MoneyGram, Oncomed Pharmaceuticals, Snyder's-Lance News Today

MoneyGram, Oncomed Pharmaceuticals, and Snyder's-Lance stocks are in the news today

Apr 17, 2017 at 10:02 AM
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Stocks are trading higher this morning, despite growing political tension between the U.S. and North Korea. Among specific equities in focus are money transfer name Moneygram International Inc (NASDAQ:MGI), cancer treatment specialist Oncomed Pharmaceuticals Inc (NASDAQ:OMED), and food stock Snyder's-Lance. Here's a quick roundup of the news moving shares of MGI and OMED, as well as LNCE stock.

Moneygram Stock Hits New High After Ant Sweetens Buyout Bid

MGI stock earlier touched a roughly three-year high of $17.66, and was last seen up 6.4% at $17.57, after Alibaba's financial division, Ant Financial, raised its buyout bid for Moneygram International Inc by 36%. The new all-cash offer equates to $18 per MGI share, or about $1.2 billion -- easily surpassing Euronet Worldwide, Inc.'s (NASDAQ:EEFT) rival bid for MoneyGram, though EEFT said it intends to review its amended merger agreement. With MGI already up 40% year-to-date heading into today's trading, short sellers have been throwing in the towel amid the stock's M&A-related surge. Short interest plunged 78.2% in the most recent reporting period, and now accounts for just 1.1% of MGI's available float.

Oncomed Pharmaceuticals Shares Plunge on Cancer Drug Woes

After being halted in electronic trading, OMED was last seen down 18.2% at $3.96, and earlier hit a record low of $3.76. Weighing on the shares is data that showed Oncomed Pharmaceuticals Inc's treatment for small-cell lung cancer, tarextumab, didn't meet its goals in a mid-stage study, and that it will discontinue an early trial for its combination colorectal cancer drug. This is the latest in a string of fundamental hits for OMED, with the shares now staring at a 49% year-to-date deficit. More losses could be ahead should analysts start issuing downgrades Currently, seven of nine brokerages maintain a "strong buy" rating on OMED stock, with not a single "sell" to be found.

LNCE Stock Gets Smacked on Weak Guidance, CEO Split

LNCE stock is trading down 21% at $31.50, after the snack maker offered up weak first-quarter guidance, and that President and CEO Carl Lee has retired. Lee will be replaced by the former head of Diamond Foods and current Snyder's-Lance board member, Brian Driscoll. Longer term, LNCE stock has been in a long-term uptrend. In fact, the shares hit a record high of $40.86 last Thursday. Not surprisingly, most analysts are upbeat toward LNCE stock, with two-thirds of those following the shares maintaining a "strong buy" rating, and the average 12-month price target of $43.14 standing in uncharted territory.

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