Cidara Therapeutics Rises, Stubhub Sinks, Warner Brothers-Discovery Rises on News of Auction
Description
On this episode of Stock Movers:
- Cidara Therapeutics (CDTX) shares rise after Merck agreed to acquire Cidara Therapeutics for $221.50 a share in cash in a tender offer, for a total transaction value of about $9.2 billion. Merck is seeking deals to expand its portfolio of treatments as it prepares for patent losses that are expected to erode its sales over the next five years, including a patent expiration for Keytruda in 2028.
- Stubhub shares tumble as much as 31% on Friday, with analysts surprised that the ticketing platform did not provide a forecast for the current quarter. This is the firm’s first quarterly report after going public in September. Bank of America downgraded the stock to neutral, as the call commentary and lack of 4Q guidance “added estimate uncertainty.”
- Warner Brothers-Discovery (WBD) shares rise after WSJ report that Warner Bros. Discovery is holding an auction process, with Paramount, Comcast, and Netflix preparing bids, according to people familiar with the matter.
See omnystudio.com/listener for privacy information.
United States
