Squarespace [SQSP] - Last Close: $24.04
Squarespace is running hot after a strong earnings report.
The web presence company released its Q4 earnings report early this morning, and investors liked what they saw.
Squarespace's operating loss widened to $(1.72) per share from $(0.12) a year earlier, falling well below the Street's estimate of a $(0.07) per share loss.
However, revenues of $228.8 million were up from last year, and the top-line figure beat analysts' $222.2 million forecast.
Squarespaces Q1 and fiscal 2023 guidance also surpassed analysts' expectations.
SQSP is one of this morning's top small-cap performers with a 14.3% gain.
My Take: SQSP's dramatic EPS decline is notable, but the company's revenue trends appear to be strong. The stock's chart is also showing an up-trend dating back to December.
Virax Group [VRAX] - Last Close: $0.6629
A new product launch announcement is sending shares of Virax Group higher.
This morning, the diagnostics company announced a new real-time PCR test that can rapidly detect Avian Influenza A Virus (AIV).
Virax Group also said it had entered into a distribution agreement to bring the test to the European Union, where AIV is running wild, and other markets accepting the CE mark.
Virax said the test kit is intended to be used in laboratory settings, and it can help healthcare professionals accurately identify an AIV case.
CEO James Foster said the company expects the new test to "facilitate rapid and potentially life-saving interventions, especially in vulnerable jurisdictions."
VRAX is up 124.7% in response to the early-morning announcement, and its trading actively in the premarket.
My Take: VRAX is a very small float stock with a market cap of only $8.5 million. It also had a slightly elevated short percentage of 2.02% as recently as Feb. 15th. This rally could pull back before the trading day is through.
Adial Pharmaceuticals [ADIL] - Last Close: $0.42
Adial Pharma is rallying after an early-morning update.
The clinical-stage biotech briefed the market on its regulatory strategy for AD04, its leading treatment for Alcohol Use Disorder, or AUD.
Adial said that it "believes there is a clear, cost-effective path towards FDA approval that it plans to aggressively pursue."
Based on a through review of Phase 2 and Phase 3 data, the company has requested a Type C meeting with FDA regulators to be held in Q2 of 2023.
The company is also working with regulators in France, Sweden, Finland, the U.K., and Germany.
Adial also noted that market research suggests AD04's sale price could be more than double prior assumptions.
The bullish business update is rallying shares of ADIL in today's premarket. It's up 50.0% on active trading volume.
My Take: ADIL has been trending higher since the start of the year, and there could be more rally catalysts in the cards for this stock. The company's Type C meeting with FDA regulators in Q2 could be particularly important.
