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Here are our top movers today. And don’t forget to join us in Market Masters all day today. Jeff Bishop will be LIVE in there at 11AM with Bullseye Trades so get in there and… be the best prepared trader on the Street!
FOCUS LIST🔎
TRNR – Up over 50% in the pre-market after winning appeal for continued Nasdaq listing
ADAP – Up over 10% in pre after reporting better than expected financial results and business update
ESPR – Up over 6% in pre after reporting 186% YoY revenue increase
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HOTLIST🔥
TRNR – Up over 50% in the pre-market after winning appeal for continued Nasdaq listing
Interactive Strength Inc. (TRNR) doing business as FORME, operates digital fitness platform that provides connected fitness hardware products and related accessories in the United States.
In the pre-market this morning the company announced that the company received a letter stating that the Nasdaq Hearings Panel has granted the company’s request for continued listing on the Nasdaq Stock Market.
As of March 31, 2024, the Company was not in compliance with Listing Rule 5550(b)(1) (the “Equity Rule”) which specifies a minimum stockholders’ equity of $2.5 million.
The Company received a delisting letter from Nasdaq on May 22, 2024, that outlined various options. The Company appealed the delisting and participated in a hearing on this matter on July 16, 2024. As a result of this hearing, the Panel has determined to grant the Company an exception until November 14, 2024 to demonstrate compliance with the Equity Rule.
The stock traded up over 50% in the pre-market in reaction to the news.
The first target for bulls is the pre-market high at $0.86.
Beyond that, $0.99, $1.05, $1.35, $1.50 and $2 come into play.
Below $0.86, targets to the downside are $0.75, $0.70, $0.60, $0.50, $0.46 and then a gap fill at $0.3470.
ADAP – Up over 15% in pre after reporting better than expected Q2 2024 financial results and business update
Adaptimmune Therapeutics plc (ADAP) is a clinical-stage biopharmaceutical company that provides novel cell therapies primarily to cancer patients in the United States and the United Kingdom.
In the pre-market this morning the company reported Q2 2024 financial results and business update.
Highlights include:
Revenue for the three and six months ended June 30, 2024, was $128.2 million and $133.9 million, respectively, compared to $5.1 million and $52.7 million for the same periods in 2023.
Revenue has increased in 2024, compared to the same periods in 2023 primarily due to the termination of the Genentech collaboration in the second quarter of 2023, resulting in the majority of the remaining deferred income for the collaboration being recognized as revenue including a cumulative catch-up adjustment of $101.3 million. This was significantly higher than the impact from the termination of the Astellas collaboration in 2023, which resulted in $42.4 million of revenue being recognized in March 2023.
Cash / liquidity position: As of June 30, 2024, Adaptimmune had cash and cash equivalents of $211.8 million and Total Liquidity[2] of $214.8 million, compared to $144.0 million and $146.9 million respectively, as of December 31, 2023.
Business and corporate updates
Under the terms of Adaptimmune and Galapagos’ collaboration agreement, Adaptimmune will receive initial payments of $100 million, comprising $70 million upfront and $30 million of R&D funding of which $15m was received on signing, option exercise fees of up to $100 million, additional development and sales milestone payments of up to a maximum of $465 million, plus tiered royalties on net sales.
Adaptimmune announced in May entry into a Loan and Security Agreement with Hercules Capital, Inc., for a term loan facility of up to $125.0 million. Following the receipt of FDA approval for Tecelra, the Company is eligible to draw down the Tranche 2 Advance of $25.0 million and is in the process of requesting this Tranche 2 Advance.
The stock traded up over 15% in the pre-market in reaction to the results.
The $1.15 area has acted as resistance in the pre-market and will be an important level to watch.
Above it, the first target for bulls is the pre-market high at $1.20. Beyond that, $1.30, $1.45, $1.60, $1.80 and $2.05 come into play.
Below $1.15, targets to the downside are $1.10, $1.05 and then a gap fill at $0.9925.
ESPR – Up over 6% in pre after reporting 186% YoY revenue increase
Esperion Therapeutics Inc. (ESPR) is a pharmaceutical company that develops and commercializes medicines for the treatment of patients with elevated low density lipoprotein cholesterol (LDL-C).
In the after-hours, ESPR reported financial results for Q2 2024, and provided a business update.
Highlights include:
Total Revenue Increased 186% Year-over-Year to $73.8 Million with
U.S. Net Product Revenue of $28.3 Million, Representing 39% Growth
Total Retail Prescription Equivalents Increased 14% from First Quarter, with ~11% Increase During Final Four Weeks of Second Quarter
Completed Transformational Transaction by Monetizing European Royalties on Bempedoic Acid Product Sales to OMERS Life Sciences for $304.7 Million and Allocated Proceeds for Early, Discounted Payoff and Termination of Oberland Capital Revenue Interest Facility
The stock traded up over 6% in the pre-market in reaction to the positive financial results.
The $2.11 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $2.20, $2.26, and then the pre-market high at $2.33. Beyond that, $2.50, $2.70 and $3.10 come into play.
Below $2.11 there is a gap fill at $2.02 and then $1.85 and $1.80 come into play.
MARKET NEWS 📰
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