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FOCUS LIST🔎
VIRX – Up over 20% in the pre-market after reporting Q2 financial results and positive Phase 2 data
VSCO – Up over 17% in pre after appointing Hillary Super Chief Executive Officer
UCL – Up over 16% in pre after reporting better than expected earnings
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VIRX – Up over 20% in the pre-market after reporting Q2 financial results and positive Phase 2 data
Viracta Therapeutics Inc. (VIRX) is a clinical-stage precision oncology company that focuses on the treatment and prevention of virus-associated cancers that impact patients worldwide.
In the pre-market this morning, the company reported Q2 financial results and Phase 2 data.
Highlights include:
Reported combined Stage 1 and Stage 2 results from the relapsed or refractory EBV-positive peripheral T-cell lymphoma (PTCL) cohort of the Phase 2 NAVAL-1 trial demonstrating Nana-val’s substantial antitumor activity and generally well-tolerated safety profile
New positive data and productive feedback from the FDA support updated Nana-val clinical development plan in EBV-positive PTCL patients; randomized controlled trial planned to begin in the second half of 2025 to support potential registration
Cash position – Cash, cash equivalents, and short-term investments totaled approximately $30.0 million as of June 30, 2024, which Viracta expects will be sufficient to fund operations late into the first quarter of 2025.
Net loss was approximately $9.8 million, or $0.25 per share (basic and diluted), for the quarter ended June 30, 2024, compared to a net loss of $12.5 million, or $0.32 per share (basic and diluted), for the same period in 2023.
The stock traded up over 20% in the pre-market in reaction to the news.
The $0.54 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $0.65, $0.75 and then the pre-market high at $0.8934. Beyond that, $1 and $1.15 come into play.
Below $0.54, targets to the downside are $0.50 and then a gap fill at $0.4652.
VSCO – Up over 17% in pre after appointing Hillary Super Chief Executive Officer
Victoria’s Secret & Co. (VSCO) operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.
In the pre-market this morning, the company announced that its Board of Directors has appointed Hillary Super as Chief Executive Officer and a member of the Board, effective September 9, 2024. Super succeeds Martin Waters in both roles.
Super brings nearly three decades of retail merchant expertise and a successful track record leading brands at the highest level. Her leadership experience with omnichannel brands spans intimates, apparel, accessories, beauty and home, where she demonstrated an ability to anticipate consumer needs and deliver high-emotion brands, products and customer experiences focused on driving profitable growth.
Super most recently served as CEO of intimates and accessories brand Savage X Fenty. Previously, she was Global CEO of Anthropologie Group, an Urban Outfitters Company.
The company also announced preliminary Q2 2024 Financial Results.
Highlights include:
Preliminary Results
Prior Guidance
Net Sales
(1%) to (2%)
(1%) to (3%)
Adjusted Operating Income
$57 – $62 million
$30 – $45 million
Adjusted Diluted Earnings Per Share
$0.34 to $0.39
$0.05 to $0.20
The stock traded up over 17% in the pre-market in reaction to the news.
The first target for bulls is the pre-market high $23.28.
Beyond that, $24, $25 and $27 come into play.
Below $23.28, targets to the downside are $21.50, $20 and then a gap fill at $19.07.
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UCL – Up over 16% in pre after reporting better than expected earnings
uCloudlink Group Inc. (UCL) operates as a mobile data traffic sharing marketplace in the telecommunications industry.
In the pre-market this morning the company reported Q2 2024 financial results.
Highlights include:
Total revenues were US$22.4 million, representing an increase of 1.7% from US$22.0 million in the second quarter of 2023.
Gross profit was US$11.0 million, representing an increase of 11.4% from US$9.9 million in the second quarter of 2023.
Income from operations was US$2.3 million, compared to a loss from operations of US$0.9 million in the second quarter of 2023.
Net income was US$2.2 million, compared to a net loss of US$0.9 million in the second quarter of 2023.
Adjusted net income (non-GAAP) was US$2.6 million, compared to US$1.8 million in the second quarter of 2023.
Adjusted EBITDA (non-GAAP) was US$3.3 million, compared to US$2.1 million in the second quarter of 2023.
The stock traded up over 16% in the pre-market in reaction to the news.
The first target for bulls is the pre-market high at $1.69.
Beyond that, $1.80, $1.95, $2.10, $2.30 and $2.50 come into play.
Below $1.69, targets to the downside are $1.55, $1.50 and then a gap fill at $1.45.
MARKET NEWS 📰
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