Small Cap Gainers: TRCH, FOA, JNCE
4:02 pm Tuesday, June 15th, 2021
Torchlight Energy Resources Inc (NASDAQ: TRCH) soared 55% to $5.16 and made a new high of $6.15. TRCH stock emerged as the third-most mentioned name in the Stocktwits chatroom yesterday, Bloomberg reported yesterday morning.
Stoking some of the chat is a merger announcement on June 11 regarding Torchlight and Metamaterial (OTCMKTS:MMATF), which makes advanced materials. Torchlight announced Friday that its shareholders have approved the deal. Under terms of the deal, Metamaterial shareholders are expected to own 75% of the combined company, while Torchlight shareholders get 25%.
Finance of America Companies Inc (NYSE:FOA) stock gained 22.74% to $8.96 after the stock was upgraded to Strong Buy from Outperform at Raymond James and they also boosted its price target for the company to $13.50 per share. Finance of America currently trades around $8.94 per share following the boost this morning.
Additionally, Finance of America is set to join the Russell 3000 Index, which tracks the performance of 3,000 of the largest publicly traded stocks in the U.S., on June 28. This will give the stock more visibility, and other funds that track the Russell 3000 will need to buy the stock as well.
Jounce Therapeutics Inc (NASDAQ:JNCE) moved up 15.88% to $8.10. The company announced the FDA’s clearance of the IND application for JTX-1811, for which Gilead Sciences (GILD) has exclusive rights to develop and commercialize; the clearance triggers a $25.0 mln milestone payment to co.
