Pre-Open Movers: Akero Doubles on Drug Data, Tech Stocks Fall on Hot CPI

© Reuters. Pre-Open Movers: Akero Doubles on Drug Data, Tech Stocks Fall on Hot CPI

Pre-Open Stock Movers:

Akero Therapeutics, Inc. (NASDAQ:) 125% HIGHER; released topline data from HARMONY, a 24-week Phase 2b study evaluating the efficacy and safety of its lead product candidate efruxifermin (EFX) in patients with pre-cirrhotic nonalcoholic steatohepatitis (NASH), fibrosis stage 2 or 3 (F2-F3). The study met its primary endpoint for both the 50mg and 28mg EFX dose groups, with 41% and 39% of EFX-treated patients, respectively, experiencing at least a one-stage improvement in liver fibrosis with no worsening of NASH by week 24, compared with 20% for the placebo arm.

Rent the Runway (NASDAQ:) 23% LOWER; reported Q2 of ($0.53), $0.12 better than the analyst estimate of ($0.65). Revenue for the quarter came in at $76.5 million versus the consensus estimate of $73.57 million. Rent the Runway sees Q3 2022 revenue of $72-74 million, versus the consensus of $79.7 million. Rent the Runway sees FY2022 revenue of $285-290 million, versus the consensus of $303.84 million.

Planet Labs (NYSE:) 11% HIGHER; reported Q2 of ($0.15), $0.01 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $48.5 million versus the consensus estimate of $42.4 million. Planet Labs sees Q3 2023 revenue of $45-48 million, versus the consensus of $46.6 million. Planet Labs sees FY2023 revenue of $182-190 million, versus the consensus of $182 million.

Catalyst Pharmaceuticals Inc (NASDAQ:) 7% HIGHER; will replace ManTech International Corp. (NASDAQ:) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, September 15.

Revance Therapeutics, Inc. (NASDAQ:) 7% LOWER; Announced the pricing of an upsized underwritten public offering of 8,000,000 shares of its common stock. The shares of common stock are being offered at a public offering price of $25.00 per share

Braze Inc. (NASDAQ:) 7% LOWER; reported Q2 of ($0.16), $0.04 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $86.1 million versus the consensus estimate of $81.16 million. Braze, Inc. sees Q3 2023 EPS of ($0.22)-($0.23), versus the consensus of ($0.20). Braze, Inc. sees Q3 2023 revenue of $90-91 million, versus the consensus of $90.3 million. Braze, Inc. sees FY2023 EPS of ($0.77)-($0.79), versus the consensus of ($0.80). Braze, Inc. sees FY2023 revenue of $347-350 million, versus the consensus of $346.83 million.

Unity Software Inc . (NYSE:) 7% LOWER; Applovin (NASDAQ:) announced that it does not intend to submit another proposal to combine with Unity Software Inc. and has withdrawn its initial proposal from August 9, 2022.

Peloton Interactive, Inc. (NASDAQ:) 5% LOWER; accepted the resignations of John Foley as Executive Chair and Hisao Kushi as Chief Legal Officer, effective September 12, 2022 and October 3, 2022, respectively.

Netflix, Inc. (NASDAQ:) 4% LOWER; tech stocks fall on hot CPI.

Alphabet Inc. (NASDAQ:) 3% LOWER; tech stocks fall on hot CPI.

Meta Platforms Inc (NASDAQ:) 3% LOWER; tech stocks fall on hot CPI.

Tyson (NYSE:)  2% LOWER; Argus downgraded from Buy to Hold.

Apple Inc. (NASDAQ:) 2% LOWER; tech stocks fall on hot CPI.

Microsoft Corporation (NASDAQ:) 2% LOWER; tech stocks fall on hot CPI.

Cheniere Energy Inc . (NYSE:) 1% HIGHER; lifted its full-year 2022 profit forecast above consensus.