Big merger deal in Middle East streaming ignites this stock - Stock Region News

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STOCK TRADING ALERTS
STOCK TRADING ALERTS

Wednesday, November 22, 2023

Big merger deal in Middle East streaming ignites this stock


  

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TCON – 2nd day play, up over 50% in pre-market after licensing its product development platform for $3 million up front payment, announced yesterday

LQR – Up over 45% in pre after announcing share buyback

ANGH – Up over 40% in pre after merger with OSN+, receipt of $50 million cash investment at valuation of $3.65 per share

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TCON – 2nd day play, up over 50% in pre-market after licensing its product development platform for $3 million up front payment, announced yesterday

TRACON Pharmaceuticals (TCON) is a biopharmaceutical company that focuses on the development and commercialization of novel targeted therapeutics for cancer in the United States.

Yesterday morning the company announced it had licensed its proprietary PDP of CRO-independent clinical research to a clinical stage biotech company for a $3million upfront payment. 

After a relatively quiet day yesterday, but on increased volume, TCON has exploded this morning, up over 50% in pre-market trade.

The $0.29 area has acted as resistance and will be an important level to watch.

Above it, targets to the upside are at $0.32, $0.36 and then the pre-market highs at $0.3760. Beyond that, $0.40, $0.50, $0.55 and $0.60 come into play. 

Below $0.29, there is potential support at $0.25, $0.24, $0.22, $0.20 and then a gap to fill at $0.1735.

LQR – Up over 45% in pre after announcing share buyback

LQR House (LQR) provides digital marketing and brand development services for the alcoholic beverage business in the United States.

In the after-hours yesterday LQR announced that on Monday, Nover 20 had acquired 1,476,355 shares at an average cost of $0.0610 pere share. The share buyback program is ongoing and LQR intends to repurchase up to $2million worth of its common stock. 

The stock traded up over 45% in pre-market after the news.

The $0.09 area acted as support and is now a potential level of resistance.

Above it, targets to the upside are at $0.10, $0.11, $0.12 and then the pre-market high at $0.13. Beyond that $0.14 and $0.20 come into play.

Below $0.09, there is potential support at $0.8 and then a gap to fill at $0.0614.

ANGH – Up over 40% in pre after merger with OSN+, receipt of $50 million cash investment at valuation of $3.65 per share

Anghami (ANGH) operates a digital music entertainment technology platform in the Middle East and North Africa. 

This morning the company announced that it would merge with Dubai’s OSN+ to create a Middle East streaming giant. OSN+ streams film and tv show content à la HBO Max. ANGH also announced that OSN Group would invest up $50million in cash in ANGH at a valuation of $3.65 per share and following the closing of the transaction OSN group will own a majority stake in ANGH.

The stock was trading up over 40% in pre-market in reaction to the news.

The $2.10 area was the level from which the breakout occurred and now becomes a potential support level.

Above it, targets to the upside are at $2.40, $2.50, $2.80 and then the pre-market high at $3.02. Beyond that $3.40 comes into play. 

Below $2.10, there is potential support at $1.80, and then a gap to fill at $1.58. 

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