

Southwest (NYSE: LUV) 2.2% HIGHER; Barclays upgraded from Equalweight to Overweight with a price target of $75.00.

II-VI, Inc. (NASDAQ: IIVI) 2.6% LOWER; Barclays downgraded from Equalweight to Underweight with a price target of $56.00.