24/7 Market News June 21, 2022 Weekly Kickoff

24/7 Market News June 21, 2022 Weekly Kickoff

(24/7 Market News) We’re kicking off the week on a Tuesday and today couldn’t get here soon enough for the folks who are anticipating additional short squeeze pressure on several listings that are setting up for what looks like something special.

Additionally, the junior biotech and pharma space appears to be home of many potentially hot acquisition targets.

Traders

Short squeeze players have been following Redbox Entertainment Inc. (NASDAQ: RDBX) for a couple of months and that looks to continue this week, although it’s down in this morning’s premarket; $11.60, $0.41 (-3.41%) lower, on light volume of only 319,052 shares traded.

Revlon (NYSE: REV) is posturing like it could go parabolic and is up again at $3.87, a gain of $0.14 (+3.75%) on shares.

Mullen Automotive (NASDAQ:MULN) is in another upswing, after bouncing off its support, and it’s trading at $1.39, up $0. 07 (+5.30%) on 2,621,418 shares.

Biotech and Pharma

Clovis Oncology Inc. (NASDAQ: CLVS) is another short squeeze set up it’s at $1.30, up $0.12 (+10.17%), on over 1,257,445 premarket shares. If it can hold this level, there’s limited resistance between here and $1.50.

Mereo BioPharma Group PLC ADR (NASDAQ: MREO) caught our attention last week and we stated that it appeared that there was minimal resistance to the $1.50 level, so it’s no surprise that it’s at $1.48, up $0.18 (+13.85%), on 5,846,702 shares, in this morning’s premarket. 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.

Day One Biopharmaceuticals Inc (NASDAQ: DAWN) is now at $16.35, up $0.56 (+3.55%), but on light volume, 29,871 shares traded. Day One announced, last week, positive initial data from pivotal FIREFLY-1 Trial of Tovorafenib (DAY101) in relapsed pediatric low-grade glioma. The topline results from the full FIREFLY-1 trial population are expected in early 2023.

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