HTG Molecular Diagnostics Inc (NASDAQ:HTGM) shares are on fire today, skyrocketing over 200%. We’ve reached out to analysts to gain some insight behind the momentum. However, they have absolutely no idea why the stock has jumped all over the place. Actually, during the company’s Q4 conference call, CEO TJ Johnson told analyst Mark Massaro that the FDA submission for HTG EdgeSeq out plus assay could potentially be delayed:
As you may recall, Mark, we completed the module three submission at the end of December. We’re pretty much skewed up right now to run the method comparison study. We would expect that to happen in the very near future and that approximately two to three months post that study, we would have all the data prepared in the submission prepared to go into FDA. So we are still pretty comfortable with kind of a midyear timing, maybe Q3 for the submission and hard to predict how quickly we will be able to get the fourth module reviewed and turn around, but as we’ve stated before the whole concept of the modular submission is that you get much of the work out of the way by having the initial modules pre-submitted in the questions and answers back and forth. So, in theory, we would hope to see a faster turnaround time on the final module and overall submission approval.
The company released its fourth-quarter results yesterday, posting revenue of $1.5 million, compared to $1.2 million in Q4 2015, and announced earlier this week that it obtained CE marking for the HTG EdgeSeq ALKPlus Assay for commercialization of the assay as an in vitro diagnostic (IVD) in the European Union.
Staffing 360 Solutions Inc (NASDAQ:STAF) shares surged nearly 40% in Friday’s trading session, after private investment firm Jackson Investment Group submitted a non-binding letter indicating its interest in pursuing an acquisition of Staffing 360 for $1.10 per share. Earlier this year, the staffing firm announced the successful closing of its previously announced $7.4 million financing with Jackson Investment.
Greenridge Global analyst William Gregozeski recently reiterated a Buy rating on STAF, with a $3.00 price target. The analyst noted, “Acquiring additional operating companies should make it easier for STAF to build its cash flow to repay all of its debt obligations, referring to both the principal and interest, as it grows.”
Micron Technology, Inc. (NASDAQ:MU) share rose nearly 9% today, after the memory chipmaker reported a strong earnings results, better than its positive preannouncement. While the company beat expectations for the February quarter, the real debate today will be the smashing May quarter outlook of sales of $5.4 billion, gross margins at 46% and EPS at $1.50 all at the mid-point.
In reaction, Rosenblatt analyst Hans Mosesmann boosted his price target for MU from $40 to $60, while reiterating a Buy rating on the stock. All the analysts polled by TipRanks, in the past 3 months, rate Micron stock a Buy. With an upside potential of 19.5%, the average price target stands at $34.57.