Tuesday’s Top Gainers; Checkmate Pharmaceuticals, Axsome Therapeutics, & Super Micro Computer

April 21, 2022 By: WealthMintr Team

CHECKMATE UP 329% FOLLOWING ACQUISITION PROPOSAL 

Checkmate Pharmaceuticals (NASDAQ: CMPI) shares were up 329% in response to a $250 million buyout proposal from Regeneron Pharmaceuticals (NASDAQ: REGN). Regeneron is looking to acquire Checkmate in an all-cash deal of $10.5 per share, representing a 332% premium from where Checkmate Pharmaceuticals’ shares closed on Monday. The companies expect the transaction to close by mid-2022.

The early-to-mid-stage oncology candidate vidutolimod is said to be at the heart of Regeneron’s investment in Checkpoint Pharmaceuticals. Vidutolimod is an immune system stimulator that increases the number of T cells in the body and causes them to target cancer cells. Its uniqueness as antitumor immunotherapy has been its ability to boost the effectiveness of checkpoint antagonist therapies in individuals with advanced cancer.

AXSOME’S SEC FILING HINTS AT THE POSSIBILITY OF AXS-05’S APPROVAL 

Axsome Therapeutics (NASDAQ: AXSM) shares jumped 25.14% as the market responded to a brief submission, then a biopharmaceutical firm sent to the US SEC. investors are expecting the approval of

Axsome’s depression drug candidate, AXS-05.

In August last year, the company’s shares tanked after the FDA found deficiencies in the NDA for AXS-05 in the treatment of major depressive disorder. The drug is a combination of dextromethorphan, a cough suppressant sold over the counter, and bupropion, an antidepressant many people use. Interestingly, the drug scored a high mark in a trial supporting AXS-05’s New Drug Application.

Last year the FDA failed to approve it as anticipated because of deficiencies in the company’s application. In the SEC filing, the company indicated that it had met postmarketing conditions the FDA had proposed about AXS-05. As a result, it implies that Axsome will receive approval for AXS-05, which will be the first drug developed by the company to be commercialized.

SUPER MICRO COMPUTER RAISES ITS Q£ 2022 EARNINGS GUIDANCE. 

Super Micro Computer Inc. (NASDAQ: SMCI) was up 21.96% after the company raised its earnings guidance for the third quarter of 2022. The company now expects EPS of between $1.4 and $1.5 for the period relative to consensus estimates of $0.8. Super Micro Computer now expects revenue to range from $1.3 billion to $1.35 billion versus the consensus estimates of $1.14 billion. Initially, the company had predicted revenue of $1.1 billion to $1.2 billion and earnings of $0.7 to $0.8 per share. In the last quarter, the company had earnings of $0.76 per share, beating estimates of $0.65 per share, while revenue also topped analysts’ estimates with revenue of $1.17 billion.

The unaudited guidance is based on interim results and management’s prediction and will be subject to revision in connection to financial statements in fiscal Q3 2022. It is vital to note that the actual result could differ materially from the interim unaudited financial results.