Midday Overview: High-Potential Biotech & $10 Stocks

Stocks rose on Thursday as investors evaluated the latest economic data. As of 11:39 AM ET, the Dow was up 55.1289 points, or 0.142%, at $38889.99. The Nasdaq Composite added 11.4258 points, or 0.0574%, at $19920.283. The S&P 500 rose 6.21 points, or 0.1132%, at $5493.23. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Materials leading the way with a 0.73% increase.

Weekly jobless claims decreased but were higher than anticipated, while housing starts declined.

In other news, Elon Musk's update on his xAI startup boosted shares of Dell and Super Micro Computer. Accenture's stock also climbed following earnings reports that highlighted strong demand for its AI services.

Top Movers: Under $10

MGO Global Inc (MGOL) is up 135.38% today to trade at the current level of $1.08. This comes after the company announced an agreement with Heidmar, Inc. for a business combination.

Zapp Electric Vehicles Group Ltd (ZAPP) zoomed 123.53% in today’s trade to $3.04 after reporting financial results for the six months ended March 31, 2024.

In current trading, Allurion Technologies Inc (ALUR) stock is at $3.00 following the publication of a study demonstrating an average lean mass gain of 5.6% in patients with an average weight loss of 14% at four months on the Allurion Program.

Better Choice Company Inc (BTTR) rose 9.04% in the early hours of today's trading to move at $4.10 after announcing an amicable settlement with Alphia, Inc., which dismisses ongoing litigation and retires $5.4 million in senior secured debt.

In the current trading session, Reliance Global Group Inc (RELI) jumped 30.86% to $0.51 over a previous close of $0.39 after announcing that its final large institutional investor has redeemed all of its outstanding Series B and Series G warrants.

Ex-Dividends Stocks

Avient Corp (AVNT) 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 $0.26 per share. It has fixed June 21 as the record date for the same and will pay the actual dividend on July 10. Last year, the company distributed a total of $0.76 to its shareholders. Based on the last year's worth of payments, AVNT has a trailing yield of 1.73% on the current stock price of $44.10.

Another stock that is shelling out dividends tomorrow is Carrier Global Corp (CARR), having a market capitalization of $58.58B. It will pay a dividend of $0.19 per share, the payment date of which is August 08. Currently, the stock is trading at a trailing dividend yield of 1.15%.

Shares of Philip Morris International Inc (PM) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $1.3 per share, and in the last 12 months, it paid a total of $5.17 per share. Last year's total dividend payments show that PM has a trailing yield of 5.11% on the current share price of $101.09.

Tomorrow, Federal Realty Investment Trust. (FRT) is also set to go ex-dividend tomorrow. The next dividend payment from FRT will amount to $1.09 per share. June 21 has been designated as the record date for this dividend, with the actual payout scheduled for July 15. In the previous year, FRT distributed a total of $4.35 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for FRT stands at 4.32% based on the current stock price of $100.58.

Global Medical REIT Inc (GMRE) will be paying out a dividend of $0.21 per share to shareholders holding their shares as of the close of the business hours on the record date of June 21. Over the past 12 months, GMRE has paid out a total of $0.84 per share in dividends. Based on the total dividends paid out last year, GMRE boasts an impressive trailing yield of 9.14% on the current share price of $9.19.

Crypto Market Highlights

• Cryptocurrency exchange Kraken has recovered missing funds following a high-profile bug bounty exploit fiasco.
  

• Decentralized finance (DeFi) platform 1inch announced a collaboration with Web3 security provider Blockaid to upgrade security measures within its ecosystem.
  

• Japanese cryptocurrency exchange BitFlyer will acquire the Japanese arm of the collapsed FTX trading platform, according to local media reports.
  

• MicroStrategy, one of the world’s largest public holders of Bitcoin, has completed another convertible notes offering to acquire more BTC.

• The National Taipei University of Technology (NTUT) revealed a new partnership with the crypto firm Tether in an effort to boost its blockchain and digital asset education.
  

• India’s Financial Intelligence Unit (FIU) has imposed a 188.2 million rupees ($2.25 million) fine on crypto exchange Binance for providing services to Indian clients without adhering to the nation’s Anti-Money Laundering (AML) rules.

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Most Shorted Stocks

ChargePoint Holdings Inc (CHPT) was one of the most shorted stocks as of latest short interest figures, with 28.85% 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 8.7. This represents a change of 6410000 shares, which corresponds to a +6.03% increase in short interest. The total value of the shares held short is estimated to be around $170.22 million. The average daily volume stands at 12.67M shares, and the market capitalization of the company is $644.33M.

The Arbor Realty Trust Inc. with the symbol ABR currently has a short interest of 37.77%. The short interest has changed by -3140000 shares. The days to cover ratio stands at 18.4. The estimated value of the shares held short is approximately $997.51 million. On an average day, 3.77M shares are traded, with the company's market capitalization totaling $2.64B.

For the stock B. Riley Financial Inc (RILY), the current short interest is at 50.67%. This represents a significant short interest change of -290000 shares, corresponding to a short interest percentage decrease of -3.52%. The days needed to cover the short positions amount to 6.6. The approximate worth of the shares held short is $150.97 million.

With the symbol SMFL, the stock currently has a short interest of 372.09%. The short interest change is 374500 shares, compared with a short interest percentage change of +1,076.15%. It would take approximately 0.3 days to cover all the short positions. The shares short value is estimated to be around $26.55 million. The company boasts an average daily volume of 1.62M shares, contributing to a market capitalization of $0.87M.

The stock ABIO has a current short interest of 30.53%. The short interest percentage has experienced increase of +0.98% while there was a change of 40000 shares in short interest. The ratio indicating the time required to cover short positions is 2.9. The calculated worth of the shorted shares amounts to around $1.33 million. Trading activity averages at 1.44M shares per day, while the company's market capitalization stands at $47.30M.

Biotech Stocks to Watch

According to our ST Score evaluation, Genmab ADR (GMAB) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 62.0. The stock's profitability, growth, financial strength, and stock sentiment are strong. Additionally, it is neutral in terms of value, performance, Piotroski Score, and forecast.

Our ST Score also classifies BioNTech SE ADR (BNTX) as a high-quality Biotech stock today, presenting a Score of 56.0. The stock has strong fundamentals in terms of profitability, and financial strength. However, it has weak growth and stock sentiment. The value, performance, Piotroski Score, and forecast are neutral.

Another stock in the category, AvroBio Inc (AVRO) has the ST Score of 61.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation, profitability, performance, and financial strength. Growth, stock sentiment, piotroski score, and forecast suggest a neutral outlook.

Kiora Pharmaceuticals Inc (KPRX) stock has the ST Score of 64.0 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its valuation, profitability, financial strength, and Piotroski Score. However, it shows a neutral outlook in performance, growth, stock sentiment, and forecast.

Palisade Bio Inc (PALI) currently has the ST Score of 52.0, which signifies a huge upward potential. The Biotech stock's strong points are its valuation, growth, financial strength, and stock sentiment, while its weak points are its profitability and Piotroski Score. The stock's performance, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team