My Take: RIVN is an EV company that appears to be actually selling and delivering EVs. Shocking! Share prices are well off their 52-week highs, so this could be a swing trade candidate with great potential upside.
Upstart [UPST] - Last Close: $14.09
A strong earnings report is also lifting shares of Upstart.
The cloud-based AI stock released its Q1 earnings after Tuesday's closing bell, and the market is cheering the results.
Upstart's Q1 adjusted loss narrowed to $(0.47) per diluted share, down from $(0.61) a year ago. Analysts expected a $(0.81) per share loss.
Revenues of $102.9 million were down substantially from last year's $310.1 million figure, but beat the consensus of $99.8 million.
Upstart's Q2 guidance also surpassed the market's expectations.
UPST is one of today's top movers with a 37.5% gain.
My Take: UPST's report topped expectations, but that drastic slowdown in revenues is concerning. However, if shares prices can break through $15, the stock could find new support at that price point.
CTI BioPharma [CTIC] - Last Close: $4.82
CTI Bio is rallying after a huge merger announcement.
This morning, the biopharma firm announced it has agreed to be acquired by Swedish Orphan Biovitrum, aka Sobi, in a $1.7 billion deal.
Under the terms of the agreement, CTIC shareholders will receive $9.10 per share in an all-cash transaction, a 89% premium to its Tuesday closing price.
The deal values the company at approximately $1.7 billion, and it has been unanimously approved by both companies' boards.
Subject to shareholder vote and other closing conditions, the deal is expected to close in Q3.
CTIC is up 84.2% in the premarket, and it's one of the morning's most actively traded stocks.
My Take: Good deal for CTIC shareholders, but you missed the boat if you don't already own this one.
Addex Therapeutics [ADXN] - Last Close: $0.7466
Addex Therapeutics is moving higher after a clinical update.
This morning, the development-stage biotech reported an independent review panel recommended it continue a Phase 2 trial of ADX71149 for epilepsy.
The independent review committee made their decision following a review of unblinded data from Part 1 of Cohort 1.
Addex is co-developing the drug with Johnson & Johnson's [JNJ] Janssen Pharmaceuticals subsidiary, and it could see â¬109 million in milestone payments if the drug is approved.
ADXN is up 46.0% on active trading volume in today's premarket.
My Take:ADXN could see a big pop if this drug makes it through clinical trials successfully, but it could take months or even years for the potential catalyst to come to fruition.
