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Good morning, 360! As always, here are some of our top movers today.
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FOCUS LIST🔎
HRTX – Up over 70% in the pre-market after U.S. District Court upholds validity of CINVANTI® patents
CNEY – Up over 140% in pre after receiving NASDAQ minimum bid price requirement extension
PSTG – Up over 20% in pre after reporting better than expected earnings, announces collaboration with Kioxia to drive scalability, efficiency, and performance in Hyperscale Data Centers
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HOTLIST🔥
HRTX – Up over 70% in the pre-market after U.S. District Court upholds validity of CINVANTI® patents
Heron Therapeutics Inc. is a commercial-stage biotechnology company that focuses on enhancing the lives of patients by developing and commercializing therapeutic that enhances medical care.
In the after-hours yesterday, the company announced that the U.S. District Court for the District of Delaware ruled in Heron’s favor in the Company’s patent litigation against Fresenius Kabi USA, LLC with respect to CINVANTI® (aprepitant) injectable emulsion. The district court found that Heron’s U.S. Patent Nos. 9,561,229 and 9,974,794, which expire in 2035, are valid and would be infringed by Fresenius’ proposed generic product.
The district court decision concludes the litigation initiated in July 2022 in response to Fresenius’ submission of an Abbreviated New Drug Application with the U.S. Food and Drug Administration seeking approval of a generic version of CINVANTI®. As a result of the decision, Heron will seek an order from the Court prohibiting Fresenius from launching its generic CINVANTI® until after the expiration of the patents in 2035. This decision is subject to appeal.
Shares of HRTX traded up over 70% in the pre-market in reaction to the news.
The $1.88 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $2.06, $2.20, $2.40 and then the pre-market high at $2.76.
Below $1.88, targets to the downside are $1.75, $1.46, $1.27 and then a gap fill at $1.18.
CNEY – Up over 140% in pre after receiving NASDAQ minimum bid price requirement extension
CN Energy Group. Inc. (CNEY) through its subsidiaries, engages in the manufacture and supply of wood-based activated carbon primarily in China. The company’s activated carbon is used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food and beverage production.
In the after-hours yesterday, the company announced that on November 26, 2024, the Company received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that, while the Company has not regained compliance with the minimum $1.00 bid price per share requirement (the “Minimum Bid Price Requirement”), Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until May 27, 2025 to regain compliance.Â
Shares of CNEY traded up over 140% in the pre-market in reaction to the news.
The $0.87 area acted as resistance in the pre-market and will be an important level to watch.
Above it, targets to the upside are $0.96, $1 and then the pre-market high at $1.08. Beyond that, $1.27 and $1.43 come into play.
Below $0.87, targets to the downside are $0.75, $0.70, $0.60, $0.50, $0.40 and then a gap fill at $0.3156.
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PSTG – Up over 20% in pre after reporting better than expected earnings, announces collaboration with Kioxia to drive scalability, efficiency, and performance in Hyperscale Data CentersÂ
Pure Storage Inc. (PSTG) engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.
In the after-hours yesterday, the company announced financial results for its third quarter fiscal year 2025 ended November 3, 2024.
Highlights include:
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Revenue $831.1 million, an increase of 9% year-over-year
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Subscription services revenue $376.4 million, up 22% year-over-year
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GAAP operating margin 7.2%; non-GAAP operating margin 20.1%
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Q3 operating cash flow $97.0 million; free cash flow $35.2 million
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Total cash, cash equivalents, and marketable securities $1.6 billion
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Returned approximately $182 million in the third quarter to stockholders through share repurchases of 3.6 million shares
In regards to the Kioxa collaboration, Bill Cerreta, GM, Hyperscale, Pure Storage stated:
 “Collaborating with Kioxia allows Pure Storage to bring the full potential of all-flash storage technology to hyperscale environments. Pure has a decade of experience in delivering systems that manage flash for enterprise businesses. Now we’re using those innovations, and Kioxia’s latest technology, to enable the hyperscalers. Together, we’re creating a solution that will empower these organizations to manage their data seamlessly, with speed and efficiency at the core.”
Shares of PSTG traded up over 20% in the pre-market in reaction to the news.
The $64 area acted as support and will be an important level to watch. Above it, targets to the upside are $66, $68 and then the after-hours high at $69.10.
Below $64, targets to the downside are $62.60, $60, $58, $55.29, $55 and then a gap fill at $53.54.Â
MARKET NEWS 📰
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