Enphase Energy Inc [ENPH] - Last Close: $265.59
An upbeat earnings report is giving Enphase Energy a premarket boost.
The solar energy company reported better-than-expected earnings and revenues on its Q3 earnings release after Tuesday's closing bell.
Enphase reported non-GAAP EPS of $1.25 in Q3, which beat The Street's $1.09 EPS target by a wide margin.
Revenues of $634.7 million also easily topped the consensus estimate of $615.9 million.
Enphase's Q4 revenues guidance of $680 million to $720 million surpassed analysts' expectation of $663.6 million.
ENPH is leading the S&P 500 with a 5.5% gain in today's premarket.
My Take: ENPH seems to be in an up-trend as investors are hoping that a green energy-friendly White House could be a boon for solar stocks, even in a recession. However, this stock is very overvalued with a 187.29 P/E, so share prices could drop like a stone if sentiment shifts.
Transcode Therapeutics Inc [RNAZ] - Last Close: $1.08
Upbeat drug data is lifting shares of Transcode Therapeutics.
The biopharma firm reported positive preclinical results from its lead pancreatic adenocarcinoma candidate TTX-MC138.
Forty percent of animals treated with TTX-MC138 had complete responses, defined as complete regression of disease and long-term survival without recurrence.
Additional studies to better define the optimal dose and therapeutic window in pancreatic cancer are ongoing.
CEO Michael Dudley says the company plans to submit an exploratory Investigational New Drug Application (eIND) this year for first-in-human (FIH) trials with TTX-MC138 in cancer patients.
RNAZ is up 31.4%, and it's one of this morning's highest-volume premarket movers.
My Take: It's anyone's guess whether TTX-MC138 will make it through to approval. Either way, it'll take years to all shake out. A position in this tiny biotech is more or less a crap shoot.
Finance of America Companies Inc [FOA] - Last Close: $1.53
Finance of America is trending in the wake of a big announcement.
On Monday morning, the financial services company announced plans to discontinue its forward mortgage originations business across retail and wholesale channels by the end of the year.
The move will allow the company to focus its efforts on growing businesses with greater growth potential, says interim CEO Graham Fleming.
According to the press release, the company will also look to partner with large mortgage lenders and other financial service providers, so it can offer more specialty services on its platform.
FOA is one of this morning's top premarket stocks with a 33.9% gain.
My Take: Shares of FOA initially fell on this news, but the market seems to be changing its mind over the past couple of days. FOA gained 2.0% on Tuesday, and it's adding to the rebound rally today. This could be a momentum opportunity.
Cosmos Therapeutics [COSM] - Last Close: $0.0873
Cosmos Therapeutics is on the rise on news of a huge insider buy.
A regulatory filing revealed the integrated pharmacy company's CEO, Grigorios Siokas, invested roughly $1.5 million to buy 12.5 million shares of its common stock.
At that rate, Siokas paid about $0.12 apiece to acquire the shares.
Cosmos also recently announced plans for a $7.5 million upsized public offering at $0.12 per share.
COSM is one of this morning's most active stocks, and it's currently showing a 15.3% gain.
My Take: The CEO is buying shares for $0.12, and the company's upcoming offering is priced at $0.12. So, It seems like this stock is undervalued at $0.0873 per share.
