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Today's Pre-Open Movers
Insmed Incorporated (Nasdaq: INSM) 47.2% HIGHER; announced positive top-line results from its global, randomized, double-blind placebo-controlled Phase 2 WILLOW study evaluating the efficacy, safety, and pharmacokinetics of INS1007 administered once daily in adults with non-cystic fibrosis bronchiectasis (NCFBE). INS1007 is a novel, oral, selective, reversible inhibitor of dipeptidyl peptidase 1 (DPP1).
CTI BioPharma Corp. (Nasdaq: CTIC) 17.7% HIGHER; today announced its intent to raise $60 million through a fully backstopped rights offering. Under the terms of the rights offering, investors as of February 13, 2020 in CTI BioPharma's common stock and preferred stock will receive a subscription right entitling them to purchase their pro rata share of the $60 million offering amount. The rights offering will be fully backstopped by BVF Partners L.P., Stonepine Capital, L.P., OrbiMed Private Investments VI, LP and New Enterprise Associates, Inc. each of which have agreed to purchase, at a minimum, its respective as-converted pro rata share of the offering amount, plus an additional amount of securities that are not subscribed for by other purchasers in the rights offering, for a total of up to $60 million.
Aimmune Therapeutics, Inc. (Nasdaq: AIMT) 16.6% HIGHER; announced that the U.S. Food and Drug Administration (FDA) approved PALFORZIA [Peanut (Arachis hypogaea) Allergen Powder-dnfp]. PALFORZIA is the first approved treatment for patients with peanut allergy. It is an oral immunotherapy indicated for the mitigation of allergic reactions, including anaphylaxis, that may occur with accidental exposure to peanut. PALFORZIA is approved for use in patients with a confirmed diagnosis of peanut allergy. Initial dose escalation may be administered to patients aged 4 through 17 years. Up-dosing and maintenance may be continued in patients 4 years of age and older. PALFORZIA is to be used in conjunction with a peanut-avoidant diet. PALFORZIA is not indicated for the emergency treatment of allergic reactions, including anaphylaxis.
Anavex Life Sciences Corp (Nasdaq: AVXL) 5% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for ANAVEX®2-73 (blarcamesine) clinical development program for the treatment of Rett syndrome.
Gilead Sciences (NASDAQ: GILD) 4.8% HIGHER; reports its remdesivir drug was effective in treating a U.S.-case of the novel coronavirus.
Inovio Pharmaceuticals, Inc. (NASDAQ: INO) 4.2% LOWER; files to offer 8,014,201 shares for holders
Nektar Therapeutics (NASDAQ: NKTR) 3.8% HIGHER; Mizuho Securities upgraded from Neutral to Buy with a price target of $35.00 (from $21.00).
Tesla (NASDAQ: TSLA) 3.4% HIGHER; adds to gains, Argus raised the price target on to a 'Street High' $808.
Check Point Software Technology (NASDAQ: CHKP) 2.9% LOWER; reported Q4 EPS of $2.02, $0.03 better than the analyst estimate of $1.99. Revenue for the quarter came in at $544 million versus the consensus estimate of $542.54 million.
Northrop Grumman (NYSE: NOC) 2.3% LOWER; Goldman Sachs downgraded from Buy to Sell with a price target of $337.00.
CRISPR Therapeutics (NASDAQ: CRSP) 2% LOWER; Evercore ISI downgraded from Outperform to In Line with a price target of $52.00 (from $85.00).
ExxonMobil (NYSE: XOM) 1% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $59.00 (from $72.00).