TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
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Company-specific news and other variables seem to have dominated today’s stock market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
New Oriental Education & Technology Group Inc. (EDU), a provider of private educational services in the People’s Republic of China, was the biggest gainer in pre-market trading, which jumped 8.74% at the last check. The stock closed 24.39% higher yesterday. Following Beijing’s ban on companies that were making profits from teaching school curriculum subjects, New Oriental recently combined English-language learning with live-streamed e-commerce, which turned out to be a huge hit. Also, J.P. Morgan analyst Ds Kim upgraded the stock to a Buy from a Hold and lifted the price target to $24 (12.83% upside potential) from $14.
Biopharmaceutical company Incyte Corporation (INCY) surged almost 7% in pre-market trading at last glance. The U.S. Food and Drug Administration’s (FDA) nod for OLUMIANT (baricitinib), a once-daily oral JAK inhibitor, pushed shares higher. OLUMIANT is the first-of-its-kind systemic medicine to treat adults with severe alopecia areata, discovered by Incyte and licensed to Eli Lilly and Company (LLY).
Meanwhile, Cano Health, Inc. (CANO) lost 6.85% in pre-market trading at the time of writing. There is no company-specific news to explain the downtrend. However, it seems that the recent downgrade of the company’s rating to a Hold from a Buy by Bank of America Securities analyst Adam Ron raised investor concerns.
Under Armour, Inc. (UAA) rose 5.71% in pre-market trading at the last check, after recording losses of more than 2% at Tuesday’s close. There is no fundamental news explaining the trading frenzy.
Coinbase Global, Inc. (COIN) completes the list. The operator of a cryptocurrency exchange platform lost 5.3% in pre-market trading at the time of writing. Negative sentiment followed the news of the retrenchment of almost one-fifth of the company’s workforce due to the slump in its stock and crypto prices. According to a statement sent to employees, the cryptocurrency exchange is likely to reduce 18% of full-time jobs.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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