Arcutis Biotherapeutics Upgraded by Mizuho Securities
Arcutis Biotherapeutics Inc. saw its stock rise 6% in after-hours trading after Mizuho Securities upgraded its rating on the company to Buy. Mizuho also set a price target of $8.00, indicating further upside potential for the stock. This upgrade comes as a positive sign for Arcutis, a biopharmaceutical company focused on developing innovative treatments for various skin diseases. Investors appear to be optimistic about the company’s pipeline and the potential for its products to gain regulatory approval and generate revenue in the future.
PGT Innovations Receives Unsolicited Offer from Miter Brands
PGT Innovations, a leading manufacturer of impact-resistant windows and doors, received an unsolicited proposal from Miter Brands to acquire all outstanding shares of the company’s common stock. Miter Brands offered $41.50 per share in cash, which represents a premium to the current agreement PGT Innovations made with Masonite International Corp. to be acquired for $41 per share. This unexpected offer could potentially complicate the acquisition process for PGT Innovations and create a bidding war between Miter Brands and Masonite International.
Bloomin’ Brands Appoints Former Darden COO to Board
Bloomin’ Brands, the parent company of popular restaurant chains such as Outback Steakhouse and Carrabba’s Italian Grill, announced the appointment of Dave George, the former Chief Operating Officer of Darden Restaurants, to its board. In addition, Jon Sagal, a partner at Starboard Value LP, was also appointed to the board. These new additions to the board bring extensive experience and industry knowledge, which could help Bloomin’ Brands navigate the challenges faced by the restaurant industry anddevelop strategies for growth and profitability.
After-Hours Stock Movers: Arcutis, PGT Innovations, Bloomin’ Brands
Several stocks made notable moves in after-hours trading. Arcutis Biotherapeutics Inc. experienced a 6% increase, likely due to Mizuho Securities upgrading its rating on the company. PGT Innovations also saw a 4% rise after receiving an unsolicited offer from Miter Brands, potentially disrupting its current acquisition agreement with Masonite International. Bloomin’ Brands saw a 3% increase following the announcement of new board members, including Dave George, the former COO of Darden Restaurants, and Jon Sagal from Starboard Value LP.
Starboard Value LP Partner Joins Bloomin’ Brands’ Board
Jon Sagal, a Partner at Starboard Value LP, has been appointed to the board of Bloomin’ Brands. Starboard Value LP is an investment firm known for its activist approach to investing and has previously engaged with other restaurant companies. This appointment indicates that Starboard Value LP may have insight and influence over the strategic direction of Bloomin’ Brands. Sagal’s involvement could potentially lead to changes in the company’s operations and strategic initiatives as the restaurant industry continues to evolve and face various challenges.
Analyst comment
Arcutis Biotherapeutics: Positive news, stock rose 6%. Market will likely see continued growth as Mizuho Securities’ upgrade and price target indicate confidence in the company’s potential.
PGT Innovations: Neutral news, unsolicited offer could complicate acquisition process. Market may experience increased volatility as bidding war between Miter Brands and Masonite International potentially unfolds.
Bloomin’ Brands: Positive news, new board appointments bring industry knowledge. Market may see increased stability and potential for growth as the board helps navigate challenges and develop strategies for profitability.
Overall: The market is likely to see mixed reactions, with Arcutis Biotherapeutics experiencing growth, PGT Innovations facing uncertainty, and Bloomin’ Brands potentially benefiting from new board members.
