Micron Technology [MU] - Last Close: $50.37
Micron is moving higher on an analyst upgrade.
In Tuesday's aftermarket, analysts at UBS raised its price target on the chipmaker's stock from $70 to $75 and maintained its "buy" rating.
According to analysts polled by Capital IQ, MU has an average rating of "outperform" with price targets ranging from $45 to $100.
The price target hike seems to be giving the stock a boost this morning. MU is leading the S&P 500 with a 3.8% gain on active premarket volume.
My Take: MU struggled through most of 2022, but it could finally be bottoming out. It looks like a double-bottom is developing in the chart, so there could be a breakout in the cards in the for this stock.
Doubledown Interactive [DDI] - Last Close: $8.18
Doubledown Interactive is rallying after an early morning announcement.
The Korea-based video game company said it would participate in the upcoming 25th Annual Needham Growth Conference in New York City.
The conference will be held Jan. 10th through Jan. 12th, 2023, at The Lotte New York Palace in NYC.
Doubledown's management will host one-on-one meetings with potential investors during the even, and the company will present on Jan. 10th at 4:30 p.m.
DDI is one of this morning's top premarket performers, with a 119.4% gain on news of its conference participation.
My Take: This move seems a little overdone, but DDI has a low short percentage of just 0.02%. It could be a "buy the rumor" scenario, but I expect we'll see a big pullback before the conference actually starts on Jan. 10th.
Geron Corp. [GERN] - Last Close: $2.40
Positive clinical data is lifting shares of Geron Corp.
The late-stage biotech firm reported positive top-line results from an Imerge Phase 3 trial of imetelstat in lower-risk MDS patients.
Geron said the drug produced significant and clinically meaningful efficacy results across several key MDS subtypes.
The company says it now expected to submit a new drug application to the US Food & Drug Administration in mid-2023.
It's also planning on submitting a marketing authorization application in the European Union sometime in the second half of the year.
GERN is one of today's top movers, and it's up 54.5% on the news.
My Take: GERN seems to be on course for a full drug approval this year, but a large portion of the gains are probably priced in after today's rally. However, there could be a swing trade opportunity if shares pullback before an approval comes.
Vivos Therapeutics [VVOS] - Last Close: $0.74
Vivos Therapeutics is moving higher on news of a drug approval.
The MedTech company announced the U.S. FDA awarded 510(k) clearance for its proprietary DNA appliance, or daytime-nighttime appliance.
The Class II device gives obstructive sleep apnea patients a new treatment option, and Vivos says it anticipates increased ease of adoption.
VVOS is one of today's top stocks with a 66.2% gain on the news.
My Take: VVOS mysteriously gained 84.0% on Tuesday, well before this story broke. Now it's up another 66.2% in the premarket. It certainly looks like there were some big buyers who were tipped off ahead of this news.
