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After Hours Market: Myomo, FedEx, Inovio Pharmaceuticals, AVEO Pharmaceuticals Gain; Nikola Slips

(RTTNews) – Myomo, Inc. (MYO) – Shares of the medical robotics company surged over 65% in extended trading session Tuesday after it announced that the Centers for Medicare & Medicaid Services under the U.S. Department of Health and Human Services has authorized the Company to be a Medicare Provider. Myomo is now included in the Medicare Supplier Directory at Medicare.gov, and this designation enables Myomo to bill Medicare directly when it delivers its MyoPro powered orthosis in 39 states plus D.C.

FedEx Corp. (FDX) – Shares of the package delivery giant’s company jumped 9% on extended trading session Tuesday after its first-quarter earnings and revenues trumped Wall Street estimates. Adjusted earnings were $4.87 per share. Revenues rose to $19.3 billion from $17.0 billion last year. Analysts polled by Thomson Reuters expected earnings of $2.69 per share on revenues of $17.55 billion.

Inovio Pharmaceuticals, Inc. (INO) – Shares of the clinical-stage biotech company are gaining over 11% in after-hours trading on top of 20% growth in regular trading. The reason behind the growth seems to to be CEO Dr. Joseph Kim’s presentation yesterday at the H.C. Wainwright 22nd Annual Global Investment Conference. During the presentation, he noted that a peer-reviewed paper should be forthcoming discussing the phase 1 trial results for the company’s closely watched COVID-19 vaccine candidate, INO-4800. This first human trial included 40 healthy volunteers aged 18 to 50. Previously, Inovio announced that the vaccine produced either neutralizing antibodies or T-cell responses in all study participants.

AVEO Pharmaceuticals, Inc. (AVEO) – Shares of the the company jumped 16 after the bell. The company announced that final overall survival results from its Phase 3 TIVO-3 study were published in the journal European Urology. TIVO-3 is the company’s pivotal Phase 3 trial comparing tivozanib, AVEO’s next-generation vascular endothelial growth factor receptor tyrosine kinase inhibitor drug candidate, to sorafenib in third and fourth line renal cell carcinoma.

Nikola Corp. (NKLA) – The electric car company’s shares slipped 7% in extended trading on Tuesday after the Wall Street Journal reported that the Justice Department is looking into claims levied by short seller Hindenburg Research. Yesterday, Bloomberg reported that the Securities and Exchange Commission opened an investigation into the company after a short seller report alleged that Nikola deceived investors about its business prospects. Nikola said that the report had “dozens” of inaccuracies and that it had contacted the SEC.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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