Q BioMed (OTCQB:QBIO) is seeing trading action after the New York biotech unveiled its acquisition of the metastatic skeletal cancer pain drug Metastron from GE Healthcare. The deal gives Q BioMed ownership of the brand, trademarks and market authorizations in 22 countries for this non-opioid drug, which treats the debilitating pain associated with skeletal cancer when it spreads. In return for the drug, Q BioMed will pay GE Healthcare an undisclosed upfront payment, one milestone payment based on sales and a single-digit royalty for 15 years.
After an early jump, Q BioMed shares pulled back to hold steady at $1.88.
Shares of Cheetah Mobile Inc (NYSE:CMCM) are rebounding after the Chinese maker of mobile apps responded to a BuzzFeed news story that alleged the company is guilty of committing ad fraud, which sent its shares into a nosedive just a day ago. The BuzzFeed report claims that seven Cheetah Mobile apps, which have more than 1.5 billion downloads, were taking part in an ad fraud strategy dubbed click injection in a bid to get credit and profit from the installation of other apps. In a statement out today, Cheetah said it had no control over third-party advertising platforms. “[The] company has no intention to engage in any alleged “click injection activities,” Cheetah said in a statement.
Cheetah Mobile shares jumped 23.5% to hit $6.77.
J. Jill Inc (NYSE:JILL) shares are also popping after the women’s apparel chain handily zipped past Wall Street estimates for its fiscal third quarter on strong revenues. For the quarter ended October 2018, the Quincy, Massachusetts-based company reported earnings of $0.15 per share on revenue of $174.1 million. This easily topped the consensus earnings estimate of $0.09 per share on revenue of $167 million.
J.Jill shares rose by 17.2% to $5.86.
Elsewhere, shares of Chico’s FAS Inc (NYSE:CHS) are not faring well after posting disappointing fiscal third-quarter earnings. Indeed, the women’s apparel retailer’s net income of $6.5 million, or $0.05 per share, fell short of Wall Street’s estimate of $0.08 per share. Its sales of $499.9 million also failed to meet the consensus forecast of $515.6 million. Same-store sales, a key indicator of retailers’ profitability, dropped by 6.8% as well compared to Wall Street’s projection of a 1.4% slump. To help shore up its financial performance, the Florida company unveiled a brand repositioning program, which includes the departure of its brand president Diane Ellis.
Chico’s shares slumped by 35.5% to $4.72.
Contact Ellen Kelleher at [email protected]