ALX Oncology [ALXO] - Last Close: $4.81 A clinical update is rallying shares of ALX Oncology.
This morning, the immuno-oncology company announced positive interim Phase 2 data from its ASPEN-06 clinical trial of evorpacept in advanced gastric cancers. Evorpacept is the first CD47 blocker to show activity in a global randomized study in solid tumors, and it produced a 52% response rate in the trial. ALX Oncology also said the drug's safety profile was consistent with previous clinical trials, and the drug was "well-tolerated" among patients. The company plans to kick off Phase 3 of the ASPEN-06 study in the second half of 2024. ALXO is leading the premarket with a 124.1% gain on active trading volume. My Take: ALXO has had a tough Summer, but it looks like the bottom might be in. This report could kick off a new uptrend for the stock, and its 10.0% short percentage could trigger a short squeeze. Pliant Therapeutics [PLRX] - Last Close: $16.05 Pliant Therapeutics is up in the wake of a recent drug update. Last Tuesday, the micro-cap biotech announced its bexotegrast drug candidate met its primary and secondary endpoints in a Phase 2a live fibrosis trial. The news sparked a steep rally in shares of PLRX, but the stock has been very volatile since then. After the clinical update, Needham and HC Wainwright both reiterated "buy" ratings, but there hasn't been any company-specific news since then. PLRX is up 19.3% in the premarket. My Take: PLRX investors have been on a wild ride over the past week. It looks like this stock is turning into a battleground. However, there could be more gains ahead if the bulls can come out of the struggle on top. POINT Biopharma [PNT] - Last Close: $6.69 POINT Biopharma just landed a monster buyout deal.
This morning, the tiny biotech said it agreed to be acquired by Eli Lilly [LLY] in a $1.4 billion all-cash buyout deal. POINT Bio investors will receive $12.50 in cash for each common share of PNT they own, representing a premium of 87% compared to Monday's close. Both companies' boards have approved the transaction, and they're shooting to close the deal by the end of the year. PNT is one of this morning's top movers with an 84.4% gain. My Take: As is usually the case with these moves, most of the upside is already off the table for PNT. SciSparc [SPRC] - Last Close: $3.68 SciSparc is trending after winning a new patent. The clinical-stage pharma firm said the European Patent Office granted it a new patent titled: Combinations of Cannabinoids and N-Acylethanolamines. SciSparc said the patent "aligns with the Company's objective to increase the safety of cannabinoids treatments while maintaining their therapeutic effects." In addition to the European patent, SciSparc also has been awarded patent protections in the U.S., Japan, and Australia protecting its innovative therapy. SPRC is up 38.8% on the news. My Take: SPRC was trading for $15 a share just a couple of months ago. Clearly, it's having a rough time, but there could be upside potential here. However, with a float of only $1.96 million, buckle up and prepare for volatility in this one. GainersMolekule Group [MKUL] >> +54.8%Viq Solutions [VQS] >> +52.1%Redhill ADR [RDHL] >> +19.7%AgileThought [AGIL] >> +20.9% DeclinersInterface [TILE] >> (27.9%) The Dixie [DXYN] >> (24.9%)SmileDirectClub [SDC] >> (25.3%)Zapp Electric Vehicles [ZAPP] >> (22.0%) McCormick & Company, Incorporated [MKC] ... AM
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