What’s moving these stocks in the pre-market hours today?
In the Green
1. Stealth BioTherapeutics Corp (MITO) is up over 10% at $1.53 in pre-market trading Thursday, following the receipt of $20 million from Morningside Ventures, under a Development Funding Agreement, to support the clinical development of Elamipretide. Enrollment in a phase IIb study of Elamipretide in geographic atrophy has been completed and preparations are underway to file the first NDA for Elamipretide or the treatment of Barth syndrome. The company is expected to receive up to an additional $15 million from Morningside Ventures upon achieving certain milestones.
2. Leap Therapeutics Inc. (LPTX) is up over 14% at $2.23 in pre-market hours today, as the company gears up to present esophagogastric cancer data for its DKN-01 monoclonal antibody at the Society of Immunotherapy of Cancer’s 35th Anniversary Annual Meeting on November 9. The company dosed the first patient in a phase IIa clinical trial of DKN-01, in combination with Tislelizumab, BeiGene’s anti-PD-1 antibody, with or without chemotherapy, in patients with gastric or gastroesophageal junction cancer as recently as September.
3. HEXO Corp. (HEXO) is up over 12% at $0.70 in pre-market trading today. On October 30, the company announced a proposed consolidation of its common shares on the basis of eight pre-consolidation shares for one post-consolidation share (8:1). The purpose of the consolidation is to increase the company’s common share price to regain compliance with the $1.00 minimum share price continued listing standard of the New York Stock Exchange. The consolidation is expected to be implemented soon after the shareholders meeting, which is slated for December 11, 2020.
4. Intec Pharma Ltd. (NTEC), a clinical-stage biopharmaceutical company, is up over 11% at $2.96 in pre-market hours Thursday on no news. A 1-for-20 reverse stock split was implemented on October 30.
In the Red
1. ARCA biopharma Inc. (ABIO) is down over 5% at $3.80 in pre-market trading Thursday on no news. The company expects to initiate a phase IIb clinical trial evaluating AB201 as a potential treatment for COVID19 this quarter, and report topline data in Q1, 2021. The company had cash and cash equivalents of $51.1 million as of September 30, 2020.
2. T2 Biosystems Inc. (TTOO) is down over 5% at $1.43 in pre-market trading Thursday, giving back some of what it gained yesterday. The stock was up more than 11% yesterday, following Q3 results. The total revenue for the third quarter of 2020 was $5.2 million, an increase of 213% compared to the prior year period.
3. Acorda Therapeutics Inc. (ACOR) is down more than 6% at $0.86 in pre-market hours today, adding to yesterday’s loss of 15%. The company reported its financial results for the third quarter ended September 30, 2020 on November 3. The total net revenue in Q3, 2020, increased to $53 million from $47.7 million in the year-ago same quarter. However, the product revenue, which comprises of Inbrija and Ampyra, were $34.6 million in Q3, 2020, down from $44.8 million in Q3, 2019.
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