Market Insights: Best Biotech Stocks & $10 Plays to Watch

Stocks declined on Thursday, with the S&P 500 and Dow Jones Industrial Average pulling back from record highs as economic data signaled persistent inflation and a rise in unemployment.

As of 11:34 AM ET, the Dow was down -97.36 points, or -0.229%, at $42414.65. The Nasdaq Composite lost -35.92 points, or -0.18%, at $20232.937. The S&P 500 declined -9.64 points, or -0.1664%, at $5782.41. Among the 11 major S&P 500 sectors, 9 showed negative movement, with Consumer Defensive leading the way with a -1.31% decrease.

Minutes from the Federal Reserve's latest meeting, released Wednesday, showed division among officials regarding last month's half-percentage point rate cut, with a "substantial majority" supporting the move, though some preferred a smaller reduction.

In corporate news, Universal Insurance surged 10% as Hurricane Milton impacted Florida, while Pfizer dropped 2% after activist investor Starboard Value accused the company of threatening legal action against two former executives.

Top Movers: Under $10

Jet.AI Inc (JTAI) is up 170.19% today to trade at the current level of $0.25. This comes after the company announced that it will be participating in the 2024 NBAA Business Aviation Convention & Exhibition on October 22-24, 2024 at the Las Vegas Convention Center in Las Vegas, Nevada.

BloomZ Inc. (BLMZ) zoomed 68.02% in today’s trade to $1.20 after announcing that on October 9, 2024, it was selected by the animation production committee of "Kakushite! Makina-san!," an animation project scheduled to begin airing in 2025, as the primary animation production contractor.

In current trading, TransCode Therapeutics Inc (RNAZ) stock is at $0.64 following news that it has dosed all patients in the first cohort of its Phase 1a dose-escalation clinical trial.

Pineapple Energy Inc (PEGY) rose 11.12% in the early hours of today's trading to move at $0.12. The company’s subsidiary SUNation Energy has been chosen as the exclusive provider of electric vehicle home charging stations for Empire Automotive Group.

In the current trading session, SKYX Platforms Corp (SKYX) jumped 6.80% to $1.34 over a previous close of $1.25 after providing a corporate update including significant insider buying.

Ex-Dividends Stocks

Advance Auto Parts Inc (AAP) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $0.25 per share. It has fixed October 11 as the record date for the same and will pay the actual dividend on October 25. Last year, the company distributed a total of $1.00 to its shareholders. Based on the last year's worth of payments, AAP has a trailing yield of 2.64% on the current stock price of $37.83.

Shares of Harmony Gold Mining Co Ltd ADR (HMY) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.04 per share, and in the last 12 months, it paid a total of $0.12 per share. Last year's total dividend payments show that HMY has a trailing yield of 1.20% on the current share price of $9.76.

Marvell Technology Inc (MRVL) is also set to go ex-dividend tomorrow. The next dividend payment from MRVL will amount to $0.06 per share. October 11 has been designated as the record date for this dividend, with the actual payout scheduled for October 31. In the previous year, MRVL distributed a total of $0.24 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for MRVL stands at 0.33% based on the current stock price of $72.46.

Toll Brothers Inc. (TOL) will be paying out a dividend of $0.23 per share to shareholders holding their shares as of the close of the business hours on the record date of October 11. Over the past 12 months, TOL has paid out a total of $0.88 per share in dividends. Based on the total dividends paid out last year, TOL boasts an impressive trailing yield of 0.59% on the current share price of $150.03.

Crypto Market Highlights

• Ronin, a Web3 gaming blockchain, integrates with Chainlink to enhance security for its cross-chain bridge.

• Dubai's crypto regulator has begun a crackdown on unregulated crypto firms and those breaching marketing regulations.

• Upbit, a major South Korean cryptocurrency exchange, is under investigation for potential monopoly practices by local financial regulators.

• Ripple has launched digital asset storage services aimed at banks and fintech companies.

• Bitget has revamped its token listing requirements, implementing stricter criteria including thorough reviews of business plans and developer backgrounds.

Most Shorted Stocks

CN Energy Group Inc (CNEY) was one of the most shorted stocks as of latest short interest figures, with 76.52% short interest. The days to cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 0.1. This represents a change of 1054800 shares, which corresponds to a +149.57% increase in short interest. The total value of the shares held short is estimated to be around $1.16 million. The average daily volume stands at 12.08M shares, and the market capitalization of the company is $1.74M.

The B. Riley Financial Inc with the symbol RILY currently has a short interest of 68.81%. The short interest has changed by -870000 shares. The days to cover ratio stands at 3.2. The estimated value of the shares held short is approximately $46.33 million. On an average day, 3.30M shares are traded, with the company's market capitalization totaling $131.15M.

For the stock Bone Biologics Corp (BBLG), the current short interest is at 67.59%. This represents a significant short interest change of 324000 shares, corresponding to a short interest percentage increase of +1,128.92%. The days needed to cover the short positions amount to 0.1. The approximate worth of the shares held short is $0.6 million.

With the symbol PLCE, the stock currently has a short interest of 56.13%. The short interest change is -780000 shares, compared with a short interest percentage change of -22.41%. It would take approximately 1.1 days to cover all the short positions. The shares short value is estimated to be around $4.66 million. The company boasts an average daily volume of 2.37M shares, contributing to a market capitalization of $168.00M.

The stock PHAT has a current short interest of 29.42%. The short interest percentage has experienced increase of +10.95% while there was a change of 1700000 shares in short interest. The ratio indicating the time required to cover short positions is 18.0. The calculated worth of the shorted shares amounts to around $42.07 million. Trading activity averages at 955.37K shares per day, while the company's market capitalization stands at $1.06B.

Biotech Stocks to Watch

According to our ST Score evaluation, Champions Oncology Inc (CSBR) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 69. The stock's profitability, and growth are strong. However, its financial strength, stock sentiment, and forecast are weak. Additionally, it is neutral in terms of performance, and Piotroski Score.

Our ST Score also classifies Pharming Group N.V. ADR (PHAR) as a high-quality Biotech stock today, presenting a Score of 60. The stock has strong fundamentals in terms of profitability, and performance. However, it has weak financial strength. The growth, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, Lipocine Inc (LPCN) has the ST Score of 64, which means that the stock carries the potential for higher returns. The stock is strong in performance, and financial strength but weak in Piotroski Score. Profitability, growth, stock sentiment, and forecast suggest a neutral outlook.

Theratechnologies Inc. (THTX) stock has the ST Score of 63 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its profitability, growth, and financial strength, but its weaknesses are in its performance, stock sentiment, and forecast. However, it shows neutral outlook in Piotroski Score.

XOMA Royalty Corp. (XOMA) currently has the ST Score of 61, which signifies a huge upward potential. The Biotech stock's strong points are its profitability, performance, and financial strength. The stock's growth, stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team