STOCKS TELEGRAPH

Author: ST Staff

  • What Caused The PLAG Stock To Drop In Extended Trading?

    What Caused The PLAG Stock To Drop In Extended Trading?

    The stock price of Planet Green Holdings Corp. (PLAG) has dropped on the charts yesterday, trading at $1.40 at last check after hours after falling by 7.89%. As of Thursday’s close of regular trading, shares of Planet Green were down -0.65% at $1.52. PLAG traded 68692 shares, which is below its average volume over the past three months of 241.21K shares. PLAG stock fluctuated between $1.51 and $1.57 in the regular trading session.

    A -0.88 earnings-per-share ratio was reported for PLAG. In the previous five sessions, PLAG stock lost -1.94%, and over the past month, it lost -11.37%, but on a year-to-date basis its value dropped by -31.84%. The 50-day moving average for PLAG of $1.6243 is lower than its 200-day moving average of $2.1184. Furthermore, the PLAG stock currently has a RSI of 40.12. Following a share exchange agreement, the price of PLAG stock dropped.

    What agreement has PLAG made?

    In China, Planet Green manufactures, produces, and distributes Cyan brick, black, and green tea through subsidiaries. Aside from formaldehyde, urea formaldehyde adhesive, methylal, ethanol fuel, fuel additives, and clean fuel, PLAG engages in research, development, manufacture, and sale of chemical products. PLAG also operates a demand-side platform, allowing buyers of digital advertising inventory to manage a variety of ad exchanges and data transfers by logging into one interface in North America and China.

    A Share Exchange Agreement was entered into between Planet Green and Anhui Ansheng Petrochemical Equipment Co., Ltd. (“Target”) and each shareholder of the Target.

    • PLAG is supposed to acquire 66% of the Target’s outstanding equity interests under the Share Exchange Agreement.
    • PLAG’s Target company invests, researches, develops, and manufactures explosive-proof skid-mounted refueling equipment, LNG cryogenic equipment, and SF double deck oil storage tanks, all of which are sold in China.
    • The Share Exchange Agreement between PLAG and Target company provides for the issuance of 4,800,000 shares of common stock of PLAG in exchange for the transfer of 66% of the equity interest of Target company.
    • As part of the normal closing conditions associated with transactions of this nature, PLAG expects the transaction to close smoothly.

    PLAG’s previous similar move:

    Earlier this year, Planet Green entered into a Share Purchase Agreement with three investors. According to the agreement, PLAG has received gross proceeds totaling $7,600,000. A total of 4,000,000 PLAG common shares were issued in exchange for the funds so raised.

    This transaction has resulted in a price per share of Planet Green (PLAG) of approximately $1.90. A customary closing condition for a similar transaction applied to that transaction as well.

  • What Was The Reason Behind CRVS Stock Falling 10% After-market?

    What Was The Reason Behind CRVS Stock Falling 10% After-market?

    In Thursday’s after-hours session, shares of Corvus Pharmaceuticals Inc. (CRVS) have fallen -10.73% to $2.08. Corvus stock declined -1.69% last session to finish at $2.33. In the last session, CRVS stock traded 0.45 million shares, exceeding the average daily trading volume of 0.24 million shares for the last 50 days.

    In the last five days, the shares of CRVS stock have lost -6.43%; over the past month, however, they have dropped -14.96%. In the last three months, CRVS has shed 16.19% of its value, and so far this year, it has lost 41.46 percent. The CRVS stock dropped after the company announced it was discontinuing its Phase 3 trial.

    The CRVS study was for what?

    Corvus Pharmaceuticals is a company developing biopharmaceuticals at the clinical stage. The lead product candidate at CRIVS is mupadolimab (CPI-006), a monoclonal antibody directed against CD73 that interferes with immune cell function in preclinical studies. A second clinical program of CRVS, CPI-818, is a small molecule drug being studied that selectively inhibits ITK throughout the preclinical studies. It is in a Phase 1/1b clinical trial at multiple centers in multiple types of T-cell lymphomas. As part of the CRVS clinical program, ciforadenant (CPI-444) is being tried, which is a small-molecule oral inhibitor of the A2A receptor.

    As a result of decreased hospitalizations and serious infections resulting from COVID-19 vaccine, Corvus Pharmaceuticals discontinued its Phase 3 study of mupadolimab for COVID-19.

    • It was reported by CRVS that the discontinuation had nothing to do with safety or efficacy issues observed in study patients.
    • In addition to developing mupadolimab in oncology, CRVS is currently studying the compound in a Phase 1/1b clinical trial.
    • CRVS is evaluating mupadolimab for the treatment of a patient population targeted by COVID-19 phase 3 study, in which it has confirmed COVID-19 vaccines are highly effective in preventing serious disease and hospitalizations.
    • Mupadolimab is now prioritised by CRVS in oncology and the institution is intensifying its cancer care programs.

    CRVS’ preliminary financial results:

    CRVS also announced its preliminary financial results, derived from the Company’s current expectations and may be adjusted after the company completes its customary quarter-end closing procedures and further reviews the company’s financial reporting.

    • CRVS had approximately $66.5 million in cash, cash equivalents, and marketable securities as of June 30, 2021.
    • As of December 31, 2020, cash, cash equivalents, and marketable securities totaled $44.3 million.
    • As of June 30, 2021, CRVS had raised approximately $43.8 million in net proceeds from its underwritten offering and at-the-market equity offerings.
    • Corvus (CRVS) now expects to use between $35 million and $37 million of net cash in operating activities for the full year 2021 as a result of discontinuing the mupadolimab Phase 3 study in COVID-19.

  • Sonoma Pharmaceuticals, Inc. (SNOA) Stock Drops Significantly Despite Promising Financial Reports for Fiscal Q4 2021

    Sonoma Pharmaceuticals, Inc. (SNOA) stock prices were down 18.88% some time after market trading commenced on July 15th, 2021, bringing the price per share down to USD$6.23 early on in the trading day.

    Partnership with EMC Pharma

    March 26th, 2021 saw the company report having entered into a new partnership with EMC Pharma in light of it having gained exclusive rights for the U.S commercialization of prescription dermatology and prescription eye care products. The pharmaceutical company was also granted non-exclusive rights to sell their wound care products into government channels. The initial term of the agreement is subject to minimum purchases and is set for five years, with the option to renew.

    Network of Partnerships

    September 2020 saw the company launch two new products, Nasocyn Nasal Care and Oracyn Oral Care in collaboration with its partner, Te Arai Biofarma Ltd. December 2020 saw the company partner up with Gabriel Science, LLC in order to penetrate the dental markets in the U.S with their HOCI product. January 2021 saw the company receive clearances in Thailand, after which the sales of Dermodacyn disinfectant commenced in Hong Kong and Thailand, through its partner, VetSynova Co. Ltd.

    Total Revenues

    Total Revenues for the quarter ended March 31st, 2021 came in at USD$2.2 million, down by USD$2.1 million as compared to the same time period of the prior year. The 50% reduction was largely driven by the USD$1.6 million decline in the U.S, which, in turn, was motivated by the decline of the company’s dermatology business. The dermatology business has since been partnered with EMC Pharma, LLC. Further compounding the year-over-year difference was USD$800,000 in revenue adjustments in relation to the overestimation of revenue in the prior-year quarter, having been determined using a look-back analysis.

    Invekra Contract

    As a result of the Invekra contract having concluded in October of 2020 resulted in a USD$0.7 million reduction in revenues generated from Latin America sales, further contributing to the yearly difference in total revenue. As per the contract, SNOA the company manufactured at low margins for Invekra. Since the conclusion of the contract, manufacturing has continued at reduced quantities but higher margins.

    Future Outlook for SNOA

    Armed with a network of partnerships secured over the past few quarters, SNOA is poised to capitalize on the chances afforded to it. The company is keen to continue its trajectory of success as it pushes for the consolidation and expansion of its market footprint around the globe. Current and potential investors are hopeful that management will be able to usher in sustained and significant increases in shareholder value.

  • Magyar Bancorp, Inc. (MGYR) Stock Continues Downward Trend Following Completion of Conversion of MHC

    Magyar Bancorp, Inc. (MGYR) stock prices were down 5.00% shortly after market trading commenced on July 15th 2021, bringing the price per share down to USD$10.96 early on in the trading day.

    Conversion of MHC

    July 14th 2021 saw the company announce the completion of the conversion of MHC from the mutual holding company to the stock holding company form of organization, with the company having completed its related stock offering. Upon the closing of the conversion, the company ceased to exist, effective from the conversion onwards. July 12th 2021 saw the company announce the results of its stock offering, with 7,098,070 shares of the company’s common stock outstanding as a result of the conversion, excluding the consideration of fractional shares.

    Net Income Reports

    Net income for the quarter ended March 31st 2021 was up 394% as compared to the prior-year quarter. Q2 of fiscal 2021 reported net income in the amount of USD$1.506 million, up from the USD$305,000 reported for the second quarter of the fiscal year 2020. Net income for the six-month period ended March 31st, 2021 was up to USD$2.843 million, as compared to the USD$858,000 reported for the same six-month period over the prior year.

    Contextualizing Income Improvements

    The benefits of the Paycheck Protection Program in conjunction with the company’s effective management of its balance sheet resulted in a 31 basis point year-over-year increase in net interest margin, despite historically low-interest rates. The 394% increase was driven, in part, by fees recognized by MGYR from its participation in the Paycheck Protection Program, as well as its role in the recently concluded Middlesex County Small Business Relief Grant.

    Maintaining Momentum

    In accordance with the company’s strong earnings growth, the company’s book value is up 7% as of the end of Q2 of fiscal 2021, as compared to the prior-year quarter. The company expects to see a continuation of its positive earnings momentum through the year as its income is augmented a second round of the PPP, in addition to additional non-interest income opportunities through the sales of guaranteed portions of SBA loans.

    Future Outlook for MGYR

    With the completion of the recent conversion of MHC, MGYR is poised to capitalize on the expanded scope of growth afforded to it as a result. The company is keen to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value with the effective leveraging of its resources.

  • IMV, Inc. (IMV) Stock Plummets Following Announcement of Pricing of its Registered Public Offering

    IMV, Inc. (IMV) stock prices were down by 24.52% shortly after market trading commenced on July 15th, 2021, bringing the price per share down to USD$1.57 early on in the trading day.

    Public Offering

    July 15th, 2021 saw the company announce the pricing of its underwritten public offering, wherein the company would oversee the sale of 14,285,714 units to the public. Each unit will be priced at USD$1.75 per unit, with the offering expected to generate gross proceeds in the amount of roughly USD$25 million, before the deduction of expenses related to the offering. The capital generated is exclusive of ay proceeds expected from the exercising of underlying warrants.

    Details of the Offering

    Each unit will be comprised of a single common share and three quarter of one common share purchase warrant. Each warrant will allow its bearer to purchase one common share at a price of USD$2.10 per common shares, with an expiry date of 60 months following the closing date of the offering. Given the satisfaction of customary closing conditions, the offering is expected to close around July 20th, 2021.

    Allocation of Capital

    The company plans to use the net proceeds from the offering for the continued clinical development of maveropepimut-S in diffuse large B cell lymphoma, breast cancer, ovarian cancer, bladder cancer, and microsatellite instability high. The funds will also be allocated towards the start of the clinical development of a new product, DPC-SurMAGE, in bladder cancer, as well as the continued development of the company’s proprietary drug delivery platform (DPX).

    Solid Liquidity Position

    IMV reported a solid liquidity position of USD$30.5 million in cash and cash equivalents as of March 31st, 2021, in addition to having access to working capital in the amount of USD$31.6 million. This is up from the USD$26.3 million in cash and cash equivalents, and USD$25.6 million in working capital as of December 31st, 2020. As per its existing plan of operations, and discounting the USD$47.7 million remaining under its USD$50 million ATM facility executed in October 2020. The company expects its funds to see its operations through to Q1 2022.

    Future Outlook for IMV

    Armed with the influx of capital from its offering further consolidating an already strong liquidity position, IMV is poised to capitalize on the opportunities afforded to it. The company is keen to leverage its extensive resources to push for a continued trajectory of success. Investors are hopeful that the management will be able to facilitate significant and sustained increases in shareholder value.

  • AMC Entertainment Holdings, Inc. (AMC) Stock Rebounds from Four Consecutive Days of Downward Spiral

    AMC Entertainment Holdings, Inc. (AMC) stock prices were up 9.72% shortly after the trading day commenced on July 15th 2021, signaling a recovery from a steep decline over the past few days. The stock currently sits at a price of USD$36.68.

    AMC Stock Price Fluctuations

    AMC Entertainment share prices were down significantly on Wednesday, July 14th, 2021, trading below half of its recent peak prices, putting retail investors to the test. July 15th, 2021 saw the stock recover from four straight days of losses, having closed at USD$33.43 before the resurgence. This represents a 54% decrease from its all-time high of USD$72.62, which it hit in early June of 2021. The stock fell to USD$33.25 in the past several weeks, its lowest point since June 1st, 2021.

    Meme Stock Phenomenon

    AMC has been at the focal point of the recent meme stock phenomenon that has been proliferating the markets as of late, marking the rise of the retail investor as bearish hedge funds bear the brunt of the movement. Its status as a meme stock has seen the stock sit at a price 1476% higher than its price from a year ago. Shareholders are concerned that the dip in performance would start a snowball effect as investors lose confidence and jump ship, fearful of further losses.

    Post-Pandemic Economy

    The decline in AMC equity value came in spite of a strong weekend at the box office, when Walt Disney Co. and Marvel’s collaborative superhero adventure movie, Black Widow, garnered USD$80 million in what has been the biggest opening weekend for a movie since the onset of the global coronavirus pandemic. Disney generated an additional USD$60 million globally from direct-to-consumer sales via its streaming service, which has become a major competitor for movie theaters.

    Expected Financials

    The company expects to report USD$3.16 in adjusted loss per share on revenue of USD$2.41 billion. As of the close of the trading day on July 13th, 2021, 16% of the companies shares were sold short, coming out to a total of 78 million shares. This is comparable to the 75 million shares sold short as of June 30th, 2021.

    Future Outlook for AMC

    Armed with the recent recovery of its stock value, AMC is poised to capitalize on the resurgence of the momentum that has carried the company through a stellar and fortuitous year. The company is keen to leverage its resources to drive in sustained and organic growth as the culmination of the global pandemic looms closer. Investors are hopeful for significant and sustained increases in shareholder value over the long term.

  • Why Is Ocugen (OCGN) Stock Increasing Today?

    The shares of Ocugen Inc. (OCGN) are up 3.58% to $6.67 in early trading this morning. The Ocugen stock was down by -4.17% to $6.44 at the end of the last trading session. There were 13.28 million shares traded in OCGN stock yesterday. That was below the volume of 44.31 million shares in a daily average for the past 50 days.

    OCGN stock has declined 10.06 percent in the last five days; however, it has gained 5.06% over the past month. Over the last three months, the stock price of OCGN has shed -6.67% and is up 251.91% so far this year. In response to a submission to the Canadian health authority, OCGN stock is rising.

    What OCGN has been submitting?

    As a biopharmaceutical company, Ocugen aims to discover, develop, and commercialize gene therapies for blindness diseases and to develop a vaccine against COVID-19. OCGN’s breakthrough platform for gene therapy, which treats multiple retinal diseases with one drug, has the potential to treat multiple diseases with the same drug.

    With OCGN’s novel biologic product candidate, patients with diseases like wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy will be able to receive better treatment options. Bharat Biotech’s COVAXIN, a vaccine candidate for COVID-19, is being co-developed by OCGN in the United States and Canada.

    A rolling submission for COVAXIN has been made to Health Canada by Ocugen, announced the company in a press release today. Following the publication of results from Bharat Biotech’s Phase 3 clinical trial, which showed efficacy and safety in nearly 25,800 adults, OCGN intends to make this move.

    The Minister of Health recommended and accepted the rolling submission process relating to the importation, sale and advertising of drugs for use with COVID-19 and transitioned to the New Drug Submission for COVID-19, which will allow companies to submit safety and efficacy information as it becomes available. Often referred to as rolling reviews, this allows Health Canada to begin its review immediately as new information becomes available, allowing the overall review process to move faster.

    How OCGN will proceed?

    In the rolling submission, Ocugen (OCGN) is represented by its affiliate, Vaccigen, Ltd. OCGN must submit evidence that supports the safety, effectiveness, and quality of their product to Health Canada for review. OCGN will work with Health Canada to bring another safe and effective option for the fight against COVID-19 and its Delta variant, and will be supporting Health Canada for their upcoming review of COVAXIN.

  • What Lead The NLSP Stock To Rise 13% Premarket?

    The shares of NLS Pharmaceutics AG (NLSP) rose 12.62 percent to $3.39 in pre-market trading. Last session, NLSP stock closed at $3.01, down -2.59% or $0.08. Over the course of the day, NLSP’s shares fluctuated between $2.99 and $3.1083 each. The trading volume of NLSP stock was 80530 shares, lower than its average daily volume of 233K over the past 50 days.  In response to the approval of its application by the drug authorities, NLSP stock is rising.

    Which NLSP application has been accepted?

    The Swiss biopharmaceutical company, NLS Pharmaceutics, is leading the development and repurposing of therapeutic product candidates for the treatment of rare and complex central nervous system disorders with experience in developing and repurposing drugs. A lead narcolepsy product candidate being developed by NLSP, Quilience, will be an extended-release formulation of mazindol (mazindol ER).

    NLSP conducted a phase 2 study in the US to evaluate the effects of Nolazol, a mazindol-based drug candidate that is designed to treat ADHD in adults. All primary and secondary endpoints of NLSP’s study were met, and the drug was well tolerated. For the treatment of narcolepsy, NLSP’s Quilience has been designated an orphan drug in both the US and Europe.

    In a press release today, NLSP announced that the U.S. Food and Drug Administration (FDA) has accepted its Investigational New Drug application (IND) for Quilience.

    • Due to an open IND, NLSP will be able to evaluate the safety and effectiveness of Quilience in narcolepsy patients in Phase 2a clinical trials.
    • Study enrolling 60 patients and scheduled for August 2021 in both North America and Europe is NLSP’s proposed multi-center study.
    • As measured by the Epworth Sleepiness Scale (ESS), the primary endpoint is the change from baseline in excessive daytime sleepiness (EDS).
    • NLSP’s study includes a secondary endpoint that measures how often patients with cataplexy attacks change from baseline.
    • In order to bring this treatment option as soon as possible to patients suffering from narcolepsy, NLSP plans to commence its Phase 2a clinical trial for Quilience next month.

    NLSP CEO will discuss business overview today:

    NLSP’s Chief Executive Officer and Co-Founder, Alex Zwyer, will be attending a health conference to speak on the company’s corporate overview today.

    The CEO of NLSP will present at the First Annual Access to Giving Virtual Investor Conference, which began on July 13 and ends today, July 15, 2021. A keynote address will be delivered by Mr. Zwyer today at 9:00 ET.  The presentation will be followed by a Q&A session with the NLSP.

  • Camber Energy Inc. (CEI) stock surged in the premarket trading session; find out

    In the pre-market trading session at last check, Camber Energy Inc. (CEI stock) shares surged by 1.34% to trade at the price of $0.55. CEI stock previously closed the session on Thursday with a gain of 0.75% to $0.55. The CEI stock volume traded 93.9 million shares, while the average daily volume for the past 50 days is 12.57 million shares. In the past year up to date, CEI stockhas dropped by -40.89% and in the past week, they moved down by -4.71%. In the past three and six months, the CEI stock has shed -31.26%, and -51.94%. Furthermore, the company is currently valued at $31.10 million and has outstanding shares of 58.46 million.

    About Camber Energy Inc.

    Camber Energy Inc. is an Exploration and Production company for Oil & Gas sector and is specifically an independent oil and natural gas company. The company mainly focuses on the acquisition and development, the production and selling of natural gas and crude oil. Furthermore, the company works in the exploration and production of natural gas liquids (NGL) in Classcock County, Texas, in the field of Cline shale as well as upper Wolfberry shale. The company has a majority-owned subsidiary Viking Energy Group Inc. and has shares in oil and natural gas assets for the regions of the mid-continent and Gulf Coast.As of March 31, 2020, its all-out assessed stores were 133,442 million barrels of oil identical involving 54,850 barrels of raw petroleum holds, 43,955 barrels of NGL saves, and 207,823 million cubic feet of flammable gas saves. The organization was some time ago known as Lucas Energy Inc. what’s more, changed its name to Camber Energy, Inc. in January 2017. Camber Energy, Inc. was joined in 2003 and is situated in Houston, Texas.

    Camber Inc. has a new institutional investor!

    Camber Inc. has changed its Fiscal year end however its majority-owned subsidiary Viking Energy Group Inc. has posted Q1 results which have shown promising performance. Energy E&P companies search and get a lot of investors pouring capital into them for their lucrative projects in hopes to churn out huge profits. Similarly CEI stock has announced that it has found such an investor in the form of an institutional kind. The institutional investor has agreed to close a deal of an equity transaction $15,000,000. These funds are intended by the company to be used for corporate business transactions, working capital, and other purposes.

    The company has also successfully executed an extension of the maturity date of existing promissory notes that were scheduled for December 2022 on 11th to January 2024 on 1st. CEI stock incorporated a new feature – a conversion feature for the promissory notes that will allow the holders to transition all of their portions (or some) of the principal amount towards shares of common stock of the company. These conversions will take place at a fixed conversion price of $1.25 per share that gives an equivalency of 117% approximately compared to a closing price of July 9, 2021.

  • What Is Driving The ARTL Stock Higher In Pre-Trades?

    As of the last check on Thursday, the stock of Artelo Biosciences Inc. (ARTL) was up by 1.92% at $1.06 in the premarket session. Artelo shares dropped -2.80% to $1.04 at the close of the last session. Shares of ARTL ranged in price from $0.03 to $1.11. A total of 0.36 million shares of ARTL stock were traded, which was below the daily average of 1.18 million shares over the last 100 days.

    Within the last five days, ARTL shares have lost -2.80%, while they fell -14.05% during the past month.  In the wake of its participation in an international health conference, ARTL stock rose.

    What conference was ARTL a part of?

    As a biopharmaceutical company dedicated to developing and commercializing therapies targeting the endocannabinoid system, Artelo focuses on this area of research and development. ARTL is actively developing a portfolio of well-defined product candidates designed to address significant unmet needs in numerous diseases and conditions, including anorexia, cancer, PTSD, pain, and inflammation.

    The San Diego-based ARTL team is led by proven biopharmaceutical executives collaborating with highly respected researchers and technology specialists to develop high-impact therapies on the cutting-edge of scientific, regulatory, and commercial disciplines.

    Artelo presented at Ladenburg Thalmann Healthcare Conference yesterday. The management of ARTL presented and conducted 1×1 meetings during the virtual conference held July 13-14.

    At 3:00 p.m. Eastern Standard Time on Wednesday, July 14, 2021, ARTL President and CEO Gregory D. Gorgas gave a virtual presentation.

    On Monday, Artelo reported its third-quarter financial and operating results and provided an update on the business.

    Highlights of financial results:

    • For the three months ended May 31, 2021, operating expenses amounted to $2,251,412 as opposed to $951,395 over the same period in 2020.
    • ARTL’s operating expenses were largely attributed to growth in research and development, professional services fees for ongoing regulatory compliance, and general and administrative expenses, including $618,358 in non-cash stock-based compensation expense.
    • As of May 31, 2021, ARTL had a net loss of approximately $2,249,792, or $0.10 per basic and diluted share versus a net loss of $951,191, or $0.27 per share, for the quarter ended May 31, 2020.
    • Cash and cash equivalents comprised approximately $10,052,288 of ARTL’s assets as of May 31, 2021.

    Business update:

    An ARTL poster presented at the 31st Annual International Cannabinoid Research Society (ICRS) Symposium focused on the mechanism-based properties of ART27.13 which would significantly benefit patients with cancer anorexia. Artelo (ARTL) presented a poster at ICRS that discussed ART12.11 CBD Cocrystal, as well as the ability of co-administration of CBD and TMP to prevent cancer cell growth. The first patient dosed with Artelo’s ART27.13 with regards to cancer-related anorexia and weight loss was completed in the reported quarter.