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Premarket trading is some of my favorite trading to watch. While the market isn’t quite open yet, it’s possible to see some of the biggest moves for the day before the opening bell. And today’s premarket trading is active to say the least. Find some of the stocks that are moving the most in today’s pre-market trading below.
Key Points
- Premarket movers set the stage for strong investing and trading opportunities during the trading session.
- CDT, XPON, WENA, and ADD are all making big moves in the premarket this morning.
- Want to win big? Check out this report on a stock that may prove to be the next NVIDIA.
Conduit Pharmaceuticals Stock Spikes On AstraZeneca Agreement
Conduit Pharmaceuticals (Nasdaq: CDT) is soaring on heavy volume in the premarket hours this morning after announcing that it has entered into a licensing agreement with AstraZeneca. Under the terms of the agreement, Conduit Pharmaceuticals has licensed four assets from AstraZeneca that have shown positive preclinical and Phase 1 clinical data. The company plans to move forward to Phase 2 clinical trials - which could prove to be significant catalysts ahead.
It’s worth noting that while Conduit Pharmaceuticals has agreed to pay up-front licensing fees as well as a percentage of sales to AstraZeneca, AstraZeneca has also accepted a meaningful amount of the payment in shares. That gives the blue-chip pharmaceutical company skin in the game with CDT - making it a more exciting stock to watch.
Expion360 Is Starting to Bounce Back
Expion360 (Nasdaq: XPON) is also performing strongly in today’s premarket session. The stock is up over 25%. So, what’s the news?
There’s no particular news on Expion360 today. Instead, the gains seem to be a bounce back following yesterday’s more than 60% declines. After all, the market tends to move through a series of overreactions. So, after yesterday’s significant declines, the market viewed XPON as an undervalued stock and seems to be correcting this morning.
So, what caused the fall in the first place?
Yesterday, Expion360 announced a $10 million underwritten public offering. This is concerning for investors for multiple reasons. First, fundraising means that the company is unable to produce enough profits to stay afloat. So, it’s leaning on the investing community. Also, every time the company issues new shares, it dilutes the current shareholders. After all, if you split a dollar four ways, then add a fifth player to the game, the four that owned their share of the dollar suddenly have less value. The same happens when a stock offering takes place. And while the stock is up this morning as it rebounds from the recent news, it may be a risky play.
ANEW MEDICAL Climbs On Issued Patents
ANEW MEDICAL (Nasdaq: WENA) is making a run for the top, trading on high volumes this morning, too. So, what’s driving WENA shares to the top?
ANEW MEDICAL announced that it has been issued new patents in mainland China. These patents help protect the company’s Klotho protein and its gene delivery system. And, these aren’t the only patents the company has recently received. Other recent patents issued in Hong Kong and Shanghai help support the protection of the company’s assets while it continues to develop therapies for Alzheimer’s disease and other neurological conditions.
So, what’s the big deal?
It costs a significant amount of money to bring a new therapy from the research to the commercial stages. So, patent protection is key. It helps ensure that when these companies make investments to bring new therapies to the market, other companies can’t compete with them for a certain number of years. So, there’s good reason for today’s spike in WENA’s stock price.
Be Careful With Color Star Technology
Color Star Technology (Nasdaq: ADD) stock is making a sharp run for the bottom today on high volume. That follows yesterday’s gains of nearly 40%. But, the activity on this stock should be more of a cause for concern than a reason to invest.
Color Star hasn’t issued a press release in around eight months. So, the strong movement on high volume that we’re seeing out of the stock is based on speculation rather than any news of substance.
It’s also worth noting that when penny stocks move significantly without news, they are often the subject of pump-and-dump schemes. These schemes happen when bad actors in the market use advertising and potentially misleading statements to drive the price of a stock up. Once that stock’s price climbs, they sell the shares they own, earning a profit while those who bought into the advertisement typically lose. So, if you’re thinking about trading Color Star Technology based on the strong gains we saw yesterday, or taking advantage of what could be perceived as a discount in the market this morning, be sure to do so with caution.
The Bottom Line
Several stocks are moving on strong volume in the premarket this morning. While Conduit Pharmaceuticals and Expion360 both issued positive news, sending their shares upward, ANEW Medical and Color Star Technology are both diving and should be traded with caution. And, if you want to tap into a winner that could be called the next NVIDIA, read this report .
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