Why Traders Are Watching Manhattan Associates, Meridian Bioscience, Puma Biotechnology, Tesla and More

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Traders are watching Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) after the company announced a proposed offering of common and preferred stock. Although no specific size was given in the initial press release, Sunesis intends to grant underwriters a 30-day option to purchase an additional 15% of the number of shares of common stock offered. The company plans to use the net proceeds for the clinical development of SNS-062, the regulatory development of vosaroxin in Europe, and for general corporate purposes. The number of funds that we track with long positions in Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) stood at 11 at the end of June.

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Puma Biotechnology Inc (NYSE:PBYI) is nearly 6% in negative territory today after the company announced that it is commencing a public offering of $150 million of common stock. The company also intends to grant underwriters a 30-day option to buy $22.5 million worth of shares to cover over-allotments. The exact pricing of the public underwritten offering was not disclosed in the initial press release. 15 funds in our system had a long position in Puma Biotechnology Inc (NYSE:PBYI) at the end of June.

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Tesla Motors Inc (NASDAQ:TSLA) is in the spotlight after the company disclosed on the Model 3 website that production begins mid-2017. The company previously had production listed as beginning in late-2017 on the same page earlier yesterday. In addition, Tesla’s spokesperson reassured investors that deliveries of the Model 3 will begin in late-2017, but that the delivery estimate for new reservations will be mid-2018 or later. Given Tesla’s ambition of becoming a mass-market auto producer, the success of the $35,000 Model 3 will depend in large part on when it is produced (and how many Tesla can produce) and ultimately delivered. Mike Masters‘ Masters Capital Management established a new stake of 97,375 shares in Tesla Motors Inc (NASDAQ:TSLA) during the second quarter.

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Disclosure: None

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