My Take: BBWI pulled it out in Q3, and that says a lot about the company's management. Its chart trends look pretty rough, but there could be substantial upside for the stock if it can manage to reverse course anytime soon.
Ardelyx Inc [ARDX] - Last Close: $1.22
A favorable FDA ruling is boosting shares of Ardelyx today.
The biopharma firm announced late Wednesday that the US Food & Drug Administration has recommended approval for its kidney disease drug candidate Xphozah.
Ardelyx said the FDA's Cardiovascular and Renal Drugs Advisory Committee voted 9:4 in favor of approving the drug as a standalone therapy for kidney disease patients.
The panel also voted 10:2 in favor of combining the drug with phosphate binders.
Piper Sandler upgraded its rating on ARDX to "overweight" and raised its price target from $3 to $8 in response to the blockbuster news.
ARDX is this morning's most actively traded stock, and it's currently up 64.7%.
My Take: It looks like ARDX hit a home run with Xphozah. Today's rally puts it on pace to break through a key resistance point at $1.50 per share. This could mark the beginning of a dramatic upswing for the stock, but it might be advisable to wait for a pull-back before you jump on the bandwagon.
Elevate Credit Inc [ELVT] - Last Close: $1.06
News of a buyout deal skyrocketed shares of Elevate Credit today.
The consumer finance stock announced Wednesday evening that it has entered into a definitive agreement to be acquired by Park Cities Asset Management in an all-cash deal.
Under the terms of the agreement, Park Cities will pay $1.87 per share in cash to acquire the company.
The total transaction value comes in at about $67 million.
The companies expect to close on the deal in Q1 of 2023, subject to shareholder approval and other closing conditions.
Upon closing, Elevate Credit will become a private company.
ELVT is one of this morning's top premarket performers with a 68.8% gain.
My Take: There's not a lot of upside left in this trade. Shares are currently trading for just 8 cents below the acquisition price. If you're not already in this one, it's probably best to sit it out.
Cytomx Therapeutics Inc [CTMX] - Last Close: $1.21
Cytomx Therapeutics just teamed up with a powerful new partner.
The oncology-focused biopharma stock just announced a strategic collaboration with pharma giant Regeneron for the development of bispecific cancer therapeutics.
Cytomx will receive $30 million upfront payment, plus the potential to earn up to $2 billion in additional milestone payments.
The company is also eligible to receive tiered royalties on global net sales.
News of the collaboration sent CTMX to a 25.5% gain on high trading volume in today's premarket.
My Take: This collaboration could be very promising for CTMX, and Regeneron wouldn't have made the deal if it didn't see potential in the company. Shares have been down-trending for months, but this rally could be the pivot point.
