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Pre-Open Movers: Twitter Sinks, DWAC Gains as Musk Walks Away from Deal

Published 2022/07/11, 15:22

Pre-Open Stock Movers:

La Jolla Pharmaceutical Company (Nasdaq: LJPC) 81% HIGHER; Innoviva, Inc. (Nasdaq: INVA), a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, and La Jolla Pharmaceutical Company (Nasdaq: LJPC), which is dedicated to the commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases, today announced that they have entered into a definitive merger agreement whereby Innoviva will acquire La Jolla. Innoviva has agreed to pay $5.95 per share

Pliant Therapeutics, Inc. (Nasdaq: PLRX) 69% HIGHER; announced positive data from INTEGRIS-IPF, a multinational, randomized, double-blind, placebo-controlled Phase 2a clinical trial of PLN-74809 in patients with idiopathic pulmonary fibrosis (IPF). The trial met its primary and secondary endpoints demonstrating that PLN-74809 was well tolerated over a 12-week treatment period and displayed a favorable pharmacokinetic profile. The trials exploratory efficacy endpoints assessing changes in forced vital capacity (FVC) and Quantitative Lung Fibrosis (QLF) imaging, demonstrated a dose-dependent treatment effect on FVC and QLF versus placebo over 12 weeks in PLN-74809 treated patients.

Digital World Acquisition Corp. (DWAC) 16% HIGHER; gains as Elon Musk drops bid for Twitter (NYSE:TWTR)..

DigitalOcean (DOCN) 8% LOWER; Morgan Stanley (NYSE:MS) downgraded from Equalweight to Underweight with a price target of $45.00 (from $61.00).

Melco Resorts (MLCO) 7% LOWER; new lockdowns in Macau on COVID outbreaks.

Twitter, Inc. (TWTR) 5% LOWER; Elon Musk terminates acquisition

Upstart Holdings Inc (NASDAQ:UPST) 5% LOWER; Goldman Sachs (NYSE:GS) downgraded from Neutral to Sell with a price target of $14.00 (from $40.00).

Las Vegas Sands Corp. (NYSE:LVS) 5% LOWER; new lockdowns in Macau on COVID outbreaks.

Wynn Resorts, Limited (NASDAQ:WYNN) 5% LOWER; new lockdowns in Macau on COVID outbreaks.

Mattel Inc . (NASDAQ:MAT) 4% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $31.00 (from $30.00).

Lululemon Athletica Inc. (NASDAQ:LULU) 4% LOWER; Jefferies downgraded from Hold to Underperform with a price target of $200.00 (from $375.00).

Dutch Bros Inc. (BROS) 3% LOWER; Baird downgraded from Outperform to Neutral with a price target of $30.00 due to rising macro risks.

Occidental Petroleum (NYSE:OXY) 3% LOWER; Goldman Sachs downgraded from Buy to Neutral with a price target of $70.00.

Qorvo Inc (NASDAQ:QRVO) 3% LOWER; Cowen downgraded from Outperform to Market Perform with a price target of $108.00 (from $150.00).

Meta Platforms Inc. (NASDAQ:META) 2% LOWER; Needham & Company downgraded from Hold to Underperform.

Honeywell International (NASDAQ:HON) 2% HIGHER; ​BofA Securities upgraded from Neutral to Buy.

Zillow Group, Inc. (NASDAQ:ZG) 1% HIGHER; upgraded to Outperform at Wedbush

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