Top Ships Inc [TOPS] - Last Close: $5.43
Top Ships is on a hot streak.
The tanker shipping company started heating up last week after its 1H FY2022 earnings report showed it grew its revenues at a 53% clip year-over-year to $38.8 million.
This week, the stock began trending again after rumors began circulating that OPEC+ was considering a supply cut to bolster fledgling oil prices.
The news sent oil prices higher, and shares of TOPS followed because the tanker vessel operator could benefit from a boom in oil prices.
TOPS jumped 66.0% on Tuesday, and it's showing a 16.4% gain in today's premarket.
My Take: TOPS has a high short ratio, so I think yesterday's gains can be attributed to a coordinated push towards a short squeeze. The residual effects of the effort are pushing the stock higher in today's pre-bell trading session.
Bionano Genomics [BNGO] - Last Close: $2.04
Bionano Genomics is trending after gaining on Tuesday.
The micro-cap biotech stock started gaining yesterday after the company published a study showing its optical genome mapping presented advantages over other treatments.
"OGM can be more sensitive for detecting large structural variations than WGS, and it provides a nice example of how complementary the two methods are," said Bionano CEO Erik Holmlin, PhD.
Since the news broke, the stock has been trending higher. Yesterday, BNGO closed 13.3% higher, and it's padding its gains in today's premarket.
BNGO is one of the morning's most active stocks, and it's showing a 9.8% gain.
My Take: Something seems to be brewing at this stock, but it's unclear if this rally will have legs. A short squeeze could also be contributing to the push higher, as BNGO has an elevated short percentage of 14.39%.
