Neoleukin Therapeutics [NLTX] - Last Close: $0.5302
Neoleukin Therapeutics is moving higher after a corporate update.
Late Wednesday, the biopharma firm said it's exploring strategic options for the company that may include a potential sale or merger.
Neoleukin said the effort is intended to maximize shareholder value in light of recent difficulties.
The company's board recently approved a workforce reduction of 70% to preserve cash, and the cuts are expected to be complete in the first half of 2023.
Also, current CEO, Jonathan Drachman, will step down after a short transition period.
Neoleukin has hired SVB Securities to assist in reviewing strategic alternatives, which may include asset sales.
The announcement is sending shares of NLTX higher. The stock is up 40.5% in the premarket.
My Take: This stock has been beaten-down, but investors are hoping the company's efforts to sniff out a sale could result in one last pay day for shareholders.
Troika Media Group [TRKA] - Last Close: $0.3426
Troika Media Group is experiencing a big rally in today's premarket.
The professional services firm is rallying in response to a bullish analyst note.
This morning, analysts at EF Hutton reiterated their "buy" rating on the stock and reaffirmed their $1.50 price target.
Earlier this week, Troika Media's first-half results sent share prices into free fall, but the stock is recapturing some loss ground today.
TRKA is up 28.1%, and it's one of this morning's most actively-traded stocks.
My Take: TRKA had a whopping 40.38% short percentage as of Feb. 15th, so there's a very good possibility this rally is the result of a short squeeze.
Biophytis [BPTS] - Last Close: $0.50
Biophytis is trending after an announcement.
The clinical-stage biotech announced it will present results from Phase 2-3 COVA study at the European Respiratory Society 2023 meeting this weekend.
The conference will be held in Estoril, Portugal, between the 9th and 12th of March 2023.
Biophytis is expected to present positive data from the study, which examined Sarconeos, or BIO101, in severe Covid-19 patients.
BPTS is one of this morning's top performers with a 42.0% gain on active trading volume.
My Take: BPTS is rallying in anticipation of a big announcement, but I wouldn't be surprised if we saw a pullback when the news finally breaks. This looks like a "buy the rumor, sell the news" situation.
