Active Stocks: Endo International Plc [NASDAQ: ENDP] was a big gainer in Friday’ session. The stock closed the day with gains of 47.67%. This followed the company’s announcement that it has submitted a Biologics License Application (BLA) to the FDA for Collagenase Clostridium Histolyticum, a treatment for buttocks cellulite. This submission was the result of positive outcomes for two identical phase 3 release studies which were presented at the 2019 annual meeting of the American Academy of Dermatology (AAD) in DC. The analysis showed that this treatment showed improvements when compared to the placebo.
On top of that, the company announced that it had agreed to settle a legal case that it was facing in Ohio. The company agreed to pay $10 million to Cuyahoga and Summit counties. It also announced that it would provide $1 million worth of some of its products to these counties for free. The settlement was a big deal for Endo, as was reflected in its price action on Friday. The company is now awaiting the outcome of the other opioid legal cases.
In the day, this stock has eased up a little bit in pre-market trading. At the time of writing, it was down by 1.87% to trade at $3.42. On the daily chart there seems to be some support around the $3 range so we might see a healthy retrace, followed by another surge, if the $3 range holds. Nonetheless, it is trading within Friday’s range of $2.33 and $3.51. At Friday’s close, the stock had volumes of 25.28 million shares and its market cap stood at about $792 million.
Market-wide, things are largely positive today. U.S futures are up on expectations of stimulus moves by Central Banks all across the world. On top of that, the Fed Chairman’s comments on Friday point to further interest rate cuts in the future. This is a factor that is likely to impact on U.S stocks on Monday’s session.