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.

Traders

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.

24/7 MARKET NEWS, INC Disclaimer
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.

Please go to www.247marketnews.com or https://www.247marketnews.com/terms-disclaimer/ for further information.

RelatedNews

Signup today for free and be the first to get notified of breaking news.

SIGN UP FOR OUR NEWSLETTER

Sign up for Breaking Alerts, our newsletter putting timely and updated stock and crypto markets news into your hands.

Add New Playlist