Pre-Market Watch: Top Stocks to Follow!

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Hello Part-time Traderβ€¦πŸ‘‹

The stock market is mixed in the premarket session today after a sell-off in favored technology names led the Nasdaq Composite to its worst day since April. Nvidia shares were up more than 3% in premarket trading. In the previous session, the stock dropped more than 6%, marking its biggest one-day slide since April 19, when it lost 10%.

The latest decline pushed the AI darling deeper into correction territory, now down 16% from an intraday record set last week. Other semiconductor stocks, including Super Micro Computer, Qualcomm, and Broadcom, were also under pressure on Monday.

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In premarket trading Tuesday, SolarEdge Technologies sank 13% after announcing plans for a $300 million private offering of convertible notes. Pool Corp dropped 11% after adjusting its guidance downward.

Happening Today

βœ“ 09:00 AM ET – S&P/CS HPI Composite - 20 n.s.a. (YoY) (Apr)

βœ“ 10:00 AM ET – CB Consumer Confidence (Jun)

βœ“ 01:00 PM ET – 2-Year Note Auctio

βœ“ 02:15 PM ET – FOMC Member Bowman Speaks

βœ“ 04:30 PM ET – API Weekly Crude Oil Stock


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PREMARKET SNAPSHOT πŸ“ˆ

Market futures indicate mixed movements, with the S&P 500 and NASDAQ showing gains, while the Dow is experiencing a decline.

S&P500

$5526.50

⬆️ 0.17%

Dow

$39822.00

 β¬‡οΈ 0.96%

NASDAQ 

$19832.25

  ⬆️ 0.41%

SECTOR SNAPSHOT βœ¨

Strong market performance led by Energy and Utilities, while Information Technology and Consumer Discretionary see declines.

NAME

PRICE

%CHANGE

Consumer Discretionary

1,474.31

-0.74% πŸ”΄

Consumer Staples

833.57

+1.00% 🟒

Energy

698.61

+2.73% 🟒

Financials

692.27

+0.95% 🟒

Health Care

1,715.86

+0.55% 🟒

Industrials

1,041.92

+0.36% 🟒

Materials

565.91

+0.56% 🟒

Real Estate

241.20

+0.70% 🟒

Information Technology

4,269.92

-2.07% πŸ”΄

Communication Services

306.91

+0.19% 🟒

Utilities

354.43

+1.25% 🟒


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PreMarket Unusual Volume Stocks

πŸ“ˆ Regis Corp. (RGS): Exhibited a trading volume of 1.16 million shares, significantly higher than its average volume of 0.02 million shares. The stock closed at $7.51, marking an increase of 48.13%.

πŸ“ˆ Senti Biosciences Inc. (SNTI): Experienced a notable trading volume of 7.68 million shares compared to its average of 0.29 million shares. The stock price stood at $0.36, reflecting an increase of 42.94%.

πŸ“ˆ Volcon Inc (VLCN): Recorded an unusual trading volume of 1.90 million shares, well above its average volume of 0.10 million shares. The stock price rose to $6.62, achieving a significant gain of 70.62%.

πŸ“ˆ Anew Medical Inc. (WENA): Saw an exceptional trading volume of 2.36 million shares, compared to its average volume of 0.15 million shares. The stock price rose to $2.15, with an increase of 24.34%.

πŸ“ˆ GlycoMimetics Inc (GLYC): Reported a trading volume of 14.30 million shares against its average of 2.22 million shares. The stock closed at $0.39, experiencing an increase of 44.60%.


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Premarket Picks

Kaival Brands Innovations Group (KAVL) jumped in pre-market trading, surging 19.83% to $1.45. This rise follows their recent announcement of closing a $6.0 million public offering.

Regis Corporation (RGS) saw an even bigger pre-market surge, their price rocketing 28.21% to $6.50. This comes after news of a new credit facility to refinance existing debt.

Guardforce AI Co., Limited (GFAI) climbed 7.42% in pre-market trading to $2.46. The company's subsidiary, Guardforce Cash Solutions Security (Thailand), recently secured a 5-year contract to operate the Consolidated Cash Center in Chiangmai for the Bank of Thailand, starting at the end of 2024.

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

Pre Market Gainers

Pre Market Change

Pre Market Volume

NCPL

+22.40%

11.02M

GLYC

+40.40%

8.35M

SNTI

+48.53%

5.65M

KAVL

+21.49%

1.25M

WENA

+33.53%

1.12M

VLCN

+79.12%

802.40K

DJT

+10.86%

242.68K

BRSH

+2.67%

115.20K

DNA

+2.38%

49.58K

RGS

+18.34%

46.73K


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Important FDA 

Recently Announced

In a win for Bristol-Myers Squibb Co. (BMY), the FDA granted accelerated approval on June 21st, 2024 for their drug KRAZATI, in combination with cetuximab. This approval allows KRAZATI to be used for a wider range of patients with colorectal cancer. Specifically, it targets adults with a specific genetic mutation (KRAS G12C) whose cancer has progressed after prior treatments.

argenx SE (ARGX) also had positive news on June 21st, 2024. Their drug VYVGART Hytrulo received FDA approval for an expanded use. VYVGART Hytrulo can now be used to treat Chronic inflammatory demyelinating polyneuropathy (CIDP), offering hope for patients with this condition.

Sarepta Therapeutics (SRPT) achieved a milestone for their drug ELEVIDYS on June 20th, 2024. The FDA converted the existing accelerated approval for ELEVIDYS to traditional approval for a specific group of Duchenne muscular dystrophy patients (ambulatory). This signifies additional data supporting the drug's effectiveness for this population. Importantly, ELEVIDYS retains its prior accelerated approval for another group of Duchenne muscular dystrophy patients (non-ambulatory).


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Upcoming Announcements

On June 26th, 2024, Merck & Co Inc. (MRK) will learn the FDA's decision on their biologics license application (BLA) for Patritumab deruxtecan (HER3-DXd). This drug targets a specific population of patients with non-small cell lung cancer, focusing on those whose cancer cells harbor a particular genetic mutation.

Another company, Verona Pharma plc (VRNA), also awaits a crucial FDA decision on June 26th. Their new drug application (NDA) for Ensifentrine seeks approval for the maintenance treatment of chronic obstructive pulmonary disease (COPD).

Later in the week, on June 28th, 2024, GENMAB A/S (GMAB) will receive the FDA's verdict on their supplemental biologics license application (sBLA) for Epcoritamab-bysp. This application aims to expand the use of the drug for adult patients with a specific type of lymphoma (relapsed or refractory follicular lymphoma) who have already undergone multiple rounds of other treatments.

Notably, AbbVie (ABBV) is also anticipating the FDA's decision on Epcoritamab-bysp on the same day. AbbVie submitted a similar sBLA for the same use of the drug.

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Happy investing,

Maeve Grace
Editor In Chief
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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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