Hertz (HTZ) has announced that it has received a letter from the New York Stock Exchange (NYSE) revealing plans to delist Hertz’s common stock from the exchange. Shares in HTZ are down 12% in Wednesday’s pre-market trading.According to an SEC filing made by Hertz, NYSE Regulation reached its decision after Hertz disclosed on May 22, 2020 that it has commenced voluntary petitions for reorganization under chapter 11 of the Bankruptcy Code.Hertz says it has appealed the determination and has requested a hearing before the NYSE. “At this time, the common stock of the company will continue to be listed and trade on the NYSE pending resolution of such appeal” Hertz says.The company adds that there can be no assurance that the NYSE will grant its request for continued listing at the hearing and therefore “whether there will be equity value in the company’s common stock.”Despite an impressive rally over the last few days, Hertz has seen its stock plunge 73% in value year-to-date. The troubled car rental company has a bearish Moderate Sell consensus from the Street with 2 recent hold ratings and 4 sell ratings. (See Hertz stock analysis on TipRanks).The average analyst price target stands at just $2.33, indicating a further 44% downside potential lies ahead. Deutsche Bank’s Chris Woronka has a hold rating on Hertz and $3 price target, saying “it’s difficult to fundamentally analyze the company” due to the bankruptcy proceedings.While the “reopening trade” for stocks set to improve post-lockdown has become popular, Woronka nevertheless finds himself “questioning the true depth of the buying in what increasingly feels like a capitulation-type short squeeze being exacerbated by high frequency trading programs.”Related News: Beleaguered Hertz Sinks 36% In After-Market On Bankruptcy Protection Filing Hertz Down 11% After-Hours As Carl Icahn Sells Stake At $1.8B Loss Global Airlines Are Set To Lose $84.3 Billion In 2020, IATA Says More recent articles from Smarter Analyst: * Pfizer’s Abrocitinib Candidate Shows Positive Results In Kids With Atopic Dermatitis * Ford, Volkswagen Ink Major Joint Project Agreement, Includes New Electric Vehicle * RWE, Thyssenkrupp Plan Hydrogen Production Partnership – Report * Genmab Shares Rise 5% In Pre-Market On Oncology Partnership With AbbVie

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The list of the most popular ETFs on the Robinhood trading platform reveals some surprises.

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Shares in Genmab A/S (GMAB) rose in pre-market trading after announcing a collaboration agreement with AbbVie (ABBV) to jointly develop and commercialize three of its early-stage investigational bispecific antibody product candidates.The stock advanced 5% to $30.32 in Wednesday’s pre-market trading. The two companies said that they will also collaborate on research to develop future differentiated antibody therapeutics for cancer.As part of the partnership they will develop Genmab’s next-generation bispecific antibody programs, epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4.“Epcoritamab is a strong fit for our robust hematological oncology franchise”, said Michael Severino, Vice Chairman and President at AbbVie. “By combining the strengths of our two organizations, we can advance the treatment landscape for patients battling cancer.”Under the financial terms of the collaboration, AbbVie will pay Genmab $750 million in an upfront payment with the potential for Genmab to receive up to $3.15 billion in additional development, regulatory and sales milestone payments for all programs. The financial terms also include tiered royalties of between 22% and 26% on epcoritamab net sales outside the U.S. and Japan.Except for these royalty-bearing sales, the parties will share pre-tax profits from the sale of products on a 50:50 basis. Included in these potential milestones are up to $1.15 billion in payments related to clinical development and commercial success across the three existing bispecific antibody programs.In addition, if all four next-generation antibody product candidates are successfully developed as a result of the research collaboration, then Genmab will get up to $2 billion in option exercise and success-based milestone payments.As a result of the agreement, Genmab is raising its 2020 financial guidance for revenues to be in the range of DKK 9,100 – DKK 9,500 million, an increase of DKK 4,350 million compared to its previous guidance.Genmab shares have been on a steady winning streak since mid-March and are up 29% so far this year. AbbVie was little changed in pre-market trading after advancing 1.7% to $96.17 on Tuesday.SunTrust analyst Asthika Goonewardene this month increased the Genmab’s price target to $36 (25% upside potential) from $30 and maintained a Buy rating, citing the company's pipeline and platform.Goonewardene sees strong potential for epcoritamab as a leading CD20 T-cell engager and noted that the antibody platform "is indeed quite remarkable", with potential to generate a large number of drug candidates and efficiently screen to "find several lead assets per target/mechanism".The rest of the Wall Street analyst community agrees with Goonewardene as the stock scores 5 Buy ratings backing up a Strong Buy consensus. The $31.75 average price target implies shares may advance another 10% over the coming year. (See Genmab stock analysis on TipRanks).Related News: Merck’s Keytruda Fails To Meet Endpoints In Bladder Cancer Trial 5 Promising Covid-19 Vaccines Picked For Trump’s Operation Warp Speed What Would a Merger Mean for Gilead? Top Analyst Weighs In More recent articles from Smarter Analyst: * Pfizer’s Abrocitinib Candidate Shows Positive Results In Kids With Atopic Dermatitis * Ford, Volkswagen Ink Major Joint Project Agreement, Includes New Electric Vehicle * RWE, Thyssenkrupp Plan Hydrogen Production Partnership – Report * Hertz Set To Challenge NYSE Delisting In Upcoming Hearing

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