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RDHL – Up over 60% in pre after newly published positive Phase 3 data demonstrates 64% increased efficacy with RedHill’s RHB-104 in Crohn’s Disease
NOVA – Up over 19% in pre after reporting better than expected revenue
CVNA – Up over 10% in pre after reporting better than expected earnings and guidance, large short float
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RDHL – Up over 60% in pre after newly published positive Phase 3 data demonstrates 64% increased efficacy with RedHill’s RHB-104 in Crohn’s Disease
RedHill Biopharma Ltd. (RDHL) is a specialty biopharmaceutical company that primarily focuses on gastrointestinal and infectious diseases.
In the pre-market the company announced positive Phase 3 data that demonstrates 64% increased efficacy with RedHill’s RHB-104 in Crohn’s Disease.
Newly published in the peer-reviewed journal Antibiotics, the 331-patient Phase 3 Crohn’s disease study data shows the primary endpoint of clinical remission at week 26 was achieved, with high statistical significance, in 36.7% (61/166) of orally administered RHB-104 plus standard of care (SoC) patients, compared to 22.4% (37/165) of placebo plus SoC patients (p=0.0048); Safety profile similar to placebo. Study conducted across more than 100 sites
The advanced stage clinical data demonstrating the potential efficacy of oral RHB-104 triple antimicrobial therapy targeting Mycobacterium avium subspecies paratuberculosis (MAP,) supports the paradigm-changing hypothesis of a Mycobacterial basis to Crohn’s disease, where high unmet medical need exists.
The stock traded up over 60% in the pre-market in reaction to the news.
The first target for bulls is the prior resistance level at $0.60 and beyond that the pre-market high at $0.67. Above that, $0.75, $0.80 and $1 come into play.
Below $0.60, targets to the downside are $0.50, $0.40 and then a gap fill at $0.3841.
NOVA – Up over 19% in pre after reporting better than expected revenue
Sunnova Energy International Inc. (NOVA) engages in the provision of energy as a service in the United States.
The company offers electricity, as well as offers operations and maintenance, monitoring, repairs and replacements, equipment upgrades, on-site power optimization, and solar energy system and energy storage system diagnostics services.
Q2 earnings came in at a loss of $0.27 per share vs estimate of a loss of $0.54. This compares to a loss of $0.74 per share a year ago.
Revenues for Q2 came in at $219.6 million vs year-ago revenues of $166.38 million.
Unrestricted cash increased by $21.5 million in the second quarter of 2024
Increased cash generation guidance to $100 million in 2024, $350 million in 2025, and $400 million in 2026
The earnings, revenue beat and positive guidance sent the stock trading up over 19% in the pre-market.
The first target for bulls is the pre-market high at $8.65. Above that, targets to the upside are $9, $9.50 and $10.
Below $8.65, targets to the downside are $8.30, $8.05, $7.60, $7.40 and then a gap fill at $7.07.
CVNA – Up over 10% in pre after reporting better than expected earnings and guidance, large short float
Carvana Co. (CVNA) together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States.
Its platform allows customers to research and identify a vehicle; inspect it using the company’s 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices. The company also operates auction sites
In the after-hours yesterday, the company reported earnings (EPS) of $0.14 vs -$0.55 a year ago and forecast annual core profit above Wall Street estimates.
It forecast 2024 adjusted EBITDA between $1 billion and $1.2 billion, above analysts’ estimates.
The stock is trading up over 10% in the pre-market in reaction to the earnings and positive guidance.
The first target for bulls is the pre-market high at $155.50.
Above that, targets to the upside are $160, $180, and $200.
Below $155.50, targets to the downside are $150, $147, $146, $140 and then $135.
MARKET NEWS 📰
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