Stocks In The News: ENOB, VTVT, CRM
3:15 pm Wednesday, June 01st, 2022
Enochian Biosciences (NASDAQ:ENOB) stock is plummeting more than 30% today after Hindenburg Research released a short report on the company. Enochian Biosciences’ co-founder and largest shareholder, Serhat Gumrukcu, was arrested last week over allegations of a murder-for-hire plot. Victim Gregory Davis was murdered back in 2018, 19 days before Gumrukcu was set to appear in court for fraud related to a deal with Davis. The court argued that the potential merger deal eventually resulted in Enochian going public, serving as a “key motive for the murder.” Enochian’s biotechnology products are all preclinical and focused on diseases like HIV, cancer and Covid-19. After the murder-for-hire news broke, the company claimed Gumrukcu “has had no formal role in the Company.” However, Hindenburg believes Enochian is “completely dependent” on the co-founder.
Tv Therapeutics (NASDAQ:VTVT) stock is taking off on Wednesday after entering into a funding and collaboration agreement with G42 Investments. This saw G42 Investments acquire 10,386,274 shares of VTVT stock for $2.407 per share. It paid $12.5 million at closing and will pay the remaining $12.5 million on May 31, 2023. It’s worth noting that G42 Investments could gain additional shares of VTVT stock depending on how its drug development goes. This includes any U.S. Food and Drug Administration (FDA) approval for products containing TTP399, which is an active ingredient used to treat Type 1 diabetes in the United States.
Salesforce (NYSE:CRM) stock is jumping 13% after the company’s fiscal first-quarter results surpassed analysts’ average estimates. The company, which develops customer relationship management tools, also raised its full-year earnings guidance. However, it slightly reduced its 2022 revenue outlook. Salesforce reported Q1 earnings per share (EPS) of 98 cents, excluding certain items, versus analysts’ average estimate of 94 cents. The company’s sales jumped 24% year-over-year to $7.41 billion, slightly above the mean outlook.
