A technician prepares a flow cell slide for loading onto a genetic sequencing machine in a Regeneron Pharmaceuticals laboratory at the biotechnology company’s headquarters in Tarrytown, New York
Mike Segar | Reuters
Check out the companies that are making headlines in midday trading.
Regeneron – Biotech company’s shares rose 7.1% after President Donald Trump used Regeneron’s experimental antibody cocktail as part of his treatment for Covid-19. Cantor Fitzgerald upgraded the stock from neutral to overweight, citing potential growth from antibody treatment and dermatitis treatment.
CrowdStrike – CrowdStrike shares rose 3.6% after Goldman Sachs updated buying the cyber security company from neutral. The Wall Street company said CrowdStrike is a “technology leader” and has a “best-in-class” economy with room for its stocks.
AMC Entertainment – Cinema stocks dropped 11.2% after rival Cineworld announced that it would close its theaters in the US and UK. The decision was made after several key releases, including a new James Bond film, were postponed until 2021. Last week, S&P Global Ratings lowered the credit rating of issuers for AMC from CCC + to CCC-.
DraftKings DraftKings shares fell 5.1% after the sports betting company announced a public offering of 32 million Class A shares. The offering consists of 16 million shares from DraftKings and 16 million shares from certain selling shareholders. The company does not receive any proceeds from the sale offered by the shareholders. DraftKings will use the proceeds for general corporate purposes.
Stryker The stock rose 2.7% after Evercore ISI added the medical device company to its tactical outperform list and saw “better than expected” recovery trends ahead of Stryker’s third quarter results.
MyoKardia Shares in the biotech name rose 57.8% after the company announced it would be bought by Bristol-Myers for $ 13.1 billion, a 61% premium over Friday’s closing price. “The acquisition of MyoKardia further strengthens our portfolio, pipeline and scientific capabilities and is expected to add a significant medium- and long-term growth driver,” Bristol-Myers said in a statement.
MC Donalds – McDonald’s shares rose 1.5% after Bank of America raised its 12-month price target for the fast food chain to a Wall Street high of $ 250, a 10% gain for the company Share corresponds. According to BofA, McDonald’s has benefited from consumers choosing drive-through restaurants amid the pandemic. CNBC’s Jim Cramer also called McDonald’s a “very high quality company” on Monday.
Eidos Therapeutics The biotech rose 41.6% after announcing it would merge with BridgeBio Pharma. Eidos shareholders have the option to receive either $ 73.26 in cash per share, with a cash limit of $ 175 million, or 1.85 shares of BridgeBio Pharma.
Starbucks Shares in the world’s largest coffee chain rose 2.2% after Oppenheimer described Starbucks as an “actionable purchase idea” and saw “attractive earning power” for the coffee company.
– with reports from Jesse Pound, Yun LI and Pippa Stevens from CNBC.