24/7 Market News June 17, 2022 weekly Wrap

(24/7 MARKET NEWS) As we head into a new three day weekend, please allow me to with you a happy Juneteenth. Oh, while I’m at it, a best whatever the newspeak phrase that they want to replace Father’s Day with to those folks.

Mereo BioPharma Group PLC ADR (NASDAQ: MREO) caught our attention in this morning’s premarket and has traded nice today. After hitting a high of $1.53, it’s now at $1.49, a gain of $0.69 (+86.05%), on over 101 million shares. The move is the result of The Times reporting that AstraZeneca plc (NASDAQ: AZN) is interested in buying Mereo BioPharma and stating that “Mereo would accept $5, equating to $500 million including American depositary receipts or ADRs. Evercore and Citigroup are said to be involved as advisers.”    

Assuming that Mereo BioPharma closes green today and can break through the $1.55-1.60 resistance area, on volume, in the next few days, a run to the $2.50 range wouldn’t be surprising.

We noticed Cogent Biosciences Inc. (NASDAQ: COGT) last week and it’s still in play, trading at $9.50, up $1.70 (+21.79%), on just over 1.9 million shares. If it can hold its key $9 support level and consolidate, I wouldn’t be surprised if it makes a hard run at its 52 week high of $11.06.


Redbox Entertainment (NASDAQ: RDBX) and Redbox Entertainment Warrants (NASDAQ: RDBXW) have made multiple big swings, higher and lower, all week. Redbox Entertainment is at $11.42, down $0.27 (-2.31%), on over 8.5 million shares traded, so far today, while the warrants are at $1.29, down $0.33 (-20.37%), on over 2.5 million shares.

Redbox Entertainment is in a little danger of giving up some of their trading space to Revlon (NYSE:REV), which we’ve highlighted multiple times throughout the week. It’s currently at $4.36, $2.41 (+123.59%) higher, on more than 112 million shares.

Clovis Oncology Inc. (NASDAQ: CLVS) looks like it may join their party, so this is another one to keep on your screens. It’s currently at $1.075, 0.1802 (+20.14%) higher, on over 14.5 million shares. If it can hold this level, there’s limited resistance between here and $1.50.333

Midweek Triple Play

Cyngn (NASDAQ: CYN), Heliogen (NYSE: HLGN), and s had similar attractive patterns on Wednesday, so we thought that they could follow through higher. Unfortunately Cyngn couldn’t break through its Monday high resistance point, so it’s been drifting down; currently $1.345, down $0.055 (-3.93%), on over 1 million shares.

However, Heliogen and Charge Enterprises consolidated and are reacting as if they’re exactly on cue.

Heliogen is behaving very well and, if it can consolidate above the $3.75 inflection point, looks like the $4.75 range might be in its future. It’s currently trading at $3.56, up $0.16 (+4.71%), just under 1.1 million shares.

Charge Enterprises ran pretty hard to $4.95, on Wednesday, and looked like it was consolidating for another run higher. It’s now at $5.71, 33 cents (+6.13%) higher, on nearly 1.4 million shares.

52 Week Highs

Unlike last, which saw multiple energy and medical companies, mostly biotechs and pharmas, hitting new 52 week highs, only a handful of notable companies hit new 52 week highs this week.

ADMA Biologics (NASDAQ: ADMA) is trading at $2.171, up $0.141 (+6.95%), on 1,906,839 shares, after reaching a new 52 week high of $2.19.

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