US equities are mostly lower in Tuesday morning trading after finishing higher on Monday. Yesterday's session later reversed an early selloff that followed a third straight week of declines.
Here are some of today’s trending stocks:
Gamida Cell Ltd (NASDAQ: GMDA)
GMDA stock is trending today as it climbs over 30% in pre-market trading. Gamida Cell Ltd (NASDAQ: GMDA) was a hot meme stock in early 2021 as Cathie Wood’s ARK Invest invested, as did Citadel Capital. The GMDA share price has since plummeted 76%.
The Israeli company develops cell therapies to cure blood cancer and rare serious hematologic diseases. Omidubicel is its leading product with potential as a life-saving alternative for patients needing a bone marrow transplant. It also has a line of natural killer cell therapies targeted at solid tumor and hematological malignancies.
Today Gamida Cell Ltd. issued a press release entitled “Gamida Cell Announces FDA Clearance of IND and Removal of Clinical Hold for NK Cell Therapy Candidate GDA-201”. This stated the FDA cleared its investigational new drug (IND) application and removed the clinical hold for a cryopreserved formulation of GDA-201.
Agile Therapeutics Inc (NASDAQ: AGRX)
Agile Therapeutics Inc (NASDAQ: AGRX) is a women-focused therapeutics company. Products include Twirla, a low dose estrogen birth control patch and a pipeline of contraceptive choices.
The $18m company is up 20% in pre-market trading as the company announces a 1-for-40 reverse stock split to be effective at 5pm today. The reverse stock split was approved by Agile’s stockholders on April 21, 2022, and is intended to increase the per share trading price of the Company's common stock to enable the Company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
Over the past six months, Agile Therapeutics Inc (AGRX)’s stock is down by -82.93%, while the S&P 500 is down -6.09% over the same period.
Evoke Pharma, Inc. (NASDAQ: EVOK)
Evoke Pharma, Inc. (NASDAQ: EVOK) is a specialty pharmaceutical company focused on treating gastrointestinal (GI) diseases. It is up over 232% in pre-market trading after announcing its drug GIMOTI (metoclopramide) nasal spray has been granted new drug product exclusivity by the FDA.
Evoke now has exclusive marketing rights over a period of three years from the original date of approval to protect the product from generic drug competition.
Over the past year, Evoke Pharma Inc (EVOK)’s stock is down by -78.21%, while the S&P 500 is up 2.59% over the same period.
Sky Harbour Group Corp (NYSEAMERICAN: SKYH)
On Tuesday, investors are discussing Sky Harbour Group Corp (NYSEAMERICAN: SKYH) as it climbs 25% in early trading. The company develops and leases aviation hangars.
Over the past month, Sky Harbour Group Corp (SKYH)’s stock is down by -55.76%, while the S&P 500 is down -6.11%. Sky Harbour went public via SPAC Yellowstone Acquisition Company in January.
On 22 April, the company announced its intention to issue stock for warrants from which it will receive up to an aggregate of approximately $167m. It plans to use the proceeds for general corporate purposes, which may include acquisitions and other business opportunities.
Redfin Corp (NASDAQ: RDFN)
Redfin Corp (NASDAQ: RDFN) is down 8.6% in the early morning session. The real-estate developer is suffering after reporting the likelihood that demand is starting to cool in the US housing market. This marks the first month-over-month decline since September.
Redfin reported that 65% of home offers faced competition in March, falling from 67% in February.
With mortgage rates and house prices soaring, some buyers are getting cold feet.
Redfin Chief Economist Daryl Fairweather commented:
Most homebuyers are still encountering bidding wars, but competition is beginning to cool because surging mortgage rates and home prices are prompting some Americans to back out or put their buying plans on hold,