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Market Movers: Oncolytics Biotech, Xerox and Office Depot

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Oncolytics Biotech Gains on Publication of Positive REO 024 Study Results

Oncolytics Biotech (NASDAQ:ONCY) (TSX:ONC) shares were higher after to the company announced that positive results from its previously announced phase 1b REO 024 study of pelareorep in combination with pembrolizumab (Merck's Keytruda®) have been published in the peer-reviewed medical journal Clinical Cancer Research, a journal of the American Association for Cancer Research. The study of 11 patients was conducted by Principal Investigator, Dr. Devalingam Mahalingam, Associate Professor of Medicine at Northwestern University Feinberg School of Medicine and a member of the Robert H. Lurie Comprehensive Cancer Center of Northwestern University.

"Pelareorep and pembrolizumab added to chemotherapy was safe and well-tolerated and demonstrated encouraging efficacy results," said Dr. Mahalingam. "This study also highlighted the potential utility of several pre-treatment and on-treatment biomarkers for pelareorep therapy, which are currently being explored in our ongoing phase two study."

Xerox with Eye on HP

Xerox (NYSE: XRX) is reportedly considering buying Hewlett-Packard Inc. (NYSE:HPQ), in what would be a merger of two former American technology giants that have both seen better days.

A story in the Wall Street Journal suggested the Xerox board discussed the possibility of an HP purchase on Tuesday, according to the Wall Street Journal, which cited sources familiar with the matter. The Journal also reported that the Xerox discussions are preliminary and might not lead to an offer for HP. Both sides refused comment.

Office Depot Gains on Releasing Q3 Results

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Office Depot Inc. (NASDAQ:ODP) announced results for the third quarter ended September 28, 2019.

Total reported sales were $2.8 Billion during the quarter, down 4% from prior-year period.

In the third quarter of 2019, Office Depot reported operating income of $108 million, compared to $105 million in the prior-year period.

Operating income included approximately $22 million in merger and restructuring costs, $16 million of which is associated with charges related to the Business Acceleration Program (BAP) recognized in the quarter.