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LCPN – Up over 40% in pre-market after phase 2 study meets primary endpoint in patients with Cirrhosis
MNK – Closed up 186% after sources said company considering Bankruptcy as part of plan to avoid paying money it owes to opioid victims
META – Up 8% in pre after beating earnings estimates and growing ad revenue
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LCPN – Up over 40% in pre-market after phase 2 study meets primary endpoint in patients with Cirrhosis
Lipocine Inc (LPCN), a clinical-stage biopharmaceutical company, engages in the research and development for the delivery of drugs for the treatment of central nervous system (CNS) disorders.
This morning, the company announced that its LPCN 1148 Phase 2 study in the treatment of patients with Cirrhosis met its primary endpoint. LPCN 1148 is an oral candidate under development for the clinical management of cirrhosis.
Dr. Mahesh Patel, President and CEO of Lipocine stated, “Managing cirrhosis is a significant unmet medical need with a strong pharmaco-economic rationale. We believe LPCN 1148 is a compelling development opportunity; if approved, we believe it has potential to be the standard of care in managing advanced cirrhosis.”
The stock is up over 40% after the release of the results.
The $5.80 area was resistance and now becomes potential support.
Above it, targets to the upside are $6.15 and then the pre-market high at $6.25. Beyond that, $7 and $8 come into play.
Below $5.80, there is potential support at $5.50, $5.10, $4.90 and a gap to fill at $4.30.
MNK – Closed up 186% after sources said company considering bankruptcy as part of plan to avoid paying money it owes to opioid victims
Mallinckrodt (MNK) develops, manufactures, markets and distributes specialty pharmaceutical products and therapies in the US and internationally.
Yesterday, news circulated that the Wall St Journal reported that sources said MNK was considering bankruptcy as part of a plan to avoid paying money it owes to opioid victims. The stock closed up 186% higher on the news and is gapping 16% higher this morning.
The stock was down over 90% this year on fears that liabilities relating to the opioid crisis would wipe out shareholders. The news that a potential bankruptcy could avoid some of these liabilities and leave some shareholders value available post bankruptcy sent the stock soaring. There should be plenty of volatility for active traders this morning.
The $1.50 area will be an important level to watch having averted both as resistance and support yesterday and in the after-hours.
Above it, targets to the upside are $1.70 and then the after-hours high of $1.88. Beyond that, $2, $2.50 and $3.50 come into play.
Below $1.50, there is potential support at $1.32, $1.10, $1 and then $0.72.
META – Up 8% in pre after beating earnings estimates and growing ad revenue
Meta Platforms (META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. The company owns Facebook, Whatsapp, Instagram and Meta brands.
META reported Q2 EPS of $2.98 vs $2.91 expected. Revenue for the quarter came in at $32 billion vs $31.08 billion expected. META guided Q3 2023 revenue of $32-34.5 billion, versus $31.2 billion expected.
Ad revenue rose by 12%, faster than rival Google.
The $325 area was resistance in the after-hours and in the pre-market marking the high post earnings.
Above it, targets to the upside are $330, $335, $340 and $350.
Below $325, there is potential support at $322, $320, $315, $310 with a gap to fill at $298.57.
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