Momentum Stocks in Focus: MRC Global (NYSE:MRC), Cenovus Energy (NYSE:CVE), Galena Biopharma (NASDAQ:GALE),Terra Form Power (NASDAQ:TERP)
On Tuesday, Shares of MRC Global Inc (NYSE:MRC), lost -0.97% to $11.18.
MRC Global, declared that it will release its third quarter 2015 results on Thursday, November 5, 2015 after the market closes. In conjunction with the release, the Company has planned a conference call, which will be broadcast live over the Internet, for Friday, November 6, 2015 at 10:00 a.m. Eastern / 9:00 a.m. Central.
MRC Global Inc., through its auxiliaries, distributes pipes, valves, fittings, and related products and services to the energy and industrial sectors in the Unites States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, needle, and plug valves; and other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components, in addition to steam and instrumentation products.
Shares of Cenovus Energy Inc (USA) (NYSE:CVE), inclined 2.70% to $15.23, during its last trading session.
Drew Zieglgansberger, Executive Vice-President, Oil Sands Manufacturing, presented at the Peters & Co. Limited Energy Conference on Tuesday, September 15, 2015 at 8:40 a.m. MT (10:40 a.m. ET) in Toronto, Ontario.
Cenovus Energy Inc., an integrated oil company, develops, produces, and markets crude oil, natural gas liquids (NGLs), and natural gas in Canada with refining operations in the United States.
At the end of Tuesday’s trade, Shares of Galena Biopharma Inc (NASDAQ:GALE), lost -12.03% to $1.39.
Galena Biopharma, declared that data from the GALE-301 Phase 2a portion of the Phase 1/2a clinical trial was presented at the European Cancer Congress 2015 in Vienna, Austria. GALE-301 is Galena’s cancer immunotherapy that comprises of a peptide (E39) derived from Folate Binding Protein (FBP). GALE-301 is combined with the immune adjuvant, granulocyte macrophage-colony stimulating factor (GM-CSF) and administered via intradermal injection for the prevention of recurrence in ovarian and endometrial cancers.
Poster #P427 (abstract #2764), entitled “Preliminary results of the phase I/IIa dose finding trial of a folate binding protein vaccine GALE-301 (E39) + GM-CSF in ovarian and endometrial cancer patients to prevent recurrence,” offered updated data for all patients who have received at least twelve months of treatment. As presented, the clinical recurrence rate based on all treatment cohorts was 41% in the Vaccine Group (VG) (n=29) as compared to 55% in the Control Group (CG) (n=22), p=0.41. However, in the 1000 mcg VG cohort (n=15), there have only been two clinical recurrences (13.3% as compared to 55% CG, p=0.02), and the two-year Disease Free Survival (DFS) estimate is 85.7% (1000 mcg patients) as compared to 33.6% (CG), p<0.02, as contrast by Kaplan-Meir and Log rank tests.
Galena Biopharma, Inc., a biopharmaceutical company, focuses on developing and commercializing oncology therapeutics that address major unmet medical needs across cancer care. Its commercial products comprise Abstral, a sublingual tablet that is used for the administration of breakthrough pain in patients with cancer; and Zuplenz, an oral soluble film for use in the prevention of chemotherapy-induced, radiotherapy-induced, and post-operative nausea and vomiting.
Finally, Terra Form Power Inc (NASDAQ:TERP), ended its last trade with -4.71% loss, and closed at $14.16.
SunEdison, and Dominion (NYSE:D), declared a joint venture (JV) for the Three Cedars solar project, a 265 megawatt (MW) DC, or 210 MW AC, solar project in Utah, developed by SunEdison. The declarement marks the expansion of a joint venture recently declared regarding Dominion’s investment in the 420 MW DC Four Brothers solar project in Utah.
Similar to Four Brothers, the Three Cedars project is contracted under long-term power purchase agreements for 20 years with PacifiCorp (A-/A3), a partner of Berkshire Hathaway Energy. The project is now under construction and fully financed with an predictable commercial operation date of mid-2016.
Under the terms of the expanded JV, Dominion will invest about $320 million to acquire 50 percent of the cash equity and 99 percent of the tax equity in Three Cedars, counting funding of construction. SunEdison anticipates to fully finance the $80 million balance of the capital for Three Cedars through a loan from Deutsche Bank through construction and long-term ownership. Dominion’s aggregate investment in the joint venture is about $830 million to acquire 50 percent of the cash equity and 99 percent of the tax equity in Four Brothers and Three Cedars, counting funding of construction.
SunEdison’s 50 percent interest in both the Four Brothers and Three Cedars projects are on the Call Right Projects List for TerraForm Power, Inc. (TERP), a global owner and operator of clean energy power plants.
TerraForm Power, Inc. owns and operates solar and wind generation assets serving utility, commercial, and residential customers. As of February 20, 2015, its portfolio comprised of solar and wind projects located in the United States, Canada, the United Kingdom, and Chile with an aggregate nameplate capacity of 1,507.3 megawatt.
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