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.
