Prevention Bio [PRVB] - Last Close: $6.70
Prevention Bio is moving higher on M&A news.
The clinical-stage biopharma firm has agreed to be acquired by Sanofi [SNY] in a $2.9 billion, all-cash deal.
Under the terms of the agreement, Prevention Bio shareholders will receive $25 for each share of common stock, marking a 273% premium from the stock's Friday closing price.
Sanofi will launch a tender offer for all outstanding shares of PRVB. If successful, one of Sanofi's wholly-owned subsidiaries will merge with Prevention Bio.
The deal is expected to close sometime in Q2.
PRVB is up 261.4% on new of the lucrative acquisition deal, making it this morning's top premarket performer.
My Take: PRVB just landed one hell of a deal for their shareholders, but there's not a lot of upside left on the table. If you're not already in this one, you're probably too late for the party.
Calliditas Therapeutics [CALT] - Last Close: $16.83
Upbeat clinical data is giving Calliditas Therapeutics a big boost today.
The clinical-stage biopharma firm announced a Phase 3 clinical trial of its Nefecon treatment for met its primary endpoint.
Nefecon produced "a highly statistically significant benefit" over placebo in estimated glomerular filtration rate in primary IgA nephropathy patients.
Researches observed the benefit across the entire study population, and the company believes the data supports a regulatory filing for full approval.
The drug was also well tolerated among patients, and its safety profile was consistent with earlier studies.
CALT is one of this morning's top stocks with a 31.3% gain.
My Take: This rally put CALT past a tough resistance level at $20 per share. If it can hold onto its gains through the close, it could find new support at this mark, and, maybe, enter into a new positive trend.
Science 37 Holdings [SNCE] - Last Close: $0.2391
Science 37 Holdings is undergoing a relief rally after an announcement.
The healthcare tech company announced earlier today that it holds less than 5% of its cash at Silicon Valley Bank.
There was some panic among SNCE shareholders after the collapse of SVB on Friday, as the market was aware Science 37 had some deposits at the bank.
However, the company clarified its position today, and noted that more than 95% of its deposits are held at other U.S. banking institution.
The company says it had approximately $108 million in cash and cash equivalents as of Dec. 31st, 2022.
SNCE is up 24.4% in the wake of its announcement.
My Take: Not much to see here. This is a mild relief rally, and the stock's chart is very ugly. I would steer clear of this one.
