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AbCellera, Kymera and Diamondback Move in After-Hours

Drug maker AbCellera wins emergency use authorization for COVID treatment.

Among stocks seeing big moves in after-hours trading Thursday, AbCellera Biologics  (ABCL)  gained after saying it won emergency use authorization from the Food and Drug Administration for a treatment of people who’ve been exposed to COVID. The company said its bamlanivimab drug can now be used in combination with another drug called etesevimab “to treat high-risk individuals 12 years of age and older who have not been fully vaccinated against COVID-19 or are not expected to mount an adequate immune response to complete vaccination.”

The move “provides a way to protect the significant number of people who, because of their situational exposure risk or medical condition, remain vulnerable to COVID-19," said Carl Hansen, CEO and president of AbCellera, in a statement.

Shares of AbCellera rose $3.17,  or 16%, to $22.97 in after-hours trading. 

Kymera Therapeutics

Kymera Therapeutics KYMR said in an SEC filing that its chief scientific officer will be leaving the company as of Oct. 22. Richard Chesworth had joined the company just over a year ago. In the filing the company said the “departure was not related to any disagreements with the Company on any matter relating to its scientific or other operations, policies, practices or any issues regarding financial disclosures, accounting or legal matters."

Kymera has begun a search for a new chief scientific officer.

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Shares of Kymera fell $4.90, or 7.6%, to $60 in after-hours trading. 

Diamondback Energy

Diamondback Energy  (FANG) - Get Diamondback Energy, Inc. Report said in a statement it is accelerating its plans to return 50% of its free cash flow to stockholders and that its board has approved a $2 billion share repurchase plan. 

“Diamondback is accelerating its previously announced capital return program due to continued strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial strength,” said CEO Travis Stice in a statement. “Our plan to return 50% of free cash flow quarterly through our base dividend and other return mechanisms will now begin in the fourth quarter of 2021. The remaining free cash flow, as well as asset sale proceeds, will be earmarked for further debt reduction.”

In addition, the company said proceeds from the sale of its North Dakota assets will be used to help pay off the remaining $650 million in outstanding callable debt it owes.

Shares of Diamondback rose $3.38, or 4.2%, to $83.45 in after-hours trading.