Which stocks are trending on Friday 8 Oct?

By Patricia Miller

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Among the trending stocks this Friday is a biotech company whose price soared after gaining approval for a drug that will treat a rare autoimmune disease, a cannabis company who have made a strategic acquisition, and an e-commerce giant who have momentum after an uncharacteristically slow period of growth.

Among the trending stocks this Friday is a biotech company whose price soared after gaining approval for a drug that will treat a rare autoimmune disease, a cannabis company who have made a strategic acquisition, and an e-commerce giant who have momentum after an uncharacteristically slow period of growth.

Allogene Therapeutics (NASDAQ:ALLO) is trending on Friday after the biotech company’s shares plunged by as much as 40% in after-hours trading on Thursday after it was announced that the FDA placed a hold on the trial until an investigation into a report of a “chromosomal abnormality” in a patient is completed.

The company, which is currently undertaking clinical trials for an allogeneic CAR-T therapy for cancer, said in a statement released after the announcement that it is “committed to working closely with the FDA to evaluate any potential clinical implications of this finding” and said it will provide ongoing updates over the coming weeks after consulting with the FDA.

Allogene shares closed Thursday’s trading at $24.38 in the regular session, a gain of 1.71% of the previous day’s close, but fell to as low as $10.07 in the after-hours trading.

Sundial Growers (NASDAQ:SNDL) price was up by over 20% in after-hours trading on Thursday after it was announced that the company would acquire Alcanna Inc.

Alcanna is Canada’s largest private liquor retailer, with over 171 locations, primarily in Alberta, and it also holds a majority-stake in Nova Cannabis Inc., Canada’s biggest cannabis retailer.

Shares in Sundial Growers, which briefly hit $4 in February after it was adopted by Redditors as the latest ‘meme’ stock, are up by 18% year-to-date, and were trading as high as 0.76 on Thursday, after closing at 0.65 in the regular session.

Shopify (NYSE:SHOP) is trending on Friday after having its third successive day of gains on Thursday on the back of a relatively flat period of growth for the company as investors have been lukewarm on the company due to its sky-high price.

The company, which has rallied over the past 18 months as Covid-19 accelerated the adoption of e-commerce, opened at $1,414.22 on Friday morning, and is up by over 32% year-to-date.

Investors will be keeping a close eye on Shopify over the next couple of weeks, and the Canadian company is likely continue to remain in the spotlight in the lead up to its Q3 earnings call on Oct 28 where investors will be keen to find out if Shopify can keep pace with its phenomenal growth over the past 18 months.

NIO (NYSE: NIO) is back in the spotlight on Friday after it was upgraded to a Buy rating by Goldman Sachs analyst Fei Fang, which prompted a 7% rise in the troubled company’s price, which was $35.99 at the time of writing.

The company, which operates in China’s premium electric vehicle market, was also given a $56 price target by Fang, who cited the potential of its ET7, which was unveiled in January and is due to be released early in 2022.

It remains to be seen whether NIO can follow through on the potential of the ET7 and regain the momentum it had in January, when prices topped $60, but this news from Goldman will certainly be positive news for those who believe in the potential of the Chinese company.

ChemoCentryx (NASDAQ:CCXI) is trending on Friday after its share price climbed by over 80% in premarket trading, following news that it has received approval for the first new drug in a decade which will treat vasculitis, a rare autoimmune disease.

Following today’s announcement, TAVNEOS, the drug which the company has received approval for, is expected to be available to clinicians and patients within the next few weeks.

The pharmaceuticals company, whose price closed trading Thursday at $19.60, opened at $36.99 when trading resumed on Friday morning.

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Trending Stocks

Author: Patricia Miller

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Patricia Miller does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Patricia Miller has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.