Premarket Movers Thursday - Organigram, Vir Biotech, Roblox, Bumble
Stock futures rose Thursday as a weaker-than-expected report on U.S. inflation calmed worries that price pressures could boost interest rates.
Here are some of the top movers during premarket trading on Thursday.
1. Organigram OGI | Up 39.5%
Shares of Organigram (OGI) - Get Organigram Holdings Inc. Report jumped in premarket trading after the Canadian cannabis producer received a C$221 million ($175.7 million) strategic investment from a subsidiary of British American Tobacco (BTI) - Get British American Tobacco Industries p.l.c. ADR Report.
The companies said in a statement that they have entered into a “Product Development Collaboration Agreement” that includes establishing a "Center of Excellence" focused on developing next-generation cannabis products, with an initial focus on CBD.
2. Vir Biotechnology VIR | Up 53.8%
Shares of Vir Biotech (VIR) - Get Vir Biotechnology Inc. Report spiked early Thursday after the company said its experimental COVID-19 treatment, being developed with Britain's pharmaceutical giant GlaxoSmithKline (GSK) - Get GSK plc American Depositary Shares (Each representing two) Report, significantly reduced hospitalizations and death in high-risk adults.
The company plans to seek emergency use authorization from the Food and Drug Administration for the antibody therapy after interim data from a study showed 85% reduction in hospitalizations and deaths among coronavirus patients.
3. Roblox RBLX | Up 11%
Shares of gaming company Roblox (RBLX) - Get Roblox Corporation Class A Report were rising in premarket trading Thursday after ARK Invest's Cathie Wood reportedly bought more than 500,000 shares of the videogame developer that surged 54% in its trading debut on Wednesday.
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Roblox closed Wednesday at $69.50 a share, above the reference price of $45 set by the New York Stock Exchange.
The stock's first trade as a public company was $64.50. Based on that, Roblox was valued at about $42 billion, according to The Wall Street Journal.
4. Oracle ORCL | Down 5.2%
Shares of Oracle (ORCL) - Get Oracle Corporation Report dropped in premarket trading a day after the enterprise software maker reported better-than-expected fiscal third-quarter earnings but shared weak earnings guidance for the next quarter.
For the fiscal third quarter, Oracle reported net income of $5.02 billion, or $1.68 a share, compared with $2.57 billion, or 79 cents a share, in the year-ago period.
Revenue rose to $10.09 billion from $9.8 billion in the year-ago quarter.
5. AMC Entertainment AMC | Up 7%
Shares of AMC Entertainment (AMC) - Get AMC Entertainment Holdings Inc. Class A Report were rising in premarket trading after the world's largest movie-theater chain posted a fiscal fourth-quarter loss narrower than estimates and said it was optimistic about getting to the "other side of this pandemic."
6. Bumble BMBL | Up 10.1%
Shares of Bumble (BMBL) - Get Bumble Inc. Report rose Thursday morning after the dating app reported higher-than-expected revenue for its fiscal fourth quarter and offered an upbeat revenue forecast for the full year.
Bumble said paying customers rose 32.5% from the same period a year earlier.
