US markets look poised to lose any of the gains they racked up in yesterday’s session after central banks around the world looked to raise interest rates, some by more than had been anticipated.
For their part, the US Federal Reserve hiked rates by 0.75%, which had been expected and actually appeared to galvanize US equities into a rally on Wednesday afternoon.
Continuing the downward theme, oil, gold and Bitcoin are all in the red early this morning.
Here are Thursday’s trending stocks:
Sidus Space (NASDAQ: SIDU)
This satellite services outfit saw its share price rocket by more than 200% on Wednesday and has climbed even further in overnight trading. The company has achieved these intergalactic gains after it confirmed that its work with the Collins Aerospace team has resulted in an Exploration Extravehicular Activity services contract from NASA.
This program of work is expected to include the design development and production of a new Spacesuit and ancillary hardware, such as vehicle interface equipment and extravehicular activity tools.
The contract, which was awarded to Collins Aerospace, has a potential value of $3.5bn through 2034 with a 10-year base contract plus two option years. Sidus says it expects to play “a meaningful role” in the programme of work.
Heart Test Laboratories (NASDAQ: HSCS)
Heart Test Laboratories completed its initial public offering (IPO) and the HSCS share price is up over 94% to $3.31.
The IPO offered 1,500,000 units, to be sold at $4.25 each. Each unit consists of one share of common stock, and one warrant. The warrant entitles the holder to purchase one share of common stock at an exercise price of $4.25 per share. The warrants are immediately exercisable upon issuance and are exercisable for a period of five years after the issuance date.
The underwriters in the IPO were granted a 30-day option to purchase up to an additional 225,000 shares and/or warrants, or any combination thereof, to cover over-allotments. They initially exercised, in part, electing to purchase warrants to purchase an additional 225,000 shares.
Heart Test Labs estimates the net proceeds from its IPO to be $5.2m, after deductions.
Electric Last Mile Solutions (NASDAQ: ELMS)
Electric Last Mile Solutions stock is up 45% this morning after falling 14.7% in Wednesday’s session. The bounce may be short lived as Electric Last Mile announced on Monday it intends to file for Chapter 7 bankruptcy.
Over the past year, Electric Last Mile Solutions Inc (ELMS) has traded between $0.12 and $12. In pre-market trading it stood at $0.21.
For further information read ‘Will ELMS Stock Lead an EV Bust?’
Redbox Entertainment (NASDAQ: RDBX)
The Redbox Entertainment share price continues to rise. RDBX stock is up 18% in pre-market trading after an 8.6% rise yesterday.
The video rental company has seen volatile share price activity this week as the stock was believed to be experiencing a short squeeze. While the RDBX share price is up 15% in the past five days, it’s down around 30% from its Monday high.
Last month, Redbox announced it’s being acquired by Chicken Soup for the Soul Entertainment for $375m.
Over the past year, Redbox Entertainment Inc (RDBX) has traded between $1.61 and $27.22.
Year-to-date, the Redbox Entertainment Inc (RDBX) stock is up by 47.11% while the S&P 500 is down -20.99% over the same period.
AC Immune SA (NASDAQ: ACIU)
This clinical-stage pharmaceutical company, which aims to become a world-leading developer of medicines for neurodegenerative diseases, looks on course to see its share price dive on Thursday.
The drop comes after the company announced disappointing results from a trial that evaluated the use of its Crenezumab treatment for patients with Alzheimer’s. The company said that the treatment did not statistically significantly slow or prevent cognitive decline in people with a specific genetic mutation which causes early-onset Alzheimer’s disease.
The company’s CEO, Dr Andrea Pfeifer, commented:
“While we are disappointed that the primary endpoints were not met, crenezumab’s safety profile and the favorable numerical differences observed across primary, secondary and exploratory endpoints, warrant further analyses of the data.”
AC Immune’s share price is down by more than 20% in premarket trading.
