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Shares of  Ultragenyx Pharmaceutical Inc.  (NASDAQ: RARE) fell sharply during Monday’s session after the company revealed new data from the Phase 1/2 study of GTX-102 for Angelman syndrome, a genetic disorder causing developmental disabilities and nerve-related symptoms.

Why Ultragenyx Pharmaceutical Shares Are Trading Lower By Around 9%? Here Are Other Stocks Moving In Monday&#39;s Mid-Day Session

ACDC

BRFS

LAZR

SAVE

U.S. stocks were higher, with the Dow Jones index gaining over 100 points on Monday.

Shares of  M&amp;T Bank Corporation (NYSE: MTB) rose sharply during Monday’s session after the company reported first-quarter financial results.

M&amp;T Bank Reports Q1 Earnings, Joins Snap One, Encore Wire And Other Big Stocks Moving Higher On Monday

handshake merger

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MVPA

PRYMF

Encore Wire to be acquired by Prysmian for $290 per share in cash. Transaction expected to close in second half of 2024, generating ~€140 million in EBITDA synergies. 

Electrical Equipment Company Encore Wire Gets Wired For Takeover In €3.9B Deal

Encore Wire Corp. Com.

Wirecard AG

WIRELESS XCESSORIES GRP by Wireless Xcessories Group, Inc.

Wireless Xcessories Group Inc

Wiremedia Inc

Wirex Token

&nbsp;Protagonist Therapeutics to replace Encore Wire in the S&amp;P SmallCap 600 effective prior to the opening of trading on Wednesday, July 3. S&amp;P Europe 350 constituent Prysmian SpA&nbsp;is acquiring Encore Wire in a deal expected to be completed soon pending final conditions.&nbsp;

PTGX

Protagonist Therapeutics To Join S&P SmallCap 600, Effective Prior To Opening Of Trading On July 3

The company expects total capital expenditures to range from&nbsp;$130&nbsp;-&nbsp;$150 million&nbsp;in 2024,&nbsp;$130&nbsp;-&nbsp;$150 million&nbsp;in 2025, and&nbsp;$100&nbsp;-&nbsp;$120 million&nbsp;in 2026.

Encore Wire Says Remain Focused On Long-Term Opportunities For Its Business As It Continues To Address Near-Term Challenges

Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) reported quarterly earnings of $3.92 per share which beat the analyst consensus estimate of $3.65 by 7.4 percent. This is a 39.69 percent decrease over earnings of $6.50 per share from the same period last year. The company reported quarterly sales of $632.661 million which beat the analyst consensus estimate of $589.846 million by 7.26 percent. This is a 4.21 percent decrease over sales of $660.492 million the same period last year.

Earnings

Encore Wire Q1 2024 GAAP EPS $3.92 Beats $3.65 Estimate, Sales $632.661M Beat $589.846M Estimate

CJS Securities analyst Christopher Moore downgrades Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) from Market Outperform to Market Perform.

Downgrades

Analyst Ratings

CJS Securities Downgrades Encore Wire to Market Perform

Sidoti &amp; Co. analyst Julio Romero downgrades Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) from Buy to Neutral and announces $290 price target.

Price Target

Sidoti & Co. Downgrades Encore Wire to Neutral, Announces $290 Price Target

DA Davidson analyst Brent Thielman downgrades Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) from Buy to Neutral and maintains $295 price target.

DA Davidson Downgrades Encore Wire to Neutral, Maintains $295 Price Target

Shares of Ultragenyx Pharmaceutical Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rare#NASDAQ">RARE</a>) fell sharply during Monday&rsquo;s session after the company revealed new data from the Phase 1/2 study of GTX-102 for Angelman syndrome, a genetic disorder causing developmental disabilities and nerve-related symptoms.
Ultragenyx Pharmaceutical shares dipped 9.4% to $42.46 on Monday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Soligenix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sngx#NASDAQ">SNGX</a>) shares surged 71.5% to $0.6679 after the company announced that it was granted orphan drug designation to the active ingredient in MarVax for the prevention and post-exposure prophylaxis against MARV infection by the FDA.</li>
<li>Longeveron Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lgvn#NASDAQ">LGVN</a>) surged 54% to $2.6350 following insider buys from multiple company executives.</li>
<li>SuperCom Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spcb#NASDAQ">SPCB</a>) shares gained 39.4% to $0.3849 after jumping around 18% on Friday.</li>
<li>Piedmont Lithium Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pll#NYSE">PLL</a>) shares gained 32.1% to $16.75 following a 5% decline on Friday.</li>
<li>Snap One Holdings Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snpo#NASDAQ">SNPO</a>) surged 31.6% to $10.71 after the company announced that it will be acquired by Resideo Technologies.</li>
<li>Organovo Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/onvo#NASDAQ">ONVO</a>) shares surged 30.9% to $1.32 after the company announced Phase 2 results for FXR314. Study results demonstrated statistically significant reduction in liver fat content from baseline in patients receiving FXR314 compared to placebo.</li>
<li>Kuke Music Holding Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kuke#NASDAQ">KUKE</a>) jumped 27% to $2.7650.</li>
<li>HUB Cyber Security Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hubc#NASDAQ">HUBC</a>) gained 24% to $1.61 after gaining over 11% on Friday.</li>
<li>Edgio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/egio#NASDAQ">EGIO</a>) gained 24% to $22.18.</li>
<li>Kaival Brands Innovations Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kavl#NASDAQ">KAVL</a>) surged 23.6% to $3.30.</li>
<li>Envoy Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coch#NASDAQ">COCH</a>) gained 22.6% to $6.19.</li>
<li>Medical Properties Trust, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpw#NYSE">MPW</a>) rose 19.9% to $4.7850 after the company announced that it sold its majority interest in Utah Hospitals.</li>
<li>CareMax, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmax#NASDAQ">CMAX</a>) climbed 19.5% to $3.78.</li>
<li>SES AI Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ses#NYSE">SES</a>) surged 18.7% to $1.77.</li>
<li>Mobile-health Network Solutions (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mndr#NASDAQ">MNDR</a>) gained 17.7% to $17.67.</li>
<li>Adial Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adil#NASDAQ">ADIL</a>) rose 16.7% to $2.72.</li>
<li>ProKidney Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/prok#NASDAQ">PROK</a>) gained 16.7% to $2.0426.</li>
<li>Biotricity, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/btcy#NASDAQ">BTCY</a>) rose 16.5% to $1.34.</li>
<li>Yatsen Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ysg#NYSE">YSG</a>) gained 13.3% to $3.41.</li>
<li>Destiny Tech100 Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dxyz#NASDAQ">DXYZ</a>) shares gained 12.8% to $32.71 after dipping 42% on Friday.</li>
<li>Encore Wire Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wire#NASDAQ">WIRE</a>) surged 11.7% to $291.60 after the company entered an agreement to be acquired by Prysmian for $290 per share in cash.</li>
<li>Century Aluminum Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cenx#NASDAQ">CENX</a>) gained 9.5% to $18.05.</li>
<li>Extreme Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/extr#NASDAQ">EXTR</a>) gained 5.7% to $11.31. B. Riley Securities analyst Dave Kang upgraded Extreme Networks from Neutral to Buy and maintained a $14 price target.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Marinus Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrns#NASDAQ">MRNS</a>) shares dipped 77% to $1.6800 after the company provided an update on the Phase 3 RAISE trial and reported preliminary Q1 financial results.</li>
<li>Swvl Holdings Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/swvl#NASDAQ">SWVL</a>) fell 35% to $8.58.</li>
<li>VIA optronics AG (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/viao#NASDAQ">VIAO</a>) dipped 34% to $0.2765.</li>
<li>Veru Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/veru#NASDAQ">VERU</a>) fell 24% to $1.1550. Oppenheimer analyst Leland Gershell reiterated Veru with an Outperform and lowered the price target from $7 to $5.</li>
<li>Rent the Runway, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rent#NASDAQ">RENT</a>) dipped 19.8% to $15.42.</li>
<li>NextPlat Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxpl#NASDAQ">NXPL</a>) fell 19.8% to $1.50 after jumping 24% on Friday. The company entered into a definitive business combination agreement with its majority-owned subsidiary Progressive Care Inc.</li>
<li>Cyngn Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cyn#NASDAQ">CYN</a>) shares fell 19.1% to $0.1170 after declining around 7% on Friday.</li>
<li>ProMIS Neurosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pmn#NASDAQ">PMN</a>) fell 15.6% to $1.95.</li>
<li>Biohaven Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bhvn#NASDAQ">BHVN</a>) dipped 15.4% to $44.90. Biohaven showcased innovative neuroscience portfolio with 20 presentations at the 2024 AAN Annual Meeting.</li>
<li>Neumora Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nmra#NASDAQ">NMRA</a>) shares declined 15.1% to $11.48 after the FDA placed a clinical hold on the company&#39;s Phase 1 NMRA-266 study.</li>
<li>Alterity Therapeutics Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/athe#NASDAQ">ATHE</a>) dipped 15% to $2.49.</li>
<li>Surf Air Mobility Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/srfm#NASDAQ">SRFM</a>) fell 15% to $0.53.</li>
<li>IM Cannabis Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/imcc#NASDAQ">IMCC</a>) fell 14.2% to $0.5399.</li>
<li>Polestar Automotive Holding Uk Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/psny#NASDAQ">PSNY</a>) fell 12.7% to $1.2699. On Friday, Cantor Fitzgerald analyst Andres Sheppard reiterated Polestar Automotive with an Overweight and maintained a $5 price target.</li>
<li>Desktop Metal, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dm#NYSE">DM</a>) fell 10.8% to $0.8510.</li>
<li>Local Bounti Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/locl#NYSE">LOCL</a>) declined 10.2% to $2.1550.</li>
<li>Q32 Bio Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qttb#NASDAQ">QTTB</a>) fell 10% to $26.00.</li>
<li>SunPower Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spwr#NASDAQ">SPWR</a>) fell 8.3% to $2.2750.</li>
<li>Informatica Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/infa#NASDAQ">INFA</a>) dipped 8.1% to $35.36 amid increased volatility following reports suggesting Salesforce is in talks to buy the company.</li>
<li>TRACON Pharmaceuticals Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tcon#NASDAQ">TCON</a>) declined 8.1% to $2.1699 after falling around 9% on Friday.</li>
<li>NOVONIX Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvx#NYSE">NVX</a>) declined 7.2% to $2.63.</li>
<li>AudioEye, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aeye#NASDAQ">AEYE</a>) fell 6.6% to $12.86 after declining around 7% on Friday.</li>
<li>OncoCyte Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocx#NASDAQ">OCX</a>) fell 6.6% to $2.5301. Oncocyte announced a transplant assay partnership agreement with Bio-Rad laboratories.</li>
<li>BlackBerry Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bb#NYSE">BB</a>) fell 6.1% to $2.8650.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/04/38249138/dow-jumps-over-300-points-goldman-sachs-posts-upbeat-earnings"> Dow Jumps Over 300 Points; Goldman Sachs Posts Upbeat Earnings</a>

Why Ultragenyx Pharmaceutical Shares Are Trading Lower By Around 9%? Here Are Other Stocks Moving In Monday's Mid-Day Session

<h3>Gainers</h3>
<ul>
<li>SES AI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SES#NYSE">SES</a>) stock moved upwards by 14.4% to $1.71 during Monday's regular session. The market value of their outstanding shares is at $605.2 million. </li>
<li>Shimmick (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHIM#NASDAQ">SHIM</a>) stock moved upwards by 14.08% to $4.05. The company's market cap stands at $103.5 million. </li>
<li>Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) stock rose 11.76% to $291.68. The company's market cap stands at $4.6 billion. </li>
<li>JE Cleantech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JCSE#NASDAQ">JCSE</a>) shares moved upwards by 8.93% to $0.78. The company's market cap stands at $3.9 million. </li>
<li>Skillsoft (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKIL#NYSE">SKIL</a>) stock moved upwards by 8.17% to $9.4. The market value of their outstanding shares is at $77.2 million. As per the news, the Q4 earnings report came out today. </li>
<li>Exela Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XELAP#NASDAQ">XELAP</a>) stock moved upwards by 8.09% to $1.89. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Swvl Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWVL#NASDAQ">SWVL</a>) shares declined by 31.4% to $9.1 during Monday's regular session. The company's market cap stands at $61.8 million. </li>
<li>Complete Solaria (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSLR#NASDAQ">CSLR</a>) shares decreased by 28.46% to $0.37. The company's market cap stands at $18.2 million. </li>
<li>Surf Air Mobility (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRFM#NYSE">SRFM</a>) stock declined by 21.42% to $0.49. The company's market cap stands at $39.5 million. </li>
<li>Virco Mfg (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRC#NASDAQ">VIRC</a>) stock declined by 16.56% to $9.93. The company's market cap stands at $162.3 million. As per the press release, Q4 earnings came out yesterday. </li>
<li>Solidion Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STI#NASDAQ">STI</a>) shares fell 13.36% to $2.4. The company's market cap stands at $196.4 million. </li>
<li>Guardforce AI Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFAI#NASDAQ">GFAI</a>) shares fell 11.74% to $2.86. The market value of their outstanding shares is at $28.1 million. 
See Also: <a href="http://www.benzinga.com/money/best-industrials-stocks/" title="www.benzinga.com/money/best-industrials-stocks/">www.benzinga.com/money/best-industrials-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

CSLR

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SHIM

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VIRC

XELAP

12 Industrials Stocks Moving In Monday's Intraday Session

U.S. stocks were higher, with the Dow Jones index gaining over 100 points on Monday.
Shares of M&amp;T Bank Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtb#NYSE">MTB</a>) rose sharply during Monday&rsquo;s session after the company reported <a href="https://www.benzinga.com/quote/MTB/earnings">first-quarter financial results.</a>
Revenue of $2.260 billion, slightly missing the consensus of $2.263 billion. EPS was $3.09, which came in line with the consensus, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
M&amp;T Bank shares surged 5.4% to $141.88 on Monday.
Here are some other big stocks recording losses in today&rsquo;s session.
<ul>
<li>Snap One Holdings Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snpo#NASDAQ">SNPO</a>) shares jumped 31.6% to $10.71 after the company announced that it will be acquired by Resideo Technologies.</li>
<li>Medical Properties Trust, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpw#NYSE">MPW</a>) gained 19.9% to $4.7850 after the company announced that it sold its majority interest in Utah Hospitals.</li>
<li>SES AI Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ses#NYSE">SES</a>) gained 18.7% to $1.77.</li>
<li>Mobile-health Network Solutions (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mndr#NASDAQ">MNDR</a>) shares rose 17.7% to $17.67.</li>
<li>Yatsen Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ysg#NYSE">YSG</a>) jumped 13.3% to $3.41.</li>
<li>Destiny Tech100 Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dxyz#NASDAQ">DXYZ</a>) shares rose 12.8% to $32.71 after dipping 42% on Friday.</li>
<li>Encore Wire Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wire#NASDAQ">WIRE</a>) jumped 11.7% to $291.60 after the company entered an agreement to be acquired by Prysmian for $290 per share in cash.</li>
<li>Century Aluminum Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cenx#NASDAQ">CENX</a>) shares climbed 9.5% to $18.05.</li>
<li>BRF S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brfs#NYSE">BRFS</a>) gained 7.5% to $3.43 after JP Morgan upgraded the stock from Neutral to Overweight. Goldman Sachs analyst Thiago Bortoluci upgraded BRF from Sell to Neutral and raised the price target from $1.9 to $3.1.</li>
<li>Luminar Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lazr#NASDAQ">LAZR</a>) gained 7% to $1.3901. Luminar is expected to report financials for the first quarter of 2024 after the closing bell on Tuesday, May 7, 2024.</li>
<li>ProFrac Holding Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acdc#NASDAQ">ACDC</a>) gained 6.3% to $8.99. B of A Securities analyst Chase Mulvehill maintained ProFrac with a Neutral and raised the price target from $8.5 to $9.5.</li>
<li>Alcoa Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>) surged 6% to $37.30.</li>
<li>Extreme Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/extr#NASDAQ">EXTR</a>) rose 5.7% to $11.31. B. Riley Securities analyst Dave Kang upgraded Extreme Networks from Neutral to Buy and maintained a $14 price target.</li>
<li>Spirit Airlines, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/save#NYSE">SAVE</a>) surged 4.4% to $4.3612. Spirit Airlines said it expects a first-quarter FY24 revenue of about $1.265 billion against the previous estimate of $1.250 billion &ndash; $1.280 billion and the consensus of $1.273 billion.</li>
<li>Graphjet Technology (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gti#NYSE">GTI</a>) rose 3.3% to $10.70.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/24/04/38247378/this-analyst-with-86-accuracy-rate-sees-around-32-upside-in-western-digital-here-are-5-stock-picks-f"> This Analyst With 86% Accuracy Rate Sees Around 32% Upside In Western Digital - Here Are 5 Stock Picks For Last Week From Wall Street&#39;s Most Accurate Analysts</a>

M&T Bank Reports Q1 Earnings, Joins Snap One, Encore Wire And Other Big Stocks Moving Higher On Monday

Encore Wire Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) inked a definitive deal to be acquired by&nbsp;Prysmian S.P.A.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PRYMF#OTC">PRYMF</a>) for&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38241943/encore-wire-to-be-acquired-by-prysmian-for-290-00-per-share-in-cash" rel="noreferrer noopener">$290.00 per share in cash</a>.
The transaction price represents a premium of around 20% to the 30-day volume weighted average share price (VWAP) as of Friday, April 12, 2024, and about 29% to the 90-day VWAP as of the same date. It represents a premium of over 11% to Friday&#8217;s closing price of $260.98.
Encore&#8217;s implied Enterprise Value (EV) of around €3.9 billion represents a multiple of 8.2x EV/2023A EBITDA and 6.3x EV/2023A EBITDA, including run-rate synergies.
As per the terms, Encore may solicit alternative acquisition proposals from third parties during a 35-day &#8220;go-shop&#8221; period following the date of execution of the merger agreement.&nbsp;
Prysmian expects the acquisition to&nbsp;generate ~€140 million in run-rate EBITDA synergies, projected within four years from closing.
The transaction is expected to close in the second half of 2024, subject to regulatory approvals, and other customary closing conditions.
Based on pro forma aggregated results for the twelve months ended December 2023, the combined company would have posted net sales of over €17.7 billion and adjusted EBITDA of about €2.1 billion.
Daniel L. Jones, Encore Wire&#8217;s Chairman, President and CEO, said, &#8220;This transaction maximizes value for Encore Wire shareholders and provides an attractive premium for their shares. Encore Wire and Prysmian are two highly complementary organizations, and we anticipate a bright future for Encore Wire as part of Prysmian.&#8221;
Massimo Battaini, Prysmian designated Group CEO, commented, &#8220;Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers. We look forward to welcoming the Encore Wire team to Prysmian and benefitting from the combined company&#8217;s enhanced product offerings and customer relationships.&#8221;
Investors can gain exposure to the stock via&nbsp;Advisor Managed Portfolios Miller Value Partners Appreciation ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVPA#NYSE">MVPA</a>) and&nbsp;The Acquirers Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIG#NYSE">ZIG</a>).
Price Action: WIRE shares traded higher by 8.43% at $282.99 premarket Monday.
Photo via Shutterstock

WIIM

Encore Wire shares are trading higher after the company entered an agreement to be acquired by Prysmian for $290 per share in cash.

Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) today announced that it has entered into a definitive merger agreement under which Prysmian (BIT: PRY) will acquire Encore Wire for&nbsp;$290.00&nbsp;per share in cash (the &quot;Transaction&quot;). The Transaction represents a premium of approximately&nbsp;20%&nbsp;to the 30-day volume weighted average share price (VWAP) as of Friday, April 12, 2024 and approximately&nbsp;29%&nbsp;to the 90-day VWAP as of the same date.
At the terms of the Transaction, Encore Wire&#39;s implied Enterprise Value is approximately &euro;3.9 billion1&nbsp;representing a multiple of 8.2x EV/2023A EBITDA and 6.3x EV/2023A EBITDA including run rate synergies.

Encore Wire Agrees To Merger With Prysmian At $290/Share In Cash, Valuing The Company At €3.9B

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:
Wall Street expects The Goldman Sachs Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) to report quarterly earnings at $8.56 per share,&nbsp;down from&nbsp;$8.79&nbsp;per share in the year-ago period.&nbsp;The investment bank&nbsp;is projected to report quarterly revenue of&nbsp;$12.92 billion, compared to&nbsp;$12.22 billion&nbsp;in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.&nbsp;Goldman Sachs shares fell 0.6% to $387.00 in after-hours trading.
Encore Wire Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wire#NASDAQ">WIRE</a>) agreed to be acquired by Prysmian for $290.00 per share in cash. Encore Wire shares gained 0.2% to close at $260.98 on Friday.
Analysts are expecting The Charles Schwab Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schw#NYSE">SCHW</a>) to post quarterly earnings at 74 cents per share on revenue of $4.71 billion. The company will release earnings before the markets open. Charles Schwab shares fell 0.6% to $69.60 in after-hours trading.
Check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
C3is Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ciss#NASDAQ">CISS</a>) entered an agreement to acquire the Eco Spitfire bulk carrier for $16.19 million. C3is shares fell 5.6% to $1.76 in the after-hours trading session.
Analysts expect M&amp;T Bank Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtb#NYSE">MTB</a>) to post quarterly earnings at $3.09 per share on revenue of $2.26 billion before the opening bell. M&amp;T Bank shares slipped 0.01% to $134.55 in after-hours trading.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38216143/jim-cramer-calls-cummins-terrific-recommends-selling-this-chinese-auto-manufacturer"> Jim Cramer Calls Cummins &#39;Terrific,&#39; Recommends Selling This Chinese Auto Manufacturer </a>

Pre-Market Outlook

CISS

SCHW

Goldman Sachs, Charles Schwab And 3 Stocks To Watch Heading Into Monday

Encore Wire (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIRE#NASDAQ">WIRE</a>) reported quarterly earnings of $4.10 per share which beat the analyst consensus estimate of $4.02 by 1.99 percent. The company reported quarterly sales of $633.80 million which beat the analyst consensus estimate of $601.48 million by 5.37 percent. This is a 8.66 percent decrease over sales of $693.88 million the same period last year.

Earnings Beats

Encore Wire Q4 2023 GAAP EPS $4.10 Beats $4.02 Estimate, Sales $633.80M Beat $601.48M Estimate

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Earnings Scheduled For February 13, 2024

<ul>
<li>MSFT</li>
<li>NVDA</li>
<li>AI</li>
<li>TSLA</li>
<li>QQQ</li>
<li>PLTR</li>
<li>AMZN</li>
<li>WIRE</li>
<li>DIS</li>
<li>CAVA</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
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Top 10 Trending Stocks On WallStreetBets As Of November 20, 2023 (Via Swaggy Stocks)

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Shares of several companies in the broader industrial space are trading higher amid overall market strength following softer-than-expected October inflation data, which could put less pressure on the Fed to raise rates further.

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