S&P futures are flat in Thursday morning trading after finishing lower on Wednesday.
The White House is talking about releasing a million barrels of oil per day to combat rising fuel prices. There is concern this is a short-term fix that could result in much higher oil prices longer term.
Here are some of today’s trending stocks:
Clovis Oncology Inc (NASDAQ: CLVS)
Biopharma stock Clovis Oncology Inc (NASDAQ: CLVS) is trending on Thursday morning. CLVS stock is up over 47% in pre-market trading after a company announcement.
It seems Clovis Oncology’s Rubraca® (Rucaparib) significantly improves progression-free survival in first-line maintenance treatment in women with ovarian cancer regardless of their biomarker status as per the results of the company’s Phase 3 ATHENA-MONO trial.
Over the past year, Clovis Oncology Inc (CLVS) has traded between $1.35 and $7.35. Today it trades around $2.36.
Mullen Automotive Inc (NASDAQ: MULN)
EV stock Mullen Automotive Inc (NASDAQ: MULN) soared over 28% yesterday and is up 7% in pre-market trading. The rally comes on the back of the CEO stating an order from a big Fortune 500 company will be announced soon.
David Michery, CEO and chairman of Mullen Automotive said:
We’ve made tremendous progress in key areas over the past three months. With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company's balance sheet is the strongest it has ever been in our history.
Mullen has announced several key partnerships in recent weeks. These include hofer powertrain, Comau, ARRK, Dürr and DSA Systems for EV powertrain, engineering, manufacturing, vehicle production systems and Over the Air (OTA) and vehicle system diagnostics.
Tellurian (NYSEAMERICAN: TELL)
Tellurian (NYSEAMERICAN: TELL) stock is down 3% this morning as the price of crude oil drops more than 5%.
The buzzy liquefied natural gas (LNG) stock has risen 42% in the past month as speculation mounts. Tellurian is building its Driftwood LNG terminal at a time when natural gas supplies are desperately needed.
The Russian war is putting pressure on the US to produce its own energy supplies and that bodes well for TELL stock. However, the company has started building the terminal without securing all the necessary funding. Therefore, investors should expect volatility in TELL shares to persist.
Longeveron Inc (NASDAQ: LGVN)
Biotech stock Longeveron Inc (NASDAQ: LGVN) is up 38% in pre-market trading. The company published promising findings from a Phase 1 trial into its cellular therapy for Alzheimer’s disease.
The trial testing Lomecel-B on patients with mild Alzheimer’s disease met its primary endpoint, demonstrating that Lomecel-B was well tolerated in this patient population.
Additionally, the data provided indications supporting further exploration of Lomecel-B, particularly the therapeutic potential to slow cognitive decline and improve quality of life in patients with AD.
Geoff Green, CEO of Longeveron, said
The Lomecel-B study was funded by two competitive Part the Cloud Neuroinflammation Challenge grants awarded to Longeveron from the Alzheimer’s Association, for which we are extremely grateful.
IM Cannabis Corp (NASDAQ: IMCC)
IM Cannabis Corp (NASDAQ: IMCC) released its Q4 and fiscal year 2021 earnings. IM Cannabis Corp (IMCC) closed at $2.39 on Thursday after shares jumped by 9.38% during Wednesday's session.
Its fiscal year 2021 revenues increased 242% year-over-year to a record of over $54m.
Q4 2021 revenues increased 309% year-over-year and 39% Y/Y.
IM Cannabis is a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany.
Oren Shuster, Chief Executive Officer of IMC, said:
Our revenue growth of 242% to a record of over $54 million in 2021 is a direct result of executing on our strategy to build a world-class operating platform for the premium cannabis market. The network of pharmacies we have acquired in Israel, which includes the country's largest online pharmacy business, supports a tech-enabled expansion of our patient base to fortify our position as one of the leading retail medical cannabis providers in the country.