Shares of Pieris Pharmaceuticals, Inc. (Nasdaq: PIRS) surged over 10% in pre-market trading following the news of attaining an undisclosed milestone payment from Boston Pharmaceuticals. This milestone payment was triggered by the commencement of a phase 1/2 study aimed at evaluating the safety, tolerability, pharmacokinetics, and efficacy of BOS-342, a 4-1BB/GPC3 immuno-oncology antibody-Anticalin fusion bispecific protein.

Notably, Boston Pharmaceuticals is funding and conducting the study, having exclusively licensed worldwide rights to BOS-342 in April 2021. Alongside the milestone achieved today, Pieris could potentially secure up to approximately $350 million in development, regulatory, and sales-based milestone payments, in addition to tiered royalties based on the sales of BOS-342.

$PIRS was trading at $0.27 in pre-market, up $0.02 (+12.21%).

In other news, Tapestry, Inc. (NYSE: TPR), a renowned fashion company known for its luxury accessories and lifestyle brands, disclosed fourth-quarter fiscal 2023 earnings of $0.95 per share, falling short of the analyst consensus estimate of $0.97. The company's quarterly sales amounted to $1.62 billion, slightly below analysts' projected revenue of $1.65 billion.

Looking ahead to the full-year fiscal 2024, Tapestry anticipates EPS to range from $4.10 to $4.15, in contrast to the consensus estimate of $4.23 for the period.

In pre-market, $TPR was trading at $34.30, down $0.03 (-0.09%).

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