STOCKS TELEGRAPH

Author: ST Staff

  • What Has Been Raising ViewRay (VRAY) Stock Up In Premarket Session?

    What Has Been Raising ViewRay (VRAY) Stock Up In Premarket Session?

    ViewRay Inc. (VRAY) is up 5.74% in premarket trading today, trading at $7.00 at last check. ViewRay shares rose 0.91% on Tuesday to close at $6.62. VRAY shares were traded in volume of 0.62 million, which is lower than the average volume of 1.19 million over a 3-months period. On Tuesday, VRAY stock fluctuated between $6.42 and $6.66.

    VRAY’s stock has gained 73.30% year-to-date, but has lost -1.34% in the previous five sessions. The 50-day moving average for the VRAY stock is $5.73, while its 200-day moving average is $4.54. The share price of VRAY stock has increased following the use of the company’s technology in a clinical study.

    The VRAY technology has been tested by who?

    MRIdian radiation therapy systems are designed, manufactured, and marketed by ViewRay. The MRIdian solution is built on VRAY’s proprietary high-definition MR imaging technology, specially developed for advanced radiation oncology workflow and challenges. While other MR systems in diagnostic radiology can exhibit issues such as beam distortion, skin toxicity, or other issues that may occur when high magnetic fields interact with radiation beams, MRIdian’s high-definition MR is purpose built to overcome these challenges. VRAY owns the trademarks ViewRay and MRIdian.

    According to a press release by ViewRay today, the Miami Cancer Institute of Baptist Health South Florida enrolled the first patient in a clinical study.

    • The “Stereotactic MRI-guided Adaptive Radiation Therapy (SMART) in One Fraction for Inoperable Primary or Metastatic Carcinoma” is referred to as the SMART ONE trial.
    • In this single-arm prospective study, led by Dr. Michael Chuong, it will be explored whether single-fraction stereotactic ablative body radiation therapy (SABR) could be an effective treatment.
    • Study participants will be evaluated for primary or metastatic carcinomas affecting the liver, pancreas, kidney, adrenal gland, abdominal/pelvic lymph nodes, and lung.
    • Chuong is a radiation oncologist and MD, FACRO, Medical Director at Miami Cancer Institute. He specializes in proton therapy and MR-guided therapy.
    • SABR, including visualization of the internal anatomy before and continuously throughout treatment delivery, benefits from the use of MRI rather than CT for daily image guidance.

    How helpful is VRAY’s technology?

    By using VRAY’s MRIdian, clinicians can deliver ablative doses safely and apply single-fraction SABR to tumors previously unreachable. ViewRay (VRAY)’s technology includes diagnostic-quality anatomic imaging and continuous intrafraction visualization of the soft tissues during treatment prep, automatic beam gating to implement adaptive planning while treatment is being delivered. By enabling VRAY’s target volume planning features, including healthy tissue spared from dosing, higher-grade toxicities can be reduced or even eliminated, which are often associated with SABR dosing.

  • What Explains The 61% Rise In DARE Stock Premarket?

    What Explains The 61% Rise In DARE Stock Premarket?

    Shares of Daré Bioscience Inc. (DARE) were up 61.18% in pre-market trading as of the last check at $2.45. In yesterday’s session, shares of DARE dropped -3.90% at $1.52. DARE stock fluctuated between $1.46 and $1.60 during the day. There were 3.19 million shares traded, which is above DARE’s daily volume of 2.47 million over the last 50 days and its year-to-date volume of 2.55 million.

    Shares of DARE stock have gained 50.50% in the last 12 months, but have declined -9.52% in the last week. For the past six months, DARE stocks have gained 16.03%, and for the past three months, the stock has declined -11.11%. DARE stock’s returns for this year have been 13.43%.  DARE’s stock rose despite no current news, and we can then identify recent developments for a deeper analysis.

    What happened recently at DARE?

    Daré Bioscience develops innovative products for women’s health as a clinical-stage biopharmaceutical company. As part of its mission, DARE brings to market a wide range of differentiated therapies for women debating contraception, vaginal health, sexual health, and fertility.

    The Phase 1 clinical trial of DARE-HRT1 by Daré Bioscience recently reported positive topline results.

    • DARE-HRT1 is a new IVR technology that delivers bio-identical 17-estradiol and bio-identical progesterone continuously for 28 days as part of a hormone therapy (HT) regimen to treat vasomotor symptoms (VMS) and genitourinary syndrome associated with menopause.
    • Two different active pharmaceutical ingredients were successfully delivered by DARE-HRT1 reliably over 28 days.
    • It is a great achievement for Daré and for the IVR platform to generate positive topline data in its first Phase 1 study utilizing novel IVR technology.
    • The use of hormone therapy for some women can relieve symptoms of menopause such as hot flashes and vaginal dryness while also preventing bone loss.
    • The North American Menopause Society’s guidance on hormone therapy includes that dosing estrogen and progestogen in combination may offer important benefits to women and NAMS observed that non-oral routes of administration may offer advantages over orally administered therapies.

    What DARE study has demonstrated?

    Daré Bioscience (DARE) is encouraged by the Phase 1 results since these data demonstrate DARE-HRT1’s ability to meet its dual release objectives. IVR technology played a big role in DARE-HRT1’s success as it provides hormone therapy as well as platform technology. Compared to current vaginal drug delivery solutions, Dare-HRT1’s IVR technology may offer a more flexible and convenient way to deliver drugs to women as it allows them to release one or more drugs at a desired rate over time and at their convenience as well.

  • Athena Tech Acquisition Corp. (ATHN) Stock Continues to Rise Following Merger with Heliogen

    Athena Tech Acquisition Corp. (ATHN) stock prices were up by a marginal 0.31% as of the market closing on July 6th, 2021, bringing the price per share up to USD$9.73 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 2.26%, bringing it up to USD$9.95.

    Merger with Heliogen

    July 7th 2021 saw the company announce having entered into a definitive agreement for a business combination with Heliogen, Inc. Following the merger, Athena will be renamed Heliogen, Inc. and will be listed on the New York Stock Exchange under the HLGN ticker symbol. Aimed at addressing intermittency issues associated with renewable sources of power generation, Heliogen’s modular, AI-enabled, concentrated solar power plants have the potential to revolutionize the energy market.

    About Heliogen

    Heliogen is focused on flattening the power generation curve by using its technology and concentrated solar power with storage to facilitate increases in the availability of energy to industry. It’sprorietary heliostat layout and control system are designed to concentrate the sun’s rays, with the ability to generate temperatures at the point of focus that exceed 1,000 degrees centigrade. This heat is captured and converted for industrial use, power generation, or to facilitate the production of green hydrogen fuel. The technology aims to provide almost 24-hour renewable energy that will see concentrated sunlight replacing fossils fuels.

    Details of Transaction

    The commercialization of Heliogen’s AI-enabled, concentrated solar power modules is underway, with internationally renowned customers in the industrial, mining, and energy sectors. AllofHeliogen’s stockholders are expected to transition their existing equity into the combined companies, receiving ATHN Class A common stock at closing as compensation. The transaction is forecasted to raise roughly USD$415 million in gross proceeds of cash, assuming no redemptions by public stockholders of ATHN.

    Allocation of Capital

    The capital generated is expected to be allocated towards scale heliostat manufacturing and to support R&D efforts on innovative heliostat technology. The funds will also be used to support the development of projects around the world, as well as to strengthen the company’s balance sheet. The gross proceeds include USD$165 million in shares of stock that investors have committed to purchasing through a PIPE, with each share priced at USD$10.00.

    Future Outlook for ATHN

    Armed with the recent merger with Heliogen, ATHN is poised to capitalize on the opportunities afforded to it in the expansive alternative energy space. Investors of both companies are confident that the merger will result in significant and sustained increases in shareholder value for the combined entity.

  • Cytosorbents Corp. (CTSO) Stock Continues Climb Following FDA Approval to Conduct STAR-T Trial in U.S

    Cytosorbents Corp. (CTSO) stock prices surged by 17.41% as of the market closing on July 6th, 2021, bringing the price per share up to USD$8.63 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock dip by 7.76%, bringing it down to USD$7.96.

    FDA Approval of IDE Application

    July 6th, 2021 saw the company announce the full approval of its Investigational Device Exemption application to support FDA regulatory clearance to conduct the STAR-T trial in the U.S. The Safe and Timely Antithrombotic Removal – Ticagrelor is a double blind, randomized, controlled trial that is being performed under the recent FDA Breakthrough Designation. The Designation was granted for the removal of ticagrelor in a cardiopulmonary bypass circuit during critical cardiothoracic surgery using the company’s proprietary adsorption technology.

    STAR-T Trial

    STAR-T will enroll a maximum of 120 patients across 20 U.S clinical sites, with enrollment expected for the summer of 2021. The study’s primary endpoint will evaluate the reduction in risk of peri-operative bleeding complications arising from the use of DrugSorb-ATR in patients with ticagrelor who undergo cardiothoracic surgery, as compared to standard of care alone.

    Additional Details

    The trial will also facilitate the evaluation of the reduction in ticagrelor blood levels and various additional outcomes to encapsulate the comprehensive potential clinical and cost-economic benefits of the treatment. The company forecasts a completion in 2022 based on the promising activity exhibited by participating sites. CTSO plans to continue its collaboration with the FDA to leverage the priority review stemming from the granting of a Breakthrough Designation for its ticagrelor removal application.

    Scope of DrugSorb-ATR

    A very high risk of perioperative bleeding makes the conducting of cardiac surgery on patients that are on antithrombotic agents a major issue across all U.S cardiac surgery centers. This issue results in morbidity, mortality, as well as higher costs, thus proving a major problem for patient management by cardiac surgeons around the world. Currently, surgery needs to be delayed until the effects of antithrombotic agents wear off or, in cases of extreme urgency, surgery is conducted regardless of the elevated bleeding risk.

    Future Outlook for CTSO

    Armed with the approval and support of the FDA for its flagship treatment, CTSO is poised to push for the commercialization and proliferation of DrugSorb-ATR. Investors are hopeful that the company will be able to leverage its resources to accelerate the development of the treatment, resulting in substantial and sustained increases in shareholder value.

  • Is This A Reason For The SGH Stock To Rise?

    Today, SMART Global Holdings Inc. (SGH) rose on the charts at $50.00 per share at last check in extended trading, up 5.15%. SMART Global stock fell -1.14% on Tuesday to close the regular session at $47.55. SGH stock traded for 0.77 million, compared to 331.88K over the past three months. SGH stock oscillated between $46.45 and $49.3314. With a 50-day moving average of $46.35, SGH stock is above its 200-day moving average of $39.88. Furthermore, the SGH stock has a RSI of 54.39. SGH stock rose after the company announced its financial results after the market closed.

    SGH’s performance: how did it fare?

    Leading providers of computing, memory, and specialty LED solutions, SGH’s businesses are in the business of designing and manufacturing electronics. Enterprise, government, and OEM customers are SGH’s focus areas. SGH businesses develop application-specific products and provide support to those customers. As a strategic partner, SGH provides customers with a complete package of technologies, service, technical support, and global logistics expertise.

    SMART Global released its earnings report for the third quarter of fiscal 2021.

    Financial Highlights:

    • SGH’s net GAAP sales of $437.7 million increased by 56% compared to the same period last year.
    • SGH reported a net GAAP loss of ($7.2) million, or ($0.30) per diluted share which was an income of $0.8 million, or $0.03 per diluted share in the same period last year.
    • Compared to the same period last year, SGH’s net income of $35.5 million, or $1.39 per diluted share was up 107.6% and 98.6%, respectively.
    • SGH recorded $51.4 million in adjusted EBITDA, 102.3% higher than the same period last year.
    • In addition, SGH outperformed its earnings guidance and set a record for revenues and gross margins.
    • After joining SGH, Cree LED achieved strong results in its first quarter.
    • Together with continued top line growth in its Intelligent Platform Solutions Group and strong operating performance in its Memory Solutions Group, primarily composed of Brazil and Specialty Memory, these results demonstrate the benefit of SGH’s diversification strategy and growth.

    Recent development:

    Global memory solutions leader SMART Modular Technologies, a SGH subsidiary, recently announced the new PCIe/NVMe M2 2280 and U2 flash drives for aerospace, defense, and industrial applications that require safe, reliable, and secure storage. SGH developed the T5EN to complement its existing product line, which is demonstrating a trend toward NVMe in embedded systems. In engineering development, SGH-subsidiary sources and tests all of its components to make sure high performance and reliability.

  • What Do The SNGX Stock Declines On In Premarket?

    As of today’s premarket session, shares of Soligenix Inc. (SNGX) have fallen by -9.16% to $1.19. Soligenix stock added 25.96% to finish the last trading session at $1.31. In the last five days, SNGX stock shares declined 13.93%, but over the last month, they gained 21.30%. Over the last three months, SNGX stock price has fallen by 17.09 percent, and this year so far it has fallen by 31.05 percent. In premarket trading, SNGX stock is falling as investors are seen to be taking profits off of gains made in yesterday’s trading.

    SNGX rose in regular session for what reason?

    As a biopharmaceutical company, Soligenix focuses on the development and marketing of products for the treatment of rare diseases where there is a medical need. The Specialized BioMarketing business segment of SNGX is developing and exploring the potential commercialization of HyBryte, which is a novel photodynamic therapy utilizing safe visible light to treat cutaneous T-cell lymphomas (CTCL). The Phase 3 study for this product candidate has been completed successfully, and SNGX is seeking approval to advance commercialization activities.

    Yesterday, PCG Digital published an interview with Dr. Ellen Kim, Lead Principal Investigator for Soligenix. At the United States Cutaneous Lymphoma Consortium (USCLC) Annual Meeting, she presented key details of the Phase 3 FLASH study for Soligenix in CTCL that recently showed significant efficacy and safety data for HyBryte. After the meeting, Dr. Kim was interviewed concerning the HyBryte data and current CTCL treatment options.

    At the USCLC Annual Meeting scheduled for June 26, 2021, Dr. Kim presented critical details about efficacy and safety profile of Soligenix’s HyBryte, demonstrated in the FLASH study.

    • HyBryte was studied in detail at SNGX, which showed it to be safe and effective in the vast majority of CTCL patients.
    • As part of the study, SNGX presented a comparison between the study data and current treatment options.
    • SNGX’s FLASH trial has recruited 169 patients, making it the largest multicenter, randomized, double-blind, placebo-controlled study in CTCL to date.
    • SNGX developed HyBryte so that it would be a safer alternative to currently available therapies, which all have significant and sometimes fatal side effects.
    • There is no suitable front-line therapy at present, and the currently approved treatments only exist after previous treatments have failed.

    What it means for SNGX?

    In a landscape with many competitive players, Soligenix (SNGX) may have a greater opportunity in CTCL treatment, since HyBryte might represent the most efficacious treatment available that is also as safe as possible. To date, SNGX has found no evidence of any potential safety issues in that product due to its lack of systemic absorption, nonmutagenic compound, and carcinogenic light source.

  • 7 Biotech Stocks to Buy in 2021

    7 Biotech Stocks to Buy in 2021

    Change is inevitable in every aspect of life because it results from human exploration and applying knowledge to improve life quality. This is why many industries have shown significant growth with time, and the biotech industry is one of them. The biotech industry has extraordinarily impacted healthcare, biological science, economy, and business in recent years. The plethora of biotech stocks continuously put their efforts into developing therapeutics and vaccines that are effective and less toxic, and easily accessible for individuals. With the rise of COVID-19, the Biotech industry has gained more importance. Many biotech stocks have developed and commercialize vaccines in the battle against the deadly pandemic. Now many investors are looking for biotech stocks to get high profits in the future. Here are the 7 biotech stocks to buy in 2021.

    Pfizer (PFE)

    The first and foremost stock to watch in 2021 is Pfizer (PFE), one of the first biotech stocks to market the COVID-19 vaccine. Since then, it has contracted with many governments and supplied millions of doses and looking forward to providing more than this in the future. The U.S government has a plan to vaccinate all of its adult population, and Pfizer is likely to contribute a lot to this cause. While many other biotech stocks only focus on older patients, Pfizer is also developing a COVID-19 vaccine for children, which is another positive sign for future growth. The company has a market cap of more than $220 billion and annual revenue of more than $40 billion. Hence Pfizer stock can be a good bet in 2021. 

    Regeneron Pharmaceuticals (REGN)

    The second stock that could prove fruitful for investors in 2021 is Regeneron Pharmaceuticals(REGN). The company has a market cap of more than $55 billion and is engaged in discovering, developing, and manufacturing various therapeutics to treat medical conditions worldwide. One of the two authorized antibody treatments to treat COVID patients belongs to Regeneron. Its recent first-quarter results show that its quarterly revenue showed 38% growth year over year. Its COVID-19 antibody treatment alone generated $262 million in the first quarter of 2021. Besides this, Eylea, a drug to treat eye diseases, also impacts its increased sales over time. Hereafter, investors need to keep an eye on this stock.

    Novavax (NVAX)

    On Number three, we have Novavax (NVAX). It is another biotech stock engaged in the development of commercialization of vaccines to prevent infectious diseases. Novavax has significantly outperformed in the COVID-19 era and still giving a tough time to its competitors. Its COVID-19 vaccine candidate NVX-CoV2373 could bring massive profits in the future. Novavax is about to finalize the major supply deal with the European Union, which means the supply of 500 million or more doses. So, a lot of money on the line is expected for Novavax stock. 

    Moreover, it has also inked supply deals with many countries in which India is also included, which has more than 1.3 billion population. Novavax generated a breathtaking $447 million in revenue in the first quarter of 2021 compared to $3 million in the same quarter of last year. This significantly increased revenue shows its success over the year. In a nutshell, investors should keep an eye on this stock.

    Bio N Tech SE (BNTX)

    On Number four, we have Bio N Tech (BNTX), which is a biotechnology company engaged in discovering and developing therapeutics to treat various infectious diseases. Bio N Tech is the partner of Pfizer in the battle against COVID-19. BNTX stock expects $26 billion in sales for the COVID-19 vaccine and its partner in 2021 and estimates roughly $3 billion in earnings. Millions of the mutually prepared COVID-19 vaccine doses have been delivered to many countries so far. Both partners are negotiating with many other countries to supply COVID-19 vaccine doses worth $3 billion by 2022, which points to the bright future of BioNTech stock. So it can be a good bet for investors in the future.

    Ocugen (OCGN)

    Ocugen (OCGN), stands at number five on our list. It is a clinical-stage biopharmaceutical company focused on developing therapeutics to cure blindness and other retinal diseases. Ocugen stock is working with Bharat Biotech to develop COVAXIN and the vaccine used to treat COVID patients. The phase-3 study results of COVIXIN showed 100% efficacy against severe coronavirus and 78% efficacy against mild and moderate COVID-19 disease. The Indian government has given emergency use authorization to Bharat Biotech which is a positive sign for Ocugen stock. Ocugen stock is looking forward to developing the COVID-19 vaccine for other markets and can be a good bet for investors in the future.

    Seagen (SGEN) 

    Seagen Inc is an American-based biotech stock focused on developing and commercializing therapeutics to treat cancer patients, and it’s in the Number six position on our list. Seagen has shown significant growth in 2020 as compared to 2019. Its revenue for 2020 totaled $2.2 billion, which shows 140% growth over the year. The revenue for the year 2019 was $916.7 billion. The company has achieved global success with Adcetris, an antibody medicine used to treat lymphoma, and is in an excellent position to invest more in developing newer medications. Therefore, Seagen is one of the biotech stocks to watch in 2021.

    Vertex Pharmaceuticals (VRTX)

    The seventh biotech stock to watch in 2021 is Vertex Pharmaceuticals Incorporated (VRTX), which is mainly focused on developing and commercializing therapeutics to treat cystic fibrosis. Trikafta is the most important drug of Vertex pharmaceutical that treats roughly 90% of patients with cystic fibrosis. Estimates show that 70,000 cystic fibrosis patients are there globally, and Trikafta is the only medication available for this disease. Vertex stock has generated significant revenue through Trikafta and some other products, which will continue to rise in the future. The company has partnered with CRISPR Therapeutics and announced impressive results from a clinical trial of gene therapy for two rare blood diseases. Consequently, its continued success against cystic fibrosis and clinical developments suggests that this stock could outperform in the long run.

    The following three biotech stocks are with the lowest 12-month trailing price-to-earnings ‎ratio (P/E). Dividends and buybacks are two ways a company can return profits to ‎shareholders, so a low P/E ratio shows you are paying less for every dollar of profits ‎generated.

    The Agios Pharmaceuticals (AGIO)‎

    The Agios Pharmaceuticals Inc. platform is a pharmaceutical company dedicated to ‎developing drugs for genetic diseases such as hemolytic anemias and sickle cell disease. In Q1 ‎‎2021, the company reported a net income of $1.9 billion, a far cry from its Q1 2020 loss. ‎Agios’ oncology portfolio was sold to Servier Pharmaceuticals LLC in the first quarter, which ‎had an impact on revenue.

    Sage Therapeutics, Inc.. (SAGE)

    Sage Therapeutics has developed treatment for issues related the central nervous system, including schizophrenia and major depression. The company reported positive results from its SAGE-718 clinical trial, a drug that may be used to treat Huntington disease, in Q1 2021.

    Innoviva Inc. (INVA)

    Innoviva is a healthcare-oriented asset manager that holds portfolios of royalties for many pharmaceuticals.

  • Borr Drilling, Ltd. (BORR) Stock Exhibits Minor Volatility as Mexican Operations Continue to Develop

    Borr Drilling, Ltd. (BORR) stock prices were up by a marginal 0.22% as of the market closing on July 6th, 2021, bringing the price per share up to USD$0.81 at the end of the trading day. Subsequent premarket fluctuations have seen the stock dip by 0.83%, bringing it down to USD$0.8050.

    ATM Program

    July 6th, 2021 saw the company announce its at-the-market program and Equity Distribution Agreement with Clarksons Platou Securities, Inc. as their sales agent. Dated for July 6th, 2021, this move will see the company offer for sale from time to time a cumulative total of USD$40 million of BORR’s common shares to be listed on the New York Stock Exchange. Capital generated from the program will be allocated towards general corporate purposes, including, but not limited to, repaying debt obligations.

    Existing Partnership

    June 15th, 2021 saw the company announced the success of the review of the performance and cost efficiency of its five rigs that it operates as a part of a joint venture with its Mexican partner facilitating the provision of integrated well services for Pemex. The services started in May 2019 and have resulted in incremental production of roughly 125,000 barrels of oil per day from the 21 wells drilled as of mid-June 2021. The program has seen a request for an extension, with the five Borr Drilling rigs expected to be employed until the end of 2022.

    Memorandum of Understanding

    In accordance with the extension, BORR and its Mexican partner have entered into a Memorandum of Understanding that will see the implementation of certain changes in the structures of existing joint ventures. The move will see the Mexican partner buying BORR’s 49% stake of the integrated services JVs Opex and Akal. BORR expects gaining access to a gross amount of USD$28 million as a result of the move.

    Scope of Collaboration

    Concurrently, the company will also acquire an incremental 2% stake of the joint ventures performing drilling services from its Mexican partner, resulting in a 51% majority ownership position. The drilling joint ventures will continue earning day rates from regular drilling contracts with its main customers Opex and Akal. The company hopes to streamline its Mexican operation while reducing risk, leading to a more stable cash flow over time. The closing of the transaction is expected for Q3 2021.

    Future Outlook for BORR

    Armed with the flexibility afforded by the ATM program and the extension of its existing collaboration, BORR is poised to capitalize on the expanded scope of upcoming opportunities presented to it. Investors are hopeful that the company will be able to leverage the resources at their disposal to drive further gains.

  • Evolving Systems, Inc. (EVOL) Stock Exhibits Volatility as Relationship with Cellcard Cambodia Expands

    Evolving Systems, Inc. (EVOL) stock prices were up a significant 19.64% as of the market closing on July 6th, 2021, bringing the price per share up to USD$2.68 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock dip by 10.44%, bringing it down to USD$2.40.

    Partnership with Cellcard

    June 15th, 2021 saw the company announce that Cellcard Cambodia had finalized plans to upgrade to the new Evolution platform, in the interest of enhancing its loyalty program, Cellcard Club. This move will facilitate the driving of more personalized and relevant offers to subscribers through various digital media in real-time. Cellcard has a customer base that is 4 million strong and the company is in the process of rolling out 5G services.

    Cellcard Club

    The company has made use of its Cellcard Club platform to provide a program that rewards consumer loyalty while also engaging customers with the unparalleled customer experience and personalized value propositions. The decision to upgrade will see the company launching a myriad of new features. These include the use of machine learning to deliver highly personalized and relevant Next Best Offer recommendations, delivered through an omni-channel experience; the rewarding of roadmap items like Achievement Badges; the chance to spend loyalty points in a shopping catalogue; and a new premium paid Loyalty Club subscriptions.

    Scope of Partnership

    Existing stellar results include a monthly growth in Club membership of 16%, with 50% of members engaged in the digital games offered by the program. 25% already participate in redemptions, with the number steadily rising as more customers accumulate more loyalty points. The upgrade to EVOL’s platform will serve to bolster this success and drive in further growth by reducing churn, drive acquisition and enhance the program’s appeal among the key youth market in Cambodia. This will be done by elevating the digital lifestyle brand to actively engage with customers.

    Promising Financials

    Total revenue for the first quarter of 2021 was reported at USD$6.5 million, up to USD$0.2 million from the revenue reported for the same time period of the prior year. This year-over-year difference was largely attributable to revenues from existing client work on new projects and upgrades, as well as projects from new clients.

    Future Outlook for EVOL

    Armed with an expansive partnership, EVOL is poised to capitalize on the opportunities afforded to it in light of the agreement. With the added resources for each company, both are keen to leverage their combined capital in order to facilitate sustained and significant growth.

  • Why Did IDYA Stock Lost 9% In Extended Trading?

    IDEAYA Biosciences Inc. (IDYA) shares were last seen trading down -9.20% at $20.63 during after-hours trading. IDEAYA closed the last trading session at $22.72, up 2.99% or $0.66. IDYA stock traded between $21.56 and $22.83. There were 0.13 million shares exchanged, compared to IDYA’s average daily volume of 0.15 million over the last 50 days and 0.19 million in its Year-to-date volume. The IDYA stock has plummeted following the announcement of its planned public offering.

    What is IDYA’s offering?

    IDEAYA is a precision medicine oncology company committed to discovering and developing targeted therapeutics based on molecular diagnostics for molecular diagnostics-selected patient populations. Identification and validation of translational biomarkers by IDYA are essential to the development of targeted therapies for select patient populations who are most likely to benefit. In many ways, IDYA is taking advantage of its capabilities to build a robust oncology pipeline, focusing on synthetic lethality, which represents an emerging class of precision medicine targets.

    In an underwritten public offering, IDEAYA plans to offer and sell shares of its common stock worth up to $80 million. As well, IDYA intends to offer the underwriters an option to purchase up to $12 million of its common stock within 30 days of the offering.

    A portion of the net proceeds from the offering will be used to supplement IDYA’s existing cash and cash equivalents, as well as short- and long-term marketable securities.

    What IDYA further plans to do with the proceeds:

    • IDYA plans to use the proceeds to support the clinical development of its MAT2A inhibitor development candidate, IDE397.
    • Furthermore, IDYA could also utilize the proceeds to fund preclinical and clinical development of other product candidates in its pipeline aimed at preventing PARG, DNA damage, and WRN according to the existing Collaboration, Option and License Agreement between the Company and GSK.
    • IDYA could utilize the proceeds to finance its ongoing early clinical development of darovasertib in metastatic uveal melanoma and other solid tumors having GNAQ/11 hotspot mutations, including as monotherapy and as combination therapies with binimetinib, and independently with crizotinib, in each case pursuant to a clinical trial and drug supply agreement with Pfizer.
    • IDYA plans to also use the proceeds for its synthetic lethality target and biomarker research initiatives.
    • IDYA could also use the proceeds it has been getting for working capital and other general corporate purposes.

    The book runners for IDYA offering:

    IDEAYA’s (IDYA) offering is highly subject to market conditions, and it cannot provide any assurances as to the timing or size of the offering or how it will affect the company’s financial condition. IDYA’s offering is being managed jointly by J.P. Morgan, Jefferies, Guggenheim Securities, and Citigroup.