STOCKS TELEGRAPH

Tag: NASDAQ: MNOV

  • Stocks to Watch as Markets Rebound

    Stocks to Watch as Markets Rebound

    The markets are set for a strong day after showings bullish trading activity in the early morning session.  This follows data showing that despite the challenges facing the economy at the moment, consumer spending is on the rise Consumer data for the month shows that spending is likely to fall by 5.8% compare to 2019, but it was much better than August 2020, when it dropped by 10%.

    This has created lots of excitement as it points to resilience in the economy. With a bailout plan from the government yet to materialize, growth in consumer spending points to an economy that is growing and would take off once the pandemic cloud clears.

    According to an economist from Morgan Stanley, savings build-up due to the CARES Act would give consumers a cushion going into Q4 and all the way into 2021.  She further noted that the spending of households has been largely stable driven by a return of jobs at a faster rate than the markets were expecting.

    She further added that Morgan Stanley expects that the amount consumers choose to take from saving and spend will be dependent on hopes of fiscal support from the government. As optimism rises, there are stocks that are outperforming the market this morning and are well-positioned to keep growing all through the day. Some of the big performers this morning are:

    Marinus Pharmaceuticals Inc [NASDAQ: MRNS]

    Marinus Pharmaceuticals Inc is top performer this morning and is up by over 290%. This comes after the company effected a one for every four stocks held reverse split. The reverse split takes effect today after it was approved by the company’s shareholders back in March. The split will cut on the company’s outstanding shares to 30.6 million from the previous 122.3 million.

    SPI Energy Co. Ltd [NASDAQ: SPI]

    SPI Energy Co Ltd is another top performer this morning and is up by over 200% This follows the company’s announcement that it had launched a subsidiary that will focus on electric vehicles. CEO Xiaofeng Peng stated that the move was a major milestone for the company, and would add to the company’s diverse range of businesses in the renewables market.

    MediciNova Inc [NASDAQ: MNOV]

    MediciNova Inc is another top performer pre-market and is up by over 20%. This follows the company’s announcement that its COVID-19 vaccine was a success in generating antibodies that neutralized SARS-CVOV-2 in mice.  This is a big deal as the world is in a race for a vaccine.

     

  • Top Gainers as Positive Market Sentiment Grows

    Top Gainers as Positive Market Sentiment Grows

    The markets are up this afternoon buoyed by hopes of a stimulus package and positive news from big pharma. Pfizer Inc [PFE] was surging earlier in the day on news that the company was in talks with Sanofi, Johnson & Johnson, and the European Union for a possible COVID-19 vaccine distribution deal. Though later news seems to indicate that the deal has hit a snag, it has nonetheless helped push optimism in the market.

    Another news driving market sentiment this afternoon is the launch of several IPOs that include that of Rackspace technology [RXT] and East Resources that has closed its IPO raising a gross of $300 million. IPOs at this time show that companies still have faith in the equity markets despite the volatility brought about by the COVID-19 pandemic. In this environment of optimism, there are big winners in individual stocks. Some of the biggest winners this afternoon are as below:

    MediciNova Inc [NASDAQ:MNOV]

    MediciNova Inc is one of the top gainers in the day and is up by 87.06%. The stock has rallied after the company announced that it had entered into a COVID-19 joint venture with BioComo and Mie University Japan. The vaccine will be developed using a human parainfluenza virus type 2 vector. Under the deal, MediNova now has exclusive rights to the development rights to make use of BC-PV for a SARS-Cov-2 vaccine.

    Commenting on the deal, MediNova CEO has stated that they were happy with this partnership as the world rushes to look for a COVID-`19 vaccine or cure. He added that it was interesting that they were looking at it from an intranasal formulation angle because it could help trigger local mucosal immunity.

    Sogou Inc [NYSE:SOGO]

    This is another top gainer this afternoon and is up 47%. The stock’s rally follows the company’s announcement that it would release its Q2 results on August 17th. The stock’s upside momentum is also buoyed by news that Tencent Holdings was looking to buy it out at $9 a share. This has seen the stock gap up and rallies towards the premium valuation that Tencent Holdings has placed on it. The news of a buyout has come at a time when the market is showing positive momentum.

    Ocugen Inc [NASDAQ:OCGN]

    Ocugen Inc is another top gainer in the day. The stock is up by 45% and is gaining. The rally follows news that the company had been given an Orphan Drug Designation by the FDA for RHO mutation gene-therapy treatment called OCU400. The company CEO stated that this was a major step towards a treatment for Retinal Degenerative Disease.