Vaxcyte Inc [PCVX] - Last Close: $20.58
Vaxcyte is moving higher on upbeat drug data.
The clinical-stage biotech company's investigational 24-valent pneumococcal conjugate vaccine met primary safety and tolerability objectives in its phase 1.2 clinical proof-of-concept study.
The topline results show that VAX-24 met or exceeded regulatory immunogenicity standards for all 24 types at the conventional 2.2 microgram dose.
The company now expects to progress trails to Phase 3.
PCVX is one of this morning's top performers with a 39.4% gain.
My Take: This biotech stock had a sharp selloff last week, but it's already erased those losses with today's rally. This drug appears to be on track for an approval in the future, and this stock could be on course to set a new 52W high.
Applied Genetics Technologies Corp [AGTC] - Last Close: $0.2401
News of a buyout deal is rocketing shares of Applied Genetics Technologies.
The micro-cap biotech firm announced today that it had agreed to be acquired through a tender offer for approximately $25.3 million with a new portfolio company of Syncona Limited.
Under the terms of the deal, shareholders will receive $0.34 per share in exchange for their shares of AGTC common stock, representing a 42% premium to its Friday closing price.
Shareholders will also be eligible for payments of up to $50 million depending on the outcome of certain clinical and commercial milestones.
If the milestones are achieved, they could bring the aggregate price up to $1.07 per share.
Upon closing, AGTC will become a privately-held company with no public listings.
AGTC is today's top premarket mover with a 62.4% gain on active trading volume.
My Take: Share prices have already rallied well past the $0.34 per share acquisition price, so it looks like the market is betting on those $50 million worth of milestone payments to kick in. If they're right, there could still be upside in this trade, but it could take a while for it to all shake out.
ASAP, Inc [WTRH] - Last Close: $0.1413
ASAP, Inc is pushing higher on a new launch.
On Friday, the delivery company, formerly known as Waitr Holdings, officially launched its services in a key US market, New York City.
ASAP.com announced the launch of home and office delivery services in NYC on Friday, and key executives say its only the beginning of a key push into the Tri-State area.
In addition to food delivery, ASAP.com offers delivery of a wide variety of items, utilizing its âdeliver anything ASAPâ model.
Products available for delivery include alcohol, grocery, convenience, and retail.
WTRH barely moved on Friday when the news broke, but it's up 23.8% on high trading volume in today's premarket.
My Take: This stock has been trying to push higher over the last week, but delivery is a tough business. In NYC, they say, "if you can make it here, you can make it anywhere." If this company can make it in the Big Apple, it could have a lot of growth in its future.
Mullen Automotive [MULN] - Last Close: $0.3761
A key weekend announcement is boosting shares of MULN.
The EV manufacture announced this weekend that it had snagged former GM executive John Schwegman to oversee EV growth at the company.
Schwegman previously spent 35 years at General Motors [GM], where he oversaw growth of commercial product lines and developed Chevy's EV prioritization, among other duties.
Mullen says the new executive's primary focus will be growth strategy for Mullen's commercial EV line up, including Class 1 through Class 6 light- and medium-duty trucks.
MULN is one of the most actively-traded stocks in the premarket, and it's showing a 14.5% gain.
My Take: MULN could be gearing up for a big push higher. The stock saw huge gains last week, and it has officially broken above a key resistance level at around $0.35 per share. EV stocks are hot, and this one could be worth watching.
