My Take: ETSY has performed poorly over the past six months, but it may be in the early phases of bottoming out. Volume has spiked in recent sessions, and it's beginning to find support around $65.
Renalytix [RNLX] - Last Close: $2.13
Renalytix is trending in today's premarket.
The health care technology stock is moving higher in the premarket despite no obvious news to explain the sudden move.
On Tuesday, analysts from Refinitiv/Verus announced a double upgrade on the stock, moving their rating from "sell" to "buy" in one fell swoop.
Since the analyst note, there has been no major news pertaining to RNLX, so the bullish note may have been the impetus for today's rally.
RNLX is one of this morning's top stocks with a 14.5% gain.
My Take: RNLX could find some support at the $2 mark, but if it falls below that level, all bets are off. If it can break through $2.50, it could find new support at that price point.
First Wave Bio [FWBI] - Last Close: $0.4351
First Wave Bio is making a big splash with a new licensing deal.
Early this morning, the tiny biotech announced a new exclusive global licensing deal with French drugmaker Sanofi [SNY] to develop & repurpose Capeserod.
First Wave said the deal includes a "modest" upfront payment, back-end milestone payments, and single-digit royalties on sales.
The tiny biotech also said it hopes to begin clinical trials for GI diseases before the end of the year.
FWBI is this morning's #1 premarket stock with a 90.7% gain.
My Take: FWBI is a very tiny stock with a weak chart. This news could bode well for the company, but I'll need to see more evidence of a sustainable upward trend before I get too excited about this one.
Avalo Therapeutics [AVTX] - Last Close: $0.1235
Avalo is going for the record with its third consecutive appearance on our list.
The tiny biotech stock rallied another 81% on Wednesday in an extension of a rally that began on Tuesday.
Avalo began to move higher after announcing a lucrative deal to sell several of its drug candidates to AUG Therapeutics.
Today, AVTX is still running hot. It's one of today's top premarket performers with a gain of 30.3%, and it's the morning's most actively-traded stock.
My Take: I have no idea what is sustaining this move at this point. It's a small float stock, so maybe it's all thanks to the work of a few stubborn holders who refuse to sell. Whatever the reason, the pullback could come at any time.
Arm Re-Prices IPO at $51 Per Share