My Take: This looks like a short squeeze. RXDX has more than 15% of its shares out on short trades, and the bears are scrambling to cover their positions. It's a little late to get in, but the shorts are definitely getting busted today.
MongoDB [MDB] - Last Close: $144.69
MongoDB is soaring on strong earnings results.
The database company released its fiscal Q3 results late Tuesday, and the report was better than expected.
Mongo reported a surprise profit of $0.23 per diluted share and beat the consensus estimate of a -$(0.17) per share loss by a huge margin.
Revenues of $333.6 million also cleared analysts' $304.7 million estimate.
Mongo also hiked its fiscal 2023 guidance in response to the strong quarter.
MDB is one of today's top performers with a 25.7% gain.
My Take: This is a noteworthy move for a mid-cap stock. MDB was trading close to its 52-week low before this rally, but today's gains could be a pivot point for this resurgent tech stock.
Lands' End [LE] - Last Close: $8.24
Lands' End is heading higher after a rough row of losses.
Shares of the apparel company plunged last week after its Q3 earnings report fell short of analysts' expectations, but the stock is rebounding today.
Lands' End set a new 52-week low on Monday, and two analysts announced downgrades for the stock this week.
However, shares suddenly rebounded after yesterday's closing bell, and the stock is heating up this morning.
LE is up 17.7% in today's premarket trading session.
My Take: LE has a short percentage of 6.06%, and the shorts are likely feeling the pressure after today's gains. It's possible this rally could accelerate further, but there's no real news to explain it beyond an over-extended sell off.
TransCode Therapeutics [RNAZ] - Last Close: $0.4198
A recent announcement sparked a rally in TransCode Therapeutics.
In Tuesday's after-market, the Boston-based biopharma said it had withdrawn its registration statement on Form S-1 filed on Nov. 28th.
TransCode said it came to the decision because it believes "current market conditions are not conducive for an offering on terms that would be in the best interests of the Company's stockholders."
The company had previously planned to offer 12.5 million shares of common stock and accompanying warrants under the S-1 filing.
News of the change of course skyrocketed RNAZ to a 70.7% gain on high trading volume in today's premarket.
My Take: News of the company's change of heart has been well received in the market. However, I don't think it substantially changes the long-term outlook for this tiny biopharma stock.
