The Fed held its two-day meeting this week and after much deliberation, the decision has been made to leave rates where they are for right now. The guidance came after identifying that the current economic state is still relatively unstable while the outlook for the global economic unrest mainly rippling from Brexit have still some uncertainty. Despite this outlook on the economy, the decision actually has spurred interest in many stocks this morning with many “bottomed out” equities seeing price reversals including Life Clips Inc (OTCMKTS:LCLP) Evoke Pharma Inc (NASDAQ:EVOK) Skypeople Fruit Juice Inc (NASDAQ:SPU) Eleven Biotherapeutics Inc (NASDAQ:EBIO):
Life Clips Inc (OTCMKTS:LCLP), which is a lifestyle brand focused on “capturing life’s moments” through a mix of electronics and charging devices. The flagship Solo Vu 4K action camera is pitted directly against higher priced competitors like GoPro to offer a much more affordable and higher quality action camera. Life Clips also holds ownership of Mobeego, a single use electronics charger or “energy shot” for your devices like smart phones and action cams.
This morning the company announced that it has reached a distribution agreement with Mr. Checkout Distributors. The agreement essentially allows Life Clips the access to roughly 35,000 store around the United States. Furthermore, Mr. Checkout has a long list of big box channel partners like Wal Mart, Kmart, Home Depot, and more. Since making the announcement this morning, shares of LCLP have recovered by as much as 14.6% since Wednesday’s closing price.
Evoke Pharma Inc (NASDAQ:EVOK) has also seen a stronger rally in price since drastically gapping down a few weeks back. Since reporting abnormal results from a Phase 3 clinical trial of the company’s EVK-001, the stock has struggled a bit but recent news that EVOK received conditional FDA acceptance of a proposed brand name for EVK-001 seems to have revived the stock. On Thursday morning, shares of EVOK saw highs of $3.09 and marked a recovery of more than 100% from July lows of $1.52.
The FDA has conditionally accepted the proprietary brand name, “Gimoti,” for the Company’s product candidate, EVK-001 (metoclopramide nasal spray). A request for proprietary name review for Gimoti will be included if and when Evoke submits a New Drug Application for the product candidate.
Skypeople Fruit Juice Inc (NASDAQ:SPU) has seen much more irregular trading this month and Thursday has been no different. The company is a producer of fruit juice concentrates, beverages, and fruit-related products. This morning SkyPeople announced that it has formed SkyPeople International Trading Ltd. The subsidiary has been incorporated in Hong Kong and will operate as a global trading and marketing platform to optimize SPU’s hedetang fruit juice portfolio.
So far, shares of SPU have moved up in price by as much as 38% from Wednesday’s low.
Last but not least, Eleven Biotherapeutics Inc (NASDAQ:EBIO) has once again captivated investors’ attention this week. Since Monday’s opening bell, the stock has climbed by as much as 71% following today’s morning high of $4.49. Less than a month ago, EBIO announced that the company’s Investigational New Drug application for EBI-031, a humanized monoclonal antibody that potently binds interleukin-6 (IL-6) and inhibits all known forms of IL-6 cytokine signaling, for treatment of ocular diseases, has become effective. The best part is that as a result of this milestone, EBIO is entitled to receive $22.5m from F. Hoffmann-La Roche Ltd. and Hoffmann-LaRoche, Inc. based on their licensing agreement.
Under the terms of the agreement, Eleven could receive up to $262.5 million upon the achievement of certain regulatory, development and commercialization milestones, including this $22.5 million payment.