Hot Stocks Of The Day: AVII, TSLA, LSBX, SCHW, CYPB
Friday, July 16, 2021 2:14 PM

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US stocks plunged on Friday as worse-than-expected economic data and downbeat corporate earnings rattled investors.

Below we highlight few companies whose shares are actively trading in Friday's session. 

AVI BioPharma, Inc. (NASDAQ: AVII) jumped more than 14% on Friday, a day after it said in a regulatory filing that it has been awarded a new contract with the U.S. Department of Defense Chemical and Biological Defense Program through the U.S. Army Space and Missile Defense Command for the advanced development of the company's hemorrhagic fever virus therapeutic candidates, AVI-6002 and AVI-6003, for Ebola and Marburg viruses, respectively. The contract is structured into four segments with potential funding of up to approximately $291 million. 

Shares of Tesla Motors, Inc. (NASDAQ: TSLA) rose more than 3% on Friday after it announced that it has signed an agreement with Toyota Motor Corp. (NYSE: TM) to initiate the development of an electric version of the RAV4. The prototypes will be made combining the Toyota RAV4 model with a Tesla electric powertrain, with an aim to market the vehicle in the United States in 2012. Tesla plans to produce and deliver a fleet of prototypes to Toyota for evaluation within this year. The first prototype has already been built and is now undergoing testing.

LSB Corporation (NASDAQ: LSBX) soared more than 45% after it agreed to be acquired by People's United Financial, Inc. (NASDAQ: PBCT) in an all-cash transaction valued at approximately $96 million.

Charles Schwab Corp. (NYSE: SCHW) gained as much as 7% on Friday after it reported better-than expected second-quarter profit. Net income totaled $205 million or 17 cents a share, compared to $205 million or 18 cents a share in the prior-year quarter. Revenue fell slightly to $1.08 billion from $1.085 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 15 cents a share on revenue of $1.05 billion.  

Cypress Bioscience, Inc. (NASDAQ: CYPB) surged more than 13% after it announced that it has entered into an exclusive North American license for the development and commercialization of BioLineRx's novel antipsychotic, a potential breakthrough treatment for schizophrenia. Specific terms of the transaction were not disclosed, but the total upfront payment to BioLineRx was $30 million, with total potential clinical and regulatory milestones of up to $160 million through to approval in the United States (the majority of which are related to improvement in cognition), potential commercial milestones of $85 million, and a potential additional $90 million associated with approval for additional indications in the United States or for approval in other countries in North America. In addition, Cypress will fund all continuing development activities and pay BioLineRx a royalty based on applicable sales.

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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