24/7 Market News Daily Wrap 28 Feb 2024

DENVER, Colo., Feb 28, 2024 (247marketnews.com)- ACM Research (NASDAQ:AMCR), Bit Brother Limited (NASDQ:BETS), Bandwidth (NASDAQ:BAND), Adial Pharmaceuticals (NASDAQ:ADIL), and vTv Therapeutics Inc. (NASDAQ:VTVT) were part of today’s mix of quick movers and easy gainers.

Nauticus Robotics (NASDAQ:KITT) was our first post, when it was trading at $0.50, up $0.19 (+63.24%), on 9.14M premarket shares. It quickly hit $0.69, in the premarket and traded 30,556,308 premarket shares, but that was it. However, today’s total volume of 51,980,725 is greater than its reported 50.04M shares outstanding and much larger than the 21.82M shares in its float, so there may be some more action in the coming days.

Next up was ACM Research (NASDAQ:AMCR), which reported its fourth quarter and fiscal year 2023 financial results. ACM’s revenue was $557.7 million, representing a 43.4% year-over-year increase, and its gross margin was 49.5%, up from 47.2%. ACM expects its 2024 revenue will reach $650-725 million for fiscal year 2024.

We covered ACM when it was trading at $25.40, up $3.61 (+16.57%), on 108.4K shares. It set a new 52-week high of $31.005, its highest level since early 2022, and closed at $30.68, up $8.89 (+40.80%), on trading volume of 11,871,794 shares.

Bit Brother Limited (NASDQ:BETS) was at $4.03, up $1.54 (+61.85%), on 6.49M shares, making it one of the dollar volume leaders among this morning’s most actively traded stocks. Most of today’s action centered around its morning run from about $4 to today’s high of $5.99, which took about 15 minutes. It went on to close at $4.28, up $1.79 (+71.89%), on 59,426,297 shares.

Bit Brother received notice from the Nasdaq Stock Market on January 30, 2024 notifying BETS that Nasdaq’s Staff determined to delist the Company’s securities from Nasdaq, in accordance with its authority under Nasdaq Listing Rule 5101.

Then Bandwidth (NASDAQ:BAND) played a sweet tune, after reporting its fourth quarter and full year 2023 financial results, including 39% profitability growth, net operating cash flow of $39 million and record Free Cash Flow in 2023. Additionally, it expects 16% revenue growth and 50% profitability growth for 2024.

Bandwidth was trading at $14.00, up $1.85 (+15.23%), on 40K shares, when we covered it, and it went on to set a new 52-week high today, of $18.89, before closing at $18.44, up $6.29 (+51.77%), on trading volume of 2,987,794 shares.

Adial Pharmaceuticals (NASDAQ:ADIL) announced its new US patent, number 11,905,562, which covers the Company’s lead investigational new drug product, AD04, and its ability to target the serotonin transporter gene for the potential treatment of opioid use disorder (OUD).

We were late and missed the first run, but spotted Adial when it was trading at $1.98, up $1.1067 (+126.73%), on trading volume of 35,071,381 shares, and it ran to a high of $2.87, but dropped to close at $1.62, up $0.7467 (+85.50%), on trading volume of 111,321,434 shares.

vTv Therapeutics (NASDAQ:VTVT) announced that it closed a $51 private placement, priced at $11.81 per share, but took a while to gain steam. We covered it at $14.98, up $6.4801 (+76.24%), on trading volume of 602,894 shares. It hit $23.4999, despite several trading halts, and closed at $16.65, up $8.1501 (+95.88%), on 3,049,442 shares.

“We are excited to bring on additional high-quality investors as we prepare to initiate the first Phase 3 study of cadisegliatin,” said Paul Sekhri, President and Chief Executive Officer of vTv Therapeutics. “We believe that the proceeds of the PIPE will take the Company through topline data from the first Phase 3 cadisegliatin study, which represents a significant inflection point for vTv.”

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