Friday’s Top Gainers; Everbridge, Minerva Neurosciences, & Farfetch
Everbridge is considering a potential sale to an unnamed buyer
Everbridge Inc (NASDAQ: EVBG) jumped 17.39% following reports that the Burlington-based business is considering a possible deal with buyers comprising private equity and industrial firms. Bloomberg reported that the technology firm was discussing a potential sale with an unnamed consultant.
Due to the growth in investor activism in 2022, Everbridge became involved in a proxy battle early this year. Ancora Holdings Group LLC, an activist investor who has been critical of Everbridge’s management team for several months, publicly advocated for the sale of the business software firm in the spring. Last month the enterprise software firm appointed David Wagner as its new CEO replacing co-CEOs Vernon Irvin and Patrick Brickley, who returned to their roles as Chief Revenue Officer and Chief Financial Officer, respectively.
Minerva submits NDA for Roluperidone
Minerva Neurosciences Inc (NASDAQ: NERV) gained 58.19% as investors continue to respond to the company’s submission of a New Drug Application to the US FDA for Roluporidone for treating negative schizophrenia symptoms in patients. Roluperidone seeks to fill a critical medical demand in a sizable patient group by effectively treating schizophrenia-related negative symptoms.
Findings from two late-stage, controlled studies, including individuals with severe to moderate depression symptoms and persistent positive signs of schizophrenia, are used to corroborate the NDA proposal. Additionally, both trials were intended to provide the majority of the data supporting the efficacy of Roluperidone in treating negative schizophrenia symptoms. In both studies, individuals who were receiving antipsychotic medications had to stop taking them and wait two days before starting the designated study treatment. The studies provide long-term exposure findings about Roluperidone’s tolerability, safety, and efficacy based on blinded Roluperidone doses.
Farfetch tops Q2 2022 revenue and earnings results
Farfetch Limited (NYSE: FTCH) was up 26.10% after the company topped Q2 2022 revenue estimates. The company reported revenue of $579.35 million, beating analysts’ estimates by 1.95%. A year ago, the company had a revenue of $523.31 million. Also, quarterly loss topped estimates, with the apparel ad shoe retailer reporting a loss of $0.21 per share compared to analysts’ estimates of $0.26 per share. Gross merchandise value was $1.0078 billion, increasing by $12.6 million from last year.
Revenue growth during the quarter was driven by the 60.3% growth in Brand Platform sales to $116.6 million and 52% growth of In-Store revenue plus 0.7% growth in Digital Platform sales. In the coming quarter, the company expects the ongoing geopolitical turmoil, macroeconomic factors, and the impact of the pandemic to have a material impact on future projections and performance. For the full year, the company expects Brand Platform gross merchandise value to grow between 0% and 10% YoY, while Digital Platform GMV is expected to range between 0% and 5% YoY. Farfetch targets break-even adjusted EBITDA.