Stocks On The Move: ICPT, BYND. DWAC
2:21 pm Wednesday, September 21st, 2022
Intercept Pharmaceuticals (NASDAQ:ICPT) stock is on the move Wednesday after giving investors an update on how it improved its financials. A press release from the biopharmaceutical company covers several recent transactions. These allowed the company to increase its cash position to more than $500 million while also reducing its net debt to $336.3 million. Intercept Pharmaceuticals started down this path with its Secured Convertible Notes Exchange in August 2021. It then made further progress with the sale of its international business on July 1, 2022. Finally, the company repurchases a large sum of convertible senior notes in August and September of this year.
Plant-based foods purveyor Beyond Meat (NASDAQ:BYND) is making headlines, but it’s not all positive news. For one, Beyond Meat’s COO was recently arrested for allegedly biting a man at a sporting event. The company suspended the COO as a result. Thankfully, though, there’s also good news to report; Beyond is now collaborating with Yum! Brands (NYSE:YUM) to try out a vegetarian-friendly Taco Bell menu item. BYND stock is spiking higher today as traders do their best to make sense of these developments.
Digital World Acquisition (NASDAQ:DWAC) stock fell 17% on Sept. 20, then recovered 4% overnight as the soap opera surrounding its purchase of Truth Social continued. Truth Social was founded by former President Donald Trump after he was kicked off Twitter (NASDAQ:TWTR), as a social network “immune to cancel culture.” DWAC stock was trading on Sept. 21 at $19.40/share but would be worth just $10 if the acquisition doesn’t happen. A vote to approve the merger was recently set for Oct. 10.
