Pharma Group Pops 100%+

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures dipped on Monday. Investors are still weary about inflation numbers after Federal Reserve Governor Christopher Waller said that policymakers have ‘a ways to go’ before ending interest-rate hikes. While signs of cooling inflation led the S&P 500 to its best week since June last week, it appears we’re not out of the woods yet.

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Here’s a look at the top-moving stocks this morning.

Opiant Pharmaceuticals (Nasdaq: OPNT)

Opiant Pharmaceuticals is up 119.89% premarket after agreeing to be acquired by Indivior PLC (INDV). Under the agreement, Indivior will acquire all of the outstanding shares of Opiant for upfront consideration of $20 per share. The acquisition will expand indivior’s portfolio of addiction therapies and leverage its expertise and resources to maximize the launch of OPNT003, a potential treatment for opioid overdose.

Redhill Biopharma (Nasdaq: RDHL)

Redhill Biopharma is up 23.27% premarket after the company reached an agreement in principle with HCR Collateral Management to extinguish all debt obligations in exchange for the transfer of RedHill’s rights in Movantik™ (naloxegol). It is expected that RedHill would provide transition services to HCR to ensure a seamless process so patient care will not be interrupted.

MorphoSys AG (Nasdaq: MOR)

MorphoSys is down 29.01% premarket after partner Roche says its Alzheimer’s drug trials didn’t meet its goals. The experimental medicine, galled gantenerumab, didn’t slow clinical decline in people with early Alzheimer’s, the Swiss drugmaker said Monday. Overall, the medicine didn’t match the success of Biogen Inc. and Eisai Co’s lecanemab, as it removed less beta amyloid protein than researchers had expected in patient’s brains.

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Dentsply Sirona Inc. (Nasdaq: XRAY)

Dentsply is down 10.76% premarket after the company suffered a $1.08 billion net loss in the third quarter of 2022. The dental products maker cut its full-year outlook, citing weaker demand, supply chain challenges and unfavorable currency translation.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team