Monday, 24 Jun 2024

Instacart Prices IPO At $30/shr, Top End Of Revised Range

These 9 Stocks Touched New Highs

In the world of investing, timing is everything. Here are some healthcare stocks that touched new 52-week highs yesterday. If you have been following our stock reports, you would have noticed that we had profiled these very stocks long before they hit their recent highs.

Ticker

Published Date

Published Price

Maximum Price Since Publication

*Last Closing Price

Maximum Gain %

Crinetics Pharmaceuticals, Inc. (CRNX)

Jan.4, 2023

$18.17

$29.45

$26.08

62%

CymaBay Therapeutics, Inc. (CBAY)

Dec.23, 2022

$5.04

$17.83

$17.13

253%

Medpace Holdings Inc. (MEDP)

Oct.25, 2022

$202.45

$280.12

$279.35

38%

Roivant Sciences Ltd. (ROIV)

Jan.4, 2023

$7.45

$12.84

$11.51

72%

Spok Holdings Inc. (SPOK)

May 5, 2023

$13.01

$15.30

$14.81

17%

Mirum Pharmaceuticals, Inc. (MIRM)

Feb.23, 2023

$23.54

$30.77

$30.43

31%

Veeva Systems Inc. (VEEV)

Jun.1, 2023

$188.99

$225.49

$224.90

19%

Reata Pharmaceuticals Inc. (RETA)

Mar.1, 2023

$87.84

$171.12

$170.94

95%

Surmodics Inc. (SRDX)

Mar.31, 2023

$23.01

$39.41

$38.25

71%

Stitch Fix Inc. Q4 Loss decreases, but misses estimates

Stitch Fix Inc. (SFIX) released Loss for fourth quarter that decreased from the same period last year but missed the Street estimates.

The company’s bottom line came in at -$28.7 million, or -$0.24 per share. This compares with -$96.3 million, or -$0.89 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn -$0.21 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 22.0% to $375.8 million from $481.9 million last year.

Stitch Fix Inc. earnings at a glance (GAAP) :

-Earnings (Q4): -$28.7 Mln. vs. -$96.3 Mln. last year.
-EPS (Q4): -$0.24 vs. -$0.89 last year.
-Analyst Estimates: -$0.21
-Revenue (Q4): $375.8 Mln vs. $481.9 Mln last year.

-Guidance:
Next quarter revenue guidance: $355-$365 mln

U.S. Consumer Sentiment Deteriorates More Than Expected In September

Preliminary data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by more than expected in the month of September.

The report said the consumer sentiment index fell to 67.7 in September from 69.5 in August. Economists had expected the index to edge down to 69.1.

The bigger than expected drop by the headline index came as the current economic conditions index plunged to 69.8 in September from 75.7 in August.

Meanwhile, the University of Michigan said the index of consumer expectations rose to 66.3 in September from 65.5 in August.

“Sentiment this month was characterized by divergent movements across index components and across demographic groups with little net change from last month,” said Surveys of Consumers Director Joanne Hsu.

She added, “Notably, though, both short-run and long-run expectations for economic conditions improved modestly this month, though on net consumers remain relatively tentative about the trajectory of the economy.”

The report also said year-ahead inflation expectations tumbled to 3.1 percent in September from 3.5 percent in August, hitting the lowest level since March 2021.

Long-run inflation expectations also fell to 2.7 percent in September from 3.0 percent in August, falling below the narrow 2.9-3.1 percent range for only the second time in the last 26 months.

Davis Commodities Prices IPO Of About 1.09 Mln Shares At $4.00/shr

Davis Commodities Limited, an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products, said that it has priced its initial public offering of about 1.09 million ordinary shares at a public offering price of US$4.00 per ordinary share.

The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on September 19, 2023 under the ticker symbol “DTCK”, the company said.

The company expects to receive aggregate gross proceeds of US$4.35 million from the Offering, before deducting underwriting discounts and other related expenses.

In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 163,125 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about September 21, 2023.

The company said it will use proceeds from the offering for business expansion, repayment of bank borrowings with the incurred interest expenses, and working capital and general corporate matters.

Instacart Prices IPO At $30/shr, Top End Of Revised Range

The grocery delivery platform company Instacart priced its initial public offering at $30 per share, which is the top end of the revised range of $28.00 – $30.00 per share.

Maplebear Inc. d/b/a “Instacart” announced the pricing of its initial public offering of 22 million shares of its common stock, 14.10 million of which are being sold by Instacart and 7.90 million of which are being sold by certain selling stockholders, at a public offering price of $30.00 per share.

Instacart said it will not receive any proceeds from any sale of shares by the selling stockholders. In addition, Instacart has granted the underwriters a 30-day option to purchase up to an additional 3.30 million shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on September 19, 2023, under the symbol “CART.” The offering is expected to close on September 21, 2023, subject to customary closing conditions.

Last week, Instacart said it expected to price its initial public offering to be between $28.00 and $30.00 per share. Previously, the IPO price was estimated to be between $26 and $28 per share. The company was offering 14.1 million shares of common stock and the selling stockholders are offering an additional 7.9 million shares of common stock in the initial public offering of shares of common stock.

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