Abiomed Inc [ABMD] - Last Close: $252.08
Abiomed is exploding on news of a buyout.
The medical technology company announced this morning that it has agreed to be acquired by Johnson & Johnson in a $16.6 billion all-cash deal.
Shareholders will receive an upfront payment of $380 per share, representing a 50.7% premium to ABMD's previous closing price.
The deal also includes a $35 per share contingent that will pay out on the achievement of certain commercial and clinical milestones.
J&J believes the deal will help it shore up its position as a cardiovascular innovator.
ABMD is this morning's top S&P 500 stocks with a gain of 51.8% on active trading volume.
My Take: ABMD has already closed the gap between its Monday closing price and the proposed acquisition price, so there's not a lot of upside left here.
Unity Biotechnology Inc [UBX] - Last Close: $2.86
Unity Bio is heating up after a strong clinical data release.
The biotech firm released 24-week data from a Phase 2 BEHOLD study of UBX1325 in patients with diabetic macular edema.
The study showed a single injection of UBX1325 led to "statistically significant and clinically relevant" improvement in compared to a sham treatment.
âIt is remarkable to see such clinically meaningful and sustained improvements in vision...â said Anirvan Ghosh, Ph.D., CEO of UNITY.
Unity will host a conference call with a retinal expert at 8:00 a.m. ET today.
UBX is one of today's top performers with a 16.0% gain on the news.
My Take: This stock is coming off a 52-week low, but there's a chance this story could break it out of its funk. It has an elevated short ratio of 8.18%, but it could be an interesting swing trade candidate.
SoFi Technologies Inc [SOFI] - Last Close: $5.44
SoFi Technologies is rallying on earnings results.
The FinTech stock released its Q3 results today and delivered above expectations.
SoFi reported a Q3 loss of $(0.09) per share and beat the Street's estimate of a $(0.10) per share loss.
Revenues of $419.26 million also beat analysts' target of $392.76 million and marked a growth rate of $277.19 million over last year.
SOFI is trading actively with a 12.5% gain on active trading volume.
My Take: SOFI's short ratio is 12.51%, so there could be trouble in this stock. However, today's strong numbers show they're doing something right. Shares are down big over the past 12 months, but there could be solid upside if SOFI can get its groove back.
Cardio Diagnostics Holdings Inc [CDIO] - Last Close: $2.84
Cardio Diagnostics is rebounding from a run of steep losses.
The MedTech stock has struggled since completing its business combination with Mana Capital Acquisition Corp, SPAC, but the slide may be bottoming out.
CDIO slid to a 10.4% loss on Monday, but shares reversed course after the company released its Form 8-K in the after-hours.
The stock continued to heat up through the premarket, and it's currently one of this morning's top performers.
CDIO up 17.9% ahead of today's opening bell.
My Take: CDIO has gotten killed since making its public market debut, but this rally could help it pivot to an up-trend. This could be a swing trade opportunity if the stock can maintain its momentum.
