Tuesday’s Gainers; SkyWater Technologies, Ventyx Biosciences, & Bed Bath and Beyond
SkyWater Technologies reports a 15% revenue increase in Q2
SkyWater Technology (NASDAQ: SKYT) gained 32.98% after the company posted higher revenue for Q2, as its net loss almost doubled. The company reported a loss of $13 million or $0.32 per share compared with $7 million or $0.2 per share a year ago. Adjusted loss during the quarter was $0.27 per share. SkyWater’s revenue was $47.4 million, which was a 15% increase.
The company’s CEO and president, Thomas Sonderman, said that the predicted quarterly reduction in wafer services was offset by the sequential quarterly sales growth they saw with almost every significant ATS client, which occurred due to the accounting treatment pull-in of almost $8 million of WIP into the first-quarter wafer services sales. In addition, recently, the company announced a partnership with Purdue University d the State of Indiana to construct an advanced $1.8 billion semiconductor facility on Purdue’s Campus within Discovery Park District. Also, it received a $15 million investment from DoD to fund the open-source design of the company’s SKY90-FD process tech in collaboration with Google.
Ventyx Biosciences to begin clinical trials for its TYK inhibitor
Ventyx Biosciences (NASDAQ: VTYX) jumped 31.99% after announcing it will commence testing TYK inhibitors in multiple mid-stage clinical studies before 2023. The news comes weeks before Bristol Myers Squibb finds out whether it will be the first to get TYK2 drug approval for deucravatinib, its moderate to severe psoriasis product candidate. With encouraging findings from a healthy volunteer study, the biotech company will soon try VTX958 in psoriasis, psoriatic arthritic, and Crohn’s disease patients. Interestingly lupus and ulcerative colitis will be explored.
Findings show that the oral, allosteric inhibitor was “well tolerated” in all single-ascending and multiple-ascending dose cohorts in the 96-subject Phase 1 study. CMO William Sandborn stated that they believe in their ability to attain TYK target coverage at levels typically linked with biologic therapies, which may position VTX958 for success in disease indications expected to require high therapeutic doses.
Bed Bath and Beyond surges on volatile trading
Bed Bath and Beyond (NASDAQ: BBBY) was up 29.96% in highly volatile trading on Tuesday as retail traders continued to drive up the price of the highly shorted stock. The stock surged as investors sought to cover their short positions. Usually, a short position happens when the price surge forces bearish traders to buy back stock at a higher price to minimize losses, pushing demand high and, ultimately, the stock price.
On Monday, a regulatory filing demonstrated that Cohen’s venture capital company RC Ventures had acquired distant put-of-the-money call options on close to 1.6 million Bed Bath & Beyond shares with prices of between $60 and $80. The option holder can purchase the strike price, implying Cohen is betting that the company’s stock price could rise to $80.