Nike [NKE] - Last Close: $103.21
Nike is moving higher on strong quarterly results.
The sportswear company reported better-than-expected fiscal Q2 results this morning and raised its full-year outlook.
Nike reported diluted EPS of $0.85 for the quarter, easily beating the consensus of $0.64.
Revenues came in at $13.32 billion and also beat analysts' $12.57 billion target by a wide margin.
The company also hiked its full-year outlook in response to the strong quarter, prompting a slew of price target increases from several analysts.
NKE is leading the S&P 500 with an 11.4% premarket gain on active volume.
My Take: It seems like NKE always manages to outperform expectations. This is a high-quality company with a second-to-none management team.
ADC Therapeutics SA [ADCT] - Last Close: $3.18
News of a key drug approval is lifting shares of ADC Therapeutics.
The commercial-stage biotech said it received conditional marketing approval from the European Commission for Zynlonta to treat certain types of lymphoma.
According to the early morning press release, the regulatory approval triggers a $50 million milestone payment from Swedish Orphan Biovitrum to ADC.
The companies have an exclusive license agreement under which Swedish Orphan will develop & commercialize Zynlonta in Europe and other countries.
The approval came after a Phase 2 study and a positive opinion by the Europe's Committee for Medicinal Products for Human Use in September.
ADCT is up 22.0% on news of the $50 million cash windfall, and it's trading actively in the premarket.
My Take: This stock has had a rough run as of late, so this little pop is a nice respite for shareholders. However, it's unclear if this will be a turning point for ADCT or just a flash in the pan.
InflaRX [IFRX] - Last Close: $2.11
Shares of InlfaRX are running hot after an early morning press release.
The clinical-stage biotech firm announced amendments to a pre-existing co-development agreement with Staidson BioPharmaceuticals Co.
InflaRX said the companies amended their agreement regarding BDB-001 to support Staidson in its efforts to gain regulatory approval for the drug in China.
Under the amended terms, InflaRX will receive royalties totaling 10% of net sales of BDB-001 for the treatment of COVID-19 in China.
In exchange, the company will grant Staidson an exclusive license for the use of certain clinical, manufacturing, and regulatory documentation to support its regulatory filing for BDB-001.
Staidson will also make an additional $2.5 million investment in InflaRX at a price of $5 per share, and InflaRX has an option to request an additional investment of $7.5 million down the road.
IFRX is a top premarket performer with a 27.0% gain.
My Take: This deal sounds like a big win for IFRX, and today's rally could help the stock break out of the narrow trading range it has been locked in since August.
Venus Concept [VERO] - Last Close: $0.2520
Vero Concept is getting a premarket boost after a key regulatory approval.
The MedTech company received 510(k) clearance from the US FDA to market its AI.ME robotic technology for fractional skin resurfacing.
Venus says the first-of-its-kind robotics platform gives physicians a minimally-invasive treatment option where fractional skin resurfacing is required.
CEO Rajiv De Silva said, "This 510(k) clearance brings us one step closer to our goal of commercializing AI.ME in the U.S."
News of the milestone catapulted VERO to a 70.6% premarket gain, making it one of this morning's top performers.
My Take: VERO has shown some signs of life over the past week, and this report could help it keep the momentum going. This is a long-shot stock, but it could deliver if the company can continue to execute.
