Midday Champs: Biotech Risers & Affordable $10 Picks

The Nasdaq Composite retreated Thursday, dragged lower by losses in Alphabet and Nvidia. As of 11:51 AM ET, the Dow was up 326.59 points, or 0.75%, at $43735.07. The Nasdaq Composite lost -7.36 points, or -0.04%, at $20659.7437. The S&P 500 rose 8.8 points, or 0.1487%, at $5925.92. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Utilities leading the way with a 2.31% increase.

Alphabet shares tumbled after the Justice Department suggested that Google might need to sell off its Chrome browser as part of its ongoing antitrust case against the tech giant. Nvidia also slipped, swinging between gains and losses after delivering stellar earnings and an optimistic outlook that still fell short of some investors' lofty expectations.

Meanwhile, Bitcoin extended its relentless rally, surging to a fresh intraday high above $98,000. Enthusiasm for cryptocurrency continues to soar, bolstered by hopes for crypto-friendly policies under President-elect Donald Trump. In a whimsical twist, a crypto entrepreneur reportedly spent $6 million on a banana duct-taped to a wall.

Crypto-linked stocks saw turbulence, with MicroStrategy initially jumping nearly 15% before reversing to trade lower. The stock had closed at a record high on Wednesday, reflecting the intense market volatility gripping the sector.

Top Movers: Under $10

SCWorx Corp (WORX) is up 93.37% today to trade at the current level of $1.89. This comes after the company announced that it has regained compliance with The Nasdaq Stock Market’s continued listing requirements regarding periodic reporting.

Innovid Corp (CTV) zoomed 86.73% in today’s trade to $3.03 after Mediaocean and Innovid (CTV) announced they have entered into a definitive agreement in which Mediaocean will acquire Innovid.

In current trading, Cerence Inc (CRNC) stock is at $5.16 after announcing fourth quarter and fiscal year 2024 results.

Biodexa Pharmaceuticals Plc ADR (BDRX) rose 55.32% in the early hours of today's trading to move at $5.98 after reporting that it has made significant progress in transforming itself from a drug delivery innovator to a therapeutics company with a focus on drugs to fight diabetes and cancer.

In the current trading session, Safe Pro Group Inc (SPAI) jumped 38.13% to $4.42 over a previous close of $3.20 after announcing that it has entered into a memorandum of understanding with a new U.S. prime contractor focused on the development of novel threat detection solutions for domestic and international Government stakeholders.

Ex-Dividends Stocks

Cummins Inc (CMI) 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 $1.82 per share. It has fixed November 22 as the record date for the same and will pay the actual dividend on December 05. Last year, the company distributed a total of $6.86 to its shareholders. Based on the last year's worth of payments, CMI has a trailing yield of 1.86% on the current stock price of $368.97.

Shares of Microchip Technology, Inc (MCHP) will be the talk of the stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.46 per share, and in the last 12 months, it paid a total of $1.80 per share. Last year's total dividend payments show that MCHP has a trailing yield of 2.72% on the current share price of $66.03.

Tomorrow, NextEra Energy Inc (NEE) is also set to go ex-dividend tomorrow. The next dividend payment from NEE will amount to $0.52 per share. November 22 has been designated as the record date for this dividend, with the actual payout scheduled for December 16. In the previous year, NEE distributed a total of $2.01 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for NEE stands at 2.61% based on the current stock price of $77.25.

TE Connectivity plc (TEL) will be paying out a dividend of $0.65 per share to shareholders holding their shares as of the close of the business hours on the record date of February 21. Over the past 12 months, TEL has paid out a total of $2.48 per share in dividends. Based on the total dividends paid out last year, TEL boasts an impressive trailing yield of 1.65% on the current share price of $149.88.

Crypto Market Highlights

• United States Bitcoin exchange-traded funds (ETFs) surpassed $100 billion in net assets for the first time on Nov. 21, according to Bloomberg Intelligence data.

•  The newly launched SuiHub Global Accelerator Program offers startups on the Sui blockchain up to $200,000 in funding, plus technical and marketing support, for teams with pre-token minimum viable products.

• Mara Holdings completed a $1 billion issuance of zero-coupon convertible senior notes due March 1, 2030, with plans to use most of the proceeds for Bitcoin acquisitions.

•  A Bitcoin-related bill in the United States is gaining momentum, potentially driving the cryptocurrency's value toward $1 million.

•  Sui, a decentralized layer-1 blockchain, experienced a significant outage on Nov. 21, halting block production for over an hour.

  Most Shorted Stocks

Nuwellis Inc (NUWE) was one of the most shorted stocks as of latest short interest figures, with 29.58% 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 -14200 shares, which corresponds to a -4.22% decrease in short interest. The total value of the shares held short is estimated to be around $0.41 million. The average daily volume stands at 2.73M shares, and the market capitalization of the company is $5.51M.

The Bio-Key International Inc with the symbol BKYI currently has a short interest of 30.90%. The short interest has changed by 852400 shares. The days to cover ratio stands at 0.2. The estimated value of the shares held short is approximately $0.69 million. On an average day, 4.86M shares are traded, with the company's market capitalization totaling $2.51M.

For the stock Alx Oncology Holdings Inc (ALXO), the current short interest is at 25.91%. This represents a significant short interest change of -1750000 shares, corresponding to a short interest percentage decrease of -18.25%. The days needed to cover the short positions amount to 11.2. The approximate worth of the shares held short is $9.64 million.

Biotech Stocks to Watch

According to our ST Score evaluation, Connect Biopharma Holdings Ltd ADR (CNTB) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 63. The stock's profitability, growth, financial strength, and Piotroski Score are strong. However, its performance are weak. Additionally, it is neutral in terms of stock sentiment, and forecast.

Our ST Score also classifies Entrada Therapeutics Inc (TRDA) as a high-quality Biotech stock today, presenting a Score of 63. The stock has strong fundamentals in terms of profitability, and performance. The growth, financial strength, stock sentiment, Piotroski Score, and forecast are neutral.

Another stock in the category, Kiora Pharmaceuticals Inc (KPRX) has the ST Score of 62, which means that the stock carries the potential for higher returns. The stock is strong in profitability, performance, financial strength, and Piotroski Score. Growth, stock sentiment, and forecast suggest a neutral outlook.

Theratechnologies Inc (THTX) stock has the ST Score of 62 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 a neutral outlook in Piotroski Score.

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

That's it for today. Thanks for reading. Good luck out there!

Best Regards,

Stocks Telegraph Team

P.S. Want my daily watchlists sent to your cell phone too? Join our WhatsApp Exclusive Community for real-time alerts on hot stocks. Stay ahead with instant updates and exclusive insights!