Charter Communications [CHTR] - Last Close: $395.91
Charter Communications is rebounding after hitting new lows.
The broadband and cable company set a new 52-week low of $391.81 in Thursday's session, but shares began to bounce back after the closing bell.
On Wednesday, Charter announced its intention to participate in an upcoming Goldman Sachs investor conference, and the news may have also played a role in today's rally.
CHTR moved higher through the after-hours session and, now, it's one of the S&P 500's top premarket stocks.
CHTR is up 3.2% in today's premarket.
My Take: CHTR could be a good deal at this price. However, the stock is locked in a strong downtrend which could be hard to break. Its value stats look good, but short interest is high.
InMed Pharmaceuticals [INM] - Last Close: $8.87
InMed Pharma is surging after a recent clinical update.
Yesterday, the Vancouver-based pharma firm updated investors on its progress towards a pivotal drug trial.
InMed CEO Eric Adams said the company plans to complete enrollment in a Phase 2 clinical program in epidermolysis bullosa by the end of the calendar year.
Adams also said the firm will, "continue to advance a preclinical drug candidate in ocular disease and to investigate the utility of proprietary cannabinoid analogs in targeting specific diseases."
The CEO also admitted that the timing of revenues from recently-acquired BayMedica's products is highly uncertain, and the company will evaluate whether the project is worth further investment.
However, the company continues to explore the use of rare cannabinoids and their analogs to improve neural function and treat neurological disorders.
Shares of INM are up 45.3% following the update, making it one of the day's top performers.
My Take: It's unclear why this press release has sparked such a strong reaction in the stock. This tiny stock has declined steadily in 2022, but short interest is relatively tame at 1.0%. I don't know if this press release justifies this rally, so be cautious here.
