First Republic Bank [FRC] - Last Close: $12.18
First Republic is rebounding on reports of a potential rescue.
As we covered earlier in this report, a consortium of bank CEOs led by JPMorgan Chase's Jamie Dimon is putting together another rescue package.
So far, First Republic has already suspended its dividend and received $30 billion in big bank deposits in efforts to shore up its balance sheet.
Early reports say the big banks are focusing on arranging an investment that would boost First Republic's capital.
FRC is this morning's most actively-traded S&P 500 stock, and it's leading the index with a 13.9% premarket gain
My Take: I don't think the wild ride is over yet for FRC shareholders. If you can time the market right, there could be numerous opportunities for short-term gains in the coming days and weeks.
Selecta Bioscience [SELB] - Last Close: $1.28
Upbeat clinical results are boosting shares of Selecta Bio.
The biotech firm and its clinical partner, Swedish Orphan Biovitrum, announced today that a Phase 3 trial of SEL-212 met its primary endpoint.
SEL-212 produced a 56% response rate in patients with chronic refractory gout receiving monthly doses of 0.15 mg/kg.
The pharma firms also said both a global and a US study showed "statistically significant higher response rate" to SEL-212.
The drug also produced a favorable safety profile and was well-tolerated among both doses in the trial.
Regulatory submission is expected to occur in the first half of 2024, according to the companies' joint statement.
SELB is on of today's most active stocks with a 23.4% gain on the news.
My Take: There could be more catalysts ahead for this tiny biotech stock, so it could be worth watching.
Cerebus Cyber Sentinel Corp [CISO] - Last Close: $0.23
Cerebus Cyber is skyrocketing after a preliminary financial report.
After Monday's closing bell, the cybersecurity firm release preliminary estimated financial information for Q4 and full-year 2022.
The unaudited estimates showed Q4 revenues jumped 150% compared to a year earlier, and full-year revenues jumped 207% from the previous year.
Cerebus' operating loss is also expected to decrease by 71% in Q4, and its full-year loss improved by 17%.
CEO David Jemmet said it was the company's "highest quarterly revenue ever," and it marked "seven consecutive quarters of record revenues" for the firm.
CISO is up 187.3% on the heels of the bullish financial results, and it's this morning's most actively-traded stock.
My Take: This stock's small float could be throwing fuel on this fire. CISO's results certainly showed impressive growth rates, but I think this rally might be a tad overdone. Watch for a potential pullback at some point this week.
Mereo Biopharma Group [MREO] - Last Close: $0.74
Mereo Biopharma just announced a path forward for a key drug candidate.
The biopharma firm said it has received regulatory feedback from the US FDA and European Medicines Agency in recent end-of-Phase 2 meetings.
The meetings related to Mereo's alvelestat program for the treatment of alpha-1-antitrypsin deficiency-associated lung disease, or AATD-LD.
Based on recommendations from regulators, the company is designing a Phase 3 study evaluating a 240mg dose of alvelestat versus placebo.
The Phase 3 trial will have two independent primary endpoints, and the clinical data will support full marketing approvals in the U.S. and E.U.
Mereo also noted that it is exploring potential partnerships fund the Phase 3 study.
News of the drug's progress lifted MREO to a 20.7% gain in today's premarket, making
My Take: There could be potential for additional catalysts and upside in MREO due to the lingering uncertainties surrounding alvelstat's development and funding.
