The markets are in turmoil as Russia’s invasion of Ukraine enters its sixth day. Commodity price rises are expected to continue, worsening inflation.
Oil up, gold up and Bitcoin (BTC) up.
Here are five of today’s trending stocks:
CTI BioPharma Corp (NASDAQ: CTIC)
Investors are discussing CTI BioPharma Corp (NASDAQ: CTIC) on Tuesday. CTI is a biopharmaceutical company, which focuses on the development, acquisition and commercialization of novel targeted therapies for blood-related cancers.
Yesterday the FDA approved Vonjo (Pacritinib) CTI’s lead drug candidate used in the treatment of cytopenic myelofibrosis. It’s to be used to treat adults with a bone marrow cancer and low blood platelet count.
Vonjo will compete with Incyte Corp's Jakafi and Bristol Myers' Inrebic. Incyte expects to generate £2.3bn to $2.4bn in US revenue, while Inrebic, generated around $74m in sales last year.
CTIC stock is up 44% in early market trading on Tuesday.
EPAM Systems (NYSE: EPAM)
EPAM Systems (NYSE: EPAM) has seen its share price plummet, dropping by more than 45% on Monday and continuing to fall today due to investor concerns over the company’s exposure to Russia and Ukraine.
Both countries are important geographies for the company. EPAM has 14,000 employees in Ukraine and more in Russia and other neighbouring states. Russian ally Belarus, which was used as a staging area for the invasion and could get more involved in the conflict, is also key to the company, as well as being the home country of its CEO.
The company has stated that it is working to help its engineers in Ukraine to reach stable regions or leave the country altogether. However, with violence widespread as Russian forces advance and increasing numbers of Ukrainians signing up to assist their own military, EPAM’s workforce will undoubtedly take a hit.
Read more about the impact of the conflict on EPAM and other US-listed stocks here.
Goodrx Holdings (NASDAQ: GDRX)
Goodrx stock is down by more than 40% after the telemedicine platform operator’s earnings missed guidance. The Santa Monica-based outfit reported a Q4 loss per share of $0.10, just below expectations, while revenue fell short by around $4m as it came in at $213.3m
Cofounder and co-CEO Trevor Bezdek blamed the results on the pandemic, stating: “The reality is that the effects of COVID have remained longer than we had expected, and the resulting impact in our business has been greater than we anticipated.”
Indeed, the company’s future operations also look set to fall short of investor expectations. Goodrx guidance for the first quarter of 2022 projected revenue of around $200m. This represents year-over-year growth of around 25% but is well below consensus expectations.
Learn about Goodrx competitor Amazon Health here.
Workday, Inc (NASDAQ: WDAY)
This financial management and human capital management software vendor has seen its stock rise by almost 7% in early trading on Tuesday. The stock is in the green after positive earnings news, with revenues of $1.38bn beating consensus estimates after the company enjoyed rapid subscriber growth.
Even so, Workday recorded a loss of 29 cents per share during the quarter, only just below the 30 cents per share achieved in the same period 12 months prior. This appears to largely be due to higher operating expenses due to product development and higher marketing spend.
Total annual revenue grew by 19% to $5.14bn and WDAY was confident that it will achieve further growth in the coming year, with the company projecting FY revenues of $5.53bn to $5.55bn for 2022.
Mullen Automotive (NASDAQ: MULN)
Shares of Mullen, a California-headquartered electric vehicle company, dropped by nearly 35% on Tuesday morning, having shot upwards by nearly 150% yesterday.
The company’s share price has been bouncing around after it reported that its solid-state battery tests indicated potential for a 150-kilowatt-hour battery pack that could deliver more than 600 miles of range. The company also highlighted the possibility of an 18-minute fast charge which could yield over 300 miles of range.
The EV market is currently reliant on lithium-ion battery technology, so Mullen’s positive test results with solid-state tech could add some spice to future developments and give the company a unique edge.
As such, Tuesday’s drop back is likely just a check on the potential overexcitement seen in yesterday’s session and the stock is still up by around 80% compared to this stage last week.
Click here for insight into other EV stocks which could win big in 2022.
