| WestRock [WRK] - Last Close: $34.06 A merger deal is lifting shares of WestRock. The corrugated packaging company has agreed to a merger with Smurfit Kappa Group that will create a new combined company called Smurfit WestRock. Under the terms of the deal, WRK shareholders will receive one share of the newly-combined company, plus $5 in cash. The deal represents a 27.7% premium compared to WRK's Monday closing price. Both companies' boards have approved the deal, and the transaction is expected to close in Q2, 2024. WRK is the top S&P 500 mover in today's premarket with a 5.9% gain. My Take: WRK has performed well this year, and this deal looks like a winner for both companies. It's also on course to break above a key resistance point at $35. MoonLake Immunotherapeutics [MLTX] - Last Close: $52.62 A bullish analyst note is boosting MoonLake Immunotherapeutics. HC Wainwright & Co published a note this morning reiterating its "buy" rating on the stock and maintaining its $75 price target. Just a day earlier, Refinitiv/Verus upgraded the stock from "hold" to "buy." MoonLack also filed a Form EFFECT today that signaled the start of a previously-announced offering of $1 billion worth of its ordinary shares. MLTX is up 19.2% in early trading, making it one of the morning's top stocks. My Take: There's a lot going on here, so it's hard to point to one definitive reason for this move. MLTX also has a 14.6% short ratio, which could partially explain the seemingly exaggerated rally. Ascent Solar [ASTI] - Last Close: $8.52 Ascent Solar is gaining after an announcement. This morning, Ascent said its CIGS solar technology had achieved a new benchmark in cell production efficiency. Ascent says its tech is now capable of producing a 15.5% cell production efficiency rate, well ahead of the 10.8 standard measured in 2012. The solar company also implemented a 1-for-200 reverse stock split today to maintain compliance with Nasdaq's minimum-bid price requirement. Split-adjusted shares of ASTI are currently up 31.8% in premarket trading. My Take: Reverse splits typically have a negative impact on share prices, but ASTI made a slick move by announcing some good news to offset the impact of the split. Avalo Therapeutics [AVTX] - Last Close: $0.0849 Avalo Therapeutics just landed a major sale. This morning, the micro-float biotech said it agreed to sell AVTX-801, AVTX-802, and AVTX-803 to Aug Therapeutics for an upfront payment of $150,000. The deal also includes contingent milestone payments of $15 million for each drug if the FDA approves them without a Rare Pediatric Disease designation. AUG will also assume up to $150,000 in liabilities incurred prior to the deal and assume all costs relating to the series starting with the agreement date. AVTX is this morning's top premarket mover with a 34.7% gain. My Take: AVTX's chart is pretty rough. I'm not sure how much longer such a tiny biotech can hang on without a drug approval or a buyout. It looks like a long shot. GainersRail Vision Unit [RVSN] >> +12.1%Vivani Medical [VANI] >> +22.1%Moleculin Biotech [MBRX] >> +19.7%Fusion Pharma [FUSN] >> +18.5%DeclinersACELYRIN [SLRN] >> (56.9%) Datasea [DTSS] >> (33.5%)Sight Sciences [SGHT] >> (30.8%)Orthofix [OFIX] >> (18.2%) Vince Holding Corp. [VNCE] ... AM
Altamira Therapeutics Ltd. [CYTO] ... AM
Innovage Holding Corp. [INNV] ... PM
Evolution Petroleum Corporation, Inc. [EPM] ... PM
Lesaka Technologies, Inc. [LSAK] ... PM
Edgio, Inc. [EGIO] ... PM
Mama'S Creations, Inc. [MAMA] ... PM
Farmer Brothers Company [FARM] ... PM None scheduled |
