My Take: MRNA has underperformed over the past 12 months. I think it's going to take more than a COVID-19 booster to put this company back on an upward trajectory.
Rocket Pharmaceuticals [RCKT] - Last Close: $15.29
Rocket Pharma is trending after a drug breakthrough.
Late Tuesday, the company said it has reached an agreement with the FDA on the design of a pivotal Phase 2 trial for RP-A501 in Danon disease patients.
Rocket and the FDA set two key endpoints for the upcoming trial, and Rocket said it expects to complete filings to enable EU study activities sometime this year.
Hours later, the company also announced a $175 million upsized public offering of its common stock.
RCKT is up 23.0% in early premarket trading.
My Take: I like this chart. RCKT could be positioned for a swing higher, and it has an elevated short ratio that could provide a nice setup for a short squeeze, if the conditions are just right.
Mainz Biomed [MYNZ] - Last Close: $3.66
Positive drug data is boosting shares of Mainz Biomed.
Early this morning, the tiny biotech announced a clinical study assessing novel mRNA biomarkers for colorectal cancer testing showed "positive" results.
Mainz Bio said the top-line results from its ColoFuture study detected colorectal cancer with 94% sensitivity and 97% specificity.
The results bode well for Mainz efforts to commercialize its colon cancer screening test across Europe and other "select international territories."
MYNZ is trading actively in the premarket with a 13.9% gain.
My Take: MYNZ is coming off a double bottom-ish move that could signal an upcoming swing in this stock's fortunes. The momentum from this announcement could mark the beginning of a pivot towards an up-trend.
Avalo Therapeutics [AVTX] - Last Close: $0.1235
No, it's not a mistake. Avalo Therapeutics is on our list for the second day in a row.
The tiny biotech stock jumped 45% on Tuesday after announcing a deal to sell several of its drug candidates for cash and potential milestone payments.
Altogether, the deal could generate $45 million for Avalo if all the contingent payment conditions are satisfied.
AVTX continued to rally after Tuesday's closing bell, and it's exploding again in today's premarket with no additional company news.
AVTX is on pace to outperform its Tuesday rally with an 83.7% premarket gain, and it's this morning's number-one premarket stock.
My Take: I am still doubtful about the long-term viability of this rally. If you cashed in on this trade, you might want to consider taking some profits off the table before the inevitable reversal finally materializes.
