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4 Hot Biotechs Leading Today's Premarket 🔥
The biotech sector clean-sweeper our premarket watchlist this morning. See why they're surging in today's report.
Chris Dinello
March 05, 2024
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
Let’s get ready to trade!
Markets 📈
Stocks stumbled out the gate in their return from the weekend break. However, the declines were modest, and no major indexes fell by more than a half-point.
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Futures are down again in today’s premarket. S&P 500 contracts are currently showing a 0.3% decline.
What to Watch Today:
We’ll get a good crop of retail earnings today, with reports from Target, Nordstrom, and Ross Stores. These reports could offers some insights into the general health and spending habits of U.S. consumers now that the 2023 holiday season is officially behind us.
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Premarket Highlights 🔎
📈 Bitcoin ETFs Hit the Jackpot
Bitcoin exchange-traded funds (ETFs) have become the new gold rush, channeling a wave of enthusiasm that's pushing the cryptocurrency's value toward unprecedented heights.
Since their launch on January 11, these funds have seen an influx of investors eager to get a slice of the digital currency pie, with the total assets across the 10 U.S. spot bitcoin funds ballooning to nearly $50 billion.
💰 BlackRock's Milestone
Leading the pack, BlackRock’s [BLK] iShares Bitcoin Trust [IBIT] has shattered records by amassing over $10 billion in assets, becoming the fastest ETF to hit such a milestone.
Not far behind, Fidelity's bitcoin fund has swelled to more than $6 billion in assets, ranking as the asset manager's third-largest ETF and capturing the lion's share of its ETF inflows this year.
📊 Bitcoin's Surge
Analysts who anticipated a slowdown following the initial excitement have been proven wrong, as investment flows have only gained momentum in recent weeks.
With bitcoin's price flirting with record levels, trading above $67,000 and inching close to its November 2021 peak of $68,990.90, the frenzy shows no signs of abating.
From ending 2023 near $40,000 to hovering around $23,000 a year ago, bitcoin's trajectory has been nothing short of meteoric, fueling the fire for ETF investors.
Featured Earnings 💰️
Target [TGT] ... AM
Ferguson [FERG] ... AM
Nio [NIO] ... AM
Amer Sports [AS] ... AM
Global Business Travel Group [GBTG] ... AM
CrowdStrike Holdings [CRWD] ... PM
Ross Stores [ROST] ... PM
Hashicorp [HCP] ... PM
Box [BOX] ... PM
Nordstrom [JWN] ... PM
Economy 🏗
Factory orders [Jan] ... 10:00a
ISM services [Feb] ... 10:00a
Running Hot 🔥
Gainers
Phunware [PHUN] >> +26.1%
Paymentus [PAY] >> +20.6%
AeroVironment [AVAV] >> +18.0%
Decliners
Quoin Pharmaceuticals [QNRX] >> (49.6%)
Gitlab [GLB] >> (22.3%)
Renalytix [RNLX] >> (14.2%)
Apogee Therapeutics [APGE] - Last Close: $41.74
Apogee is running hot after announcing positive interim results from a Phase 1 healthy volunteer trial for APG777.
The company also announced quarterly earnings that fell short of the Street’s forecast, and it generated no revenues for the quarter.
However, the drug news was enough to boost the stock in today’s premarket.
APGE is up 67.1% on upwards of 350K shares traded.
My Take:APGE has momentum on its side. The drug data looked good, and shares are up 105.6% over the past 3 months.
Regenxbio [RGNX] - Last Close: $21.36
New data from a Phase ½ trial of investigational gene therapy RGX-202 showed significant improvements in Duchenne muscular dystrophy patients.
Regenexbio said the drug produced early evidence of strength and motor function improvement in a 12-year old patient.
All four patients who completed the trial assessments also showed higher microdystrophin expression and reduced serum creatinine kinase levels.
RGNX is up 36.2% on roughly 250K shares traded.
My Take: ERGNX has been on a tear as of late, and this rally is one pace to put it past a key resistance point. Im watching this one.
Casi Pharmaceuticals [CASI] - Last Close: $5.08
Positive data from a Phase 1 trial of BI-1206 for non-Hodgkin’s lymphoma in China is boosting Casi Pharma to big gains this morning.
According to a company press release, the dose-escalation study showed impressive signs of clinical efficacy, with a response rate exceeding 50%.
CASI is up 22.9% on over 5 million shares traded.
My Take: CASI is still in early-phase drug trials, so it could take some time for this catalyst to develop. The stock has also experienced significant volatility as of late.
Sunshine Biopharma [SBFM] - Last Close: $0.0449
This tiny pharma firm is rallying after publishing a Form DEF 14C this morning that described a successful registered offering.
Sunshine Bio said an offering of 26 million shares of stocks and accompanying warrants generated a $10 million proceed after closing on Feb. 15th.
Shares of SBFM are up 93.5%, and it’s this morning’s hottest mover with roughly 100 million shares traded.
My Take: SBFM’s rally is already beginning to lose steam, so chasing this one might not be a good idea.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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