Cerebras Systems Inc (NASDAQ:CBRS) shares climbed about 23% on Monday after at least nine brokerages initiated coverage of the AI chip designer following the expiry of the quiet period, backing its unconventional wafer-scale architecture weeks after a strong market debut.
IPO bookrunners Morgan Stanley, Citigroup, Barclays and UBS were among the firms to initiate coverage. Mizuho initiated with an Outperform rating and $300 price target, Wedbush with a Buy and $270 target, Barclays with an Overweight and $280 target, and UBS and Rosenblatt both set $300 targets. Morgan Stanley was the most conservative of the group, initiating at Overweight with a $250 target.
Zevra Therapeutics (NASDAQ:ZVRA) said it has submitted a patent covering its product MIPLYFFA for listing in the US Food and Drug Administration's Orange Book, with patent protection extending to 2041.
The submission seeks to list the patent in the Orange Book, the FDA's register of approved drug products and the patents associated with them, the company said.
Duluth Holdings Inc (NASDAQ:DLTH) reported that net income improved by $5.2 million and adjusted EBITDA rose by $6.4 million over the prior-year period, pointing to year-over-year gains in profitability.
The workwear and apparel retailer said net income increased by $5.2 million and adjusted EBITDA, a measure of operating earnings, climbed $6.4 million against the comparable prior-year period.
SUNation Energy, Inc. (NASDAQ:SUNE) has signed a definitive reverse merger agreement with Suniva, the largest and oldest US-owned merchant manufacturer of high-efficiency monocrystalline silicon solar cells, in a deal that will give the domestic solar cell maker access to public capital markets and an established downstream distribution network.
Under the terms of the agreement, the combined company will operate under the Suniva name while maintaining SUNation's Nasdaq listing. Pre-merger Suniva stockholders are expected to own approximately 98.2% of the combined entity, with pre-merger SUNation stockholders retaining approximately 1.8%.
Ocean Power Technologies Inc (NYSE-A:OPTT) has reported successful power generation from its MERROWS-equipped PowerBuoy system deployed off the coast of San Diego in support of US Coast Guard maritime domain awareness operations.
The system has generated close to 0.5MWh of energy to date and has maintained operational performance in an active maritime environment.
American Resources Corp (NASDAQ:AREC) said Monday that ReElement Technologies Corporation, an affiliated minority holding of the company, has been invited to speak at the U.S. Chamber of Commerce's Critical Minerals Summit in Washington, DC on June 11.
Ben Kincaid, CEO of ReElement Africa, will represent the company at the event, held at the Chamber's Great Hall, and will be available for one-on-one meetings.
Marvell Technology Inc (NASDAQ:MRVL) shares jumped 10% in early trading after it was confirmed that the stocks will be added to the S&P 500 index.
The shares had been up in afterhours trade Friday following the announcement of its upcoming inclusion in the benchmark S&P Dow Jones Indices as part of its quarterly reshuffle.
Gold mining shares came under pressure on Monday after bullion prices fell below $4,300 an ounce for the first time this year, extending a sharp month-long sell-off in the precious metal.
Among London-listed miners, Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF, FRA:H3M) fell 2.6%, Atalaya Mining Copper (LSE:ATYM, TSX:AYM) lost 2.25%, Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) dropped 1.4% and Fresnillo PLC (LSE:FRES) was down 1.2%. Pan African Resources bucked the trend, rising 1.3% after reporting progress at its Zulu project.
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) shares surged 17% to 0.027p after the company reported a key milestone in the restart of operations at its Zulu lithium and tantalum project in Zimbabwe.
The mining group said ore from the run-of-mine stockpile is now being fed through the newly installed flotation plant, marking the latest step in efforts to bring the project back into production.