| Cingulate [CING] - Last Close: $3.99 This tiny biotech continues to run hot after announcing a clinical update early Wednesday morning. Details were still scant when I reported this move yesterday, but it has since become obvious that the impetus for the rally was the new clinical data. Cingulate said it received guidance from the FDA regarding CTX-1301 drug candidate for ADHD. Based on the updated guidance, Cingulate now expects to submit a new approval application for the drug in the first half of 2025. CING added 101.5% yesterday, and it’s up another 176.9% in today’s premarket, with nearly 3 million shares traded this morning alone. My Take: CING’s runaway rally could be attributed to its high short percentage. After all, this clinical update wasn’t THAT great, so there’s a good chance that this rally is overextending itself.
SEALSQ [LAES] - Last Close: $1.15
In an early morning update, the semiconductor company revealed that it has added new capabilities to its post-quantum semiconductor technology. According to the statement, its new technologies are being specifically designed to withstand cyberattacks and to keep crypto transactions secure. The company says the technology secures existing blockchain infrastructure and “paves the way for a more secure digital ecosystem.” Shares of LAES are up 33.1% with more than 12 million shares traded in today’s premarket. My Take: It’s unclear whether LAES actually has this technology in hand, or if they’re simply saying they’re planning on making it. If they don’t even have it yet, I think this move is somewhat overdone.
Microbot Medical [MBOT] - Last Close: $1.32
This morning, the company announced positive results from a GLP pivotal pre-clinical study of its LIBERTY® Endovascular Robotic Surgical System. In the study, three interventionalist radiologists used the system to perform 96 robotic navigations which were followed by microscopic reviews of tissue. Microbot said the device passed with flying colors and achieved all study objectives. “I am very pleased…” said CMO Juan Diaz Cartelle. “This gives us confidence to move forward to the next stage of human clinical studies.” MBOT is up 49.6% on 2.5 million shares traded in the premarket. My Take: This could be a big pivot point for MBOT. The stock has been ramming its head against stiff resistance over the past couple of months, but this rally could give it the boost it needs to break through $1.50 per share.
SenesTech [SNES] - Last Close: $0.8625
This morning, analysts at HC Wainwright & Co. maintained a “buy” rating on SNES and slashed its price target on the stock to $3.50 from $4 previously. Just a few days earlier, analysts at Refinitv/Verus downgraded SNES from “buy” to “hold.” Despite the downgrades, shares are picking up steam. SNES is up 51.3% over the past ten days, and they’re running hot again today. SNES is one of this morning’s top movers with an 80.8% gain on nearly 15 million shares traded. My Take: I have no clue what is going on with SNES. It may have simply reached its natural bottom, and traders are capitalizing on its micro-float with coordinated buying raids. Gainers Nova Lifestyle [NVFY] >> +145.1% Next eGO [EGOX] >> +47.8% CN Energy [CNEY] >> +42.0%
Decliners Bluejay Diagnostic [BJDX] >> (33.3%) Spyre Therapeutics [SYRE] >> (18.3%) Cytosorbents [CTSO] >> (35.5%) Bridgeline Digital [BLIN] ... PM Initial jobless claims [Dec.23] ... 8:30aAdvanced U.S. trade balance in goods [Nov] ... 8:30aAdvanced retail inventories [Nov] ... 8:30aAdvanced wholesale inventories [Nov] ... 8:30aPending home sales [Nov] ... 10:00a | 