Centessa Pharmaceuticals [CNTA] - Last Close: $3.90
Strong earnings are lifting shares of Centessa Pharma this morning.
The pharma firm released its Q4 report early this morning, and the results surpassed analysts' expectations.
Centessa Pharma reported a quarterly loss of $(0.45) per share and topped the Street's $(0.50) estimate by 10%.
The company also reported $393.6 million in cash and cash equivalent holdings, which will provide a cash runway into 2026.
The company also announced several promising clinical updates in the report.
CNTA is one of today's top premarket performers with a 23.0% gain.
My Take: This rally could put CNTA past a key resistance point at $4 per share. If it can hold onto its gains, it could find new price support at this level.
SCYNEXIS [SCYX] - Last Close: $1.67
SCYNEXIS just landed a huge deal with a powerful partner.
The micro-cap biotech firm announced a new agreement with GSK [GSK] to develop and commercialize brexafemme to treat fungal infections.
The companies said brexafemm complements GSK's infectious disease portfolio with an FDA-approved treatment for vulvovaginal candidiasis in a joint statement.
Under the terms of the deal, SCYNEXIS will receive a $90 million upfront payment, plus future performance-based milestone payments and royalties.
SCYNEXIS retains rights to all other assets derived from enfumafungin, with GSK having a right of first negotiation to these pre-clinical and discovery stage assets
The news is lifting SCYX to an 83.8% gain in today's premarket, making it this morning's top-performing stock.
My Take: SCYX is skyrocketing on this news, but I am concerned about the potential for a pullback. Pick your spots wisely if you want to dabble in this trade.
Freight Technologies [FRGT] - Last Close: $1.46
Freight Technologies just landed a major deal.
The logistics app operator announced a new contract to provide domestic logistics shipping services for Whirlpool Mexico.
CEO Javier Selgas said, "This significant accomplishment reinforces our position as a trusted logistics partner and paves the way for a promising future with a key industry player."
Freight Technologies' Fr8App will help Whirlpool Mexico eliminate the use of paper tracking and streamline logistical operations.
Financial details of the arrangement were not disclosed in the initial press release.
News of the contract is powering FRGT to a 33.5% premarket gain.
My Take: This deal could help FRGT land more contracts with notable corporate names. The stock currently has a 22.86% short percentage and a very small float of $4.7 million, so there could be more gains ahead.
Safe & Green Holdings Corp [SGBX] - Last Close: $0.8048
Upbeat earnings results are boosting shares of Safe & Green today.
The construction company reported slowing revenues and increasing expenses for Q4, but a key business unit produced extraordinary growth.
Safe & Green's revenues fell to $4.1 million in Q4 2022, and expenses grew to $4.0 million. Its operating loss came to $(0.24) per share.
However, the company's construction services revenues increased by 476% year-over-year in the fourth quarter.
The company also said it expects to generate positive cash flow from its manufacturing segment in the months ahead.
SGBX is one of today's top premarket stocks with a 27.9% gain on active trading volume.
My Take: SGBX's strong construction services growth is likely fueling this morning's rally. The stock has experienced big drawdowns over the past few months, but this rebound could be a sign that the down trend is bottoming out.
