| 2019-12-03 09:02:45|
AKS, CLF… 09:02 12/03 12/03/19
Fly Intel: Pre-market Movers
HIGHER: AK Steel (AKS), up 5% after entering a definitive merger agreement pursuant to which Cleveland-Cliffs (CLF) will acquire all of the issued and outstanding shares of the company's common stock. Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. The fixed exchange ratio implies a consideration of $3.36 per share of AK Steel common stock... Audentes Therapeutics (BOLD), up 105% after announcing a definitive agreement for Astellas Pharma (ALPMY) to acquire the company at a price of $60.00 per share in cash, representing a total equity value of approximately $3B... Axsome Therapeutics (AXSM), up 17% after announcing that AXS-12, or reboxetine, met the pre-specified primary endpoint and significantly reduced the number of cataplexy attacks as compared to placebo in patients with narcolepsy in the CONCERT Phase 2 trial... uniQure (QURE), up 15% after Goldman Sachs analyst Salveen Richter initiated coverage of the stock with a Buy rating and $98 price target. The analyst is positive on the company's lead program AMT-061 in hemophilia B. Cowen analyst Joseph Thome also initiated coverage of uniQure with an Outperform rating. UP AFTER EARNINGS: Land's End (LE), up 7%. DOWN AFTER EARNINGS: Coupa Software (COUP), down 6%. ALSO LOWER: Cleveland-Cliffs (CLF), down 12% after announcing it will acquire AK Steel... Cara Therapeutics (CARA), down 22% after announcing results from its Phase 2 dose-ranging trial of oral Korsuva for the treatment of pruritus in patients with stage III-V chronic kidney disease... AerCap (AER), down 4% after its 4M share spot secondary offering priced at $60.00 per share... CBL & Associates (CBL), down 36% after announcing that it is suspending all future dividends on its common stock, 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock.
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