Stocks In News: HOTH, ARBK, ON
1:52 pm Monday, October 31st, 2022
Hoth Therapeutics (NASDAQ:HOTH) stock is rising higher on Monday after positive results from a Phase 1 clinical trial of BioLexa. BioLexa is a treatment in development at Hoth Therapeutics for mild-to-moderate atopic dermatitis in adult patients. The company used the SCORing Atopic Dermatitis (SCORAD) and Eczema Area and Severity Index (EASI) tools to evaluate patients over the course of 28 days. The results of this study showed a more than 50% improvement in 100% of patients over the course of the clinical trial using the EASI scale. When using the SCORAD scale, 60% of patients saw a clinical improvement of at least 35%.
Argo Blockchain (NASDAQ:ARBK) stock isn’t doing so hot on Monday after the company revealed fundraising plans fell through. The Bitcoin (BTC-USD) mining company said a fundraising deal for $27 million didn’t reach completion. The company was intending to raise these funds by selling shares of ARBK stock to a strategic investor. Argo Blockchain is still attempting to raise funds in other ways though. That includes seeking out other fundraising deals with investors. It also sold 3,843 new in-box Bitmain S19J Pro machines. These were in the last batch that was set to be installed in October. It gained cash proceeds of $5.6 million from the sale.
Amid a soft session so far on Monday afternoon, ON Semiconductor (NASDAQ:ON) suffered a steep loss, shedding 8% of value so far today. Primarily, the negative catalyst centered on the company’s third-quarter earnings report. Although the headline print generated encouraging results, management provided soft guidance for the current quarter. In response, ON stock fell sharply, at one point dipping below 6%. According to Investor’s Business Daily, ON – which also goes by the name Onsemi – delivered adjusted earnings per share of $1.45 on sales of $2.19 billion. Analysts polled by FactSet anticipated EPS of $1.31 against revenue of $2.12 billion. Looking at the figures on a year-over-year basis, earnings jumped 67% while sales increased 26%.
