Stocks to Watch: Rumble, Lexicon Pharmaceuticals

Dow Jones12-21 07:19

By Connor Hart

Rumble entered an agreement for a $775 million investment from cryptocurrency company Tether. The video platform said it anticipates using $250 million to support growth initiatives. It plans to use the remaining proceeds for a self-tender offer for up to 70 million of its Class A common stock at $7.50 a share. Shares jump 44%, to $10.30, in after-hours trading.

Lexicon Pharmaceuticals received a complete response letter from the Food and Drug Administration for its treatment of type 1 diabetes and chronic kidney disease. The FDA's response, which according to the agency indicates its review of an application is complete and the application isn't ready for approval, was expected and aligns with the pharmaceutical company's previously disclosed decision to discontinue the treatment and focus solely on its clinical development pipeline. Shares fall 9%, to 65 cents, in postmarket trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 20, 2024 18:19 ET (23:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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