The Pre-Market Heroes: Earnings, Buybacks, and Clinical Trials

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BIOL – Up over 45% in pre after reporting earnings and issuing strong guidance 

OKYO – Up over 18% in pre after Phase 2 success in dry eye disease treatment

FDX – FedEx up over 12% in pre after earnings beat, share buyback 

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BIOL – Up over 45% in pre after reporting earnings and issuing strong guidance

BIOLASE, Inc. (BIOL) together with its subsidiaries, develops, manufactures, markets, and sells laser systems for dental practitioners and their patients in the United States and internationally. 

In the after-hours yesterday, the company reported full year 2023 earnings. 

Net revenue for the year ended December 31, 2023, was $49.2 million, an increase of 1% compared to net revenue of $48.5 million a year prior.

Adjusted EBITDA for the year ended December 31, 2023, was a loss of $12.8 million vs Adjusted EBITDA loss of $20.1 million a year prior.

On December 31, 2023, the company had cash and cash equivalents of approximately $6.6 million. Following its February 2024 equity raise of an additional $7.0 million in gross proceeds, the Company believes it has sufficient liquidity to execute its near-term growth strategies and reach positive adjusted EBITDA for the full year 2024.

BIOL also issued strong guidance, expecting 2024 full-year net revenue to increase between 6% and 8% year over year to between $52 million and $53 million. 

This reflects the continued adoption of lasers and consumables by the dental community, including general dentists, dental specialists, dental hygienists, and group practice entities (DSOs), offset by the challenging business environment.

The stock traded up over 45% in the pre-market after the earnings release yesterday.

$0.2350 was resistance in the after-hours and now become a potential support area.

Above it, targets to the upside are $0.2650 and then the pre-market high at $0.2767. Beyond that, $0.30, $0.3541 and $0.4490 come into play. 

Below $0.2350, targets to the downside are $0.22, $0.2, $0.18 and then a gap fill at $0.15.

OKYO – Up over 18% in pre after Phase 2 success in dry eye disease treatment

OKYO Pharma Limited (OKYO) is a clinical-stage biopharmaceutical company that engages in developing therapeutics for patients suffering from inflammatory eye diseases and ocular pain in the United Kingdom.

This morning the company announced that its dry eye disease treatment OK-101 successfully achieved statistical significance for pain relief in its first-human Phase 2 trial.

Results included:

Ocular Pain Relief showed statistically significant improvement as early as day 15 and the benefit was durable throughout the trial.

Conjunctival Staining improved as early as day 29 with a durable benefit throughout the trial.

Tear Film Break-up Time showed statistically significant improvement as early as day 15 with the benefit durable for the remainder of the trial.

The stock traded up over 18% in the pre-market after the news release.

The $1.98 area was support in the pre-market and now becomes potential resistance.

Above it, targets to the upside are $2.05, $2.15, $2.20 and then the pre-market high at $2.27. Beyond that, $2.70 and $3 come into play.

Below $1.98, targets to the downside are $1.90, $1.80, a gap fill at $1.76 and then $1.50.

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FDX – FedEx up over 12% in pre after earnings beat, share buyback 

FedEx Corporation (FDX) provides transportation, e-commerce, and business services in the United States and internationally. 

In the after-hours yesterday, FDX reported Q4 earnings of $3.86 per share vs $3.46 expected. 

Q4 revenue was $21.7 billion vs $22.05 billion estimate. 

In addition, FedEx’s board approved a new $5 billion share buyback program.

The stock traded up over 12% in the pre-market after the earnings release.

$297.73 was resistance in the after-hours and will be an important level to watch. 

Above it the first target for bulls is the $300 area. Beyond that,  $305, $315 and then the all-time highs at $319.90 come into play.

Below $297.73, $295, $290, $285, $280 and $276 come into play.

Economic Calendar (EST)

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