GME up big as Roaring Kitty returns

Good morning, 360 —

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FOCUS LIST🔎

ACIU - Up over 50% in the pre-market after license agreement for Alzheimer's treatment,  receipt of $100 million up front

GME - Up over 35% in pre as meme hero Roaring Kitty tweets for the first time in 3 years 

JAN - Up over 10% in pre after acquiring ALT 5 Sigma Inc, a next generation blockchain financial technology provider

HOTLIST🔥

ACIU - Up over 50% in the pre-market after license agreement for Alzheimer's treatment,  receipt of $100 million up front

AC Immune SA (ACIU) is a clinical stage biopharmaceutical company that discovers, designs, and develops medicines and diagnostic products for the prevention and treatment of neurodegenerative diseases associated with protein misfolding. 

In the pre-market this morning, the company reported Q1 2024 financial results and announced that it had signed an exclusive, worldwide option and license agreement with Takeda for AC Immune’s active immunotherapies targeting toxic forms of amyloid beta (Abeta), including ACI-24.060 for the treatment of Alzheimer’s disease.

Under the agreement, Takeda is to receive an exclusive option to license global rights to ACI-24.060, a potential first-in-class active immunotherapy designed to delay or slow Alzheimer’s disease progression

AC Immune will receive an upfront payment of $100 million upon closing and be eligible for an option exercise fee and additional potential milestones of up to approximately $2.1 billion.

The stock traded up over 50% in the pre-market after the announcement.

$3.40 has acted as support in the pre-market and will be an important level to watch.

Above it, targets to the upside are $3.68, $3.90 and then the pre-market high at $4.33. Beyond that, $4.65 and $5.14 come into play.

Below $3.40, targets to the downside are $3.33, $3.18, $3, $2.80 and then a gap fill at $2.31.

GME - Up over 35% in the pre-market as meme hero Roaring Kitty tweets for the first time in 3 years 

GameStop Corp. (GME) is a specialty retailer that provides games and entertainment products through its stores and ecommerce platforms in the United States and internationally.

Over the weekend cult Meme Hero Roaring Kitty tweeted for the first time in 3 years after the GME short squeeze. This is what he tweeted:

GME started to move higher over the last 2 weeks, up over 50% in that time. Despite a weak close on Friday, it appears Roaring Kitty’s tweet has so far been the catalyst for a 35% move high in GME stock this morning. 

There is currently still a 24% short interest in the stock according to Finviz based on Friday’s close so perhaps there’s some shorts now underwater from last week.

There should be some nice movement for active traders in the stock in the coming days.

$22.42 was an area of resistance in the pre-market and now becomes a potential support level. 

Above it, targets to the upside are $23.60, $24.50, $24.80 and then the pre-market high at $25.47. Beyond that, $27.50, $30 and $35 come into play.

Below $22.42, targets to the downside are $21.30, $20.30, and then a gap fill at $17.46. 

JAN - Up over 10% in pre after acquiring ALT 5 Sigma Inc, a next generation blockchain financial technology provider

JanOne Inc. (JAN) is a clinical-stage biopharmaceutical company, focuses on identifying, acquiring, licensing, developing, partnering, and commercializing novel, non-opioid, and non-addictive therapies to address the unmet medical need for the treatment of pain and addiction, helping to solve the opioid crisis.

In the after-hours Friday, the company announced it had acquired  ALT 5 Sigma Inc, a next generation blockchain financial technology provider.

ALT 5's transactional processing volume exceeded $1.1 billion in calendar 2023, and over $450 million in Q1 2024.

ALT 5, through its subsidiaries, offers two main platforms to its customers: "ALT 5 Pay" and "ALT 5 Prime."

ALT 5 Pay is a crypto-currency payment gateway that enables registered and approved global merchants to accept and make crypto-currency payments or to integrate the ALT 5 Pay payment platform into their application or operations using the plugin with WooCommerce and or ALT 5 Pay's checkout widgets and APIs. Merchants have the option to convert to fiat currency (US Dollars, Canadian Dollars, Euros, and British Pounds Sterling) automatically or to receive their payment in digital assets.

ALT 5 Prime is an electronic over-the-counter trading platform, that enables registered and approved customers to buy and sell digital assets.

The transaction is anticipated to close the week of May 13th, 2024 and is subject to customary closing conditions and regulatory requirements as applicable.

JAN stock traded up over 10% in the pre-market in reaction to the news.

$4.80 has acted as resistance in the after-hours and pre-market.

Above it, targets to the upside are $5, $5.26 and then the after-hours high at $5.99. Beyond that, $6.50 and $7 come into play.

Below $4.80, targets to the downside are $4.60, $4.40, $4.20, and then a gap fill at $4.01.

MARKET NEWS 📰

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