STOCKS TELEGRAPH

Author: ST Staff

  • Sundial (SNDL) Stock Price Is Up 7% In Premarket Trading. Why?

    The share price of Sundial Growers Inc. (SNDL) was up 7.0% in premarket trading at last check. During Wednesday’s session, Sundial stock gained 12.15 percent to close at $1.00. A count of 233.33 million shares of SNDL stock traded on Wednesday was a bit higher than the 231.66 million shares traded daily in the past 50 days.

    Within the past week, SNDL stock has gained 1.06%, bringing its twelve-month gain to 9.89%. For the past three months, SNDL stock lost -11.11%, whereas for the past six months, it has gained 97.82%. SNDL has an outstanding share count of approximately 1.66 billion and its market capitalization is $1.93 billion. The SNDL stock is once again flying high to the tune of positive mentions on different social media platforms.

    Has SNDL been hyped up by memes?

    The business of Sundial is divided into two segments: Cannabis and Investments. A total of 448,000 square feet of growing space is available at SNDL cannabis operations in Canada to cultivate small quantities of cannabis by using the “room” approach. In addition to its ‘craft-at-scale’ modular growing approach, award-winning genetics, and experienced growers, it is an award-winning licensed producer that crafts cannabis using state-of-the-art indoor facilities. SNDL’s investment operations aim to invest and partner globally in the cannabis sector in a direct and indirect manner.

    Cannabis companies that are seen as likely consolidators have attracted traders in recent weeks. Many weed producers struggle to turn a profit, and SNDL is no exception. SNDL has strengthened its stock price due partly to its popularity on Reddit and other stock-focused forums. The SNDL, however, remains the riskiest bet since it has produced losses in the past.

    Last month, Sundial announced its financial and operational results for the first quarter of 2021. A closer look at the same could provide us with insight into SNDL’s standing.

    Financial and Operational Highlights:

    • In the first quarter, operations at SNDL generated earnings of $1.7 million compared to a loss of $32.7 million in the previous quarter.
    • A loss of $134.4 million was recorded by SNDL in the reported quarter as a result of $130.0 million of noncash amounts accounting for share price volatility.
    • At March 31, 2021, SNDL held $96.0 million of cannabis-related loans and marketable securities which generated $15.7 million in income.
    • In the reported quarter, SNDL’s cannabis revenue dropped 30% to $11.7 million from a year-ago revenue of $12.7 million.

    Operational efforts by SNDL:

    Sundial (SNDL) remained struggling to increase its cultivation and processing activities along with its commitment to improving cultivation outcomes. Due to the continued growth of the discount segment and inventory monetization strategies through the Grasslands brand, SNDL experienced decreased revenue in the first quarter. In addition, seasonality and COVID-19 restrictions affected SNDL’s sales in the first quarter.

  • GTT Communications Inc. (GTT) stock surged in the premarket trading session; here’s why

    GTT Communications Inc. (GTT) shares were rising in the premarket trading hours; at last check, GTT stock jumped up by 17.74% to $2.92. GTT stock previously closed the session gaining 13.24% at $2.48. The stock volume traded 3.78 million shares. In the past week, GTT shares have moved up by 0.81%, however, they have shed in the past one year by -68.77% due to non-payment of interests.In the past three and six months, the stock has gained 44.19% and then shed -29.14% respectively.

    What you need to know about GTT communications

    GTT Communications Inc. is a Telecom service provider company that specifically focuses on the provision of cloud networking, wide area networks and network-based softwares. The company’s clienteles are multinational enterprises, carriers and public authority entities. GTT stock operates in the market of the United States, Europe, internationally and is headquartered in the Mclean, Virgina. The company was founded in 2005 and was previously known as Global Telecom & Technology Inc. until January 2014. GTT Communications provides network intensive and broad range of product offerings which include virtual private LAN service, Multiprotocol label switching with broadband and wireless internet services.

    Other than network services, GTT Communications also provides security and equipment management services, cloud services, transport services (Ethernet Services and video transport) and infrastructure services. The infrastructure services include transportation of volume dense data between data centers, locations for the enterprise offices and media hubs.

    The company provides its services through a marketing and direct sales force as well as utilizes third-party sales channels.

    GTT stock gained volatility in stock price in-exchange for delay in zombie activity thanks to Redditors

    WallStreetBets and meme-based stocks’ trade actions now have unpredictable reactions in the market beyond the usual volatility. This was obvious previously with the shorted companies that were rescued by the “army of Redditors” that came to the rescue of these stocks with their retail trading diaspora. However, that was only the beginning since now companies that are on the verge or have declared bankruptcies have become zombies but still suddenly show spike in the share price of their stock. This is due to the bidding up of shares done by the Redditors.

    A report and statistics compiled by Bloomberg showcase that the Russell 3000 Index, the US broad benchmark for stocks has 726 companies registered that have been earning enough to run operations but not enough to pay up their interest payments and debt (“Zombies”). However, these zombies are now climbing the charts at an average 30% in 2021.

    Some analysts and experts of trading view this phenomena as only the beginning and already credit analysts are trying to get used to the fact that when looking into the balance sheet for debt of certain issuers it is becoming a norm to account for the inflation in the account equity valuations caused by Reddit-drive trade. Companies like Gamecorps Inc. and AMC have been able to monetize on these valuations.

    GTT was one of the companies that was considering a bankruptcy plan which would devastate the shareholders through the Chapter 11. However the company’s stock is up 13% today in the market. On 3rd June, after sinking to $1, GTT stock jumped up to $4.75 on intraday high because its trading cues attracted the Redditor’s attention; small market cap and shorted interests.

  • Is There Any Reason As To Why The FTXP Stock Expanded By 26%?

    Foothills Exploration Inc [OTCPink: FTXP] stock spiked 26.32% to $0.0024 at the previous close. Foothills stock recorded a Volume of 2.15B compared to 330.58M of daily average volume in the past 30 days. FTXP stock fluctuated between $0.0002 and $0.0155 in the past 52 weeks. FTXP stock surged following disclosure of corporate updates.

    FTXP has updated what?

    Foothills focuses on delivering today’s and tomorrow’s energy needs through the exploration and development of oil and gas. Through two core initiatives, FTXP intends to build a portfolio of assets that is balanced. As part of its first initiative, FTXP will identify and develop high-impact oil and gas exploration projects.

    Second, FTXP’s New Energy Ventures division has identified areas where it can contribute to a viable, realistic, and balanced mix of energy solutions in the future through investment in hydrogen and geothermal.

    Foothills has gained access to the OTC Disclosure & News Service, announced the company in a press release yesterday. The FTXP’s move to the OTC Pink Sheets marks an important step toward management’s intention to upgrade back to the OTCQB.

    Compliance Update

    • On June 22, 2021, FTFXP filed its 2019 Annual Report as well as its attorney letter with OTC Markets.
    • As part of its strategy to ultimately return to OTCQB listing, FTXP is taking this first step.
    • FTXP is being assisted in the process by the law firm Foley Shechter Ablovatskiy LLP.
    • Accordingly, FTXP intends to file its financial statements sequentially and expects to be “Current” by the end of the year.

    Corporate Update

    • FTXP is actively seeking for petroleum properties that offer their own unique upside drilling opportunities as well as long-term reserves.
    • For FTXP’s Wind River Basin project, geological delineation is still being conducted in order to determine the most appropriate drilling site.
    • Third-party engineering reports estimate that FTXP’s Beaver Creek East Project, a 16387-acre tract located in Wyoming’s Wind River Basin, contains approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk).
    • As part of its strategic drilling and acquisition plans for the rest of 2021, FTXP will target opportunistic drilling opportunities.

    FTXP participating actively:

    Foothills Exploration (FTXP) also attended the Emerging Growth Conference yesterday. A real-time, interactive presentation was held by FTXP at the Emerging Growth Conference for individual investors, institutional investors, advisors, and analysts. Mr. Kevin J. Sylla, FTXP’s Executive Chairman, was available for live, interactive interaction with current shareholders and investment community members throughout the event.

  • FTAC Olympus Acquisition Corp. (FTOC) surged in the premarket trading session; here’s why

    FTAC Olympus Acquisition Corp. (FTOC stock) shares surged in the premarket trading session at the last check by 4.23% to trade at the price of $10.83. The FTOC stock’s shares were traded in the price range that was between $10.31 and $10.655.

    What you need to know about FTAC Olympus Acquisition Corp

    FTAC Olympus Acquisition Corp is a blank check company and like every other blank check and SPAC companies it focuses on effecting mergers, mediate exchange asset acquisition, single or multiple business combinations along with reorganization and share purchase. FTOC stock is being led by Betsy Z. Cohen as the Chairman of the Board and the Chief Executive Officer being Ryan M. Gilbert with the special aim of acquiring and business combinations of technology and fintech services companies. The company was established in 2020 and is headquartered in Philadelphia, Pennsylvania.

    Payoneer journeys towards becoming Public

    Payoneer has embarked on a journey from being a disruptive startup and pioneer in the financial technology industry to the industry leader. It currently is planning on going public through a merger with the FTAC Olympus Acquisition Corp which is the SPAC of the Bancorp founder Betsy Cohen. The merger is valued at US$3.3 billion and later this month the company has decided to start trading on the NASDAQ exchange. The ticker for the company under the exchange will be “PAYO”.

    The strategy of business evolution in Payoneer as is envisioned by its CEO Scott Galittbelieves that Payoneer actualizes the potential of the open commerce era that we are currently living in. Galitt believes that the business should transform to align with open commerce in a way that it becomes a universally inclusive partner for every customer in the global commerce world.

    Rebranding of the logo to showcase the universality

    Pursuant to this strategy development and growth, Payoneer has recently announced the rebranding of its logo to reflect its vision in today’s market of digital commerce. The new logo has a circle as a symbol which depicts all spectrums of colors to reflect “universality”.

    Approval of business combination of FTOC and PAYO

    Today FTOC stock announced that FTAC Olympus had held an Extraordinary General Meeting on 23rd June 2021 in which FTOC shareholders had approved the proposed business combination with PayoneerInc. through a majority of the vote. The voting statistics showcase that 65% of FTOC shareholders had taken part in the voting out of which 97.8% of the votes had approve the merger.

    The combined company name has been announced to be “Payoneer Global Inc.” with the ticker symbol for common stock and warrants to be “PAYO” and “PAYOW”. Security Exchange Commission will receive an 8-K form soon from FTOC stock to disclose the full voting results.

  • UXIN stock surged in the premarket trading session; find out why

    In the premarket trading hours, (UXIN) stock has advanced 8.56% to trade at the price of $4.06 on the last check Wednesday. The UXIN stock previously closed the trading session gaining 7.47% at $3.74. The shares of the company traded between the price range of $3.47 and $3.88. UXIN stock traded 5.12 million shares. In the past week, UXIN’s shares have shed -5.08%. However, the stock jumped in the last month by 15.08%. In the past year, up-to-date UXIN shares have surged by 136.71%. In the past three and six months, the stock has advanced 266.67% and added 259.62% respectively. Furthermore, Uxin Limited is currently valued in the market at $1.15 billion and has 369.95 million outstanding shares.

    What you need to know about Uxin Limited as one of the leading used car market in China

    Uxin Limited is an Internet content & information company that specifically focuses on the provision of financing solutions and investments in the used car. The company carries out its operations on an e-commerce platform in China, where a wide selection of used cars and car accessories/parts are offered. UXIN stock also lends services and support related to online used-cars transactions which is run through an online site known as Uxin Used Car Brand. Furthermore, the company helps customers and buyers selection through various cars that are sourced through auction under the Uxin Auction platform. The company also provides financing solutions which are funded through third-party financing partners through sites, xin.com and youxinpai.com. The company was established in 2011 and is based in Beijing, China.

    Uxin Limited made a financial transaction agreement with NIO Capital and Joy Capital

    The company recently announced that it has come into contract with two companies that are partnering on the investment of US$315 million in the Company. The two companies are NIO Capital and Joy Capital. This financing transaction is aimed to fund the capital cost of corporate business, growth, and transformation of UXIN stock to match progress with the rapidly developing used car market of China. The one-stop business model of the company has created an impression of trust and partnership with the NIO Capital that Uxin will deliver high-quality cars nationwide while tackling critical problems that affect the market and job opportunities of traditional dealers. Furthermore NIO capital believes that the reliability of Uxin’s platform and comprehensive after-sale services will help push the industry towards transformation and expansionary development.

    On similar notes, Joy Capital stated that the reputation and solid strategic direction aligned with the business transformation of Uxin Limited is what drew the company to specifically choose Uxinfor investment opportunity in the used car market in China.

    In other news, UXIN stock has made a decision to convert the convertible notes of some of its investors, including, 58.com, TPG, and Warburg Pincus for an aggregate amount of US$69 million into Uxin’s Class A ordinary shares. Furthermore, Uxin has made an agreement with over ten companies/investors that they will note sell their recently converted Class A shares within the nine next months, with customary closing conditions adhered in the agreement.

  • What Caused Talos (TALO) Stock To Drop In Extended Trades?

    Talos Energy Inc. (TALO) shares were down -5.90% in after-hours trading at $17.55. During the last session, Talos shares closed at $ 18.65, increasing 2.75% or $ 0.5. Over the course of the day, TALO stock fluctuated between $ 18.16 and $ 18.93.

    In the past six months, TALO stock has increased by 132.25%, and the stock has risen by 50.28% in the past three months. TALO stock returns so far this year have been 126.33%.  Even after announcing changes to its reserves-based lending facility, TALO stock fell.

    How did that financing work?

    Talos is a technically-driven publicly traded energy company focused on getting the most out of its operations both in the U.S. and offshore Mexico. Exploration and production of crude oil and natural gas make up upstream operations at TALO, and emissions capture and storage operations comprise downstream operations of the company. Through its joint venture in carbon capture and storage along the Gulf Coast and Gulf of Mexico, TALO is also using its expertise to reduce industrial emissions.

    Talos announced the completion of amendments to its reserves-based lending facility (the “credit facility”), which includes an extension of its maturity date until November 2024.

    • After this amendment, TALO expects to be significantly free cash flow positive by the end of 2021 due to its minimal near-term debt maturities, strong liquidity and anticipated free cash flow.
    • Based on TALO’s liquid-weighted assets, the loan agreement approved $950 million as the borrowing base, reflecting the high quality of its diverse, liquid-weighted portfolio.
    • As a result, the maturity date for the credit facility has been extended from May 2022 to November 2024, or about three and a half years after the amendments were made.
    • TALO currently has $655 million under its credit facility.
    • TALO expects liquid assets of approximately $300 million at June 30, 2021, compared to $465 million on March 31, 2021.
    • The next scheduled redetermination of the borrowing base will occur in November 2021.
    • TALO’s borrowings in accordance with its credit facility are expected to decrease as a result of the supportive commodity price environment.
    • Thus, TALO will increase liquidity and return to pre-pandemic levels of leverage ahead of expectations.

    TALO’s financial strategy:

    Since Dec 2020, Talos (TALO) has raised over $1.3 billion in four separate transactions spanning the entire capital structure as a result of these commitments and maturity extension of its credit facility. By executing these transactions, TALO has strengthened its financial position considerably.

  • Why Did Arcus (RCUS) Stock Go 18% Higher On Wednesday?

    The stock of Arcus Biosciences Inc. (RCUS) advanced 17.95% in after-hours trading Wednesday to $27.60. Arcus stock gained 2.86% in the regular session to conclude the trading at $23.40. RCUS stock price fluctuated between $22.63 and $23.91.

    There were 0.97 million shares of RCUS stock traded on the day, above its 100-day daily average of 0.55 million shares. In the last five days, RCUS stock has declined by -2.50%, and in the past month, it has gone down by -4.68%. Positive results of a clinical study lifted the RCUS stock.

    What was the purpose of RCUS performing that activity?

    In addition to offering oncology-focused therapies, Arcus Biosciences develops novel combinations in order to address unmet medical needs and discover new therapies. There are several molecules being developed by RCUS at the moment. Etrumadenant (AB928) is the RCUS’ first dual adenosine receptor antagonist to enter patient care. RCUS has been evaluating it in Phase 2 and 1b clinical trials across multiple indications, including prostate, lung, and pancreatic cancer.

    Arcus announced that its Phase 2 ARC-7 study, which involves three arms, showed encouraging clinical activity in both arms based on domvanalimab.

    • The positive results were reported when the combinations were used as a first-line treatment (in the first week) for people with metastatic, non-small cell lung cancer (NSCLC).
    • Zimberelimab monotherapy showed activity similar to that of anti-PD-1 antibodies marketed by other companies.
    • By the time of the study’s data cutoff, no unexpected safety signals had been observed, and each arm’s safety profile remained consistent with that of known immune checkpoint inhibitors in such an environment.
    • As planned, RCUS will continue all three arms of the ARC-7 trial, as well as enroll participants in the ongoing Phase 3 registrational study of ARC-10.
    • ARC-7 data will be presented to a medical conference later this year by RCUS.
    • Domvanalimab is exclusively available for co-development and co-commercialization through RCUS partner Gilead Sciences.
    • Later this year, RCUS expects to decide whether to participate in the anti-TIGIT program.
    • As part of their Phase 3 studies, Arcus and Gilead will explore options for combinations containing both domvanalimab and etrumadenant.

    RCUS moves forward with its ARC-7 study:

    The data analysis for the ongoing ARC-7 study by Arcus (RCUS) revealed that its anti-TIGIT domvanalimab-based combinations showed clinical promise. Zimberelimab monotherapy led to similar results as those observed in studies of marketed anti-PD-1 antibodies. On the horizon, RCUS plans to enroll all domvanalimab studies, explore combinations of domvanalimab and etrumadenant, and begin Phase 3 trials for domvanalimab in multiple cancer types.

  • What Drove The AGTC Stock Up 14% Afterhours?

    At last check on Wednesday, Applied Genetic Technologies Corporation (AGTC) has gained 13.91% after hours to trade at $4.75. AGTC stock closed the regular trading session at $4.17, climbing just 0.72%. Applied Genetic stock volume was 4.66 million shares, higher than the average daily volume of 1.2 million shares for the past 50 days.

    Over the last 12 months, AGTC shares fell by -38.22%, and they declined by -4.14% just last week. AGTC stock has shed -17.75% over past quarter, and in the last six months, it has faced a loss of -7.74%. Additionally, AGTC has a market capitalization of $176.64 million and 36.75 million outstanding shares. AGTC stock rose as the company announced it would hold a conference call.

    What will AGTC discuss in its conference call?

    Applied The clinical-stage biotechnology company Applied Genetic develops treatments in the field of genetics for ophthalmic, otologic, and central nervous system (CNS) diseases. As part of its mission to develop customized therapies, AGTC designs and constructs all critical elements of gene therapy. Clinical programs developed by AGTC can potentially improve the vision of patients with retinal genetic diseases by using its top-of-the-line technology platform.

    Achromatopsia (ACHM CNGB3 and ACHM CNGA3) and X-linked retinitis pigmentosa (XLRP) are clinical trials that the AGTC is currently conducting. The Company has developed industry leading AAV production technology and scientific expertise that support its preclinical program. As part of its pipeline, AGTC is moving ahead with a number of pipeline candidates targeting unmet clinical needs in the fields of optogenetics, otology, and neurological diseases.

    Applied On Thursday, June 24, 2021, Applied Genetics plans to release 12-month data for its Phase 1/2 clinical Achromatopsia (ACHM) trials that include adults and low-dose pediatric patients.

    Starting at 8:00 a.m. Eastern Time, AGTC management will host a conference call and webcast. ACHM CNGB3 and CNGA3 trial data will be reviewed by AGTC on the same date, and an update on the trials will be provided.

    AGTC’s Investor Relations page will offer access to the live webcast on the Events and Presentations page. AGTC’s website will have the archived presentation and webcast available under Events & Presentations.

    AGTC’s other participations:

    Applied Genetic (AGTC) also announced this week that its Executive Director of Global Patient Advocacy, Jill Dolgin, PharmD, will attend the 124th Annual American Optometric Association Congress & 51st Annual American Optometric Student Association Conference. At that meeting on June 24-26 in Denver, the AGTC’s executive will address optometric graduate students regarding inherited retinal diseases (IRDs).

  • Keros Therapeutics, Inc. (KROS) Stock Trending Lower Despite Success of Phase 2 Clinical Trial of KER-050

    Keros Therapeutics, Inc. (KROS) stock prices were down by 11.98% shortly after market trading commenced on June 23rd, 2021, bringing the price per share down to USD$46.28.

    Success of Phase 2 Trial

    June 22nd, 2021 saw the company announce preliminary results rom Cohorts 1 and 2 of its Phase 2 clinical trial. The trial is designed to evaluate KER-050 for the treatment of anemia and thrombocytopenia in patients with very low- to intermediate-risk myelodysplastic syndromes. Patients may or may not have ring sideroblasts and may or may not have been previously treated with an erythroid stimulating agent.

    Details of the Trial

    The ongoing trial is an open-label, two-part, multiple ascending dose trial that is designed to assess the trial’s safety, tolerability, pharmacokinetics, and pharmacodynamics of the treatment in MDS patients. 12 patients had received at least one dose of the treatment as of May 14th, 2021, 9 of whom had been administered the treatment for a period of 8 weeks. Patients in Cohort 1 were administered 0.75mg/kg of KER-050, while Cohort 2 patients received 1.5 mg/kg. Both cohorts were treated once every four weeks for 12 weeks.

    Scope of KER-050

    The preliminary results were promising, with increases being observed in hematological parameters in the two lowest Part 1 dose cohorts, who were dosed monthly, in both RS and non-RS patients with MDS. This initial success signals proof-of-concept of the treatment in patients with very low- to intermediate-risk MDS, which support the scope of KER-050 as a treatment for disease associated with ineffective hematopoiesis.

    Expansion of Trial

    Furthermore, based on the success of the preliminary results, the company plans to extend the duration of the trial from 12 weeks to up to two years. This is to better facilitate the defining of response rate following six months of treatment with KER-050, as well as to confirm the durability of response. KROS also plans to update the protocol to expand the size of Part 2 of the trial to consolidate response rates, as well as to help guide the design of the expected registration program. Part 2 trial designs are expected by the end of 2021.

    Future Outlook for KROS

    Armed with the success of its clinical trial, KROS is poised to capitalize on the opportunities afforded to it to push for the commercialization and proliferation of KER-050. The company is keen to usher in further growth with the potential of its expanded footprint. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • The OLB Group, Inc (OLB) Stock Surges Ahead of Announcement that SecurePay Will Support NFTs

    The OLB Group, Inc (OLB) stock prices were up by an impressive 7.27% shortly after market trading commenced on June 23rd, 2021, bringing the price per share up to USD$5.31 early on in the trading day.

    SecurePay Supports NFTs

    June 23rd, 2021 saw the company announce that its SecurePay payment gateway would facilitate the transfer or sale of digits assets using non-fungible token (NFT) technology. The NFT technology is founded on the Ethereum platform, which is responsible for token generation and redemption, transfer of registered ownership, and associations with assets.

    Fraud Prevention

    The explosive proliferation of digital ticketing over the past year has emphasized the need to address secure ways to buy and sell these digital properties. Of crucial importance is that this be done without the risk of fraud that is associated with the replication of QR codes or barcodes, particularly on the sale of Peer-to-Peer transaction. The transfer of ownership when an NFT is associated with a digital ticket or asset is assured through a blockchain ledger. This prevents the same ticket from being sold multiple times, which, unfortunately, happens quite often.

    Scope of SecurePay

    The secure NFT process that has been put in place by OLB is designed to work seamlessly with a myriad of payment processing options of SecurePay. This gives both buyers and sellers unmatched flexibility in funding sources. SecurePay works with several major digital wallets including Apple Pay, Google Pay, crypto wallets, PayPal, and traditional credit cards. Smart contracts are used by NFT functions to facilitate the easy exchange of funds and appropriate management of terms and conditions of sale.

    Utility of NFTs

    While NFTs are most often associated with art and transactions of collectibles, the way they work is ideal for the sale or transfer of any digital asset, regardless of the dollar value. The company is dedicated to providing solutions that benefit all the parties involved in flexible and secure buying and selling. NFTs are the latest addition to the portfolio of service that the company believes will be effective in the fight against digital asset fraud.

    Future Outlook for OLB

    Armed with its foray into the burgeoning NFT market space, OLB is poised to continue its trajectory of success. The company is keen to expand its market footprint in the blockchain space, thereby ushering in unprecedented growth. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.