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

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Pre-Open Stock Movers:

Akero Therapeutics, Inc. (Nasdaq: NASDAQ:AKRO) 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 (RENT) 23% LOWER; reported Q2 EPS 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 (PL) 11% HIGHER; reported Q2 EPS 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. (CPRX) 7% HIGHER; will replace Mantech International Corp. (MANT) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, September 15.

Revance Therapeutics, Inc. (Nasdaq: NASDAQ:RVNC) 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. (BRZE) 7% LOWER; reported Q2 EPS 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. (U) 7% LOWER; AppLovin (APP) announced that it does not intend to submit another proposal to combine with Unity Software Inc. (U) and has withdrawn its initial proposal from August 9, 2022.

Peloton Interactive, Inc. (NASDAQ:PTON) 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:NFLX) 4% LOWER; tech stocks fall on hot CPI

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

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

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

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

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

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