US markets opened higher on Tuesday amid optimism that inflation increases might be at their peak, with the latest consumer price data having shown a 6.5% increase in core prices. This was below analyst expectations.
Oil, gold and Bitcoin were all trading higher after the market open.
Here are some of the top trending stocks on Tuesday:
Actinium Pharmaceuticals (NYSEAMERICAN: ATNM)
This pharmaceutical stock was generating buzz after it announced a commercialization deal with Immedica for its Iomab-B, which provides targeted conditioning to facilitate bone marrow transplant and other cell and gene therapies.
The company said the deal, which covers Europe, the Middle East and North Africa, carried the potential for up to $452m in milestone payments with royalties in the mid-twenty percent range.
Actinium has retained all rights related to Iomab-B in the United States and the rest of the world, and will be responsible for certain clinical and regulatory activities and the manufacturing of Iomab-B.
Actinium Pharmaceuticals’ share price was up by more than 15% on Tuesday morning.
BioCardia Inc (NASDAQ: BCDA)
Another stock in the pharma game, BioCardia shares have shot up in price on Tuesday after the company announced it had received Food and Drug Administration approval in response to its Investigational New Drug (IND) application for BCDA-04.
This allows the company to proceed with its first-in-human phase I/II trial in adult patients recovering from acute respiratory distress syndrome (ARDS) due to COVID-19, with trial initiation expected in the third quarter of 2022.
Based on preliminary reports, it appears that ARDS is the most common cause of death among COVID-19 patients. As such, the approval from the FDA has got investors excited about this stock.
Crowdstrike Holdings (NASDAQ: CRWD)
This cybersecurity heavy hitter is generating chatter on Tuesday morning after being upgraded by analysts at Goldman Sachs. According to CNBC, the analysts have concluded that the stock is in “the sweet spot” for cybersecurity as the sector enjoys continued high demand.
The analysts increased their rating of Crowdstrike stock from Neutral to Buy, hiking their price target from $241 to $285. This has resulted in the company’s shares rising in price by more than 4% in early trading on Tuesday.
Veru Inc (NASDAQ: VERU)
This stock soared on Monday, but has started losing some of those gains after the market open on Tuesday. The urology and oncology focused company had boosted its share price by announcing that its COVID-19 drug candidate had reduced fatalities by more than 50%.
The company had also confirmed that the independent data monitoring committee had unanimously recommended that the phase 3 Sabizabulin clinical trial be stopped early due to “overwhelming evidence of efficacy”.
This sent the company’s share price rocketing on Monday, with the price more-than tripling across the full day. However, Veru Inc shares were down by more than 10% in early trading on Tuesday.
CarMax (NYSE: KMX)
This auto retailer has seen its share price drop after a lacklustre earnings release. Investors were left disappointed after the company’s fourth quarter EPS came in $0.27 short of consensus estimates amid a decline in used vehicle unit sales. However, revenue did top expectations.
The company’s president and chief executive officer, Bill Nash, said:
“While the fourth quarter was adversely affected by macro factors, our retail market share growth for the year was the highest it’s been during my tenure as CEO and is a reflection of our ability to deliver the most customer-centric experience in the industry.”
Following the update, early trading on Tuesday saw CarMax’s share price decline by more than 5%.
