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Tag: NASDAQ: MGEN

  • Top Gainers Pre-Market as U.S Equities Experience a Huge Sell-Off

    U.S Equities are headed for a weak start to the day in tandem with the price movements across the Atlantic. The NASDAQ and the Dow are down by over 1% pre-market, while the S&P 500 is down by over 0.50% and losing. This follows the increasing COVID-19 numbers that have seen major European economies such as France fall back to strict lockdown measures.

    The situation is made worse by the fact that the U.S is entering an election week where two candidates with completely different approaches to everything from the economy to the handling of the COVID-19 pandemic are competing.

    This may have seen investors exit risky assets in anticipation of the elections. The markets have also been greatly affected by the fact that there hasn’t been a stimulus deal that is widely expected to breathe life into the economy. The deal was expected to materialize weeks ago, but it is yet to come through adding an extra layer of uncertainty to the markets.

    Despite the prevailing market conditions, there are stocks that are braving the selloff and doing extremely well pre-market. The top performers range from those doing stock splits to biotech stocks that have recently announced big news. Some of the top performers this morning are as below:

    Jianpu Technology Inc [NYSE: JT]

    Jianpu Technology Inc was a top performer yesterday and closed the day with gains of 734%. It has sustained that momentum pre-market and is currently up by close to 20%. The upside is driven by the company’s share ratio changes that are coming into effect today. The company is changing the ratio of its class A shares from two ADS to shares and effecting a new system of one ADS to 20 class A shares. To shareholders, the change is the same as a 1 for 8 reverse stock split and the same has reflected in this stock’s price action.

    Miragen Therapeutics Inc [NASDAQ: MGEN]  

    Miragen Therapeutics Inc was in the green yesterday and looks set to continue with that momentum today.  The stock is up by over 15% pre-market. These gains come after the company announced that it was acquiring Viridian Therapeutics Inc. a deal that will give the company access to the VRDN-001 monoclonal antibody.

    Equillium Inc [NASDAQ: EQ]

    Equillium Inc is a top performer pre-market and is up by over 28%. This follows the company’s announcement that it had received FDA clearance for an IND for its phase 3 trial for a COVID-19 treatment called EQUINOX. This is exciting given that the world is experiencing a second wave of the deadly disease.

     

     

     

  • Miragen Therapeutics (NASDAQ: MGEN) Acquire Viridian Therapeutics

    Miragen Therapeutics (NASDAQ: MGEN) Acquire Viridian Therapeutics

    Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares traded up 125.04% during the pre-market trading session after the biotechnology company has announced that it has acquired Viridian Therapeutics, Inc. Miragen believed that this acquisition will create opportunities for the stockholders of Miragen. At the same time, the company has also announced the agreement for the sale of Series A non-voting convertible preferred stock.

    Miragen Therapeutics also disclosed that it has signed a sale agreement of a Series A preferred stock with a group of institutional accredited investors directed by Fairmount Funds Management LLC. The other institutional investors include Cormorant Asset Management, Perceptive Advisors, Surveyor Capital Commodore Capital, and Ridgeback Capital, Venrock Healthcare Capital Partners, Wellington Management, Ally Bridge Group, Logos Capital, BVF Partners L.P., as well as additional undisclosed institutional investors.

    This private offering will help the company generate a profit of approximately $91 million before subtracting offering and agent expenses. It has disclosed that the profit from the private offering will be used to move forward the clinical studies of VRDN-001.

    VRDN-001 is a clinical-stage insulin-like growth factor-1 receptor (IGF-1R) monoclonal antibody (mAb). VRDN-001 is the important candidate of Miragen Therapeutics used for the treatment of Thyroid eye disease (TED). Miragen anticipates that it will start a Phase II clinical trial of VRDN-001 in TED in 2021.

    The global rights to make and commercialize VRDN-001 that do not use radiopharmaceuticals, including TED treatment, were licensed by Veriden of ImmunoGen Inc. As per the agreement, ImmunoGen has got the upfront payment and royalty payments.

    Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares were trading up 113.50% at $1.110 during the pre-market trading session of Wednesday. In the pre-market trading session, it has recorded a trading volume of 26.96 million. Miragen Therapeutics, Inc. (MGEN) share price went from a low point around $0.31 to briefly over $2.27 in the past 52 weeks. MGEN market cap has remained high, hitting $29.18 Million at the time of writing.

  • 3 Stocks to Watch This Morning As Hopes of a COVID-19 Vaccine Improves Market Sentiment

    3 Stocks to Watch This Morning As Hopes of a COVID-19 Vaccine Improves Market Sentiment

    The markets have regained renewed optimism and at yesterday’s close, the major indices were in the green. The S&P 500 closed higher by 0.65%, the Dow by 0.61%, and the NASDAQ by 0.71%. This follows increased hopes that there will be a COVID-19 vaccine by the end of the year. According to research by Deutsche Bank on the market sentiment of 500 market professionals worldwide, 56% of them are positive that there will be a vaccine before the end of 2020.  The sentiment is given weight by promising vaccine news from Oxford University.  The optimism around the markets has seen the value of biotech stocks working on COVID-19 vaccines rally. Most of the action in pre-market trading is happening around the following stocks.

    1. Immuron Limited [NASDAQ:IMRN]

    Immuron Limited [IMRN] is one of the top performers in pre-market trading and is up by 111.91% at the time of writing. This comes after IMRN announced that its IMM-124E, used for manufacturing digestive supplements, has been shown to have neutralizing activity against severe acute respiratory coronavirus-2.  Commenting on this development, the company CEO Dr. Dave Gentry stated that, they know SARS-CoV-2 is the cause of the influenza-like disease that affects the lungs. He added that the virus had been detected in anal swab tests even after in nasal-swab turned positive. This he added, offers leeway for an oral therapeutic approach that inhibits the virus in the gastrointestinal tract. As the world rushes to find a way out of the pandemic, this IMRN will continue to draw investor attention.

    1. Heat Biologics Inc [NASDAQ:HTBX]

    This is another active stock that is building upon its momentum in yesterday’s session. Heat Biologics Inc [HTBX] rallied to close with a gain of 47.15% yesterday and is up by 5% in pre-market trading. This comes after the company announced that the first patient had been treated in a phase-1 clinical trial test for PTX-35. This is the company’s antibody candidate for treating advanced solid tumors. HTBX stated that the trial would include 30 patients and would be testing for dosage and safety.  The trial is also well capitalized and has the support of a $15.2 million grant from the Cancer Prevention and Research Institute of Texas.  CEO, Jeff Wolf, stated that this trial was a first step towards advancing the clinical development of PTX-35. This is likely to play into this HTBX stock’s price action when the markets open.

    1. Miragen Therapeutics [NASDAQ:MGEN]

    Miragen Therapeutics [MGEN] is another big gainer in pre-market trading and is up by 21.57%. While there is no major news around MGEN at the moment, the stock is among those in the race for a COVID-19 vaccine.  A month ago, the company announced that it had received encouraging pre-clinical study for the treatment of idiopathic pulmonary fibrosis.