Stocks to Watch: Cerevel Therapeutics, Nogin, Braze

Dow Jones2023-12-07

By Ben Glickman

Cerevel Therapeutics will be acquired by AbbVie for about $8.7 billion. The pharmaceutical giant announced it would buy the neuroscience-drug maker for $45 a share, representing a premium of 22% based on the Wednesday closing price of $36.93. Shares rise 16%, to $42.69, after-hours.

Nogin is entering Chapter 11 bankruptcy proceedings, with backing by B. Riley Financial. The e-commerce technology company said there would be no interruptions to service as it financially restructures, which is meant to add stability and allow for future growth. Shares rise 12%, to 20.4 cents, after-hours.

Braze's revenue surged 33% in the fiscal third quarter, topping analysts' estimates and helping the cloud-software company's loss narrow. The company also increased its full-year guidance for revenue and said it expects a narrower loss than previously forecast. Shares rise 12%, to $63, after-hours.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

December 06, 2023 18:21 ET (23:21 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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