Eagle Pharma Q4 Adj. Profit Rises

Eagle Pharmaceuticals, Inc. (EGRX) reported fourth quarter net income of $8.2 million, or $0.62 per share, compared to net loss of $6.2 million, or $0.48 per share, previous year. Adjusted non-GAAP net income was $14.4 million, or $1.10 per share, compared to $11.0 million, or $0.83 per share, a year ago. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.83, for the quarter. Analysts’ estimates typically exclude special items.

Total revenue was $60.7 million, compared to $42.3 million, last year. Analysts on average had estimated $64.26 million in revenue.

For 2023, the company expects adjusted EBITDA of $74.0-$80.0 million, and adjusted non-GAAP earnings per share of $4.20-$4.53.

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Pre-market Movers: PRVB, FRC, PACW, WAL, CAL…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.15 A.M. ET).

In the Green

Provention Bio, Inc. (PRVB) is up over 260% at $24.15.
Calliditas Therapeutics AB (publ) (CALT) is up over 24% at $21.20.
Clearmind Medicine Inc. (CMND) is up over 19% at $4.12.
AGBA Group Holding Limited (AGBA) is up over 19% at $2.50.
Monopar Therapeutics Inc. (MNPR) is up over 18% at $3.22.
Applied Digital Corporation (APLD) is up over 17% at $2.20.
BIT Mining Limited (BTCM) is up over 16% at $2.41.
NGL Energy Partners LP (NGL) is up over 12% at $3.87.
Harmony Gold Mining Company Limited (HMY) is up over 11% at $3.53.
Gold Fields Limited (GFI) is up over 10% at $10.46.
AngloGold Ashanti Limited (AU) is up over 9% at $19.35.
ZipRecruiter, Inc. (ZIP) is up over 9% at $16.55.

In the Red

First Republic Bank (FRC) is down over 64% at $29.30.
PacWest Bancorp (PACW) is down over 31% at $8.40.
Western Alliance Bancorporation (WAL) is down over 30% at $34.23.
Alterity Therapeutics Limited (ATHE) is down over 15% at $2.77.
Intelligent Bio Solutions Inc. (INBS) is down over 15% at $2.51.
NanoVibronix, Inc. (NAOV) is down over 11% at $3.10.
Ocean Biomedical, Inc. (OCEA) is down over 8% at $7.35.
Cazoo Group Ltd (CZOO) is down over 7% at $2.43.
The Charles Schwab Corporation (SCHW) is down over 6% at $55.00.

U.S. Factory Orders Pull Back Sharply In January

New orders for U.S. manufactured goods pulled back sharply in the month of January, according to a report released by the Commerce Department on Monday.

The Commerce Department said factory orders slumped by 1.6 percent in January after surging by a downwardly revised 1.7 percent in December.

Economists had expected factory orders to tumble by 1.8 percent compared to the 1.8 percent jump originally reported for the previous month.

The steep drop by factory orders largely reflected a substantial pullback by durable goods orders, which plunged by 4.5 percent in January after soaring by 5.1 percent in December.

Meanwhile, the report said orders for non-durable goods shot up by 1.5 percent in January after slumping by 1.7 percent in December.

The Commerce Department also shipments of manufactured goods increased by 0.7 percent in January after falling by 0.6 percent in December.

Inventories of manufactured goods were virtually unchanged in January after climbing by 0.4 percent in the previous month.

Subsequently, the report said the inventories-to-shipments ratio edged down to 1.48 in January from 1.49 in December.

Mersana Announces FDA Clinical Hold For Phase 1 Trial Of XMT-2056

Mersana Therapeutics, Inc. (MRSN) announced the Phase 1 trial of XMT-2056 has been placed on clinical hold by the FDA. This FDA action follows the company’s communication to FDA that Mersana was voluntarily suspending the trial due to a recent fatal serious adverse event that was deemed to be related to XMT-2056.

“With the clinical hold in place, our efforts for XMT-2056 are now focused on undertaking the work required to fully analyze this SAE and consider potential next steps for development,” said Anna Protopapas, CEO of Mersana Therapeutics.

Shares of Mersana Therapeutics are down 17% in pre-market trade on Monday.

For More Such Health News, visit rttnews.com.

First Republic Bank Falls On Access To Additional Liquidity Amid Contagion Risk

First Republic Bank (FRC) shares are declining more than 65 percent on Monday morning after the bank announced that it has access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase & Co. The total available, unused liquidity to fund operations is now more than $70 billion.

There have also been fears of contagion risk. The shares have been down since March 8 in view of the Silicon Valley Bank’s collapse.

Currently, shares are at $27.08, down 66.88 percent from the previous close of $81.76 on a volume of 24,721,558.

PacWest Bancorp Down 53%

PacWest Bancorp (PACW) shares are declining more than 53 percent on Monday morning in line with the general trend of the market. SVB Financial Group’s collapse and the resultant imbroglio in the banking sector in the U.S. dragged down many banking stocks.

Currently, shares are at $5.26, down 57.45 percent from $12.35 on a volume of 20,955,387.

Western Alliance Bancorp Slides 81%

Western Alliance Bancorporation (WAL) shares are falling more than 81 percent on Monday morning trade in line with the concerns about Silicon Valley Bank’s collapse leading to a banking crisis and the feared contagion.

While updating the financial information, the Western Alliance said it expects deposits to moderately decline from the current level by quarter end.

Currently, shares are at $9.10, down 81.56 percent from the previous close of $49.34 on a volume of 13,229,376.