Ring Energy, Inc. (NYSE:REI) [Trend Analysis] knocking active thrust in leading trading session, shares a loss of -5.27% to 11.51 with around 2.09 Million shares have changed hands in this session. Ring Energy, Inc. (NYSEMKT:REI) declared that it has priced an underwritten public offering of 6,525,000 shares of its common stock to the public at $11.50 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 978,750 shares of common stock from the Company at the offering price (less the underwriting discounts and commissions).
The Company expects to close the sale of the shares of common stock on December 9, 2016, subject to customary closing conditions. Net proceeds to the Company from the sale of 6,525,000 shares will be approximately $71 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering to fund its 2017 capital expenditure program, repay indebtedness under its credit facility and for general corporate purposes. The stock is going forward its fifty-two week low with 187.75% and lagging behind from its 52-week high price with -14.99%.
Similar, the positive performance for the quarter recorded as 11.53% and for the year was 36.70%, while the YTD performance remained at 63.26%. REI has Average True Range for 14 days of 0.81.
Novartis AG (NYSE:NVS) [Trend Analysis] retains strong position in active trade, as shares scoring -0.01% to $68.96 in a active trade session, while looking at the shares volume, around 2.13 Million shares have changed hands in this session. Novartis AG (NVS) released results from Phase III open-label, randomized, active-controlled, multi-center ASCEND-4 study, which found that patients with anaplastic lymphoma kinase-positive advanced non-small cell lung cancer treated with first-line Zykadia (ceritinib) had a median progression-free survival of 16.6 months compared to 8.1 months in patients treated with standard first-line chemotherapy with maintenance.
This equated to a 45% reduction in the risk of disease progression.Bruno Strigini, CEO, Novartis Oncology, said: “Based on these results, Novartis is initiating discussions with regulatory authorities worldwide regarding this potential use of Zykadia to further improve outcomes for patients with ALK+ advanced NSCLC.”
The company said, overall survival data, a key secondary endpoint of the study, are immature; however, a positive trend in favor of Zykadia was observed, despite 72.4% of patients in the chemotherapy arm receiving an ALK inhibitor as their first treatment after discontinuing chemotherapy. The safety profile of Zykadia in the ASCEND-4 study was consistent with the previously known safety profile in patients with ALK+ advanced NSCLC. The firm has institutional ownership of 10.10%, while insider ownership included 9.30%. NVS attains analyst recommendation of 2 with week’s performance of 0%. Investors looking further ahead will note that the Price to next year’s EPS is 2.78%.