Thursday, 10 Oct 2024

Artelo Up 18% On Positive Pre-IND Meeting With The FDA For ART26.12

Pre-market Movers: WHLR, SPWH, ARTL, VRNT, HKIT…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 08.00 A.M. ET).

In the Green

Wheeler Real Estate Investment Trust, Inc. (WHLR) is up over 51% at $6.90.
Artelo Biosciences, Inc. (ARTL) is up over 23% at $2.91.
Hitek Global Inc. (HKIT) is up over 15% at $4.14.
Alarum Technologies Ltd. (ALAR) is up over 11% at $4.10.
LiveWire Group, Inc. (LVWR) is up over 9% at $11.18.
Kodiak Sciences Inc. (KOD) is up over 9% at $2.41.
WestRock Company (WRK) is up over 8% at $34.50.
Oscar Health, Inc. (OSCR) is up over 8% at $6.98.
Oil States International, Inc. (OIS) is up over 6% at $8.94.
Rosecliff Acquisition Corp I (RCLF) is up over 5% at $10.87.

In the Red

Sportsman’s Warehouse Holdings, Inc. (SPWH) is down over 24% at $3.40.
Verint Systems Inc. (VRNT) is down over 15% at $25.94.
Yext, Inc. (YEXT) is down over 13% at $7.88.
Amkor Technology, Inc. (AMKR) is down over 12% at $23.84.
ChargePoint Holdings, Inc. (CHPT) is down over 11% at $6.24.
BB Biotech AG Ord (BB) is down over 11% at $4.93.
C3.ai, Inc. (AI) is down over 10% at $28.16.
Rollins, Inc. (ROL) is down over 6% at $35.50.
Dutch Bros Inc. (BROS) is down over 6% at $26.25.
Crescent Energy Company (CRGY) is down over 6% at $12.56.

Argos North America To Combine With Summit In Cash And Stock Deal – Quick Facts

Summit Materials, Inc. (SUM) has entered into a definitive agreement with Cementos Argos S.A., under which Summit will combine with Argos North America Corp., the U.S. operations of Cementos Argos, in a cash and stock deal valued at $3.2 billion.

Cementos Argos will receive approximately $1.2 billion in cash, and approximately 54.7 million shares of Summit stock, valuing Argos USA at approximately $3.2 billion. Cementos Argos will own approximately 31% of the combined company upon the closing of the transaction. Summit Materials expects the transaction to be 15-25% accretive to free cash flow per share as well as accretive to revenue and EBITDA growth rates.

At closing, the combined company will continue to operate as Summit Materials and continue to trade on the NYSE under the ticker, SUM. The combined company will be led by Anne Noonan, Summit’s CEO.

Grant Shapps Named New UK Defence Secretary, Replacing Ben Wallace

In his first Cabinet reshuffle, U.K. Prime Minister Rishi Sunak on Thursday appointed Grant Shapps as the new Defence Secretary.

He replaces Ben Wallace, who announced in June that he is resigning.

The Prime Minister accepted his resignation Thursday.

An Army veteran, Wallace served as the Defence Secretary under three prime ministers.

The 54 year-old New Defence Secretary in a Twitter post promised to continue Britain’s support for Ukraine “in their fight against Putin’s barbaric invasion”.

Sunak named Education minister Claire Coutinho as replacement for Shapps as Energy Security and Net Zero Secretary.

At 38, she becomes the youngest minister in Sunak’s Cabinet.

Coutinho earlier had worked as a special adviser to Sunak when he was the Treasury Secretary.

Designer Brands Stock Gains 16% On Quarterly Results

Shares of Designer Brands Inc. (DBI) are gaining over 16% on Thursday morning after reporting its second-quarter results, with both earnings and revenues beating Street estimates.

DBI is currently trading at $12.09, up $1.71 or 16.47%, on the NYSE. The stock opened its trading at $10.64 after closing Wednesday’s trading at $10.38. The stock has traded between $6.14 and $18.16 in the past 52-week period.

Designer Brands reported second-quarter profit of $37.2 million or $0.56 per share, lower from from $46.2 million or $0.62 per share, last year.

Adjusted earnings per share were $0.59 compared to $0.62. Analysts expected profit per share of $0.44 for the quarter.

Net sales decreased 7.8% to $792.2 million. Total comparable sales decreased by 8.9%. Analysts on average had estimated $785.74 million in revenue.

Looking forward, the company reaffirmed its guidance for the full year 2023. The company expects its net sales growth, excluding Keds to be down mid- to high-single digits and earnings per share, excluding Keds, of $1.20 to $1.50.

Yext Falls Despite Narrower Loss In Q2

Yext, Inc. (YEXT) shares are sliding more than 21 percent on Thursday morning trade even though the company reported a narrower loss for the second quarter.

The loss for the period stood at $3.44 million or $0.03 per share, lesser than $19.99 million or $0.16 per share loss last year.

Currently, shares are at $7.16, down 21.09 percent from the previous close of $9.08 on a volume of 1,015,791.

Artelo Up 18% On Positive Pre-IND Meeting With The FDA For ART26.12

Shares of Artelo Biosciences, Inc. (ARTL) are up 18% on Thursday after the company announced it has completed a pre-IND meeting with the FDA regarding the manufacturing, preclinical, and clinical development plan for ART26.12.

ARTL is trading on the Nasdaq at $2.78, up 18.71% or $0.43 per share. It has traded between $1.39 and $4.32 in the past 52-week period.

“The guidance we received was positive and validating as we prepare to advance ART26.12 into the clinic,” said Dr. Andrew Yates, Chief Scientific Officer at Artelo Biosciences.

The company also stated that based on the FDA’s response, it plans to file an IND application for the first-in-human ART26.12 Phase 1 clinical trial in the first half of 2024.

ART26.12 is an orally administered inhibitor drug that targets Fatty Acid Binding Protein 5 (FABP5). It is being developed to prevent chemotherapy-induced peripheral neuropathy, which is a common side effect of cancer treatment and can be debilitating.

Related Posts