My Take: ANET is coming off a pullback, but it could set a new 52-week high and find a new support level if it can break through $200.
Jeff Brands [JFBR] - Last Close: $0.3505
Jeff Brands is getting a big boost after a premarket announcement.
This morning, the tiny e-commerce company announced plans for a 1-for-7 reverse stock split.
Jeff Brands will begin trading on a split-adjusted basis at the market open this Friday, Nov. 3rd.
JFBR immediately began to move higher following the announcement, and it's currently one of this morning's top Nasdaq stocks with a 19.8% gain.
My Take: JFBR has had a rough run lately, but the reverse split could be a step in the right direction. However, I would expect to see more volume if this was a true pivot.
LumiraDx [LMDX] - Last Close: $0.09
LumiraDx is rebounding after a sell-off.
The tiny biotech fell 25.0% on Monday after announcing it had received a delisting determination from the NASDAQ exchange.
Nasdaq gave the company 180 business days to remedy the issue beginning on Apr. 21st, but the clock ran out on Oct. 18th.
According to the latest notice, LumiraDx has not regained compliance, and its securities are now subject to delisting from The Nasdaq Global Market.
LumiraDx said it plans to appeal the exchange's decision.
LMDX shares are rebounding from yesterday's sell-off ahead of the open. Shares are up 21.1% on active trading volume.
My Take: LMDX is a very small float stock, but its short percentage was only at 0.33% as of Oct. 13th. This could be a natural correction to yesterday's sell-off.
Avalo Therapeutics [AVTX] - Last Close: $0.0928
Avalo Therapeutics is up after an announcement.
This morning, the company announced the completion of the divestiture of the AVTX-800 series to Aug Therapeutics.
The news marks the closing of a previously-announced purchase agreement between the two companies signed on Sept. 12th, 2023.
Under the terms of the deal, Avalo received $150,000 for each drug candidate included in the deal, plus rights to $15 million in potential milestones.
CEO Garry Neil said, "This transaction has an immediate positive impact on our cash flow... while also maintaining substantial upside potential for Avalo upon program success.”
AVTX is up 36.8% on the news.
My Take: This is a very tiny stock with an elevated short ratio, so expect substantial volatility if you decide to run this one down.
