Tuesday’s Top Gainers; BBQ Holdings, Verona & PubMatic
MTY Food Group to acquire BBQ Holdings
BBQ Holdings (NASDAQ: BBQ) jumped 46.46% after Papa Murphy’s parent company MTY Food Group announced the acquisition of BBQ Holdings, the parent of Famous Dave. As per a definitive agreement signed on Tuesday, MTY will purchase all outstanding and issued BBQ common shares at $17.25 per share for a total of $200 million in an all-cash transaction.
After closing the deal, BBQ shares will be delisted from the Nasdaq Capital Markets and will be a privately held MTY subsidiary. In the past few years, BBQ has amassed a collection of restaurants through acquisitions, including Barrio Queen, Granite City, Tahoe Joe’s and Village Inn, and Bakers Square. In addition, BBQ operates around 200 franchised and more than 10
BBQ Holdings to be bought for $200 million, Verona announces nebulized ensifentrine findings, and PubMatic reports 27% YoY revenue growth 100 corporate restaurants that will continue to operate as independent brands after the deal closes.
Verona Pharma announces results of nebulized ensifentrine
Verona Pharma (NASDAQ: VRNA) gained 44.32% after the company announced results from the late study assessing nebulized ensifentrine as a chronic obstructive pulmonary disease treatment. According to Verona, ensifentrine achieved the study’s main objective by changing the mean forced expiratory volume in 1 second by 94 mL, which is a gauge of how much air an individual can exhale. All of the investigational drug’s secondary experimental endpoints were also met. In addition, according to Verona, individuals on ensifentrine experienced a 42% decrease in the frequency of moderate-to-severe COPD exacerbations throughout a 24-week period.
Verona released both its clinical update and its second-quarter results. However, the larger catalyst for the little biotech firm was undoubtedly the promising findings for ensifentrine. Unfortunately, there are no products available in the market from Verona at this time. The lone candidate in the firm’s pipeline is ensifentrine. Although Verona is considering the medication as a treatment option for cystic fibrosis and asthma, its COPD indication is further along.
PubMatic reports 27% YoY revenue growth in Q2 2022
PubMatic Inc (NASDAQ: PUBM) gained 23.76% after the company reported impressive second-quarter results. The software company defied a general trend among its competitors in digital advertising: growth was slowing down. Additionally, PubMatic gave projections for double-digit Q3 revenue growth, which was far better than the growth rates predicted by Meta Platforms, the parent company of Facebook, for a fall, and Roku, the streaming TV platform, for low-single-digit growth.
Revenue in Q2 2022 was $63 million representing 27% YoY from $49.7 million a year ago. Net income increased 21% to $7.8 million, up from $9.9 million. During the quarter, adjusted EBITDA was up 24% to $23 million from last year’s $18.6 million. CEO Rajeev Goel said the company delivered another impressive quarter with growth above market growth rates. The results demonstrated the number and extent of growth opportunities the company has incorporated into its business as it continues to consolidate the market.