Monday, October 17, 2022

This Pharma Company Just Hit a 'Milestone'!

Trade of the Day Wake-Up Watchlist

Good morning, Wake-Up Watchlisters!

Happy national pasta day! Before you prep your noodle maker for the big day take a seat and let's review what's happening in the premarket.

It's still earnings season with big names putting out reports this week. Bank of America (BAC) kicked things off this morning topping analysts' estimates and posting a positive surprise of $0.81 a share vs the expected $0.78. Still to come are Charles Schwab, (SCHW), Tesla (TSLA), Netflix (NFLX), and AT&T (T) among others.

This week the Biden administration will be revealing the next step in its plan to reduce gasoline prices and China will release its third-quarter GDP figures, providing a key update on the second-largest economy in the world.

The markets are green across the board, here's hoping they stay that way!

 

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Now, let's take a look at the top-moving stocks this morning.

 

Acorda Therapuetics Inc. (Nasdaq: ACOR)

Acorda Therapuetics Inc. is up 62.15% premarket. The company announced this morning that a three-judge panel has come to a decision in a dispute over licensing royalties relating to MS treatment, AMPYRA (dalfampridine). Acorda was awarded $15 million plus prejudgment interest of $1.5 million from Alkermes PLC (Nasdaq: ALKS). Also, Acorda will no longer have to pay Alkermes any royalties for sales, licensing, and supply of AMPYRA. Leadership is confident this settlement will allow them to reduce the price of the treatment and help even more of the estimated 2.5 million people in the world who live with MS.

 

Milestone Pharmacueticals (Nasdaq: MIST)

Milestone Pharmaceuticals is up 36.16% premarket. This jump comes after the announcement this morning of positive results from Phase 3 RAPID Clinical Trial of Etripamil Nasal Spray. The treatment promises to provide more affordable and accessible relief for patients with a type of abnormal heart rhythm called Paroxysmal Supraventricular Tachycardia (PSVT). This arrythmia affects an estimated 2 million people in the United States alone.

We see pharmaceutical and healthcare companies like Milestone and Acorda making huge premarket moves all the time. Our friend and investing mastermind, Alexander Green has found a healthcare company with a technology he is calling "the most incredible investment opportunity in 37 years."

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NuCana PLC (Nasdaq: NCNA)

NuCana PLC is down 27.82% premarket. The biotechnology company has been working on a treatment for tumors in melanoma patients and presented promising data at the European Society of Medical Oncology (ESMO) annual meeting last month. This led some analysts including Zacks to raise their estimates for the stock. There has been no news break yet, but something must have pulled the rug out from under everyone's feet and caused the stock to nosedive this morning.

 

Alfi Inc. (Nasdaq: ALF)

Alfi Inc. down 16.48% premarket. The digital advertising company founded in 2018 and just listed on the Nasdaq a year and a half ago, filed for Chapter 7 bankruptcy. Plagued by lawsuits and investigations for most of the time it's been on the market, the company is now down to the last 5 employees. This may be the end for Alfi Inc. but bankruptcies in general are down compared to last year according to the Administrative Office of the U.S. Courts.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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