Hot Stocks: BIIB falls on Medicare Alzheimer's proposal; SRLP takeover bid; RC offering; PRCT guidance
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Biogen (NASDAQ:BIIB) stepped into the spotlight during Wednesday's pre-market trading, as shares dropped on a government decision regarding its high-profile Alzheimer's drug.
In other news, Ready Capital (NYSE:RC) slipped following a stock offering.
Turning to some of the pre-market gainers, Top Sprague Resources (NYSE:SRLP) rose following the receipt of a takeover offer. Meanwhile, preliminary revenue figures prompted a rally in shares of PROCEPT BioRobotics (NASDAQ:PRCT).


Decliners

Biogen (BIIB) lost ground in pre-market action on news that Medicare plans to limit access to the company's controversial Alzheimer's drug, Aduhelm. The government's proposed rules would restrict the product to people enrolled in clinical trials.
On the news, BIIB dropped nearly 9% before the opening bell.
Elsewhere, word of a stock offering put pressure on Ready Capital (RC). The company priced an upsized offering of 7M shares of common stock, bringing in total gross proceeds of $108.9M. Shares slipped nearly 4% on the news.


Gainers

Top Sprague Resources (SRLP) jumped nearly 8% in pre-market action after receiving an unsolicited takeover proposal from stockholder Hartree Partners. Hartree, which controls nearly 75% of the firm's outstanding units, offered to purchase the rest of the firm's equity for $16.50 per unit.
With the pre-market gain, SRLP climbed to $16.44, just shy of the offering price.
PROCEPT BioRobotics (PRCT) was another pre-market gainer, rising by about 4% after releasing preliminary Q4 revenue that beat analysts' expectations. The company said it will likely report a top-line figure between $9.8M and $10.1M. Analysts were looking for a figure below $9M.
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