NovoCure Ltd [NVCR] - Last Close: $70.53
Novocure is heating up on breakthrough clinical data.
The oncology firm announced a LUNAR study of its Tumor Treating Fields (TTFields) in lung cancer patients met its primary overall survival endpoint.
The open-label, randomized study evaluated the TTFields' safety and efficacy when combined with standard therapies for stage 4 non-small cell lung cancer.
Novocure said the therapy produced statistically significant and clinically meaningful improvement in patient survival.
The company expects to file applications for a premarket approval with the FDA and a CE mark in the EU sometime in the second half of 2023.
NVCR is skyrocketing on the news. It's this morning's top premarket performer with a 121.1% gain.
My Take: NVCR's 7.49% short percentage may be throwing fuel on the fire. I don't know if it can hold at this level without pulling back at some point, but it's currently trading well above its 52-week high of about $90 a share.
Vyant Bio [VYNT] - Last Close: $0.7698
Vyant Bio just made a big move that got the market's attention.
The tiny biotech announced it has tapped LifeSci Capital to advise & assist it with an ongoing review of "strategic alternatives" to enhance shareholder value.
Vyant warned that the hire will not necessarily result in a specific action or change to its existing business plans.
The company also said it will not discuss any further developments until its board has approved a specific action.
VYNT soared after the news broke in Wednesday's aftermarket. Shares are currently up 115.6% on high volume in early premarket trading.
My Take: "Strategic Alternatives" is basically a euphemism for buyout, merger, or other big move, and it seems investors are rushing in to position in case the company lands a big buyout deal.
Argo Blockchain [ARBK] - Last Close: $1.20
Argo Blockchain is moving higher after an analyst upgrade
Roth Capital upgraded the crypto miner to "neutral" from "sell" and raised its price target from $0.25 to $1 in a note released after Wednesday's close.
Like most crypto stocks, Argo has gotten crushed since the FTX fiasco crushed what little confidence investors had in cryptocurrencies.
However, the analyst upgrade is giving ARBK a jolt. The stock is up 35.8% in the premarket.
My Take: ARBK has been quietly heating up over the past two weeks. Shares are up 204% since Dec. 22nd. It's starting to look like ARBK's recent sell-off may have been overdone.
Oblong Inc [OBLG] - Last Close: $2.21
Oblong running hot in the wake of a reverse stock split.
On Tuesday, the video collaboration company announced a 1-for-15 reverse stock split that would take effect the next day.
Oblong began trading on a split-adjusted basis on Wednesday, and the stock subsequently exploded.
Shares rallied 28.0% on Wednesday, and OBLG is carrying its momentum into today's premarket.
OBLG is up 43.4% in early premarket trading.
My Take: A reverse split has zero material effect on a company or its stock, so the reasoning behind the move is unclear. The most likely reason is a coordinated buying push intended to take advantage of the tiny stock's low float.
