Morning Edge: Pre-Market Intel for Smart Moves!

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Hello Part-time Trader…👋

Premium Stock Alerts is here with your pre-market cheat sheet. In today's issue, we delve into:

  • Fed's Latest Announcements: Understand the Federal Reserve's recent decisions and economic outlook, and how they might influence the markets.

  • Volume Anomalies: Identify stocks witnessing unusual trading volumes, pointing to potential opportunities or risks.

  • Top Pre-Market Movers: Identify early winners poised for a strong market opening.

  • Market Indices & Sector Overview: Get a snapshot of key market indices and sector performances to gauge the day's potential trends.

  • FDA Approvals & Upcoming Decisions: Keep an eye on the latest FDA approvals and crucial upcoming decisions affecting biotech and pharmaceutical stocks.

Now, let's dive into today's edition for a closer look at the insights and analysis that will shape your trading decisions.

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Happening Today

✓ 08:30 AM ET – Import & Export Price Index (MoM) (May)

10:00 AM ET – Michigan 1-Year & 5 Year Inflation Expectations (Jun)

✓ 11:00 AM ET – Fed Monetary Policy Report

✓ 01:00 PM ET – U.S. Baker Hughes Oil Rig Count

✓ 03:30 PM ET – CFTC Crude Oil speculative net positions


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PREMARKET SNAPSHOT 📈

Market futures are down, with the S&P 500 dropping 0.72%, the Dow falling 0.94%, and the NASDAQ decreasing 0.48%.

S&P500

$5399.00

 ⬇️ -0.72%

Dow

$38312.00

 ⬇️ -0.94%

NASDAQ 

$19507.50

 ⬇️ 0.48%

SECTOR SNAPSHOT 

Mixed market with gains led by Information Technology and Real Estate, while Energy and Industrials see notable declines.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,458.79

-0.20% 🔴

Consumer Staples

817.99

+0.11% 🟢

Energy

673.14

-0.89% 🔴

Financials

676.28

-0.20% 🔴

Health Care

1,698.45

-0.04% 🔴

Industrials

1,033.04

-0.64% 🔴

Materials

563.80

-0.02% 🔴

Real Estate

240.66

+0.49% 🟢

Information Technology

4,367.00

+1.36% 🟢

Communication Services

302.30

-0.98% 🔴

Utilities

353.70

+0.23% 🟢

 


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PreMarket Unusual Volume Stocks

📈 La Rosa Holdings Corp (LRHC): Exhibited a trading volume of 1.99 million shares, significantly higher than its average volume of 0.04 million shares. The stock closed at $0.65, marking an increase of 7.17%.

📈 Chijet Motor Company Inc (CJET): Experienced a notable trading volume of 8.71 million shares compared to its average of 0.39 million shares. The stock price stood at $0.35, reflecting an increase of 20.34%.

📈 FOXO Technologies Inc (FOXO): Recorded an unusual trading volume of 15.67 million shares, well above its average volume of 1.26 million shares. The stock price rose to $0.38, achieving a significant gain of 58.85%.

📈 Tonix Pharmaceuticals Holding Corp (TNXP): Saw an exceptional trading volume of 2.11 million shares, compared to its average volume of 0.23 million shares. The stock price rose to $1.21, with an increase of 11.01%.

📈 Vaxart Inc (VXRT): Reported a trading volume of 7.85 million shares against its average of 1.68 million shares. The stock closed at $0.78, experiencing an increase of 4.08%.


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Premarket Picks

FOXO Technologies Inc. (FOXO) is trading at $0.3743 in pre-market, up 56.68% at 7:35 AM EDT after announcing acquisitions of Myrtle Recovery Centers for $500,000 and Rennova Community Health for $20 million, both primarily in shares. The company also issued shares to the Smithline Family Trust II.

Adobe Inc. (ADBE) is trading at $523.35 in pre-market, up 14.08% at 7:39 AM EDT after projecting strong future sales for its AI-based creative products and raising its fiscal-year profit forecast to $18.20 per share. The company reported Q2 sales of $5.31 billion and a profit of $4.48 per share, exceeding Wall Street estimates.

Bio-Path Holdings, Inc. (BPTH) is trading at $2.2300 in pre-market, up 11.50% at 7:51 AM EDT after presenting data from its ongoing Phase 2 combination study of Prexigebersen for treating acute myeloid leukemia at the European Hematology Association Congress.

Below is a list of other hot stocks in pre-market today:

Pre Market Gainers

Pre Market Change

Pre Market Volume

KITT

+22.43%

11.39M

FOXO

+52.03%

10.95M

CJET

+31.03%

6.74M

VXRT

+24.87%

4.02M

LRHC

+12.14%

1.72M

TNXP

+11.01%

1.63M

BJDX

+11.62%

505.59K

LUCY

+5.09%

398.31K

GETR

+3.90%

171.04K

NVOS

+4.90%

91.69K


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Important FDA 

Recently Announced

The FDA has been particularly active in recent weeks, delivering a mix of outcomes for biotech companies seeking approval for their innovative treatments.

Amgen Inc. (AMGN) On May 16, 2024, Amgen received FDA approval for Tarlatamab, under the brand name IMDELLTRA. This is the first and only T-cell engager therapy approved for the treatment of adult patients with extensive-stage small cell lung cancer with disease progression on or after platinum-based chemotherapy.

Ipsen SA (IPSEY) On June 11, 2024, Ipsen SA received FDA approval for Elafibranor, under the brand name Iqirvo, for the second-line treatment of Primary Biliary Cholangitis (PBC). This approval marks a crucial advancement for patients needing additional treatment options for this chronic liver disease.

Genfit S.A. (GNFT) Also on June 11, 2024, Genfit S.A. received accelerated approval from the FDA for Elafibranor for the treatment of Primary Biliary Cholangitis (PBC). This expedited approval process highlights the importance and potential impact of this treatment for patients with PBC.

Geron Corporation (GERN) On June 7, 2024, Geron Corporation received FDA approval for RYTELO (imetelstat) for the treatment of transfusion-dependent anemia in patients with lower-risk myelodysplastic syndromes. This approval provides a new therapeutic option for patients suffering from this condition.


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Upcoming Announcements

Bristol-Myers Squibb Co. (BMY) Bristol-Myers Squibb is awaiting an FDA decision on June 15, 2024, regarding the expanded use of Augtyro for the treatment of patients with NTRK-positive locally advanced or metastatic solid tumors. This decision could significantly enhance treatment options for patients with these specific cancer types.

Zai Lab Limited (ZLAB) Zai Lab Limited is also anticipating an FDA decision on June 15, 2024, for the expanded use of Augtyro in treating patients with NTRK-positive locally advanced or metastatic solid tumors. The outcome could broaden the therapeutic options available for these patients.

Ligand Pharmaceuticals Inc. (LGND) & Merck & Co. Inc. (MRK) Both Ligand Pharmaceuticals and Merck & Co. are awaiting an FDA decision on June 17, 2024, regarding V116 to help prevent invasive pneumococcal disease and pneumococcal pneumonia in adults. This approval could provide a significant new preventive measure against these serious conditions.

Merck & Co. Inc. (MRK) Merck & Co. is also anticipating an FDA decision on June 21, 2024, for KEYTRUDA plus chemotherapy for the treatment of patients with primary advanced or recurrent endometrial carcinoma. This decision could expand the use of KEYTRUDA in treating this challenging form of cancer.

Stay tuned for further updates as we continue to track these important FDA decisions and their implications for the biotech industry.

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Happy investing,

Maeve Grace
Editor In Chief
Premium Trade Alerts

Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.

Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.

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