Market Weekly: July 12 – 18 2020

#24129
Truman
Participant

Gapping up

In reaction to strong earnings/guidance:

PEP +2.8%, DGX +2.7% (Q2 sales), AXNX +1% (reports upside prelim Q2 sales), SJR +0.5%

M&A news:

BFYT +37.2% (to be acquired by Madison Dearborn Partners in all-cash transaction structured as a tender offer of $31.00 per share)
MXIM +19.4% (Analog Devices (ADI) will acquire Maxim in an all stock transaction that values combined enterprise at $68 bln)
SPAQ +19.3% (Spartan Energy Acquisition Corp. and Fisker entered into a definitive agreement for a business combination)
ADI +2.4% (acquires MXIM; also provided better than expected guidance)

Select metals/mining stocks trading higher:

SLV +2.5%, RIO +1.7%, AUY +1.6%, GOLD +1.4%, GDX +1.2%, BTG +0.8%, BHP +0.6%

Other news:

EQ +266.1% (reports data for Itolizumab demonstration reduction in mortality in patients hospitalized with COVID-19)
WIMI +52.9% (extends big move during regular session on Friday for this recent IPO)
ALT +38.1% (announced positive results from the preclinical studies of its intranasal COVID-19 vaccine candidate, AdCOVID)
XERS +18.2% (Soros Fund Management reports 5.3% active stake in XERS)
BNTX +11.8% (BioNTech and Pfizer (PFE) granted Fast Track Designation from FDA for two investigational mRNA-based vaccine candidates against SARS-CoV-2)
BGNE +4.7% (prices $2.08 bln registered direct offering; Amgen announced an additional investment of $421 mln in BeiGene’s (BGNE) registered direct offering of ordinary shares)
KOD +4.3% (presents new data from ongoing Phase 1b study of KSI-301)
QFIN +3.7% (replaces CFO)
AXSM +3% (completed a successful pre-NDA meeting with the FDA for AXS-05 for the treatment of major depressive disorder)
OVID +2.9% (Ovid Therapeutics and Angelini Pharma S.p.A. announce agreement in which Angelini Pharma will be responsible to develop, manufacture and commercialize OV101 (gaboxadol) for the potential treatment of Angelman syndrome in the European Union and other countries in the European Economic area and Russia)
PFE +2.8% (BioNTech and Pfizer (PFE) granted Fast Track Designation from FDA for two investigational mRNA-based vaccine candidates against SARS-CoV-2)
DDD +2.7% (files for mixed securities shelf offering, no amount given)
KEX +2.7% (will restate Q1 results to correct a goodwill impairment charge)
NIO +2.7% (Tencent (TCEHY) increases active stake to 16.3% (prior ~11.8%))
DVAX +1.2% (to partner with Times Pharmacy to offer HEPLISAV-B vaccine to customers in Oahu) .

Analyst comments:

IDYA +8.8% (upgraded to Overweight from Neutral at JP Morgan)
AIMT +3.6% (initiated with an Outperform at Cowen)
VIAC +3.2% (initiated with a Buy at Goldman)
DRI +3.1% (upgraded to Overweight from Neutral at JP Morgan)
CTVA +2.9% (upgraded to Buy from Underperform at BofA Securities)
NTR +2.5% (upgraded to Buy from Underperform at BofA Securities)
MRNA +2.5% (initiated with a Buy at Jefferies)
RPRX +2.2% (initiated with a Buy at BofA Securities, among others)
AMZN +2% (target raised to Street-high $3700 at Cowen)
RUN +1.5% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)
CTSH +1.3% (upgraded to Buy from Hold at HSBC Securities)
DE +1.2% (upgraded to Outperform from Neutral at Robert W. Baird)
PYPL +1.2% (target raised to Street-high $215 at BofA Securities)
AAPL +1.1% (target raised to Street-high $450 at Wedbush)
DIS +1% (initiated with a Buy at Goldman)