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After-hours stock movers:
Entrada Therapeutics (NASDAQ:TRDA) 32% LOWER; received a clinical hold notice from the U.S. Food and Drug Administration (FDA) regarding their Investigational New Drug Application (IND) for ENTR-601-44 for the potential treatment of Duchenne muscular dystrophy. The FDA indicated they will provide an official Clinical Hold letter to Entrada within 30 days. The Company plans to share additional updates pending further communications with the Agency.
Blucora Inc (NASDAQ:BCOR) 14% HIGHER; announced the completion of its previously announced sale of its tax software business, TaxAct, to an affiliate of Cinven for $720 million in cash, with after-tax net cash proceeds of approximately $620M. Blucora expects to return $400M – $450M of capital to shareholders and today announced its plan to repurchase up to $250M of its shares of common stock through a modified “Dutch Auction” tender offer in the first quarter of 2023. In addition, its Board of Directors has authorized the repurchase of up to $200M of Blucora common stock.
Terns Pharmaceuticals Inc (NASDAQ:TERN) 13% LOWER; announced that it has commenced a proposed underwritten public offering of $75.0M of shares of its common stock.
Lucid Group Inc (NASDAQ:LCID) 7% HIGHER; announced today that it has completed its previously announced “at-the-market” equity offering program. Through the program, Lucid sold more than 56.2 million shares of its common stock for gross proceeds of approximately $600M.
Super Micro Computer Inc (NASDAQ:SMCI) 6% HIGHER; will replace Steel Dynamics in the S&P MidCap 400.
Steel Dynamics Inc (NASDAQ:STLD) 1% HIGHER; will replace ABIOMED (NASDAQ:ABMD) in the S&P 500.
Steelcase (NYSE:SCS) 1% HIGHER; reported Q3 EPS of $0.11, $0.07 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $826.9M versus the consensus estimate of $835.57M. Steelcase sees Q4 2023 EPS of $0.11-$0.15, versus the consensus of $0.12. Steelcase sees Q4 2023 revenue of $740M – $765M, versus the consensus of $790.32M.
