Bio-Techne [TECH] - Last Close: $63.21
This morning, Bio-Techne dropped its fiscal Q3 financial report, and the results surpassed the Street’s expectations.
The mid-cap biotech stock reported EPS of $0.48, beating the $0.45 EPS consensus by a narrow margin.
Revenues grew by 3.16% to $303.43 million for Q3, outpacing the $292.19 million consensus. Bio-Teche also announced a new $0.08 quarterly dividend.
TECH is leading the S&P 500 with an 18.6% gain, but volume is kind of thin in early trading.
My Take: TECH’s strong quarterly report could help it pivot away from its recent downtrend in the coming days.
Plutonian Acquisition [PLTN] - Last Close: $8.85
After yesterday’s closing bell, Plutonian SPAC filed a Form 425 disclosure that revealed shareholders voted to approve its merger with Big Tree Cloud.
Shareholders voted to approve the measure on April 30th, clearing the way for the SPAC to complete its business combination.
PLTN is up 27.6% on over a half-million shares traded.
My Take: PLTN is coming off two days of big losses, but it’s hard to say whether this rally will last or if it’s a flash in the pan.
Im Cannabis [IMCC] - Last Close: $0.86
Cannabis stocks are getting a boost on reports the Biden Administration is considering an effort to loosen federal restrictions on the drug.
The U.S. Drug Enforcement Agency is reportedly considering reclassifying the drug as “less dangerous,” which could significantly loosen industry regulations.
Today, IMCC is the top premarket cannabis stock with a gain of 44.2% on more than 9 million shares traded.
My Take: I expect a broad cannabis boost from this news, especially if it goes through. The industry still has a lot big problems to solve, but this is a step in the right direction.
Getaround [GETR] - Last Close: $0.2027
P2P car share firm Getaround just announced it has secured $50 million in additional funding through an existing debt deal with Murdrick Capital.
Getaround drew down the first $20 million of the debt facility capital on April 29th, but the deal has been expanded to $50 million.
Mudrick CIO Jason Mudrick said he’s “increasingly confident in the company’s ability to execute” on its growth & profitability plans.
GETR is this morning’s top mover with a 63.9% gain on more than 9.5 million shares traded in premarket.
My Take: GETR has big problems to solve, but this deal gives them more time to solve them.
