4 Active stocks to watch today 👀

The market entered the long weekend on a high note, with the Nasdaq rallying to a new record high.

Dow [<0.1%]
S&P 500 [+0.7%]
Nasdaq [+1.1%]
Russell 2K [0.0%]

Index futures are mixed in early trading, but S&P 500 contracts are up by 0.1% in early trading.

The Nasdaq is hovering around a record high, so it could run into some resistance this week. However, a proper catalyst could help the index keep up its hot streak. With today’s minimal earnings & economic schedule, I’ll be keeping a close eye on the broader market’s performance.

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GameStop [GME] - Last Close: $19.00

Controversial meme stock GameStop is in the spotlight again after announcing a $933 million stock offering of 45 million shares priced at the market.

The news appears to have given the stock a second wind after it surrendered most of its recent gains last week.

GME is up 23.9% on over 5 million shares traded.

My Take: GME has been on a wild ride the past two weeks, and it looks like it’s not done yet.

Insmed [INSM] - Last Close: $22.00

New clinical data published this morning showed Insmed’s brensocatib met its primary endpoint in a Phase 3 trial in bronchiectasis lung disease patients.

Inside said the therapy produced statistically significant results compared to placebo and achieved several secondary endpoints as well.

The company plans to submit a New Drug Application with the US FDA in Q4, and it expects to launch in the U.S. as soon as mid-2025.

INSM is up 136% on roughly 3.5 million shares traded.

My Take: INSM appears to be on track for a full approval of this drug, which could deliver another catalyst down the road.

Calliditas Therapeutics [CALT] - Last Close: $22.42

This morning, Calliditas’ board of directors recommended shareholders approve a USD$1.06 billion cash buyout offer from Asahi Kasei.

The Japanese pharma company has offered to acquire CALT at 418 Swedish krona per American Depository share, roughly equal to USD$39.67.

The acceptance period for the offer ranges from July 18 to August 30, 2024, and it’s subject to Asahi Kasei obtaining more than 90% of CALT shares.

CALT is up 75.3% but volume is thin at less than 20K shares traded.

My Take: CALT is getting a big boost off this news, but the gains line up with the proposed deal. However, if this deal falls through, it could experience a very sudden reversal, so be careful chasing after this one.

Sharps Technology [STSS] - Last Close: $0.2143

Sharps Tech is rallying after announcing a series of agreements with Nephron after Friday’s closing bell.

On May 20th, the company entered into a 5-year purchase agreement to supply Nephron with exclusive pre-filled copolymer syringes.

The deal’s total value is estimated to be roughly $188.5 million.

STSS is today’s top mover with a 195% gain on over 65 million shares traded.

My Take: STSS has had a rough performance in 2024, but this sudden pivot could indicate the bottom is in.

Gainers
Predictive Oncology [POAI] >> +40.8%
Pineapple Holdings [PEGY] >> +76.9%
NLS Pharma [NLSP] >> +14.9%

Decliners
Marpai [MRAI] >> (41.5%)
Innovative Eyewear [LUCY] >> (34.9%)
Onemednet [ONMD] >> (19.1%)

Futu Holdings [FUTU] ... AM
Golar LNG [GLNG] ... AM
Danaos [DAC] ... AM
Ituran Location And Control [ITRN] ... AM
Hello Group [MOMO] ... AM
Nano-X Imaging [NNOX] ... AM
Heico [HEI] ... PM
Cava Group [CAVA] ... PM
Box [BOX] ... PM
Joyy [YY] ... PM