DraftKings, Sage Therapeutics, Vroom and more

New England Patriots cornerback Stephon Gilmore (24) stretches during the New England Patriots training session in Foxborough, MA on October 22, 2020.

Barry Chin | Boston Globe | Getty Images

Sage Therapeutics – The drug manufacturer’s shares fell about 17% after the release of study results for its experimental depression drug. The treatment resulted in a statistically significant improvement in symptoms, although it could take up to six weeks to take effect.

Vroom – Shares in the used car e-commerce platform company fell more than 10% after announcing a $ 500 million convertible bond offer in senior convertible notes due in 2026. Vroom plans to use the proceeds to invest in new technology and other corporate purposes.

Novavax – Novavax shares fell over 7% despite the biotech company’s announcement on Monday that its Covid-19 vaccine is safe and 90.4% effective. The company also said its vaccine would remain effective when given at the same time as the flu shot.

Ping Identity – The identity management solutions company saw its shares fall more than 8% after it announced it would offer 6 million common shares of mutual funds affiliated with Vista Equity Partners. Ping said it will not receive any proceeds from the sale but will bear the associated costs.

DraftKings – The sports betting company lost more than 5% after Hindenburg Research revealed it was short on the stock. Hindenburg’s report highlighted DraftKing’s assessment as a concern and alleged involvement in questionable gambling activities by SBTech, with which DraftKings merged in 2020. DraftKings said in a statement that it was satisfied with SBTech’s business history.

Fastenal – The industrial and building supplies manufacturer’s shares fell more than 1% after a Morgan Stanley downgrade. The bank downgraded Fastenal from an equal weight to underweight and said the stock had limited upside potential as the transition continued due to high valuation and execution risk.

MicroStrategy – MicroStrategy’s shares rose 2.9% after it was announced late Monday that it plans to sell up to $ 1 billion in shares to buy more Bitcoin. The enterprise software company currently owns more than 92,000 bitcoins. Bitcoin’s price is also bouncing back this week from its last month’s price drops.

Exxon Mobil – The oil giant’s shares rose 2.9% after the price of oil spiked and after Bank of America repeated its buy rating on the stock. The company expects Exxon to increase its dividend before year end and sees the stock jump 45% from its Monday closing price to $ 90.

– CNBC’s Maggie Fitzgerald, Hannah Miao, Jesse Pound, Yun Li and Pippa Stevens contributed to the coverage

Become a smarter investor with CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign in to one. to start Try it for free today

Comments are closed.