Pharma stock breaks out for 316% 🚀

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Happy New Year! Here’s what moved the market in the first trading day of 2024.

Markets 📈

The stock market opened 2024 with a whimper thanks to a sizeable sell-off in tech stocks. Most U.S. benchmarks closed the day lower, although the Dow managed to post a small gain.

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Market-Moving News 🔎 

📉 Apple Slides After Barclays Downgrade

Apple Inc. [AAPL -3.5%] tumbled on Tuesday thanks to a downgrade from Barclays. 

Analysts shifted their stance on Big Tech behemoth from 'equal weight' to a bearish 'underweight'.

The downgrade could signal a noteworthy shift in Wall Street’s perspective on the stock, which the majority of analysts still rate as a 'buy'.

🎯 Barclays' Revised Target
Barclays adjusted its price target for Apple to $160, slightly down from the previous target, but notably lower than FactSet’s average estimate of around $190.

The Barclays analysis pointed to concerns over iPhone volumes and mix, alongside a lack of recovery in other Apple products like Macs, iPads, and wearables.

📊 Market Impact
The drop in Apple shares, which was about 3%, also impacted the broader market. It subtracted nearly 40 points from the Dow industrials, despite the index's overall upward trend at the time.

This follows an impressive 2023 for Apple, where the stock surged 48%, ending the year with a staggering market capitalization of $2.994 trillion. This performance marked Apple's best since 2020 and a strong rebound from a 27% decline in 2022.

💵 The Bottom Line
Apple is still one of the most valuable companies on the planet, and no one expects that to change anytime soon. However, it might not be the best time to buy into this one.

Longboard Pharma [LBPH] $25.10 (+316.2%)
said its seizure drug bexicaserin achieved positive topline results in clinical trials.

Dogness Intl. [DOGZ] $8.17 (+60.5%)
jumped on news that Sabby Management has taken a 3.17% stake in the company.

VolitionRX [VNRX] $1.05 (+46.4%)
Announced the receipt of a $13.0 million milestone payment from Heska, prompting EF Hutton to reiterate its “buy” rating on the stock.

Anavex Life Sci. [AVXL] $6.04 (35.0%)
said a Phase 2/3 EXCELLENCE study of ANAVEX^®2-73 in pediatric Rett syndrome missed its primary endpoint.

China SXT Pharma [SXTC] $2.64 (33.5%)
pulled back after a huge rally last week. There was no obvious news to explain either move.

Mobix Labs [MOBX] $2.70 (32.8%) 
sold off in its first day of trading since completing its business combination with Chavant Capital SPAC last week.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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